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IGC Pharma Inc (IGC), with a market capitalization of $24.39 million, reported its second-quarter 2025 earnings, focusing on strategic developments in Alzheimer’s research and operational efficiencies. The company reported an EPS forecast of -0.02, with a revenue forecast of 310,000 USD. Despite a slight dip in pre-market trading, the firm remains optimistic about its innovative approach to Alzheimer’s treatment. According to InvestingPro’s analysis, the company maintains a "Fair" overall financial health score of 2.06 out of 5.
Key Takeaways
- IGC Pharma focuses on minimizing dilution and maintaining a clean capital structure.
- Significant progress in Alzheimer’s research with multiple drug platforms.
- Expansion of clinical trial sites to 22 locations in North America.
Company Performance
IGC Pharma’s performance in the second quarter of 2025 highlights its commitment to advancing Alzheimer’s treatment. The company has maintained low clinical trial costs and reduced general and administrative expenses, allowing it to allocate more resources to key initiatives. This strategic focus has positioned IGC Pharma as a competitive player in the Alzheimer’s treatment market.
Financial Highlights
- Revenue: 310,000 USD (forecast)
- Earnings per share: -0.02 USD (forecast)
- Renewed a $12 million line of credit
Earnings vs. Forecast
IGC Pharma’s earnings per share forecast of -0.02 USD aligns with the company’s strategic focus on research and development rather than immediate profitability. The revenue forecast of 310,000 USD reflects the company’s ongoing efforts to expand its clinical trials and develop innovative treatments.
Market Reaction
In pre-market trading, IGC Pharma’s stock experienced a slight decrease of 1.1%, with a current price of 0.3056 USD. This movement is within the stock’s 52-week range of 0.2525 to 0.498 USD. The stock’s current valuation shows a Price/Book ratio of 3.87, and according to InvestingPro’s Fair Value analysis, the stock appears to be slightly overvalued at current levels. The market’s cautious response may be attributed to the company’s focus on long-term research initiatives rather than short-term financial gains.
Outlook & Guidance
IGC Pharma remains committed to completing its Phase II CALMA trial by March 2024 and launching a Phase II trial for IGC-81 as a disease-modifying treatment. The company also plans to deploy the beta version of its MINT AD diagnostic platform, which could significantly impact early Alzheimer’s detection.
Executive Commentary
CEO Ram Cunda emphasized the company’s innovative approach: "We’re not just developing therapies, but we’re building a future where Alzheimer’s is no longer an unsurmountable challenge." He also highlighted the multifunctional potential of their medication, which could address agitation and sleep issues while impacting core neuropathological features.
Risks and Challenges
- The company’s focus on long-term research may delay immediate profitability.
- Competition from established Alzheimer’s treatments could impact market share.
- Regulatory challenges in expanding clinical trials and obtaining approvals.
Q&A
During the earnings call, analysts inquired about the differentiation of IGC Pharma’s treatments from cannabis-based options and the company’s geo-targeting strategy for patient recruitment. CEO Ram Cunda clarified that their approach focuses on multiple Alzheimer’s pathways, potentially offering a faster onset of action and a lower side effect profile compared to current medications.
IGC Pharma’s second-quarter 2025 earnings call underscores its strategic focus on innovation and long-term growth in the Alzheimer’s treatment market. The company’s commitment to research and development, coupled with operational efficiencies, positions it as a promising player in this critical healthcare sector.
Full transcript - IGC Pharma Inc (IGC) Q4 2025:
Conference Operator: Ladies and gentlemen, greetings, and welcome the IGC Pharma Fiscal Year End twenty twenty five Shareholder Update Call. At this time, all participants have been placed on a listen only mode. If you have any questions or comments during the presentation, you may press star one on your phone to enter the question queue at any time, and we will open the floor for your questions and comments following management’s remarks. It is now my pleasure to turn the floor over to your host, Roslyn Christian with IMS Investor Relations.
