Portage Biotech Reports Results for Fiscal Quarter Ended December 31, 2023, and Business Update
“The Company is focused on advancing its ADPORT-201 Phase 1a/1b clinical trial of PORT-6 (adenosine 2A inhibitor) and PORT-7 (adenosine 2B inhibitor) in selected solid tumors. The trial is progressing well with eight academic center clinical sites enrolling patients. The Phase 1a dose escalation portion of the trial has progressed to the third cohort. The Company looks forward to making a clinical update at the 2024
Pipeline Updates
- Following the
Trial Safety Committee recommendation, the Company commenced the third dose escalation cohort for PORT-6 Phase 1a portion of the ADPORT-601 trial. - After a review of its funding requirements, the Company’s Board of Directors made the difficult decision to pause further drug development in the PORT-2 iNKT program. As a result, the Company will evaluate a range of potential strategic options which may include, among other things, finding a partner for the Company’s iNKT program or other restructuring transaction.
Upcoming Clinical Milestones
- The Company looks forward to presenting interim and final data from Phase 1a portion of ADPORT-601 (PORT-6) at ASCO in June and SITC in November, respectively.
Financial Results from Quarter Ended
The Company incurred a net loss of approximately
Operating expenses for the Fiscal 2024 Quarter, which include research and development (“R&D”) costs and general and administrative (“G&A”) expenses, were
R&D costs increased slightly by approximately
G&A expenses decreased by approximately
The Company’s other pre-tax items of income and expense were substantially non-cash in nature and aggregated to approximately
The Company recognized a non-cash net deferred income tax benefit of
Finally, other comprehensive income (loss) in the Fiscal 2024 Quarter of
As of
About Portage Biotech Inc.
Portage is a clinical-stage immuno-oncology company advancing multi-targeted therapies to extend survival and significantly improve the lives of patients with cancer. The Company is focused on advancing its potentially best-in-class adenosine antagonists in the ADPORT-601 trial of PORT-6 (adenosine 2A inhibitor) and PORT-7 (adenosine 2B inhibitor). These programs are being advanced using innovative trial designs and translational data to identify the patient populations most likely to benefit from treatment. The Company’s unique business model leverages a strong network of academic experts and large pharma partners to rapidly and efficiently advance multiple products. For more information, please visit www.portagebiotech.com, follow us on Twitter at @PortageBiotech or find us on LinkedIn at Portage Biotech Inc.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. Statements in this press release that are not statements of historical fact are forward-looking statements. Words such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “estimate,” “believe,” “predict,” “potential” or “continue” or the negative of these terms or other similar expressions are intended to identify forward-looking statements, though not all forward-looking statements contain these identifying words. Forward-looking statements in this press release include statements concerning, among other things, the Company’s plans to evaluate a range of potential strategic options which may include, among other things, finding a partner for the Company’s iNKT program or other corporate transactions. As a result, forward-looking statements are subject to certain risks and uncertainties, including, but not limited to: the Company’s plans and ability to develop and commercialize its product candidates and the timing of its development programs; the Company’s clinical development of its product candidates, including the results of current and future clinical trials; the benefits and risks of the Company’s product candidates as compared to others; the Company’s maintenance and establishment of intellectual property rights in its product candidates; the Company’s need for financing and its estimates regarding its capital requirements and future revenues and profitability; the Company’s estimates of the size of the potential markets for its product candidates; the Company’s selection and licensing of product candidates; and other factors set forth in “Item 3 - Key Information - Risk Factors” in the Company’s Annual Report on Form 20-F for the year ended
FOR MORE INFORMATION, PLEASE CONTACT:
Investor Relations:
ir@portagebiotech.com
Media Relations:
media@portagebiotech.com
---tables to follow---
Condensed Consolidated Interim Statements of Operations and Other Comprehensive Income (Loss)
(
| Three Months Ended |
Nine Months Ended |
|||||||||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||||||
| Expenses | ||||||||||||||||
