IGC Pharma is a small clinical-stage biopharmaceutical company focused on developing treatments for Alzheimer's disease. IGC's lead candidate, IGC-AD1, is an oral liquid formulation combining a low dose of THC with an agent that inhibits neuroinflammation, targeting agitation in Alzheimer's dementia — a symptom affecting millions of patients for which current FDA-approved treatments carry black box warnings due to serious safety risks. IGC-AD1 is currently in a 146-patient Phase 2 trial (the CALMA study) across U.S. and Canadian sites, with additional data expected in late 2025. IGC also has a preclinical pipeline of Alzheimer's-focused candidates, including TGR-63, a licensed molecule designed to disrupt amyloid-beta plaque formation, and several other candidates targeting neuroinflammation, tau protein, and metabolic disorders. IGC is a pre-revenue company — it funds operations through capital raises, and its value is almost entirely tied to the clinical progress of IGC-AD1. If IGC-AD1 receives FDA approval, IGC would sell a branded prescription drug into a market currently served by only one approved pharmacological option. IGC argues that running an internal contract research organization, including proprietary clinical trial software, reduces the cost of conducting trials relative to outsourcing. IGC also sells a negligible amount of hemp-derived wellness products.