IGC
IGC Pharma, Inc.
NYSE AmericanUSDEQUITY
Healthcare
DELAYED
Neutral
-5/100
Last price
0.28
▼ 0.00 (0.71%)
MARKET · —
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Tool
1D
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Range —
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vs
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Open
—
Prev close
0.28
Day high
0.29
Day low
0.28
Volume
1.11M
Market cap
$28.95M
P/E (TTM)
—
52W range
0.24 – 0.45
Trailing performance
Returnvs SPY
1W
+3.70%
+1.8%
1M
-6.67%
-7.8%
3M
0.00%
-4.5%
6M
+3.70%
-14.5%
YTD
0.00%
-14.2%
1Y
-31.71%
-48.1%
3Y
-22.22%
-104.5%
5Y
—
—
Price return only. Dividends are not reinvested, so total return on a dividend payer will be higher than shown.
Unusual options activity
Nothing crossed the thresholds in the expiries we scanned.
That is the normal state — most contracts trade well inside their existing open interest.
That is the normal state — most contracts trade well inside their existing open interest.
Contracts trading at or above their open interest, ranked by notional and where the print landed.
Free account
5 more panels on IGC open with an account.
Options chains and analytics, valuation ratios, insider filings, analyst targets and ownership. No card, no trial, nothing to cancel.
Insider net activity
Net shares
0
Net selling
Buy transactions
0
0 shares
Sell transactions
0
—
Net transactions
0
Buys less sells
Sell : buy shares
—
Not enough filings
Insider-held shares
13.61M
Total on file
Insider transactions
| Date | Insider | Action | Shares | Value | Held |
|---|---|---|---|---|---|
| Sep 25, 26 | GRIMALDI CLAUDIA Chief Financial Officer |
STOCK | 150.00K | $0 | Direct |
| Sep 25, 26 | MUKUNDA RAM Chief Executive Officer |
STOCK | 200.00K | $0 | Direct |
| Jun 30, 26 | MUKUNDA RAM Chief Executive Officer |
STOCK | 2.23M | $601.15K | Direct |
| Jun 30, 26 | GRIMALDI CLAUDIA Officer and Director |
STOCK | 2.05M | $553.06K | Direct |
| Apr 1, 26 | MUKUNDA RAM Chief Executive Officer |
CONVERSION | 706.41K | $84.00K | |
| Apr 1, 26 | PRINS RICHARD K Director |
— | 170.00K | — | Direct |
| Apr 1, 26 | GRIMALDI CLAUDIA Officer and Director |
CONVERSION | 238.46K | $36.00K | Direct |
| Apr 1, 26 | MORAN JAMES P Director |
— | 130.00K | — | Direct |
| Feb 3, 26 | MUKUNDA RAM Chief Executive Officer |
— | 50.00K | — | Indirect |
| Jan 16, 26 | PRINS RICHARD K Director |
— | 100.00K | — | Direct |
| Oct 17, 25 | GRIMALDI CLAUDIA Officer and Director |
STOCK | 50.00K | $0 | Direct |
| Oct 17, 25 | MUKUNDA RAM Chief Executive Officer |
STOCK | 100.00K | $0 | Direct |
| Mar 31, 25 | MUKUNDA RAM Chief Executive Officer |
— | 566.67K | — | Direct |
| Mar 31, 25 | PRINS RICHARD K Director |
— | 228.33K | — | Direct |
What this is, and what it is not
These are SEC Form 4 filings — officers, directors and 10% owners reporting their own trades in the company's stock. Filing is due within two business days of the transaction, so this lags reality by days, and the provider adds its own lag on top.
A sale is not automatically bearish. Executives sell on scheduled 10b5-1 plans, to cover tax on vesting equity, and to diversify. Purchases with cash are generally the more informative signal, and they are far rarer.
This does not include congressional or senate trading. That comes from STOCK Act disclosures filed with the Senate eFD system and the House Clerk, which this data source does not carry.
Officer and director trades in their own stock, straight from Form 4 filings.