| Research and development | $ | 2,771 | $ | 2,535 | $ | 10,636 | $ | 5,976 | ||||||||
| General and administrative expenses | 1,254 | 2,224 | 4,316 | 6,523 | ||||||||||||
| Loss from operations | (4,025 | ) | (4,759 | ) | (14,952 | ) | (12,499 | ) | ||||||||
| Change in fair value of deferred purchase price payable - Tarus and deferred obligation - iOx milestone | 5,200 | (498 | ) | 3,976 | (428 | ) | ||||||||||
| Loss on Registered Direct Offering | (2,432 | ) | – | (2,432 | ) | – | ||||||||||
| Offering costs | (662 | ) | – | (662 | ) | – | ||||||||||
| Change in fair value of warrant liability | 989 | 8 | 989 | 33 | ||||||||||||
| Impairment loss - iOx IPR&D | (46,922 | ) | – | (46,922 | ) | – | ||||||||||
| Impairment loss - Stimunity | (557 | ) | – | (557 | ) | – | ||||||||||
| Commitment fee under Committed Purchase Agreement | (389 | ) | – | (389 | ) | – | ||||||||||
| Share of loss in associate accounted for using equity method | (136 | ) | (152 | ) | (226 | ) | (268 | ) | ||||||||
| Depreciation expense | (15 | ) | (1 | ) | (41 | ) | (1 | ) | ||||||||
| Foreign exchange transaction gain (loss) | 8 | 50 | 9 | (60 | ) | |||||||||||
| Interest income | 75 | 50 | 214 | 115 | ||||||||||||
| Interest expense | (9 | ) | – | (25 | ) | (9 | ) | |||||||||
| Loss before benefit (expense) for income taxes | (48,875 | ) | (5,302 | ) | (61,018 | ) | (13,117 | ) | ||||||||
| Income tax benefit (expense) | 9,497 | (2,199 | ) | 10,549 | 2,906 | |||||||||||
| Net loss | (39,378 | ) | (7,501 | ) | (50,469 | ) | (10,211 | ) | ||||||||
| Other comprehensive income (loss) | ||||||||||||||||
| Net unrealized gain (loss) on investments | 2,975 | (4,017 | ) | 3,444 | (4,017 | ) | ||||||||||
| Total comprehensive loss for period | $ | (36,403 | ) | $ | (11,518 | ) | $ | (47,025 | ) | $ | (14,228 | ) | ||||
| Net loss attributable to: | ||||||||||||||||
| Owners of the Company | $ | (39,373 | ) | $ | (7,485 | ) | $ | (50,450 | ) | $ | (10,163 | ) | ||||
| Non-controlling interest | (5 | ) | (16 | ) | (19 | ) | (48 | ) | ||||||||
| Net loss | $ | (39,378 | ) | $ | (7,501 | ) | $ | (50,469 | ) | $ | (10,211 | ) | ||||
| Comprehensive loss attributable to: | ||||||||||||||||
| Owners of the Company | $ | (36,398 | ) | $ | (11,502 | ) | $ | (47,006 | ) | $ | (14,180 | ) | ||||
| Non-controlling interest | (5 | ) | (16 | ) | (19 | ) | (48 | ) | ||||||||
| Total comprehensive loss for period | $ | (36,403 | ) | $ | (11,518 | ) | $ | (47,025 | ) | $ | (14,228 | ) | ||||
| Loss per share | ||||||||||||||||
| Basic and diluted | $ | (1.88 | ) | $ | (0.44 | ) | $ | (2.68 | ) | $ | (0.65 | ) | ||||
| Weighted average shares outstanding | ||||||||||||||||
| Basic and diluted | 20,897 | 17,039 | 18,804 | 15,719 | ||||||||||||
Condensed Consolidated Interim Statements of Financial Position
(
2023 |
2023 |
|||||||
| (Audited) | ||||||||
| Assets | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 5,341 | $ | 10,545 | ||||
| Prepaid expenses and other receivables | 2,175 | 2,689 | ||||||
| Convertible note receivable | – | 442 | ||||||
| Total current assets | 7,516 | 13,676 | ||||||
| Non-current assets | ||||||||
| Investment in associate | 452 | 806 | ||||||
| Investment in public company | 5,544 | 2,087 | ||||||
| In-process research and development | 34,761 | 81,683 | ||||||
| Deferred commitment fee, net of amortization of |
450 | 839 | ||||||
| Right to use asset | 263 | – | ||||||
| Other assets, including equipment, net | 49 | 38 | ||||||
| Total non-current assets | 41,519 | 85,453 | ||||||
| Total assets | $ | 49,035 | $ | 99,129 | ||||
| Liabilities and Equity | ||||||||
| Current liabilities | ||||||||
| Accounts payable and accrued liabilities | $ | 2,658 | $ | 1,865 | ||||
| Lease liability - current, including interest | 50 | – | ||||||
| Total current liabilities | 2,708 | 1,865 | ||||||
| Non-current liabilities | ||||||||
| Lease liability - non-current | 225 | – | ||||||
| Warrant liabilities | 7,443 | – | ||||||
| Deferred tax liability | – | 10,564 | ||||||
| Deferred purchase price payable - Tarus | 7,329 | 7,179 | ||||||
| Deferred obligation - iOx milestone | – | 4,126 | ||||||
| Total non-current liabilities | 14,997 | 21,869 | ||||||
| Total liabilities | 17,705 | 23,734 | ||||||
| Shareholders’ Equity | ||||||||
| Capital stock | 219,494 | 218,782 | ||||||
| Stock option reserve | 23,452 | 21,204 | ||||||
| Accumulated other comprehensive loss | (881 | ) | (4,325 | ) | ||||
| Accumulated deficit | (210,066 | ) | (159,616 | ) | ||||
| Total equity attributable to owners of the Company | 31,999 | 76,045 | ||||||
| Non-controlling interest | (669 | ) | (650 | ) | ||||
| Total equity | 31,330 | 75,395 | ||||||
| Total liabilities and equity | $ | 49,035 | $ | 99,129 | ||||
| Commitments and Contingent Liabilities | ||||||||
Source: Portage Biotech Inc.