Roslyn Christian, Investor Relations, IMS Investor Relations: Thank you, and I want to welcome everyone to the IGC Pharma fiscal year end twenty twenty five shareholder update call. For those calling in by phone, a slide presentation to accompany today’s remarks is available on our website at igcpharma.com. Before we begin, I’d like to remind everyone that this conference call may contain forward looking statements based on our current expectations and projections regarding future events and are subject to change based on various important factors. In light of these risks, uncertainties and assumptions, you should not place undue reliance on these forward looking statements, which speak only as of the date of this call. For more details on factors that could affect these expectations, please see our filings with the Securities and Exchange Commission.
On the call today with Rama Cunda, CEO of IGC Pharma and Claudia Grimaldi, CFO. The team will provide an update on the business, followed by a question and answer session. With that, I would like to turn the call over to management. Please go ahead, Ram.
Ram Cunda, CEO, IGC Pharma: Thank you, Rosalyn, and thank you all for participating in this conference call. We have about 20 slides that I would like to present as part of our year end shareholder update. To give you a brief overview, as many of you know, IGC Pharma develops therapies for Alzheimer’s disease and other chronic conditions. Our lead asset, IGC-eighty one, is currently in a Phase II trial for agitation in Alzheimer’s dementia. And we are and I would present some data that shows that we are also advancing this towards trials as a potential disease modifying therapy.
We have worked this year on an AI platform and integrated AI into our R and D program. And we’ve also worked on an early detection system for Alzheimer’s that I would go over. During part of our AI exercises, what we discovered was that one of our Alzheimer’s candidates is potentially also a GLP-one based candidate. It’s an agonist at the GLP-one, which opens up the market for metabolic disorders. The operational highlights for the financial year 2025 include significant progress on the CALMA trial.
That’s our phase two trial on agitation. We’ve added several new sites, as I will show you. We’ve also advanced IGC AD1 as a disease modifying therapy. We worked on our new diagnostic model, which we’re calling MINT AD. And we’ve also grown our pipeline into the GLP-one portfolio.
To give you an update on the progress on our Phase II trial, just to remind everyone, agitation in Alzheimer’s dementia impacts about seventy six percent of Alzheimer’s patients. There are about fifty million Alzheimer’s patients worldwide and about seven million in The US. Agitation in Alzheimer’s is a group of very hard to manage behaviors. And these include physical aggression, verbal aggression, wandering, pacing, excessive motor movements, among several other behaviors. Now, these are not just hard to manage.
The agitation leads to long term hospitalization, leads to separation of families, higher mortality, higher use of medications, and it has been shown that it accelerates cognitive decline. Currently, there is one FDA approved medication. It’s called brexpreprazole. It costs around $17,000 a year, and it takes about six to ten weeks to work. It comes with a black box warning.
It is also an atypical antipsychotic. Our Phase II trial currently is about 146 participants. It’s a multicenter, double blind, randomized, placebo controlled trial. And our two the primary endpoint is to look at agitation or the reduction in agitation compared to placebo at week six. And separately, we are also looking at agitation at week two.
The inclusion criteria is essentially the patient has to have Alzheimer’s, and the patient also has to have clinically significant agitation. And we use a scale called the NPI to essentially grade the patient’s agitation level, and they have to score a four or more in order to participate in the trial. As I said, we currently have about 22 sites. In financial year 2024, we added several of the sites in The U. S.
As well as in Canada. In 2025, during the financial year, we added several more sites. And subsequent to the financial year, we added more sites. Currently, we have about 22 sites. And part of the reason why the trial initially was a little bit slow is because this particular patient is very difficult to recruit.
They’re highly agitated. And our patients live at home with the caregiver. So, you’re essentially, we’re targeting and we have to recruit the dyad, the patient and the caregiver. And it’s been a difficult process. However, we have increased our reach considerably by using geo targeting around each of these sites, where we now have Facebook ads targeting patients that live within a fifteen minute radius, and then we’re going to expand that to about a thirty minute radius, and then to a forty five minute radius.
