IGC Pharma

IGC

Biotechnology · Healthcare

Price

$0.31

+0.03 (+11.11%)

Market Cap

$30.8M

Exchange

New York Stock Exchange Arca

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Weak

Growth

Mixed

Cash Flow

Weak

Stability

Good

Valuation

Data not available

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Share count rising — dilution

+90.1% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 50.0M (2022) → 95.0M (2026)

Winston Score History

The full picture

IGC Pharma is a small biotechnology company focused on developing medicines for serious brain and nervous system conditions. Its main drug candidate, IGC-AD1, is a cannabis-based compound being tested as a potential treatment for agitation in Alzheimer's disease patients. The company targets the healthcare market, specifically patients and caregivers dealing with neurological disorders.

IGC Pharma makes very little revenue today and operates at a deep loss, spending far more on research and clinical trials than it earns. It is a tiny, early-stage company based in the United States with a market cap near zero, meaning it has almost no financial cushion. The company's future depends almost entirely on whether its drug candidates succeed in clinical trials and eventually win approval from the FDA — a process that is expensive, slow, and fails the majority of the time.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-3.9% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-62.2% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$5M/ year

↑ Rising (+42% vs prior year)

437.9% of revenue

24.3x the sector average (18%)

Investing heavily in future products and technology

Insider Activity

14.0%ownership

Insiders own a meaningful stake in the company

Cash Runway

~2 months

$894,000 cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Short runway — potential dilution ahead through share issuance

Heavy R&D investment

IGC Pharma is putting 438% of revenue into R&D and that number is rising. That's 24.3x the sector average.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

18.1%

Thin — 18.1% gross margin

Profit after running costs

Operating Margin

-1050.6%

Losing money on operations — -1050.6%

Return on the money invested

ROCE

-153.6%

Weak — -153.6% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

-15.4%

Shrinking sales (-15.4% YoY)

Profit growth

EPS YoY

N/A

—

Data not available

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

—

Data not available

Spare cash per sale

FCF Margin

-328.9%

Burning cash (-328.9%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

0.18

Conservative — low debt load (0.18)

Covers its interest

Interest Cover

N/A

—

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

—

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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