Portage Biotech Reports Results for Fiscal Quarter Ended September 30, 2024
“We are continuing to explore multiple strategic alternatives to further unlock shareholder value. These may include finding a partner for one or more of our assets, a sale of our company, a merger, restructurings (both in and out of court), a company wind down, further financing efforts, or other strategic actions,” said Dr.
Financial Results for the Quarter Ended
The Company incurred a net loss of approximately
Operating expenses, including research and development (“R&D”) costs and general and administrative (“G&A”) expenses, were
R&D costs decreased by approximately
G&A expenses decreased by approximately
The primary reasons for the quarter-over-quarter differences in the Company’s pre-tax items of income and expense were the
As of
About
Portage is a clinical-stage immuno-oncology company with a portfolio of multi-targeted therapies to extend survival and significantly improve the lives of patients with cancer. The Company has made the decision to discontinue its sponsored trial for its the invariant natural killer T-cell (iNKT) program and pause further patient accrual to its sponsored adenosine trial program (ADPORT-601 trial) for its potentially best-in-class adenosine antagonists PORT-6 (adenosine 2A inhibitor) and PORT-7 (adenosine 2B inhibitor). The Company is exploring strategic alternatives, which may include finding a partner for one or more of its assets, a sale of the company, a merger, restructurings, both in and out of court, a company wind down, further financing efforts or other strategic actions. For more information, please visit www.portagebiotech.com or find us on LinkedIn at
Forward-Looking Statements
All statements in this news release, other than statements of historical facts, including without limitation, statements regarding about the Company’s information that are forward-looking in nature and, business strategy, plans and objectives of management for future operations and those statements preceded by, followed by or that otherwise include the words "believe," "expects," "anticipates," "intends," "estimates," “will,” “may,” “plan,” “potential,” “continue,” or similar expressions or variations on such expressions are forward-looking statements. For example, statements regarding the Company's plans to continue exploring strategic alternatives, which may include finding a partner for one or more of its assets, a sale of the company, a merger, restructurings (both in and out of court), a company wind down, further financing efforts, or other strategic actions, the Company’s expectation to replace one patient in the ADPORT-601 trial, and the Company’s plans to continue its collaborations with numerous experts to further understand the biology and utility of its product candidates are forward-looking statements. As a result, forward-looking statements are subject to certain risks and uncertainties, including, but are not limited to: the Company's plans and ability to develop and commercialize product candidates and the timing of these 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 ability to obtain financing in the future to cover its operational costs and progress its plans for clinical development, its estimates regarding its capital requirements, and its ability to continue as a going concern; the Company’s estimates of future revenues and profitability; the Company's estimates of the size of the potential markets for its product candidates; its 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
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Condensed Consolidated Interim Statements of Operations and Other Comprehensive Income (Loss)
(
(Unaudited)
| Three Months Ended |
Six Months Ended |