Insider holders
| Name | Relation | Shares held | Latest |
|---|---|---|---|
GRIMALDI CLAUDIA |
Chief Financial Officer | 3.27M | Stock Gift |
MORAN JAMES P |
Director | 1.24M | Conversion of Exercise of derivative security |
MUKUNDA RAM |
Chief Executive Officer | 6.68M | Stock Gift |
PRINS RICHARD K |
Director | 1.54M | Conversion of Exercise of derivative security |
Fundamentals
Market cap$28.95M
Enterprise value$29.68M
Revenue (TTM)$1.11M
Gross profit$511.00K
EBITDA$-7.52M
Net income$-6.45M
EPS (TTM)$-0.07
Free cash flow$-2.52M
Total cash$354.00K
Total debt$1.08M
Book value / share$0.06
Shares outstanding103.38M
Float89.72M
Short % of float1.77%
Dividend yield0.00%
Beta (5Y)0.48
Valuation & profitability ratios
Trailing P/E—
Forward P/E-3.50
PEG ratio—
Price / sales—
Price / book4.67
EV / revenue26.83
EV / EBITDA-3.94
Gross margin46.20%
Operating margin-1050.57%
Profit margin0.00%
Return on equity-83.34%
Return on assets-50.31%
Debt / equity17.65
Current ratio1.32
Fourteen ratios including P/E, PEG, EV/EBITDA, margins and return on equity.
Financial statements
| Line item | 2025 | 2024 | 2023 | 2022 | YoY |
|---|---|---|---|---|---|
| Total revenue | $1.27M | $1.34M | $911.00K | $397.00K | -5.5% |
| Operating revenue | $1.27M | $1.18M | $911.00K | $397.00K | +7.6% |
| Cost of revenue | $652.00K | $612.00K | $469.00K | $203.00K | +6.5% |
| Gross profit | $619.00K | $733.00K | $442.00K | $194.00K | -15.6% |
| Research & development | $3.65M | $3.77M | $3.46M | $2.33M | -3.1% |
| Selling, general & admin | $4.41M | $6.76M | $8.55M | $13.29M | -34.7% |
| Total operating expense | $8.06M | $10.53M | $12.01M | $15.62M | -23.4% |
| Operating income | -$7.45M | -$9.80M | -$11.57M | -$15.43M | +24.0% |
| Pre-tax income | -$7.12M | -$13.00M | -$11.51M | -$15.02M | +45.2% |
| Tax provision | $0 | $0 | $0 | $0 | — |
| Net income | -$7.12M | -$13.00M | -$11.51M | -$15.02M | +45.2% |
| Net income to common | -$7.12M | -$13.00M | -$11.51M | -$15.02M | +45.2% |
| Basic EPS | -0.09 | -0.22 | -0.22 | -0.30 | +59.1% |
| Diluted EPS | -0.09 | -0.22 | -0.22 | -0.30 | +59.1% |
| EBIT | -$7.45M | -$9.80M | -$11.57M | -$15.43M | +24.0% |
| EBITDA | -$6.98M | -$9.16M | -$10.91M | -$14.78M | +23.8% |
| Basic shares | 76.52M | 58.84M | 52.58M | 49.99M | +30.0% |
| Diluted shares | 76.52M | 58.84M | 52.58M | 49.99M | +30.0% |
| Line item | 2025 | 2024 | 2023 | 2022 | YoY |
|---|---|---|---|---|---|
| Cash & equivalents | $405.00K | $1.20M | $3.20M | $10.46M | -66.2% |
| Cash & short-term investments | $405.00K | $1.20M | $3.35M | $10.46M | -66.2% |
| Accounts receivable | $34.00K | $39.00K | $107.00K | $125.00K | -12.8% |
| Inventory | $1.36M | $1.54M | $2.65M | $3.55M | -11.7% |
| Total current assets | $2.90M | $3.71M | $6.47M | $15.11M | -21.8% |
| Property, plant & equipment | $3.32M | $3.89M | $8.54M | $9.87M | -14.8% |
| Goodwill & intangibles | $1.85M | $1.62M | $1.17M | $917.00K | +14.6% |
| Total assets | $8.75M | $9.90M | $17.18M | $26.83M | -11.7% |
| Total current liabilities | $2.26M | $2.34M | $1.90M | $2.44M | -3.5% |
| Current debt | — | — | — | $3.00K | — |
| Long-term debt | $134.00K | $137.00K | $141.00K | $144.00K | -2.2% |
| Total debt | $238.00K | $345.00K | $481.00K | $608.00K | -31.0% |
| Total liabilities | $2.42M | $2.58M | $2.27M | $2.94M | -6.4% |
