Portage Biotech Reports Results for Fiscal Quarter Ended June 30, 2024 and Business Update
Portage Biotech Inc. (NASDAQ: PRTG) reported financial results for the fiscal quarter ended June 30, 2024. The company incurred a net loss of $1.7 million, down from $4.2 million in the same quarter last year. Operating expenses decreased to $2.8 million from $5.0 million, primarily due to reduced R&D costs. The company is exploring strategic alternatives, including potential partnerships, sale, merger, or restructuring. Two advanced patients continue on PORT-6 beyond 6 months, and one patient in the ADPORT-601 trial will be replaced. As of June 30, 2024, Portage had cash and cash equivalents of $3.3 million and total current liabilities of $3.0 million.
Portage Biotech Inc. (NASDAQ: PRTG) ha riportato i risultati finanziari per il trimestre fiscale conclusosi il 30 giugno 2024. L'azienda ha registrato una perdita netta di 1,7 milioni di dollari, in diminuzione rispetto ai 4,2 milioni di dollari nello stesso trimestre dell'anno scorso. Le spese operative sono diminuite a 2,8 milioni di dollari rispetto ai 5,0 milioni, principalmente a causa della riduzione dei costi di ricerca e sviluppo. L'azienda sta esplorando alternative strategiche, inclusi potenziali partnership, vendita, fusione o ristrutturazione. Due pazienti avanzati continuano con PORT-6 oltre 6 mesi, e un paziente nella sperimentazione ADPORT-601 sarà sostituito. Al 30 giugno 2024, Portage disponeva di liquidità e equivalenti di liquidità pari a 3,3 milioni di dollari e passività correnti totali di 3,0 milioni di dollari.
Portage Biotech Inc. (NASDAQ: PRTG) reportó los resultados financieros para el trimestre fiscal que terminó el 30 de junio de 2024. La compañía tuvo una pérdida neta de 1.7 millones de dólares, en comparación con los 4.2 millones de dólares en el mismo trimestre del año pasado. Los gastos operativos disminuyeron a 2.8 millones de dólares desde 5.0 millones, principalmente debido a la reducción de costos de I+D. La compañía está explorando alternativas estratégicas, incluyendo asociaciones potenciales, venta, fusión o reestructuración. Dos pacientes avanzados continúan con PORT-6 más allá de los 6 meses, y un paciente en el ensayo ADPORT-601 será reemplazado. Al 30 de junio de 2024, Portage tenía efectivo y equivalentes de efectivo de 3.3 millones de dólares y pasivos corrientes totales de 3.0 millones de dólares.
포타지 바이오텍 Inc. (NASDAQ: PRTG)는 2024년 6월 30일 종료된 회계 분기 재무 결과를 보고했습니다. 회사는 170만 달러의 순손실을 기록했으며, 작년 같은 분기의 420만 달러에서 감소했습니다. 운영 비용은 280만 달러로 감소했으며, 이는 주로 연구개발 비용 감소에 기인합니다. 회사는 잠재적인 파트너십, 매각, 합병 또는 구조조정 등 전략적 대안을 모색하고 있습니다. 두 명의 진행 중인 환자는 PORT-6를 6개월 이상 계속 이용하고 있으며, ADPORT-601 시험에 있는 한 환자는 교체될 예정입니다. 2024년 6월 30일 기준으로, Portage는 330만 달러의 현금 및 현금성 자산과 300만 달러의 총 현재 부채를 보유하고 있었습니다.
Portage Biotech Inc. (NASDAQ: PRTG) a publié les résultats financiers pour le trimestre fiscal clos le 30 juin 2024. L'entreprise a enregistré une perte nette de 1,7 million de dollars, en baisse par rapport à 4,2 millions de dollars au même trimestre de l'année dernière. Les dépenses d'exploitation ont diminué à 2,8 millions de dollars, contre 5,0 millions de dollars, principalement en raison de la réduction des coûts de R&D. L'entreprise explore des alternatives stratégiques, y compris des partenariats potentiels, des ventes, des fusions ou une restructuration. Deux patients avancés continuent avec PORT-6 au-delà de 6 mois, et un patient de l'essai ADPORT-601 sera remplacé. Au 30 juin 2024, Portage avait 3,3 millions de dollars de liquidités et équivalents de liquidités et des dettes courantes totales de 3,0 millions de dollars.
