India Globalization Capital, Inc. (IGC): Business Model Canvas [Dec-2025 Updated]

You're looking at a company making a massive, high-stakes bet, and honestly, understanding the mechanics is key to knowing if it pays off. India Globalization Capital, Inc. (IGC) has clearly pivoted hard into clinical-stage biotech, focusing on Alzheimer's agitation with IGC-AD1, but the numbers from Fiscal Year 2025 tell a story of heavy investment: they burned $3.7 million on Research and Development while the Life Sciences segment only brought in about $1.271 million. This canvas maps out exactly how this small-cap is funding its deep dive into drug discovery-leveraging its MINT-AD AI platform and over 30 patent filings-against the near-term reality of funding clinical trials. Dive into the nine blocks below to see the precise structure supporting this multi-billion dollar opportunity, and where the near-term risks defintely lie.

India Globalization Capital, Inc. (IGC) - Canvas Business Model: Key Partnerships

You're looking at the core relationships India Globalization Capital, Inc. (IGC) relies on to push its lead asset, IGC-AD1, through the clinic. For a clinical-stage company with a market capitalization of approximately $\mathbf{\$32.93 \text{ million USD}}$ as of November 2025, these partnerships are not just helpful; they are the mechanism for execution, especially since the Trailing Twelve Month (TTM) Revenue for the same period was only $\mathbf{\$1.11 \text{ million USD}}$. The partnerships essentially substitute for internal capacity in areas like clinical site management and specialized research.

Academic Institutions for Clinical Trial Sites

The relationship with academic centers is foundational, stemming from the exclusive license for a U.S. patent filing secured from the University of South Florida (USF) for THC as a potential therapeutic agent for Alzheimer's Disease. This license underpins the entire IGC-AD1 program. The company is actively expanding its Phase 2 CALMA trial by adding these sites, which is where the actual patient data collection happens. This external validation and site access are crucial for meeting enrollment targets, which, as of September 22, 2025, had passed the $\mathbf{50\%}$ milestone.

Here is a breakdown of the key academic and clinical sites involved in advancing the CALMA trial:

CINFONIA at University of Los Andes for AI Algorithm Development

While the specific financial terms with CINFONIA at the University of Los Andes for AI algorithm development are not publicly itemized, India Globalization Capital, Inc. (IGC) heavily relies on its AI platform, MINT-AD, to support drug discovery and understand disease progression. This reliance on external or specialized AI expertise is a necessary component of their modern drug development strategy, complementing the $\mathbf{30}$ patent filings and $\mathbf{12}$ granted patents, including the November 2025 patent for IGC-AD1.

External Advisors and Consultants for Strategic Guidance and Partnerships

The company maintains a structure that includes employees, contract workers, and advisors across the U.S., India, Colombia, and Hong Kong. While specific fees paid to external strategic advisors for the fiscal year ending March 31, 2025, are bundled within Selling, General, and Administrative (SG&A) expenses, which totaled approximately $\mathbf{\$4.4 \text{ million}}$, the need for this guidance is evident in their major strategic moves, such as the pivot to life sciences and the $\mathbf{\$2.7 \text{ million}}$ divestiture of a non-core manufacturing facility in Q2 FY 2026.

Contract Research Organizations (CROs) to Manage the Phase 2 CALMA Trial

The management of the multicenter Phase 2 CALMA trial, which evaluates IGC-AD1 for Alzheimer's agitation, is outsourced to specialized clinical research partners. The expansion of the trial to sites like the one managed by Ichor Research implies a direct partnership with a CRO or site management organization to handle the operational complexity of a multi-site study. The cost of this management is absorbed within the $\mathbf{\$3.7 \text{ million}}$ in Research & Development (R&D) expenses reported for Fiscal Year 2025.