This is now starting to work, and we’re starting to bring in a lot more patients to each of these sites. So, I’m very confident that we can accelerate the completion of this trial. We did release interim data on the first 30 patients. And what we found is very encouraging. We found that our medication acts within two weeks.
So, if you look at this particular slide, the magenta colored graph or the line is our active medication compared to our active placebo, which is the blue line. As you can see, at week two, there’s a considerable difference between the placebo group and the active group. And that difference continues through to week six, which is our end of trial. When you compare this or when you overlay this, and this is not a direct comparison with the existing drug, But if you overlay this with the published results from the approved drug, what you see is the approved current medication takes about six weeks to start to act. At week two, there’s practically no difference between their placebo and their active, which is marked in the black that you see on this particular graph.
So, we have statistically and clinically significant reduction of agitation at the end of trial, which is week six. And we see a very strong indication that our medication works as early as week two. So this is a striking differentiator between our medication and the existing approved medication. Now, to remind our shareholders and the participants, in preclinical research, what we had found is that our medication modifies amyloid as well as tau. These are the two hallmarks of Alzheimer’s.
These are plaques and tangles. What we discovered is that our medication is a potential disease modifying drug. But when we went to phase one, we also discovered that it reduces neuropsychiatric symptoms. And that’s why we launched a phase two on agitation, which is one of the neuropsychiatric symptoms. And we slowed down launching a trial on IGC-eighty one as a disease modifying therapy.
But what we see is from the preclinical and some of the data that we’ve gotten from Phase one, as well as from the interim results on Phase two, that this drug is potentially a disease modifying therapy because it reduces plaques. It reduces tangles. It also enhances mitochondrial function in an Alzheimer’s. We found that in an Alzheimer’s mouse model. It improved spatial memory in an Alzheimer’s mouse model.
It crosses the blood brain barrier. And it also supports long term. It has long term neuroprotection properties. So, we are looking at this drug. We are now preparing this as a disease modifying.
We will be launching a trial on IGCAD1 as a disease modifying therapy. But looking at our current, just to remind everyone, again, agitation in Alzheimer’s, the way we got here was even though the preclinical data pointed to disease modification, our phase one clinical data showed that we had clinical and statistically significant decreases in neuropsychiatric symptoms, including in agitation. And so, we launched our phase two on agitation. This year, we did a lot of work on our AI diagnostic platform. And essentially, what we’re doing is we downloading and curating and harmonizing a total of about 108 databases from around the world.
And we’re using these databases to train an Alzheimer’s model with three aims. One is to identify groups that with high risk factors for Alzheimer’s. So, we’re looking at groups of risk factors for Alzheimer’s. The second thing that this model will do is to predict cognitive decline two to five years in advance. The idea behind this model, behind this AI model, is to deploy it as a doctor’s tool to help general practitioners diagnose their patients.
What we found is that in Alzheimer’s, false negatives are very high. So, to give you an example, a patient walks into a general practitioner’s office, has and the caregiver might complain that, Oh, this person’s forgetting things. And it might get attributed to aging or a normal part of aging. But in fact, that person may actually have cognitive decline, and that person may actually be coming down with Alzheimer’s. This model will allow the doctor to be able to input various factors, various elements including clinical data, demographic data, and the model will then group those into risk factors and say this particular patient is at a high risk or at a moderate risk or a mild risk for getting Alzheimer’s.
And in turn, it will predict cognitive decline in a timeframe of two to five years in advance. We think this model is very exciting. We’ve already tested the model. And based on the initial results that we’re getting, we’re very excited that this model will actually work and be very useful for doctors. We’ve called this model MINT AD, and MINT stands for multimodal interpretable transformer for Alzheimer’s.