| Retained earnings | -$120.74M | -$113.67M | -$100.67M | -$89.16M | -6.2% |
| Shareholder equity | $6.33M | $7.32M | $14.91M | $23.89M | -13.5% |
| Working capital | $639.00K | $1.36M | $4.57M | $12.67M | -53.2% |
| Net tangible assets | $4.48M | $5.71M | $13.74M | $22.98M | -21.5% |
| Shares issued | 80.88M | 66.69M | 53.08M | 51.05M | +21.3% |
| Line item | 2025 | 2024 | 2023 | 2022 | YoY |
|---|---|---|---|---|---|
| Net income | -$5.92M | -$13.00M | -$11.51M | -$15.02M | +54.4% |
| Depreciation & amortisation | $464.00K | $637.00K | $657.00K | $651.00K | -27.2% |
| Stock-based compensation | $1.19M | $1.77M | $2.84M | $2.20M | -33.2% |
| Change in working capital | $224.00K | $1.89M | $794.00K | $2.54M | -88.2% |
| Operating cash flow | -$4.07M | -$5.20M | -$7.05M | -$7.46M | +21.8% |
| Capital expenditure | -$316.00K | -$515.00K | -$619.00K | -$771.00K | +38.6% |
| Investing cash flow | -$300.00K | -$317.00K | -$235.00K | -$742.00K | +5.4% |
| Financing cash flow | $3.65M | $3.52M | $100.00K | $4.14M | +3.5% |
| Free cash flow | -$4.38M | -$5.71M | -$7.67M | -$8.23M | +23.3% |
| End cash position | $470.00K | $1.20M | $3.20M | $10.46M | -60.8% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | YoY |
|---|---|---|---|---|---|---|---|
| Total revenue | — | $317.00K | $350.00K | $191.00K | $328.00K | $330.00K | — |
| Operating revenue | — | $317.00K | $350.00K | $191.00K | $328.00K | $330.00K | — |
| Cost of revenue | — | $262.00K | $306.00K | $92.00K | $174.00K | $176.00K | — |
| Gross profit | — | $55.00K | $44.00K | $99.00K | $154.00K | $154.00K | — |
| Research & development | — | $1.27M | $1.48M | $1.59M | $851.00K | $997.00K | — |
| Selling, general & admin | — | $1.24M | $1.50M | $1.41M | $1.21M | $569.00K | — |
| Total operating expense | — | $2.51M | $2.98M | $3.00M | $2.06M | $1.57M | — |
| Operating income | — | -$2.46M | -$2.94M | -$2.90M | -$1.91M | -$1.41M | — |
| Pre-tax income | — | -$2.40M | -$726.00K | -$1.82M | -$1.60M | -$1.20M | — |
| Tax provision | — | $0 | $0 | $0 | $0 | $0 | — |
| Net income | — | -$2.40M | -$726.00K | -$1.82M | -$1.60M | -$1.20M | — |
| Net income to common | — | -$2.40M | -$726.00K | -$1.82M | -$1.60M | -$1.20M | — |
| Basic EPS | -0.03 | -0.02 | — | -0.02 | -0.02 | — | -50.0% |
| Diluted EPS | -0.03 | -0.02 | — | -0.02 | -0.02 | — | -50.0% |
| EBIT | — | -$2.46M | -$2.94M | -$2.90M | -$1.91M | -$1.41M | — |
| EBITDA | — | -$2.40M | -$2.88M | -$2.78M | -$1.76M | -$1.26M | — |
| Basic shares | 100.33M | 98.16M | — | 90.46M | 83.03M | — | +2.2% |
| Diluted shares | 100.33M | 98.16M | — | 90.46M | 83.03M | — | +2.2% |
| Line item | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | YoY |
|---|---|---|---|---|---|---|
| Cash & equivalents | $207.00K | $900.00K | $1.10M | $454.00K | $405.00K | -77.0% |
| Cash & short-term investments | $235.00K | $938.00K | $1.13M | $454.00K | $405.00K | -74.9% |
| Accounts receivable | $37.00K | $12.00K | $41.00K | $87.00K | $34.00K | +208.3% |
| Inventory | $638.00K | $640.00K | $658.00K | $1.35M | $1.36M | -0.3% |
| Total current assets | $1.15M | $1.79M | $2.00M | $2.15M | $2.90M | -35.9% |
| Property, plant & equipment | $2.11M | $2.15M | $2.19M | $3.11M | $3.32M | -1.9% |
| Goodwill & intangibles | $5.27M | $5.10M | $4.88M | $2.00M | $1.85M | +3.3% |