Portage Biotech Inc. (NASDAQ: PRTG) hat die finanziellen Ergebnisse für das am 30. Juni 2024 endende Geschäftsjahr veröffentlicht. Das Unternehmen verzeichnete einen Nettoverlust von 1,7 Millionen Dollar, im Vergleich zu 4,2 Millionen Dollar im selben Quartal des Vorjahres. Die Betriebsausgaben sanken auf 2,8 Millionen Dollar von 5,0 Millionen Dollar, hauptsächlich aufgrund reduzierter F&E-Kosten. Das Unternehmen untersucht strategische Alternativen, einschließlich potenzieller Partnerschaften, Verkauf, Fusion oder Restrukturierung. Zwei fortgeschrittene Patienten setzen die Behandlung mit PORT-6 über 6 Monate fort, und ein Patient in der ADPORT-601-Studie wird ersetzt. Zum 30. Juni 2024 verfügte Portage über 3,3 Millionen Dollar an liquiden Mitteln und liquiden Mitteln sowie über Gesamtschulden von 3,0 Millionen Dollar.
- Net loss decreased by $2.5 million compared to the same quarter last year
- Operating expenses reduced by $2.2 million, primarily due to lower R&D costs
- Cash and cash equivalents of $3.3 million as of June 30, 2024, slightly exceeding current liabilities
- Company still incurred a net loss of $1.7 million
- Exploring strategic alternatives, including potential sale or restructuring, indicating financial challenges
- Paused enrollment in sponsored clinical trials, potentially slowing development progress
- Discontinued iNKT program and paused further patient accrual in adenosine program
Insights
The financial results reveal a significant reduction in net loss from
The company's decision to pause enrollment in clinical trials and discontinue the iNKT program signals a significant shift in their research strategy. While two patients continue on PORT-6 beyond 6 months, providing some encouragement, the overall reduction in R&D activities raises questions about the long-term viability of their pipeline. The planned replacement of a patient in the ADPORT-601 trial suggests a commitment to completing ongoing studies, but the lack of new patient accrual in the adenosine program could delay potential breakthroughs. The continued collaborations with experts to understand their product candidates' biology might yield valuable insights, but without substantial clinical progress, the company's competitive position in the immuno-oncology field may weaken.
Exploration and evaluation of strategic alternatives continue
WESTPORT, Conn., Aug. 27, 2024 (GLOBE NEWSWIRE) -- Portage Biotech Inc. (“Portage” or the “Company”) (NASDAQ: PRTG), a clinical-stage immuno-oncology company with a portfolio of novel multi-targeted therapies for use as monotherapy and in combination, today reported its financial results for the fiscal quarter ended June 30, 2024.
“We continue to explore strategic alternatives. 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. Ian Walters, Chief Executive Officer and Chairman of Portage. “We are encouraged by the two advanced patients that continue on PORT-6 beyond 6 months who we continue to follow, and we plan to replace one patient in the ADPORT-601 trial who withdrew prior to dose limiting toxicity assessment for an unrelated adverse event. We also continue our collaborations with numerous experts to further understand the biology and utility of our product candidates,” continued Dr. Walters.
Financial Results for the Quarter Ended June 30, 2024
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 increased by
The primary reasons for the quarter-over-quarter differences in the Company’s pre-tax items of income and expense were the
As of June 30, 2024, the Company had cash and cash equivalents of approximately
About Portage Biotech Inc.
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, follow us on Twitter at @PortageBiotech or find us on LinkedIn at Portage Biotech Inc.
