IGC Pharma FY23 Revenue Grows 129%, What About Net Loss?
Portfolio Pulse from Vuk Zdinjak
IGC Pharma, Inc. (AMEX:IGC) reported FY23 financial results, with revenue of $911,000, a 129% increase from FY22. Gross profit was $422,000, R&D expenses were $3.5 million, and net loss was $11.5 million. The company is progressing with its drug formulations through FDA trials, particularly IGC-AD1, which is showing strong results in phase 2B trials. IGC Pharma also secured a $12M credit facility from O-Bank for Alzheimer's research and raised $3M via private placement.
July 12, 2023 | 2:13 pm
News sentiment analysis
Sort by:
Ascending
NEUTRAL IMPACT
IGC Pharma reported a significant increase in revenue and progress in drug trials, which could boost investor confidence. However, the company's net loss and increased R&D expenses may raise concerns.
IGC Pharma's significant revenue growth and progress in drug trials could boost investor confidence. However, the company's net loss and increased R&D expenses may raise concerns about its profitability and financial stability. The secured credit facility and raised funds via private placement could support the company's research and development activities, potentially leading to future growth.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100