Manufacturers/Suppliers for White-Label Wellness Formulations

India Globalization Capital, Inc. (IGC) maintains a dual business model, with the Life Sciences segment including the white labeling of hemp-based products and the marketing of its in-house wellness brand, Holief™, which targets women's health. This manufacturing/supply chain relationship was recently restructured. The company executed a strategic divestiture of its Vancouver manufacturing facility for $\mathbf{\$2.7 \text{ million}}$ (fair value, September 29, 2025). This transaction was key to optimizing capital, as it also resulted in the elimination of $\mathbf{\$600 \text{ thousand}}$ in annual operating expenses. This suggests a shift away from owning manufacturing assets toward potentially more flexible, partnership-based supply agreements.

India Globalization Capital, Inc. (IGC) - Canvas Business Model: Key Activities

You're looking at the core engine of India Globalization Capital, Inc. (IGC) as it operates today, which is almost entirely focused on its pharmaceutical pipeline, not its legacy business. The Key Activities are where the cash is being burned to create future value, primarily through drug development.

Research and Development (R&D) for the drug pipeline is the single largest operational expense, reflecting the company's commitment to its lead asset, IGC-AD1. For Fiscal Year 2025, the reported R&D expenses were approximately $3.7 million, which is where the bulk of the investment went to advance clinical programs. This figure represents a slight decrease of about 3% from the approximately $3.8 million spent in Fiscal 2024, showing a push for efficiency even while advancing trials.

A critical, ongoing activity is Managing the Phase 2 CALMA clinical trial for IGC-AD1, the cannabinoid-based compound targeting agitation in Alzheimer's disease. As of September 2025, this trial surpassed a significant operational milestone, achieving 50% patient enrollment. This trial advancement is the primary driver of the R&D spend.

The company is also heavily invested in Developing and expanding the AI-powered drug discovery platform (MINT-AD). MINT-AD, the Multimodal Interpretable Transformer for Alzheimer's, is designed to identify high-risk individuals before symptoms appear by integrating diverse data sources. While the platform is expanding its capabilities to include retrosynthetic analysis and toxicology assessment, the company plans to launch a beta version in Fiscal 2026 for pilot evaluation, meaning the development work is currently consuming resources without generating external revenue.

Securing and defending Intellectual Property (IP) for drug candidates is a non-negotiable activity for a clinical-stage company. A concrete win in this area was the U.S. patent grant from the USPTO on November 13, 2025, covering a novel composition for IGC-AD1 targeting Alzheimer's and Central Nervous System disorders. This solidifies the exclusivity for their lead asset.

Finally, the company continues Sourcing, manufacturing, and marketing Life Sciences consumer products, which provides the minimal current revenue base. The Life Sciences segment revenue for Fiscal Year 2025 was $1.271 million, up from $1.181 million in Fiscal 2024. This segment generated a Gross Profit of approximately $619 thousand in FY 2025, which is almost all of the company's total gross profit for the year, as the infrastructure business generated nil revenue.

Here's a quick look at the financial scale of these key activities for the fiscal year ending March 31, 2025:

These activities are funded by capital raises, as the company reported a Net Loss of approximately $7.1 million for FY 2025, an improvement of about $6 million from the prior year's loss. The company raised about $4.64 million through private equity placements and ATM offerings during the fiscal year to support this operational structure. Finance: draft 13-week cash view by Friday.

India Globalization Capital, Inc. (IGC) - Canvas Business Model: Key Resources

You're looking at the core assets that underpin India Globalization Capital, Inc. (IGC)'s current valuation as of late 2025. Honestly, for a company that has pivoted so dramatically from infrastructure to clinical-stage biotech, these resources are everything. The market capitalization, around $33.83 million USD as of November 2025, is almost entirely a bet on these specific, non-tangible assets.

Investigational New Drug (IND) Pipeline, Led by IGC-AD1 (Phase 2)

The crown jewel here is IGC-AD1, the cannabinoid-based formulation targeting agitation in Alzheimer's dementia. This asset is what drives the narrative, and its progress dictates near-term investor sentiment. You need to track the CALMA trial closely.

