IGC Pharma Inc. Expands Phase II CALMA Trial and Receives Positive Equity Research Update

IGC Pharma Inc. (NYSE American: IGC) announced two significant developments on February 9–10 2026 that underscore progress in its Alzheimer’s disease program and reinforce investor confidence.

Expansion of the Phase II CALMA Trial into Colombia

On February 9, the company disclosed that the Phase II CALMA study of its lead cannabinoid‑based therapy, IGC‑AD1, has been extended to include Grupo de Neurociencias de Antioquia (GNA) in Colombia. The expansion brings the clinical network to 23 active sites across 26 U.S. and Canadian locations, with the new Colombian site adding a genetically diverse population that is internationally recognized for Alzheimer’s disease research.

  • Enrollment status: CALMA has reached approximately 70 % of its planned enrollment.
  • Timeline: IGC expects to complete enrollment by mid‑2026, a critical operational milestone that will precede database lock and the release of topline results.
  • Strategic rationale: The inclusion of GNA is intended to broaden genetic diversity and strengthen the data set that will feed into the 2026 data catalyst.

This expansion positions IGC to capture robust data on IGC‑AD1’s efficacy and safety in a population with a high prevalence of genetically linked Alzheimer’s disease, potentially enhancing the trial’s translational relevance.

Positive Equity Research Update from Alliance Global Partners

On February 10, Alliance Global Partners (AGP) published an updated equity research report on IGC. The report maintains a Buy rating and sets a price target of $3.00 per share. AGP’s analysis reflects a positive outlook on IGC’s clinical trajectory, particularly the progress of the CALMA trial and the broader pipeline that targets neurodegeneration and metabolic disorders.

  • Market context: IGC’s current share price (February 9 close) was $0.26, well below the $3.00 target, indicating a substantial upside potential if the company meets its clinical milestones.
  • Analyst perspective: The report emphasizes IGC’s use of artificial intelligence to accelerate drug development and highlights the company’s focus on Alzheimer’s disease and metabolic disorders.
  • Company stance: IGC reiterated that it does not endorse or guarantee the accuracy of the analyst report and will not update or correct the information.

Implications for Investors and the Healthcare Sector

The combined announcements suggest that IGC is advancing its flagship program while maintaining investor interest. The Colombian expansion enhances the trial’s demographic breadth, potentially improving the robustness of efficacy signals. The favorable equity research update provides a tangible valuation target for shareholders, although the company’s negative price‑earnings ratio of –3.28 and a market cap of approximately $24.3 million reflect the early‑stage nature of its operations.

Investors should monitor the trial’s enrollment completion and the forthcoming database lock, which will be pivotal in determining the viability of IGC‑AD1 and the company’s ability to capitalize on its therapeutic platform.