||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Expenses | |||||||||||||||
| Research and development | $ | 723 | $ | 4,237 | $ | 2,028 | $ | 7,865 | |||||||
| General and administrative expenses | 881 | 1,693 | 2,415 | 3,062 | |||||||||||
| Loss from operations | (1,604 | ) | (5,930 | ) | (4,443 | ) | (10,927 | ) | |||||||
| Change in fair value of warrant liability | (716 | ) | – | 426 | – | ||||||||||
| Change in fair value of deferred purchase price payable – Tarus and deferred obligation – iOx milestone |
– | (113 | ) |
– | (1,224 | ) |
|||||||||
| Gain on settlement with Parexel – iOx CRO | 946 | – | 946 | – | |||||||||||
| Share of loss in associate accounted for using equity method | – | (40 | ) | – | (90 | ) | |||||||||
| Depreciation expense | (7 | ) | (15 | ) | (15 | ) | (26 | ) | |||||||
| Foreign exchange transaction (loss) gain | (5 | ) | (17 | ) | (7 | ) | 1 | ||||||||
| Interest income, net | 24 | 43 | 69 | 123 | |||||||||||
| Loss before benefit for income taxes | (1,362 | ) | (6,072 | ) | (3,024 | ) | (12,143 | ) | |||||||
| Income tax benefit (expense) | – | 907 | (2 | ) | 1,052 | ||||||||||
| Net loss | (1,362 | ) | (5,165 | ) | (3,026 | ) | (11,091 | ) | |||||||
| Other comprehensive income (loss) | |||||||||||||||
| Net unrealized (loss) gain on investments | – | (1,300 | ) | – | 469 | ||||||||||
| Total comprehensive loss for period | $ | (1,362 | ) | $ | (6,465 | ) | $ | (3,026 | ) | $ | (10,622 | ) | |||
| Net loss attributable to: | |||||||||||||||
| Owners of the Company | $ | (1,360 | ) | $ | (5,158 | ) | $ | (3,016 | ) | $ | (11,077 | ) | |||
| Non-controlling interest | (2 | ) | (7 | ) | (10 | ) | (14 | ) | |||||||
| Net loss | $ | (1,362 | ) | $ | (5,165 | ) | $ | (3,026 | ) | $ | (11,091 | ) | |||
| Comprehensive loss attributable to: | |||||||||||||||
| Owners of the Company | $ | (1,360 | ) | $ | (6,458 | ) | $ | (3,016 | ) | $ | (10,608 | ) | |||
| Non-controlling interest | (2 | ) | (7 | ) | (10 | ) | (14 | ) | |||||||
| Total comprehensive loss for period | $ | (1,362 | ) | $ | (6,465 | ) | $ | (3,026 | ) | $ | (10,622 | ) | |||
| Loss per share | |||||||||||||||
| Basic and diluted | $ | (1.26 | ) | $ | (5.80 | ) | $ | (2.84 | ) | $ | (12.47 | ) | |||
| Weighted average shares outstanding | |||||||||||||||
| Basic and diluted | 1,076 | 890 | 1,063 | 888 | |||||||||||
Condensed Consolidated Interim Statements of Financial Position
(
(Unaudited)
2024 |
2024 |
|||||
| (Audited) | ||||||
| Assets | ||||||
| Current assets | ||||||
| Cash and cash equivalents | $ | 1,764 | $ | 5,028 | ||
| Prepaid expenses and other current assets | 922 | 2,667 | ||||
| Total current assets | 2,686 | 7,695 | ||||
| Non-current assets | ||||||
| Right to use asset | 20 | 35 | ||||
| Other assets | – | 49 | ||||
| Total non-current assets | 20 | 84 | ||||
| Total assets | $ | 2,706 | $ | 7,779 | ||
| Liabilities and Equity | ||||||
| Current liabilities | ||||||
| Accounts payable and accrued liabilities | $ | 845 | $ | 2,836 | ||
| Lease liability - current, including interest | 28 | 40 | ||||
| Other current liabilities | – | 3 | ||||
| Total current liabilities | 873 | 2,879 | ||||
| Non-current liabilities | ||||||
| Lease liability - non-current | – | 7 | ||||
| Warrant liability | 1,138 | 1,564 | ||||
| Total non-current liabilities | 1,138 | 1,571 | ||||
| Total liabilities | 2,011 | 4,450 | ||||
| Shareholders’ Equity | ||||||
| Capital stock | 219,606 | 219,499 | ||||
| Stock option reserve | 24,126 | 23,841 | ||||
| Accumulated deficit | (242,334 | ) | (239,318 | ) | ||
| Total equity attributable to owners of the Company | 1,398 | 4,022 | ||||
| Non-controlling interest | (703 | ) | (693 | ) | ||
| Total equity | 695 | 3,329 | ||||
| Total liabilities and equity | $ | 2,706 | $ | 7,779 | ||
Source: Portage Biotech Inc.