Clinical Trial Failure Risk: The company's drug candidates may not prove safe or effective in clinical trials, leading to significant delays or discontinuation of development.

Regulatory Approval Uncertainty Risk: Even with positive trial results, IGC may not receive necessary regulatory approvals from agencies like the FDA for its drug candidates, delaying or preventing commercialization.

Funding and Liquidity Risk: Developing new drugs is capital-intensive, and IGC may require substantial additional financing that may not be available on favorable terms or at all.