• IGC-AD1 is in a Phase 2 clinical trial, known as the CALMA trial.
• The trial surpassed the 50% patient enrollment milestone as of September 2025.
• The CEO, Ram Mukunda, forecasts completion of the CALMA Phase 2 trial by the first half of 2027.
• Research & Development (R&D) expenses for Fiscal Year 2025 were approximately $3.655 million USD, largely funding this trial.

The pipeline extends beyond the lead candidate, though IGC-AD1 is the most de-risked asset right now.

Intellectual Property: Over 30 Patent Filings and 12 Patents Granted

Securing the IP is the moat in this business. The company has been aggressive on this front, which is a necessary action for a firm developing novel cannabinoid-based therapies.

The most significant recent event was the granting of a key patent in November 2025. Here's the breakdown of the IP position:

This granted patent for IGC-AD1 covers the proprietary formulation and its potential multi-modal effects on agitation, amyloid plaque, and tau tangles. That's a concrete piece of defensible value.

AI-Powered In-Silico Drug Discovery Platform (MINT-AD)

The Multimodal Interpretable Transformer for Alzheimer's (MINT-AD) platform is the engine for future pipeline growth. It's designed to identify high-risk individuals years before symptoms appear, which is a huge strategic advantage for patient stratification in trials like CALMA.

• MINT-AD was announced in July 2025.
• The platform is built as a foundation model trained on over 100 harmonized datasets.
• IGC expects to launch a beta version of MINT-AD in Fiscal 2026 for pilot evaluation.

This AI capability supports other pipeline candidates like TGR-63 and IGC-1A, which was identified as a potential GLP-1 agonist using this AI modeling.

Clinical Trial Network Across North America (US, Canada, Puerto Rico)

While the prompt mentions Puerto Rico, the latest updates confirm active sites in the US and Canada for the lead asset. You need a network to run a Phase 2 trial efficiently.

The CALMA trial has expanded its patient enrollment across sites located in the U.S. and Canada.

Remaining Assets from the Legacy Infrastructure Segment in India

To be fair, the infrastructure segment is now a minor contributor, but it still represents residual assets and a source of non-core cash flow or asset realization. The financial data clearly shows the pivot.

Here's how the legacy business compares to the core Life Sciences focus as of the end of Fiscal Year 2025 (ended March 31, 2025):

The company recently divested a non-core facility, which was a clear action to optimize capital, resulting in a $1.1M non-cash profit and a $600K annual expense reduction.

Finance: draft 13-week cash view by Friday.

India Globalization Capital, Inc. (IGC) - Canvas Business Model: Value Propositions

You're looking at the core of what India Globalization Capital, Inc. (IGC) is selling to the market right now-it's almost entirely future potential tied to its Life Sciences pipeline, given the current financial scale. The company's value proposition is built on tackling major neurological diseases with novel, AI-accelerated science.

Targeting Unmet Needs in Alzheimer's Disease

The primary value proposition centers on IGC-AD1, a proprietary cannabinoid-based investigational new drug candidate currently in a Phase 2 clinical trial, the CALMA trial, for agitation in dementia due to Alzheimer's disease. This addresses a massive, underserved patient population.

• Agitation affects approximately 76% of the estimated 50 million individuals living with Alzheimer's worldwide.
• Only one treatment is currently FDA-approved for this symptom, signaling a vast unmet medical need and a multi-billion-dollar opportunity.
• The Global Alzheimer's Drug Market size in 2025 is estimated at $4.69 Billion.
• IGC-AD1 is also being evaluated for its potential to target fundamental pathology, including reducing amyloid plaques by up to 40% in cell lines.

The financial reality underpinning this proposition is that India Globalization Capital, Inc. (IGC) reported a trailing twelve-month (TTM) revenue of just $1.32 million for Fiscal Year 2025, while incurring a net loss of approximately $7.1 million in that same fiscal year. This cash burn is directed toward validating these high-value assets.

Advanced and Diversified Drug Pipeline

Beyond the lead asset, India Globalization Capital, Inc. (IGC) offers a pipeline of novel small molecules designed to target the core mechanisms of Alzheimer's disease, which is where the long-term value is concentrated.

