IGC Pharma, Inc. Liquidation Value
Cash & Equivalents
Key Metrics
Cash Liquidation Value
- Finance Lease Liability: not reported in this period (annual-only)
- Long-Term Debt: not reported in this period (annual-only)
Liquid Liquidation Value
- Finance Lease Liability: not reported in this period (annual-only)
- Long-Term Debt: not reported in this period (annual-only)
Operating Liquidation Value
- Finance Lease Liability: not reported in this period (annual-only)
- Long-Term Debt: not reported in this period (annual-only)
Build your own liquidation scenario
Adjust asset discounts and liability assumptions to see how assumptions affect the numbers.
Liquidation Ladder
| Metric | Total | Per Share |
|---|---|---|
| Cash Liquidation Value | $-2.67M | $-0.03 |
| Liquid Liquidation Value | $-2.64M | $-0.03 |
| Operating Liquidation Value | $-2.00M | $-0.02 |
Key Components (as of 2026-03-31)
| Cash & Equivalents | $207,000 |
| Accounts Receivable | $37,000 |
| Inventory | $638,000 |
| Current Liabilities | $2.87M |
| Long-term Debt (?) | N/A |
| Op. Lease Liability (?) | $9,000 |
| Finance Lease (?) | N/A |
| Shares Outstanding | 98.8M |
Explore all 158 XBRL tags and build your own scenario → Open Calculator
Historical
| Period | Cash | AR | Inventory | AP | Curr Liab | LT Debt | Op Lease | Fin Lease |
|---|---|---|---|---|---|---|---|---|
| 2026-03-31 | $207,000 | $37,000 | $638,000 | $1.25M | $2.87M | N/A | $9,000 | N/A |
| 2025-12-31 | $900,000 | $12,000 | $640,000 | $1.01M | $2.16M | N/A | $2,000 | N/A |
| 2025-09-30 | $1.10M | $41,000 | $658,000 | $628,000 | $1.51M | $132,000 | $5,000 | N/A |
| 2025-06-30 | $454,000 | $87,000 | $1.35M | $933,000 | $1.73M | $133,000 | $7,000 | N/A |
| 2025-03-31 | $405,000 | $34,000 | $1.36M | $883,000 | $2.26M | $134,000 | $10,000 | N/A |
| 2024-12-31 | $470,000 | $49,000 | $1.43M | $835,000 | $2.66M | $134,000 | $12,000 | N/A |
| 2024-09-30 | $1.55M | $44,000 | $1.51M | $768,000 | $2.80M | $135,000 | $35,000 | N/A |
| 2024-06-30 | $1.82M | $28,000 | $1.51M | $771,000 | $2.49M | $136,000 | $69,000 | N/A |
SEC Filings
| Period | Form | Filed | Link |
|---|---|---|---|
| 2026-03-31 | 10-Q | 2026-05-15 | View |
| 2025-09-30 | 10-Q | 2025-11-14 | View |
| 2025-06-30 | 10-Q | 2025-08-14 | View |
| 2025-03-31 | 10-K | 2025-06-27 | View |
| 2024-12-31 | 10-Q | 2025-02-14 | View |
| 2024-09-30 | 10-Q | 2024-11-12 | View |
| 2024-06-30 | 10-Q | 2024-08-07 | View |
| 2024-03-31 | 10-K | 2024-06-24 | View |
AI Insights
IGC Pharma, Inc. (IGC) is a clinical-stage biotechnology company with a December 31 fiscal year end, filing its 10-Q for the quarter ended March 31, 2026. The filing was signed May 15, 2026. Under the liquidation lens, recovery to equity is deeply negative. MFFAIS reports a cash liquidation value of negative $560 thousand and a liquid liquidation value of negative $519 thousand as of this period end, confirming that even the most liquid assets do not cover obligations at face value. The operating liquidation value of positive $139 thousand reflects some residual going-concern value but is not relevant in a stop-operating scenario.
The asset base is heavily weighted toward intangibles ($5.3 million net as of March 31, 2026, up from $5.1 million at December 31, 2025, due to continued capitalization of patent and software development costs), which receive a 0% recovery haircut under the liquidation lens. PP&E net of $2.1 million would recover 50-70% in a liquidation scenario, yielding approximately $1.1-1.5 million. Cash collapsed to $207 thousand from $900 thousand at December 31, 2025, a 77% decline in one quarter driven by $1.2 million in operating cash consumption, only partially offset by $710 thousand in financing proceeds. The working capital deficit widened from $366 thousand to $1.7 million in the same period.
On the liability side, new debt was added during Q1 2026: a VFG Note with $353 thousand principal (net proceeds $282 thousand) issued March 5, 2026, bearing an embedded conversion feature bifurcated as a Level 3 derivative liability of $27 thousand; and an OnDeck loan of $214 thousand. Subsequent to period end, two additional convertible notes were issued (April VFG Note: $238 thousand principal; FFG Note: $347 thousand principal), adding approximately $585 thousand in face-value liabilities that would be carried at full face in any liquidation. The VFG and subsequent notes carry default-triggered variable-rate conversion at 75% of the 10-day low trading price, which signals distressed terms and potential for dilutive conversion if defaults occur.
Non-current assets total $8.0 million but are dominated by intangibles ($5.3 million, zero recovery) and claims/advances ($659 thousand, uncertain recovery). PP&E of $2.1 million and the operating lease ROU of $8 thousand are the only material tangible recoverable assets. Claims and advances are not separately tagged in XBRL but appear in the segment disclosure as "OtherAssetsNoncurrent" totaling $659 thousand; recovery on these is unclear given their cross-border nature (US and India/Colombia).
The company has no disclosed pension obligations, no material long-term debt outside the recently issued notes, and a $12 million O-Bank credit facility (filing discloses it was 'successfully obtained' but does not specify drawn amounts as of period end). Filing discusses ongoing ATM availability of approximately $4.7 million and continued reliance on dilutive equity financing. The MINT-AD AI platform and IGC-AD1 patent portfolio are discussed extensively in MD&A but carry zero liquidation value. The filing does not separately XBRL-tag the majority of balance sheet line items, making systematic tag-level analysis infeasible from TAG_CONTEXT, which is empty.
▼ Community Notes