| Total assets | $9.19M | $9.71M | $9.74M | $7.94M | $8.75M | -5.4% |
| Total current liabilities | $2.87M | $2.16M | $1.51M | $1.73M | $2.26M | +33.3% |
| Current debt | $726.00K | — | — | — | — | — |
| Long-term debt | $191.00K | $131.00K | $132.00K | $133.00K | $134.00K | +45.8% |
| Total debt | $926.00K | $142.00K | $146.00K | $202.00K | $238.00K | +552.1% |
| Total liabilities | $3.06M | $2.29M | $1.65M | $1.86M | $2.42M | +33.9% |
| Retained earnings | -$127.29M | -$124.89M | -$122.83M | -$122.34M | -$120.74M | -1.9% |
| Shareholder equity | $6.12M | $7.42M | $8.09M | $6.08M | $6.33M | -17.5% |
| Working capital | -$1.73M | -$366.00K | $490.00K | $428.00K | $639.00K | -371.6% |
| Net tangible assets | $853.00K | $2.32M | $3.21M | $4.08M | $4.48M | -63.3% |
| Shares issued | 98.80M | — | 91.96M | 83.89M | 80.88M | — |
| Line item | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | YoY |
|---|---|---|---|---|---|---|
| Net income | -$2.40M | -$726.00K | -$1.82M | -$1.60M | -$1.20M | -230.9% |
| Depreciation & amortisation | $58.00K | $64.00K | $119.00K | $141.00K | $154.00K | -9.4% |
| Stock-based compensation | $1.01M | $926.00K | $730.00K | $452.00K | $455.00K | +9.0% |
| Change in working capital | $92.00K | $668.00K | -$63.00K | -$377.00K | -$296.00K | -86.2% |
| Operating cash flow | -$1.22M | -$1.22M | -$2.09M | -$1.41M | -$730.00K | 0.0% |
| Capital expenditure | -$170.00K | -$205.00K | -$326.00K | -$122.00K | -$166.00K | +17.1% |
| Investing cash flow | -$170.00K | -$228.00K | -$374.00K | $580.00K | -$142.00K | +25.4% |
| Financing cash flow | $710.00K | $1.26M | $3.11M | $851.00K | $805.00K | -43.8% |
| Free cash flow | -$1.39M | -$1.43M | -$2.42M | -$1.53M | -$896.00K | +2.5% |
| End cash position | $207.00K | $900.00K | $1.10M | $454.00K | $405.00K | -77.0% |
Options analytics
Put / call volume
0.32
Call-heavy session
Put / call open interest
—
Positioning, not flow
Max pain
2.50
+792.9% from spot
ATM implied vol
50.0%
Nearest strike to spot
Skew (10% OTM)
-50.0%
Calls bid over puts
Call volume
37
Contracts, this expiry
Put volume
12
Contracts, this expiry
Heaviest call OI
2.50
0 contracts
Heaviest put OI
2.50
0 contracts
Max pain is the strike at which the largest dollar value of open contracts expires worthless. It describes current positioning; it is not a forecast and it moves as open interest changes.
Put/call ratios, max pain, implied volatility skew and where open interest is concentrated.
Earnings
Reported vs expected · EPS
| Quarter | Est. | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | -0.02 | -0.03 | -50.0% |
| Mar 2026 | -0.02 | -0.02 | 0.0% |
| Mar 2025 | -0.02 | -0.01 | +50.0% |
| Dec 2024 | -0.03 | -0.02 | +33.3% |
Forward consensus
| Period | EPS | Analysts | Revenue | Growth |
|---|---|---|---|---|
| Current quarter | -0.02 | 1 | $96.00K | — |
| Next quarter | -0.02 | 1 | $280.00K | +8.9% |
| Current year | -0.10 | 1 | $958.00K | -24.6% |
| Next year | -0.08 | 1 | $958.00K | 0.0% |
Analyst targets & ownership
Mean target$6.00
High target$6.00
Low target$6.00
Implied upside2042.86%
Analyst count1
ConsensusNONE
Strong buy / Buy0 / 1
Hold0
Sell / Strong sell0 / 0
Held by insiders13.17%
Held by institutions22.09%
Institutions holding40
Price targets, consensus spread, insider and institutional ownership.