The commitment to pipeline advancement is reflected in the company's operational spending; Research & Development expenses for Fiscal Year 2025 were approximately $3.7 million.

Scientific Rigor and Intellectual Property Moat

The scientific foundation is supported by a growing portfolio of intellectual property and clinical validation data, which serves to de-risk the assets in the eyes of potential partners or investors.

• The company holds over 30 patent filings and 12 granted patents, specifically for cannabinoid-based innovations for neurological disorders.
• IGC-AD1 demonstrated a Phase Transition Success Rate (PTSR) of 73% after its Phase I completion.
• The Likelihood of Approval (LoA) for IGC-AD1 rose to 9% following Phase I data.
• Interim data from the Phase 2 CALMA trial showed clinical improvement in agitation as early as week 2, with statistical significance achieved by week 6.

Capital-Efficient Drug Discovery via Technology Integration

India Globalization Capital, Inc. (IGC) employs Artificial Intelligence (AI) to compress the traditional timeline and cost associated with identifying and optimizing drug candidates, a key differentiator for a micro-cap firm.

In November 2025, the company announced an expansion of its AI-powered in-Silico drug discovery platform, incorporating advanced methodologies like retrosynthetic analysis and predictive bioactivity modeling. This strategy aims to accelerate the identification of therapeutic candidates like IGC-AD1 and TGR-63.

Consumer Wellness Segment Transition

While the focus has pivoted to Life Sciences, the company has a history in consumer wellness products, such as those under the Holief™ brand for menstrual and sleep disorders. The strategic shift away from this segment is quantified by the recent asset disposition.

On October 1, 2025, a wholly owned subsidiary sold certain assets related to its Vancouver, Washington facility for an agreed upon fair value of approximately $2.7 million.

India Globalization Capital, Inc. (IGC) - Canvas Business Model: Customer Relationships

You're looking at India Globalization Capital, Inc. (IGC) as a clinical-stage pharmaceutical company now, so the customer relationships are highly segmented. The engagement model changes drastically depending on whether you are a clinician, a caregiver, a consumer, or an investor.

High-touch, scientific engagement with clinical investigators and key opinion leaders.

This relationship is critical because the valuation hinges on the success of the lead asset, IGC-AD1. Engagement here is deep and scientific, focused on the Phase 2 CALMA trial for agitation in Alzheimer's dementia. As of November 2025, the company announced that the CALMA trial had achieved more than 50% patient enrollment on September 22, 2025. This milestone directly impacts the timeline for data readout, which is the primary driver for KOL (Key Opinion Leader) interest and future partnership discussions. Furthermore, the company received a patent for its cannabinoid composition in November 2025, which strengthens the scientific foundation you are presenting to investigators. The relationship is built on the potential of the science, not current sales volume.

Community building and support for Alzheimer's caregivers via educational resources.

For the caregiver segment, the relationship shifts to support and education, acknowledging the emotional toll of the disease. IGC is actively engaging this community through published materials. Specifically, IGC Pharma announced the publication of a Landmark Caregiver Book on Alzheimer's Disease on December 2, 2025. This action directly addresses the need for practical, high-touch support resources outside of the clinical trial setting. Additionally, the company leverages its AI platform, MINT-AD, to identify socioeconomic risk factors driving Alzheimer's trends, which can inform broader community outreach strategies, as noted in their November 25, 2025 update.

• Support is centered on Alzheimer's caregiving.
• Educational resource published in December 2025.
• AI insights inform risk factor analysis.

Transactional, low-touch relationship for the consumer Life Sciences products.

The consumer-facing side, which includes scientifically formulated, non-CBD-based wellness products and wholesale/white-label services, operates on a more standard, transactional basis. You are dealing with product sales and licensing royalties, which is low-touch compared to drug development. For the fiscal year ending March 2025, this Life Sciences segment generated approximately $1.271 million in revenue. This revenue stream is currently secondary to the drug pipeline but represents direct, albeit low-touch, customer interaction for wellness products.

Investor relations focused on communicating clinical milestones and R&D progress.