We’ll be releasing a lot more news about this model throughout this financial year. Just to give you some highlights on our team’s achievements, we were recognized by the NIH for innovation. We were selected as one of the top 15 finalists in the NIA, which is the National Institute of Aging Prepare Challenge for early Alzheimer’s detection. We’re very proud of that. The beta version of MINT AD is up and running, and it’s able to differentiate, and it’s able to look at risk factors and identify risk factors.
We also used AI tools to discover that one of our Alzheimer’s candidates is also an agonist at GLP-one. Now, that potentially opens this drug up for other metabolic disorders. We have about five platform drugs, IGC AD1, which is in a phase two. We have LMP, which targets neuropsychiatric symptoms and AD pathology. We have the TGR platform, which targets amyloid plaque, and that essentially is for early to moderate Alzheimer’s.
We also have IGCM platform, which targets both plaques, and it’s a GLP-one agonist. The IGCC platform targets tau, and it also targets GLP-one. So, these are our other platform drugs that we are currently developing. As I mentioned, one of our drugs is a GLP-one, and this could potentially help us target a multibillion dollar global market for things like weight management or type two diabetes. And there is considerable synergies between neuroprotection and metabolic regulation via the GLP-one.
So, it’s not unusual that these molecules would actually target GLP-one as well. But we have a very diversified pipeline with GLP-one candidates, as well as Alzheimer’s candidates that could capitalize on emerging markets and create substantial long term value for our shareholders. On the financial front, we are very focused on minimizing dilution and maintaining a clean cap table. We’ve renewed the $12,000,000 line of credit that we have. We are funding our business through selective capital raises.
And we’re very focused on deploying capital efficiently to advance our drugs through clinical trials at low cost per patient. To give you an example, in a Phase II trial, typically costs between $100,000 to $150,000 per patient. We’re able to do this for about half the cost. We have an in house CRO or a clinical research team that manages these trials. And we’re able to keep the costs very low.
We have multiple pending clinical and AI milestones that we hope will lead to a reduction of the cost of capital for the company. In addition, the board has aligned management’s incentives that include stock options and bonuses with those of the investors. So, we now have performance based stock options and bonuses. There are several upcoming milestones that you should be focused on. One of them is to initiate IND enabling studies for expanding our pipeline.
Second would be to complete the phase two trial and to expand IGC AD1 as a disease modifying treatment with phase two trial targeted for late calendar year twenty twenty five. With that, I’d like to thank everyone for participating in this conference call. Operator, please open this up for questions.
Conference Operator: Certainly. Everyone at this time, be conducting a question and answer Thank you. Thank you. Your first question is coming from Gene Carter from Old Mill Capital Partners. Your line is live.
Gene Carter, Analyst, Old Mill Capital Partners: Hey guys. Thanks for taking my questions and congrats on all the progress. Just a couple for me. Could you provide us with a bit more insight into the competitive landscape, specifically what other drugs that are available to Alzheimer’s patients right now?
Ram Cunda, CEO, IGC Pharma: Gene, thank you for that question. Yes, the current Alzheimer’s treatment landscape primarily includes cognitive enhancers like Aricept, memantine. These help with cognitive symptoms, but they don’t alter the course of the disease. Recently approved disease modifying therapies like lecanumab, donanemab for early Alzheimer’s, both of these target amyloid plaque. And these drugs have generated a significant amount of attention, but there are challenges including cost, delivery via infusion, and strict eligibility requirements tied to biomarkers and imaging.
Now on the agitation side, which is where IGC 81 is, agitation impacts, as I mentioned, about seventy six percent of Alzheimer’s patients. This one drug, Brexpreprazole and this was approved last year. Now this is effective in some cases, but it does carry a black box warning. It has a late onset, meaning it takes about six weeks to start acting. It’s an atypical antipsychotic and it’s often used very cautiously because of concerns around side effects in older populations.
