IGC Pharma, Inc. IGC released its financial results for the fiscal year ended March 31, 2023, revealing revenue of $911,000, an increase of 129% compared to $397,000 in fiscal year 2022.
FY 2023 Financial Highlights
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Gross profit was $422,000 compared to $194,000 in fiscal 2022.
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R&D expenses were $3.5 million, representing an increase of $1.2 million or 49% compared to approximately $2.3 million in fiscal 2022.
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Net loss was $11.5 million or $0.22 per share, compared to $15 million or $0.30 per share for fiscal 2022.
Ram Mukunda, CEO of IGC, stated, “Fiscal 2023 was characterized by remarkable growth and progress as we continue to advance our drug formulations through FDA trials. IGC-AD1 is delivering strong results as it progresses through phase 2B trials. We are delighted with the positive headway we are making in clinical trials, and we remain confident in the potential of IGC-AD1 to be a groundbreaking therapy, with the potential to treat Alzheimer’s and to manage devastating symptoms that separate families, increase admissions to nursing homes, and drive the cost of Alzheimer’s care.”
“In addition to IGC-AD1, we continue to identify and acquire drug formulations that we believe have the potential to treat the symptoms brought on by a variety of chronic illnesses. Moreover, we continue to expand the market presence of our consumer products, as evidenced by a 129% increase in revenue compared to last year. Overall, we are very pleased with the progress we have made in Fiscal 2023 and believe that we are uniquely and advantageously positioned with a vertically integrated business model to continue driving growth through fiscal 2024 and beyond.”
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