For investors, the relationship is purely informational, focused on de-risking the binary nature of clinical development. You need to track their communication cadence closely. For instance, the company filed a Form S-3 on November 14, 2025, and reported Q1 2026 EPS of -$0.02 on August 19, 2025. The valuation context is key here: as of mid-to-late November 2025, the market capitalization hovered around $32.93 million, while the Trailing Twelve Months (TTM) Revenue was only about $1.11 million. The relationship is managed by emphasizing the potential upside, such as the $4.00 median analyst price target, which implies a massive potential return based on the Phase 2 data, not the current -$7.54 million TTM EBITDA.

Here's a quick look at the key metrics defining these relationship touchpoints as of late 2025:

The financial reality is that the company is operating at a significant loss, with a Fiscal Year 2025 Net Loss of approximately $7.121 million, which is typical for a company funding expensive clinical trials. Finance: draft the cash burn projection based on the Q1 2026 EPS of -$0.02 by Friday.

India Globalization Capital, Inc. (IGC) - Canvas Business Model: Channels

You're looking at the channels India Globalization Capital, Inc. (IGC), now operating as IGC Pharma, Inc., uses to reach its different customer and stakeholder groups as of late 2025. The focus is clearly on clinical advancement and investor communication, not broad consumer sales.

Clinical trial sites (hospitals, research centers) for drug development and patient enrollment

The primary channel for the Life Sciences segment involves clinical trial sites for the lead investigational drug, IGC-AD1, which is currently in a Phase 2 clinical trial targeting agitation in dementia due to Alzheimer's disease (AADAD).

• CALMA Trial passed the 50% Enrollment Milestone as of November 2025.
• As of January 2023, the company had 3 testing sites signed up, with negotiations for several more in Florida, Maryland, and Montreal.
• The R&D expenses for Fiscal Year 2025 were approximately $3.7 million, supporting this trial progression.

Direct-to-consumer e-commerce platforms for wellness and CBD-based formulations

The company has been strategically divesting assets related to its legacy consumer/hemp business to focus capital on drug development. This channel is shrinking, evidenced by a recent asset sale.

The company still markets in-house brands and formulations in compliance with applicable laws, but the primary revenue driver is now Life Sciences.

Pharmaceutical licensing or co-development agreements for commercialization (future)

While specific licensing deals are not detailed as an active channel, the entire commercialization strategy for IGC-AD1 and TGR-63 relies on future agreements, as the company is currently pre-commercialization. The pipeline assets driving this future channel include:

• IGC-AD1 (Phase 2 trial).
• TGR-63 (pre-clinical development).
• IGC-1C, IGC-M3, and LMP investigational drugs.

Investor relations channels (SEC filings, press releases, shareholder calls)

Communication with the investment community is critical for a clinical-stage company like India Globalization Capital, Inc. (IGC). The company files its Annual Report on Form 10-K for the fiscal year ended March 31, 2025, with the SEC.

Here's the quick math on the investor profile as of late 2025:

The primary channels for official investor communication include:

• SEC Filings accessible on www.sec.gov.
• Investor Relations section on www.investor.igcpharma.com.
• Press Releases, such as the one on November 18, 2025, regarding Q2 progress.
• Insider sentiment is positive, with insiders collectively buying $13.7M worth of shares over the last year.

India Globalization Capital, Inc. (IGC) - Canvas Business Model: Customer Segments

You're looking at the customer base for India Globalization Capital, Inc. (IGC) as of late 2025, which is split between its legacy infrastructure operations and its primary focus: the Life Sciences segment under IGC Pharma, Inc. The financial reality is that the value is overwhelmingly tied to the pipeline, not current sales.

Alzheimer's patients experiencing agitation and their caregivers (primary focus)

This is the core patient population for the lead asset, IGC-AD1, a cannabinoid-based therapy in the Phase 2 CALMA trial targeting agitation in Alzheimer's dementia. The unmet need here is substantial. Agitation affects approximately 76% of the estimated 50 million individuals living with Alzheimer's worldwide, yet only one treatment is currently FDA-approved. For Fiscal Year 2025, IGC reported Research & Development (R&D) expenses of approximately $3.7 million, largely dedicated to advancing this trial. The company has expanded its clinical footprint to accelerate enrollment, adding strategic locations across North America.

