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IGC Pharma vs Theriva Biologics: IGC and TOVX compared
IGC Pharma is the larger company: $328K of revenue in its latest quarter (Q3 2026) against $300K for Theriva Biologics (Q1 2026). IGC Pharma is more profitable, with an operating margin of -588.7% against -709.0%.
Where the money goes: IGC and TOVX
IGC Pharma (IGC) · Q3 2026
IGC Pharma, Q3 2026: revenue $328K (+72% year over year), operating margin -588.7%, net loss $2.0M, operating cash flow −$1.4M. The chart follows the revenue to costs, profit and cash.
Theriva Biologics (TOVX) · Q1 2026
Theriva Biologics, Q1 2026: revenue $300K, operating margin -709.0%, net loss $2.0M, operating cash flow −$2.5M. The chart follows the revenue to costs, profit and cash.
| IGC Pharma (IGC) | Theriva Biologics (TOVX) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q1 2026 |
| Revenue | $328K | $300K |
| Revenue growth, Y/Y | +72% | — |
| Operating margin | -588.7% | -709.0% |
| Net earnings | −$2.0M | −$2.0M |
| Net margin | -623.8% | -681.3% |
| Operating cash flow | −$1.4M | −$2.5M |
Where the revenue comes from
IGC Pharma
- White Labeling Services: $321K (98%)
- Wellness and Lifestyle: $7K (2%)
Questions
Which is bigger, IGC Pharma or Theriva Biologics?
IGC Pharma is the larger company: $328K of revenue in its latest quarter (Q3 2026) against $300K for Theriva Biologics (Q1 2026).
Is IGC Pharma or Theriva Biologics growing faster?
IGC Pharma is more profitable, with an operating margin of -588.7% against -709.0%.
More: IGC Pharma earnings · how IGC Pharma makes money · Theriva Biologics earnings · how Theriva Biologics makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Nov 6, 2026; 10-Q filed May 5, 2026). Fiscal quarters can end on different dates. Not investment advice.