Portage Biotech Announces Financial Results and Provides Business Update for Third Quarter of 2022 Fiscal Year
“During the third quarter and in recent weeks we’ve taken steps to accelerate our lead programs for PORT-2 and PORT-3, investigating options to expand our clinical sites beyond our current footprint and finding the means of accelerating patient enrollment,” said Dr.
Business Update
- Enhanced the management team with the appointments of
Brian Wiley as Chief Business Officer,Joseph Ciavarella as Chief Accounting Officer; expanded the Board of Directors with the addition ofJim Mellon ,Linda Kozick , andMark Simon . - Enrollment continues in the Company’s IMP-MEL randomized Phase 1/2 study of PORT-2 and its PRECIOUS Phase 1 study of PORT-3 in patients with NY-ESO-1 expressing tumors.
- The Company plans to issue a Research & Development update in
March 2022 which will include preliminary safety data on its PORT-2 and PORT-3 programs as well as other details from its clinical development plan. - Presented at high-profile investor conferences:
- Management participated in
January 2022 investor conferences including the LifeSci Advisors Corporate Access Event,H.C. Wainwright BioConnect Conference , and the B. Riley Securities’Oncology Investor Conference .
- Management participated in
- Hosted Key Opinion Webinar How iNKT Agonists Could Improve Immuno-Oncology Treatment with leading researchers from
La Jolla Institute of Immunology andImperial College London . Replay available here.
Third Quarter FY 2022 Financial Results
The Company generated a net loss and comprehensive loss of approximately
The Company’s other items of income and expense were substantially non-cash in nature and were approximately
Research & development ("R&D") costs increased by approximately
General and administrative ("G&A") expenses increased by approximately
Additionally, the Company reflected a net income tax expense of approximately
As of
About
Portage is a clinical-stage immuno-oncology company advancing first-in-class therapies that target known checkpoint resistance pathways to improve long-term treatment response and quality of life in patients with evasive cancers. The Company’s access to next-generation technologies coupled with a deep understanding of biological mechanisms enables the identification of the most promising clinical therapies and product development strategies that accelerate these medicines through the translational pipeline. Portage’s portfolio consists of five diverse platforms, leveraging delivery by intratumorals, nanoparticles, liposomes, aptamers, and virus-like particles. Within these five platforms, Portage has 10 products currently in development with multiple clinical readouts expected over the next 12-24 months. For more information, please visit www.portagebiotech.com, follow us on Twitter at @PortageBiotech or find us on LinkedIn at
Forward-Looking Statements
This news release contains statements about the Company’s information that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them as actual results may differ materially from the forward-looking statements. The forward-looking statements contained in this news release are made as of the date hereof, and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, except as required by law.
FOR MORE INFORMATION, PLEASE CONTACT:
Investor Relations
chuck@lifesciadvisors.com
Media Relations
gschanker@lifescicomms.com
-tables to follow-
Consolidated Statements of Operations and Comprehensive Income (Loss)
(
Three months ended |
Nine months ended |
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2021 | 2020 | 2021 | 2020 | |||||||||||||
In 000’$ | In 000’$ | In 000’$ | In 000’$ | |||||||||||||
Expenses | ||||||||||||||||