Neurologists, psychiatrists, and clinical researchers in the CNS/Alzheimer's space

These professionals are critical gatekeepers and validators for IGC-AD1. Their segment is engaged through the ongoing clinical trials, such as the CALMA trial. The success of these trials, which demonstrated a clinical and statistically significant reduction in agitation at week 6 in interim data, directly influences their future adoption of the therapy, assuming regulatory approval. The company is also advancing other candidates like TGR-63, which targets amyloid plaques, keeping researchers engaged across the pipeline.

Individual consumers seeking over-the-counter, hemp-based wellness formulations

This segment is served by IGC's Complementary and Alternative Medicines (CAM) business line, which includes products like Hyalolex™. It is important to note that these cannabinoid formulations are not U.S. Food and Drug Administration (FDA) approved pharmaceutical products. The revenue contribution from this segment is small compared to the overall financial picture; for the fiscal year ending March 31, 2025, IGC reported total revenue of about $1.2 million, which is a blend of this segment and the infrastructure business.

Institutional and retail investors betting on high-risk, high-reward biotech assets

This group is betting on the future value of the drug pipeline, given the current revenue profile. As of November 2025, India Globalization Capital, Inc. (IGC) has a market capitalization hovering around $33.83 million USD, with approximately 91.96 million shares outstanding. The Trailing Twelve Month (TTM) revenue as of that time was only about $1.11 million USD, which clearly shows that investor interest is driven by potential, not current earnings. Wall Street analysts have set an aggressive average price target of up to $4.00 per share, implying a significant potential upside based on IGC-AD1 success. For context, the company closed Fiscal Year 2025 with a net loss of approximately $7.1 million, which is an improvement of about $6 million from the prior year's loss.

Here's a quick look at the financial context driving investor segment interest as of FYE 2025:

The company's operational segments as reviewed by the Chief Operating Decision Maker (CODM) are formally split into two: Infrastructure Business and Life Sciences (hemp-based CAM and pharma development). The Life Sciences focus, however, clearly dominates the strategic narrative and investor attention.

• Alzheimer's patients: Target population size is estimated at 50 million globally.
• CAM Products: Formulations like Hyalolex™ are classified as Complementary and Alternative Medicines.
• Infrastructure Revenue: Contributed to the total FY 2025 revenue of about $1.2 million.
• Investor Base: Characterized by high volatility and focus on clinical trial milestones.

Finance: review the cash burn rate against the $4.64 million raised in FY2025 to project runway to the next major IGC-AD1 data readout.

India Globalization Capital, Inc. (IGC) - Canvas Business Model: Cost Structure

You're looking at the core expenses driving India Globalization Capital, Inc. (IGC) as it pushes its pharmaceutical pipeline. For a clinical-stage biotech, the cost structure is heavily skewed toward development, which you see clearly in the Fiscal Year 2025 numbers.

Heavy Research and Development (R&D) expenses are the single largest investment area, reflecting the company's pivot to IGC Pharma. For Fiscal Year 2025, R&D expenses totaled approximately $3.7 million. This figure represents a slight decrease of about 3%, or $118 thousand, compared to the approximately $3.8 million spent in Fiscal 2024. This investment is the engine for their primary asset.

The R&D spend directly covers the high-cost components of drug development:

• Clinical trial costs, including site fees, patient recruitment, and data monitoring for IGC-AD1's Phase 2 CALMA trial.
• Pre-clinical studies on other pipeline assets like TGR-63.
• Intellectual Property (IP) maintenance and patent filing costs, such as the recent USPTO grant covering IGC-AD1.

The company is operating like a true biotech, burning cash to advance its pipeline, evidenced by a Net Loss of approximately $7.1 million in FY2025.