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 March 31, 2024. 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 these 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:
ir@portagebiotech.com
Media Relations:
media@portagebiotech.com
---tables to follow---
| PORTAGE BIOTECH INC. Condensed Consolidated Interim Statements of Operations and Other Comprehensive Income (Loss) (U.S. Dollars in thousands, except per share amounts) (Unaudited) | ||||||||
| Three Months Ended June 30, | ||||||||
| 2024 | 2023 | |||||||
| Expenses | ||||||||
| Research and development | $ | 1,305 | $ | 3,627 | ||||
| General and administrative expenses | 1,534 | 1,370 | ||||||
| Loss from operations | (2,839 | ) | (4,997 | ) | ||||
| Change in fair value of warrant liability | 1,142 | – | ||||||
| Change in fair value of deferred purchase price payable - Tarus and deferred obligation - iOx milestone | – | (1,111 | ) | |||||
| Share of loss in associate accounted for using equity method | – | (50 | ) | |||||
| Foreign exchange transaction (loss) gain | (2 | ) | 18 | |||||
| Depreciation expense | (8 | ) | (11 | ) | ||||
| Interest income, net | 45 | 80 | ||||||
| Loss before provision for income taxes | (1,662 | ) | (6,071 | ) | ||||
| Income tax (expense) benefit | (2 | ) | 145 | |||||
| Net loss | (1,664 | ) | (5,926 | ) | ||||
| Other comprehensive income (loss) | ||||||||
| Net unrealized gain on investments | – | 1,769 | ||||||
| Total comprehensive loss for period | $ | (1,664 | ) | $ | (4,157 | ) | ||
| Net loss attributable to: | ||||||||
| Owners of the Company | $ | (1,656 | ) | $ | (5,919 | ) | ||
| Non-controlling interest | (8 | ) | (7 | ) | ||||
| Net loss | $ | (1,664 | ) | $ | (5,926 | ) | ||
| Comprehensive loss attributable to: | ||||||||
| Owners of the Company | $ | (1,656 | ) | $ | (4,150 | ) | ||
| Non-controlling interest | (8 | ) | (7 | ) | ||||
| Total comprehensive loss for period | $ | (1,664 | ) | $ | (4,157 | ) | ||
| Loss per share | ||||||||
| Basic and diluted | $ | (1.58 | ) | $ | (6.69 | ) | ||
| Weighted average shares outstanding | ||||||||
| Basic and diluted | 1,049 | 885 | ||||||
| PORTAGE BIOTECH INC. Condensed Consolidated Interim Statements of Financial Position (U.S. Dollars in thousands) (Unaudited) | ||||||||
| June 30, 2024 | March 31, 2024 | |||||||
| (Audited) | ||||||||
| Assets | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 3,334 | $ | 5,028 | ||||
| Prepaid expenses and other receivables | 1,862 | 2,667 | ||||||
| Total current assets | 5,196 | 7,695 | ||||||
| Non-current assets | ||||||||
| Right to use asset | 27 | 35 | ||||||
| Other assets, including equipment, net | 14 | 49 | ||||||
| Total non-current assets | 41 | 84 | ||||||
| Total assets | $ | 5,237 | $ | 7,779 | ||||
| Liabilities and Equity | ||||||||
| Current liabilities | ||||||||
| Accounts payable and accrued liabilities | $ | 2,965 | $ | 2,836 | ||||
| Lease liability - current, including interest | 37 | 40 | ||||||
| Other current liabilities | 3 | 3 | ||||||
| Total current liabilities | 3,005 | 2,879 | ||||||
| Non-current liabilities | ||||||||
| Lease liability - non-current | – | 7 | ||||||
| Warrant liability | 422 | 1,564 | ||||||
| Total non-current liabilities | 422 | 1,571 | ||||||
| Total liabilities | 3,427 | 4,450 | ||||||
| Shareholders’ Equity | ||||||||
| Capital stock | 219,500 | 219,499 | ||||||
| Stock option reserve | 23,985 | 23,841 | ||||||
| Accumulated deficit | (240,974 | ) | (239,318 | ) | ||||
| Total equity attributable to owners of the Company | 2,511 | 4,022 | ||||||
| Non-controlling interest | (701 | ) | (693 | ) | ||||
| Total equity | 1,810 | 3,329 | ||||||
| Total liabilities and equity | $ | 5,237 | $ | 7,779 | ||||
| Commitments and Contingent Liabilities | ||||||||
FAQ
What was Portage Biotech's net loss for the quarter ended June 30, 2024?
How much did Portage Biotech's operating expenses decrease in the fiscal quarter ended June 30, 2024?
What strategic alternatives is Portage Biotech (PRTG) exploring as of August 2024?
How much cash and cash equivalents did Portage Biotech (PRTG) have as of June 30, 2024?