Moving averages & technicals
SMA 10
0.28
+1.45% from price
SMA 20
0.28
+1.27% from price
SMA 50
0.28
-0.00% from price
SMA 100
0.28
+0.25% from price
SMA 200
0.28
-1.58% from price
EMA 12
0.28
+1.29% from price
EMA 26
0.28
+0.28% from price
EMA 50
0.28
-0.12% from price
RSI (14)
50.5
Neutral
MACD (12,26,9)
-0.00
Hist 0.00
ATR (14)
0.01
5.10% of price
Realised vol 30D
50.3%
Annualised
Bollinger upper
0.29
20, 2σ
Bollinger lower
0.26
20, 2σ
50 / 200 cross
Death
0.28 vs 0.28
Trend bias
Below 200
-1.58%
Options chain
Calls
| Strike | Last | Bid | Ask | Vol | OI | IV |
|---|---|---|---|---|---|---|
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
Puts
| Strike | Last | Bid | Ask | Vol | OI | IV |
|---|---|---|---|---|---|---|
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
Every listed expiry, both sides of the book, with volume, open interest and implied volatility.
Risk profile
Beta vs SPY
0.90
Less volatile than market
Correlation to SPY
0.22
Largely independent
Realised vol 30D
50.3%
Annualised
Market vol 1Y
13.0%
SPY, annualised
Max drawdown 1Y
-42.9%
Peak to trough
Max drawdown 5Y
-84.7%
Peak to trough
ATR 14
0.01
5.10% of price
Beta (reported)
0.48
5Y monthly, from filing
Short interest
Shares short
1.07M
Prior 767.65K
Change vs prior
+39.8%
Shorts adding
% of float
1.77%
Normal
% of shares out
1.04%
Against total outstanding
Days to cover
1.3
Liquid
Float
89.72M
Freely tradeable shares
Exchanges publish short interest twice a month with a settlement lag, so this is roughly two weeks behind. Days to cover divides shares short by average daily volume — it estimates how long covering would take, not whether it will happen.
Rating changes
| Date | Firm | Action | From | To |
|---|---|---|---|---|
| Aug 26, 26 | Ascendiant Capital | MAINTAINED | Buy | Buy |
| Jun 8, 26 | Ascendiant Capital | MAINTAINED | Buy | Buy |
| Apr 8, 26 | Ascendiant Capital | MAINTAINED | Buy | Buy |
| Feb 23, 26 | Ascendiant Capital | MAINTAINED | Buy | Buy |
| Dec 9, 25 | Ascendiant Capital | MAINTAINED | Buy | Buy |
| Aug 26, 25 | Ascendiant Capital | MAINTAINED | Buy | Buy |
| Mar 6, 25 | Alliance Global Partners | MAINTAINED | Buy | Buy |
| Feb 24, 25 | Ascendiant Capital | MAINTAINED | Buy | Buy |
| Dec 5, 24 | Ascendiant Capital | MAINTAINED | Buy | Buy |
| Sep 3, 24 | Ascendiant Capital | MAINTAINED | Buy | Buy |
| Jul 29, 24 | Ascendiant Capital | MAINTAINED | Buy | Buy |
| Jul 17, 24 | Alliance Global Partners | INITIATED | — | Buy |
Dividends & splits
Forward rate—
Forward yield0.00%
5-year avg yield—
Payout ratio0.00%
Ex-dividend date—
Next pay date—
Last split1:10
Split dateApr 19, 2013
SEC filings
Periodic Financial Reports
10-Q · 2026-08-14
Corporate Changes & Voting Matters
8-K · 2026-07-14
Corporate Changes & Voting Matters
8-K · 2026-07-06
Corporate Changes & Voting Matters
8-K · 2026-06-08
Periodic Financial Reports
10-Q · 2026-05-15
Corporate Changes & Voting Matters
8-K · 2026-04-20
Corporate Changes & Voting Matters
8-K · 2026-03-30
Periodic Financial Reports
10-KT · 2026-03-18
Headlines
IGC Pharma Completes Enrollment in Phase 2 CALMA Alzheimer's Trial; Topline Results Expected Q4 2026
ACCESS Newswire · 9d ago
IGC Pharma Reports Q2 2026 Results as CALMA Alzheimer's Trial Moves Within Six Randomizations of Enrollment Closure
ACCESS Newswire · 51d ago
IGC Pharma Strengthens Regulatory Readiness as Phase 2 CALMA Alzheimer's Trial Approaches Enrollment Closure and Q4 Topline Readout
ACCESS Newswire · 57d ago
IGC Pharma Evaluates Potential Recovery Options as Federal Jury Verdict Brings Renewed Attention to 2018 IGC Short Campaign
ACCESS Newswire · 70d ago
IGC Pharma to Showcase AI Portfolio at AAIC 2026, Including AHA Platform That Reduced Alzheimer's Data Harmonization Time by 90% in Representative Workflow
ACCESS Newswire · 90d ago
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