IGC-eighty one, our drug, is differentiated in several ways. For one, it’s an oral investigational therapy. It’s a liquid formulation that individuals would take one dropper full in the evening and one dropper in the morning. That’s the dosing that we’re currently testing in the phase two. So far, all of the data shows that it’s well tolerated and it’s potentially multifunctional.
That means impacting agitation, but also helping with sleep. And based on our preclinical data, it could also impact core neuropathological features like neuroinflammation, mitochondrial dysfunction. So I think IGC-eighty one can be positioned as a complementary or alternative solution to current options, particularly in symptomatic management where there are very large gaps currently.
Gene Carter, Analyst, Old Mill Capital Partners: Got it. That’s very helpful. Thank you. And then, you you guys have added some trial sites over the past six months, as you mentioned. Do you feel that you have enough sites to complete, the current trial, or do you anticipate having to add additional sites?
Ram Cunda, CEO, IGC Pharma: Gene, currently we have about 22 sites under contract and these are mostly in The US and we have several in Canada. And we are now currently using a geo targeting strategy around each of the clinical sites. So what we do is go on to Facebook and we use Facebook targeting around right now it’s about a fifteen minute or a twenty minute radius around each of the sites, and this has increased our registrations and enrollment by about 200%. So our aim is to keep expanding this and increasing the radius, say, from fifteen minutes to maybe thirty minutes to forty five minutes, and we’re hoping that we can expand our enrollment to about 500%. So based on the current recruitment, current velocity, which we’re adding, the existing sites are projected to meet our enrollment targets.
And we anticipate maintaining the current site network. So we don’t plan to add new sites. However, if enrollment slows or there are unforeseen delays, we have contingencies. We’ve talked to other sites as well in the Northeast and in the Mid Midwest. So we would be able to very quickly add more if they’re needed.
Gene Carter, Analyst, Old Mill Capital Partners: Got it. Makes sense. Alright. That’s very helpful. Congrats on the progress again and thanks for taking my questions.
Conference Operator: Thank you. Your next question is coming from Ed Woo from Ascendiant Capital. Your line is live.
Ed Woo, Analyst, Ascendiant Capital: Yeah. Congratulations on all the progress. My question is, you’ve mentioned that you’re going to use Facebook to do the geo targeting. Is that gonna increase the cost of the clinical trials to have to utilize social media for improvement?
Ram Cunda, CEO, IGC Pharma: Ed, that’s an excellent question. We have done the calculations and we are budgeting about a thousand dollars per new recruited patient. So, you know, we’re almost halfway through. We need another, call it 80 patients to complete the trial. So 80 times a thousand dollars, that’s sort of our budget.
So it’s not gonna increase the cost of the trial considerably. It will add, you know, it’ll increase it marginally.
Ed Woo, Analyst, Ascendiant Capital: That sounds good. Then have you given an updated timeline of when we may expect either the next interim data or for the completion of the trial?
Ram Cunda, CEO, IGC Pharma: Ed, we don’t plan to look at interim data where we are very encouraged by the interim data on the first 30 patients. As you know, we had very good P values at the end of trial. We had p value of less than point zero five, which essentially means that the trial is going well. There is a differentiation between the active group and the placebo group. We also saw excellent results, very low p values for sleep, both at two week mark as well as at the six week mark.
So we’re very encouraged by the interim data that we already saw. So we don’t plan to do another interim look. If we were to do that, there would be a penalty and we would have to increase the number of patients. So to avoid the penalty, what we’re going to do is focus on completing the trial. We are very confident at the current rate at which we’re going that we’re trying to get this trial done this fiscal year and get the results out.
Ed Woo, Analyst, Ascendiant Capital: Great. Well, thank you and I wish you guys good luck. Thank you.
Ram Cunda, CEO, IGC Pharma: Thanks, Ed.
Conference Operator: Thank you. Your next question is coming from James Malloy from Alliance Global Partners. Your line is live.
