NOTE 1 – BUSINESS DESCRIPTION

Overview

IGC Pharma, Inc. is a clinical-stage biotechnology company developing novel therapeutic candidates for neuropsychiatric and neurodegenerative disorders, with a primary focus on Alzheimer’s disease (“AD”). Our strategy is to address both high-burden symptoms and underlying disease mechanisms through differentiated pharmaceutical formulations, supported by targeted clinical development and data-driven research.

Our lead product candidate, IGC-AD1, is being evaluated in CALMA, a randomized, double-blind, placebo-controlled Phase 2 clinical trial for agitation associated with Alzheimer’s dementia — a condition affecting a substantial proportion of patients and associated with significant patient distress, caregiver burden, and healthcare utilization. Beyond symptom management, preclinical studies of IGC-AD1 suggest activity against biological pathways associated with AD pathology, which we believe may support its evaluation in broader disease-modifying settings, although there can be no assurance.

As of June 30, 2026, the CALMA trial had reached its previously disclosed enrollment target of 146 randomized participants. We are conducting limited over-enrollment and continued patient follow-up to mitigate potential attrition and preserve a fully evaluable dataset for the planned analyses, after which we expect to proceed to database lock, site closeout, and topline analysis. The trial remains ongoing, and there can be no assurance regarding its results, future development, or regulatory approval.

Beyond IGC-AD1, our pipeline includes earlier-stage candidates targeting AD mechanisms, including TGR-63 and other investigational compounds in preclinical evaluation. These programs are intended to broaden our long-term portfolio while maintaining a disciplined focus on clinical execution and capital efficiency.

We are also developing two proprietary artificial intelligence (“AI”)-enabled platforms. MINT-AD is designed to support risk stratification and longitudinal assessment in AD using multimodal datasets and is intended as a clinical and research decision-support tool. The Agentic Harmonization Assistant (“AHA”) is designed to assist with the harmonization and analysis of fragmented biomedical datasets; we announced its beta version in June 2026. MINT-AD and AHA remain under development and have not been approved or cleared as diagnostic or therapeutic products.

We operate as a clinical-stage organization and do not currently generate revenue from pharmaceutical product sales. Our limited revenue to date has been derived primarily from life-sciences activities outside our core drug-development programs. We fund our operations through equity and debt financings and expect to continue to incur operating losses as we advance our clinical and research programs.

Business Organization

As of June 30, 2026, the Company had the following operating subsidiaries: HH Processors, LLC, IGC Pharma IP, LLC, IGC Pharma, LLC, SAN Holdings, LLC, Hamsa Biopharma India Pvt. Ltd., and Colombia-based beneficially owned subsidiary IGC Pharma SAS. The Company’s fiscal year ends on December 31. The Company’s principal office is in Maryland, and it is a Maryland corporation established in 2005. Additionally, the Company has offices in Colombia, South America, and India. The Company’s filings are available on www.sec.gov.