Research and development | $ | 1,928 | $ | 414 | $ | 4,804 | $ | 1,658 | ||||||||
General and administrative expenses | 2,241 | 452 | 6,288 | 1,349 | ||||||||||||
Loss from operations | (4,169 | ) | (866 | ) | (11,092 | ) | (3,007 | ) | ||||||||
Change in fair value of warrant liability | 342 | (500 | ) | 726 | (441 | ) | ||||||||||
Share of (loss) income in associate accounted for using equity method | (261 | ) | (121 | ) | (363 | ) | 270 | |||||||||
Income (loss) on equity issued at a discount | – | 77 | – | (1,256 | ) | |||||||||||
Gain on sale of marketable equity securities | – | – | – | 72 | ||||||||||||
(Loss) on extinguishment of notes payable | – | – | – | (223 | ) | |||||||||||
Foreign exchange transaction (loss) | – | (2 | ) | – | (2 | ) | ||||||||||
Interest (expense) | (1 | ) | (3 | ) | (42 | ) | (172 | ) | ||||||||
Loss before provision for income taxes | (4,089 | ) | (1,415 | ) | (10,771 | ) | (4,759 | ) | ||||||||
Income tax (expense) benefit | (117 | ) | 65 | 465 | 65 | |||||||||||
Net (loss) | (4,206 | ) | (1,350 | ) | (10,306 | ) | (4,694 | ) | ||||||||
Other comprehensive income (loss) | ||||||||||||||||
Unrealized (loss) on investment | – | – | – | – | ||||||||||||
Total comprehensive (loss) for period | $ | (4,206 | ) | $ | (1,350 | ) | $ | (10,306 | ) | $ | (4,694 | ) | ||||
Net (loss) income attributable to: | ||||||||||||||||
Owners of the Company | $ | (3,512 | ) | $ | (1,184 | ) | $ | (9,553 | ) | $ | (4,335 | ) | ||||
Non-controlling interest | (694 | ) | (166 | ) | (753 | ) | (359 | ) | ||||||||
$ | (4,206 | ) | $ | (1,350 | ) | $ | (10,306 | ) | $ | (4,694 | ) | |||||
Comprehensive (loss) attributable to: | ||||||||||||||||
Owners of the Company | $ | (3,512 | ) | $ | (1,184 | ) | $ | (9,553 | ) | $ | (4,335 | ) | ||||
Non-controlling interest | (694 | ) | (166 | ) | (753 | ) | (359 | ) | ||||||||
$ | (4,206 | ) | $ | (1,350 | ) | $ | (10,306 | ) | $ | (4,694 | ) | |||||
(Loss) per share (Actual) | ||||||||||||||||
Basic and diluted | $ | (0.26 | ) | $ | (0.10 | ) | $ | (0.74 | ) | $ | (0.37 | ) | ||||
Weighted average shares outstanding | ||||||||||||||||
Basic and diluted | 13,344 | 12,031 | 12,966 | 11,619 |
Consolidated Statements of Financial Position
(
As of, | 2021 |
2021 |
||||||
(Audited) | ||||||||
Assets | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 25,603 | $ | 2,770 | ||||
Prepaid expenses and other receivables | 672 | 2,176 | ||||||
26,275 | 4,946 | |||||||
Long-term assets | ||||||||
Long-term portion of other receivables | – | 22 | ||||||
Investment in associate | 1,372 | 1,735 | ||||||
Investments in private companies | 7,409 | 7,409 | ||||||
43,324 | 43,324 | |||||||
In-process research and development | 117,388 | 117,388 | ||||||
Other assets | 38 | 36 | ||||||
Total assets | $ | 195,806 | $ | 174,860 | ||||
Liabilities and Equity | ||||||||
Current liabilities | ||||||||
Accounts payable and accrued liabilities | $ | 477 | $ | 1,938 | ||||
Warrant liability | 159 | 1,120 | ||||||
Unsecured notes payable | – | 150 | ||||||
636 | 3,208 | |||||||
Non-current liabilities | ||||||||
Deferred tax liability | 23,606 | 24,050 | ||||||
23,606 | 24,050 | |||||||
Total liabilities | 24,242 | 27,258 | ||||||
Shareholders’ Equity | ||||||||
Capital stock | 158,294 | 130,649 | ||||||
Stock option reserve | 14,225 | 7,977 | ||||||
Accumulated other comprehensive income | 958 | 958 | ||||||
Accumulated deficit | (47,688 | ) | (38,135 | ) | ||||
Total equity attributable to owners of the Company | 125,789 | 101,449 | ||||||
Non-controlling interest | 45,775 | 46,153 | ||||||
Total equity | 171,564 | 147,602 | ||||||
Total liabilities and equity | $ | 195,806 | $ | 174,860 | ||||
Commitments and Contingent Liabilities (Note 17) |
Source: Portage Biotech, Inc.