James Malloy, Analyst, Alliance Global Partners: Thanks for taking my question. What’s the current expectation for the CAMA trial top line? I think with last guidance, maybe I missed it, last guidance in February was suggesting maybe second half of this year. Any updates on that? And then for the Plaque Tangle trial, could you walk us through what that will look like and sort of size, cost and time to run that, please?
Thank you.
Ram Cunda, CEO, IGC Pharma: Thanks, Jim. As far as the current CALMER trial is concerned, I think we are almost halfway through. We expect to finish the trial this fiscal year, meaning March of next year. So that’s sort of our timeline. Internally we are more aggressive, but I think that’s pretty good indication as to when we think we can finish that trial.
The other areas, what we found is IGC-eighty one has a lot of potential in as far as amyloid or tangles or mitochondria are concerned in Alzheimer’s. And that’s something that would position IGC eighty one as a disease modifying therapy. So our aim is to run a phase two trial. We are looking at several different trial designs. There is one thing that we do need to finish before we can launch that particular trial.
We’re talking to a couple of different universities of, you know, teaming up and even applying for grants to do that particular trial because there is a lot of interest around amyloid therapy. There’s a lot of interest around tau. And our particular medication, IGC eighty one, has shown that it can work on tau. It can decrease tau. It can decrease tangles and enhance mitochondrial functioning.
So this is something that’s very unique to IGC eighty one. So we’re very excited about that. So the phase two trial would be a trial that’s probably around know, it it would be pilot study, so it wouldn’t be a very large trial. It would be a trial with maybe 50 patients or or or so. In terms of cost, as you know, we have an internal CRO, and our cost structure is considerably lower than if we were to use, you know, one of the larger CROs.
And I think I did say that typical trials cost between 100 to a $150,000 per patient and we’re at half of that. So in terms of cost, I think that’s something that’s not gonna cost us millions and millions of dollars, it’s something that we can contain the cost and get that trial done. And it’s a very exciting area for us because it positions the drug as a disease modifying, as a potentially disease modifying therapy.
James Malloy, Analyst, Alliance Global Partners: Excellent, and one of key things that hits a lot of Alzheimer’s drugs is ARIA. Any thoughts on that? Presume you haven’t seen any indications of that yet, still waiting on the data of course. But any thoughts on what which is why you wanna see Yes.
Ram Cunda, CEO, IGC Pharma: So we’ve talked long and hard about ARIA. They are connected to the monoclonal antibodies that are, you know, the current two therapies, niphanumab and donanemab. So our medication is not a monoclonal antibody, so we don’t expect ARIES. And currently, we haven’t seen any. So this is something that we think can be very safe and and considerable alternative to the two existing therapies.
Because as I said, ours would actually target several of the hallmarks of Alzheimer’s. Would target the amyloid plaque, it cannot be clinical. We’ve been able to show that it targets tangles and increases mitochondrial functioning, which is another pathway to try and get to this disease. So that’s a very exciting area for us.
James Malloy, Analyst, Alliance Global Partners: Safety obviously key. How do you think on positioning versus traditional cannabis that gets used a lot in the space? Personal experience, a friend’s parents who going through Alzheimer’s and taking cannabis and is very effective. How does IGC sort of position against something along those lines? Should the drug pan out?
Ram Cunda, CEO, IGC Pharma: It’s a great question, Jim. There’s a couple of different things to think about. Is that cannabis on its own is not the solution. Our drug is a combination. It includes THC as well as another molecule in a liquid formulation.
So it’s very different from just smoking weed. So that’s one. Second, the replicability and the the actual potency is, as you know, it’s a it’s a medication. So the tolerance levels are very, very low and the the tolerance, it’s it’s in a very when when we say the drug has, you know, two point five milligrams, it has two point five milligrams. It doesn’t have five milligrams or it doesn’t have one and a half milligrams.