General and administrative (G&A) overhead for India Globalization Capital, Inc. (IGC) shows a clear focus on efficiency for a publicly traded entity. Selling, General, and Administrative (SG&A) expenses were aggressively managed, decreasing by approximately $2.3 million, or 35%, to land at about $4.4 million in Fiscal Year 2025. This reduction from the prior year's $6.7 million reflects strategic cost cutting while maintaining corporate functions.

The Cost of goods sold (COGS) relates to the low-revenue Life Sciences consumer products, which include white-labeled wellness formulations. With total FY 2025 revenue at approximately $1.271 million and the reported Gross Profit on sales at approximately $0.05 million, the implied COGS is approximately $1.221 million ($1.271 million Revenue minus $0.05 million Gross Profit). This indicates the consumer product sales operate at a very thin gross margin, which is typical for white-label manufacturing.

Here's the quick math on the major FY 2025 cost components versus revenue:

To be fair, the infrastructure business generated nil revenue in FY 2025, meaning these costs are almost entirely tied to the Life Sciences segment and corporate overhead. Finance: Draft the 13-week cash view by Friday, focusing on the burn rate against the $4.64 million raised in FY 2025.

India Globalization Capital, Inc. (IGC) - Canvas Business Model: Revenue Streams

You're looking at the revenue streams for India Globalization Capital, Inc. (IGC), which, as of late 2025, is operating almost entirely as a clinical-stage life sciences company, subsidized by a small consumer product line. The immediate cash flow is thin, but the potential upside is tied to its drug pipeline.

The primary, immediate revenue source comes from the Life Sciences segment, which includes white-label and in-house wellness formulations. For the Fiscal Year 2025 (FY 2025), which ended March 31, 2025, this segment generated approximately $1.271 million in revenue. This represented 100% of the company's total revenue for that fiscal year, showing a clear strategic focus. To give you a sense of the quarterly run rate for this segment, the revenue for the first quarter of fiscal year 2026 (Q1 FY2026, ended June 30, 2025) was approximately $328 thousand, which was a 21% increase over Q2 FY 2024.

Capital raises are the lifeblood for funding the heavy Research and Development (R&D) pipeline, especially for a company advancing a drug like IGC-AD1 through Phase 2 trials. While the specific equity raise of $841,000 in Q1 FY 2026 wasn't found, the company secured approximately $4.64 million in total capital raises during the entirety of Fiscal Year 2025 to fuel this pipeline. Furthermore, in Q1 FY 2026, the company extended its undrawn $12 million credit facility with O-Bank, providing a non-dilutive financial backstop, even though no amount was drawn as of June 30, 2025. The financial reality of this R&D focus is reflected in the Q1 FY 2026 net loss, reported at $1.6 million or -$0.02 per share, though this beat the consensus estimate of -$0.03 by 33.33%.

The legacy Infrastructure business, which historically involved construction contracts and commodity resale, is now essentially dormant as a revenue generator. For FY 2025, this segment contributed nil revenue, a drop from the $164 thousand it generated in FY 2024. This defintely signals the completion of legacy projects and the full pivot to Life Sciences.

The most significant potential, though non-guaranteed, revenue streams are tied to the drug licensing agreements. For one specific sublicense agreement, India Globalization Capital, Inc. (IGC) is obligated to make a series of milestone payments that could aggregate up to $106.9 million upon the achievement of various development milestones. On top of that, royalty payments are structured based on net sales of the licensed product:

• 15% of annual worldwide net sales up to $300,000.
• 17% of annual worldwide net sales exceeding $300,000.

For another license agreement, should the company commercialize the product, it would be obligated to pay royalties ranging from 10% to 20% of net sales. These potential future payments are what drive the high-risk, high-reward valuation of the business, far outweighing the current consumer product sales.

Here is a summary of the key revenue-related financial figures we have for the period around late 2025:

The immediate revenue stream is small, but it is growing modestly, which helps offset some operational costs. The real financial leverage, however, rests entirely on converting those potential milestone payments and royalties into actual cash flow by successfully navigating clinical trials.