So that’s very important. Replicability is very important. Tolerance levels are very important. It’s a medication, the combination is very important. So lots of differentiators between a drug that we’re producing and as you said, someone that can just go out and get cannabis and use cannabis.
The dosing levels are also very important. Smoking cannabis is not something that you would, for example, give you wouldn’t give your 80 year old or 85 year old mom or dad cannabis to smoke because they could fall. And in that aging population, falls is a very big problem. They could have cardiac issues. Lots of issues with just using cannabis.
So there’s a very big difference between, you know, a medicine that’s produced after a phase one trial, a phase two trial, a phase three trial versus just going out and buying cannabis.
James Malloy, Analyst, Alliance Global Partners: Absolutely. Absolutely. And so final question then mechanistically looking at g and a kind of down in the fourth quarter pretty dramatically. Is that sort of the levels we should expect going forward or more around the million dollars a quarter level it had been sort of throughout fiscal twenty five?
Ram Cunda, CEO, IGC Pharma: No. I think the what what we’ve essentially done is, you know, what I’ve done is to refocus the company or to focus the company entirely on three things. Number one, getting the trial done as quickly as we can. Number two, launching the phase two trials as a disease modifying therapy. And number three, deploying a beta version of Ment AD, which is another thing that we’re very excited about because there are four hundred million people around the world that have preclinical Alzheimer’s, meaning that they have amyloid plaque buildup in their brain, but they are not showing any symptoms.
So they are at risk. Currently, you need a PET scan or a recently approved blood biomarker to even detect those. What we’re developing is a AI model, a foundation model for Alzheimer’s that can, based on clinical data, based on demographic data, based on, you know, socioeconomic data, do three things or do two things. One is to cluster the risk factors and say that this individual, you know, that walks into a general practitioner’s office is at risk for Alzheimer’s and to grade that risk in terms of mild, moderate or high. And the second thing it would do is to predict and say that in the next two years, cognitive decline based on a couple of different scales is possible.
And this is sort of the projection going out two years. That helps the doctor to intervene. And we’re very excited with that as well, and that’s something that we’re very focused on developing. It can be a tool for general practitioners in America and rural areas where neurologists might not be available or specialized help might not be available and pet scans might not be available. So that’s something that we could deploy on the web and doctors can actually use it to diagnose and as an aid, as a doctor’s aid.
So we’ve essentially refocused, we’re focusing on these three things and I think that’s why the GNA is down and the GNA has been cut to refocus the company into completing the phase two trial, launching the second phase two trial, and getting Mint AD to beta testing.
James Malloy, Analyst, Alliance Global Partners: Great. Thanks for taking the questions.
Conference Operator: Thank you. That concludes our Q and A session. I’ll now hand the conference back to Ram Makunda for closing remarks. Please go ahead.
Ram Cunda, CEO, IGC Pharma: Thank you. I wanna thank everyone for joining our call. And in closing, I wanna say that we are, you know, committed to address addressing one of the most devastating diseases that that we all face. So, and for investors, we believe that IGC is at a very exciting juncture with key milestones for the current financial year. Where as I said, we’re hyper focused on getting the phase two trial done, which and positive results from that can potentially move our valuations considerably.
We want to launch IGC-eighty one as a disease modifying therapy and acceptance by the FDA of that trial would also be something that would move our evaluations out of the symptoms area to actual disease modification, which command considerably higher valuations. And we think that MINT AD on its own is something that’s worth, you know, an incredible amount and can also move our evaluation. So this is a very exciting time for our investors. We wanna thank all of you for being with us. And, you know, as we’ve said before, we’re building a future.
We’re not just building therapies, we’re actually we’re we’re not just developing therapies, but we’re building a future where Alzheimer’s is no longer an unsurmountable challenge. Thank you everyone.
Conference Operator: Thank you. Everyone, this concludes today’s event. You may disconnect at this time and have a wonderful day. Thank you for your participation.
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