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 $1.7 million
during the three months ended June 30, 2024 (the “Fiscal 2025
Quarter”), compared to a net loss of approximately $4.2 million
during the three months ended June 30, 2023 (the “Fiscal 2024
Quarter”), representing a $2.5 million decrease in net loss.
Operating expenses, including research and development
(“R&D”) costs and general and administrative (“G&A”)
expenses, were $2.8 million in the Fiscal 2025 Quarter, down from
$5.0 million in the Fiscal 2024 Quarter, a decrease of $2.2
million, as detailed below.
R&D costs decreased by approximately $2.3 million, or 64%,
from $3.6 million in the Fiscal 2024 Quarter, to $1.3 million in
the Fiscal 2025 Quarter. This reduction was primarily due to the
winding down of clinical trial costs (principally CRO-related),
which decreased by $0.3 million, from $1.0 million in the Fiscal
2024 Quarter to $0.7 million in the Fiscal 2025 Quarter, as the
Company paused enrollment in its sponsored clinical trials in the
third and fourth quarters of the fiscal year ended March 31, 2024.
Manufacturing-related costs decreased by $0.7 million, from $0.8
million in the Fiscal 2024 Quarter to $0.1 million in the Fiscal
2025 Quarter. These decreases reflect reduced clinical activity and
manufacturing costs following the Company’s decision to discontinue
the iNKT program and pause further patient accrual in the adenosine
program. Additionally, R&D non-cash share-based compensation
expense decreased from $0.4 million in the Fiscal 2024 Quarter to
nil in the Fiscal 2025 Quarter. Payroll-related expenses also
decreased by $0.2 million, from $0.5 million in the Fiscal 2024
Quarter to $0.3 million in the Fiscal 2025 Quarter, due to the
resignation of two employees in January 2024. Further, in the
Fiscal 2024 Quarter, the Company incurred a $0.5 million milestone
payment for dosing its first adenosine patients. Consulting fees
decreased by $0.1 million, from $0.2 million in the Fiscal 2024
Quarter to $0.1 million in the Fiscal 2025 Quarter, reflecting the
decline in consulting-related activity. Lastly, there was a $0.1
million decrease in fees paid related to the transition of the iNKT
study before its discontinuation.
G&A expenses increased by $0.1 million, or 7%, from $1.4
million in the Fiscal 2024 Quarter to $1.5 million in the Fiscal
2025 Quarter. Professional fees increased by $0.1 million, from
$0.5 million in the Fiscal 2024 Quarter to $0.6 million in the
Fiscal 2025 Quarter, primarily due to legal fees associated with
regulatory filings, corporate matters, and related audit fees.
Payroll-related expenses increased by $0.4 million from $0.2
million in the Fiscal 2024 Quarter to $0.6 million in the Fiscal
2025 Quarter due to the amounts associated with retention
agreements executed with an employee and a consultant.
Additionally, G&A non-cash share-based compensation expense
decreased by $0.2 million due to the continued vesting of stock
options with higher fair values, partially offset by recording all
Fiscal 2025 Quarter share-based compensation expense as G&A
expenses as the result of the discontinuation of the iNKT study and
the pause of further patient accrual in the adenosine program.
Directors’ fees also decreased by $0.1 million in the Fiscal 2025
Quarter, as all directors, except for two who resigned in April
2024, waived their fees.
The primary reasons for the quarter-over-quarter differences in
the Company’s pre-tax items of income and expense were the $1.1
million non-cash gain from the change in the fair value of certain
warrants accounted for as liabilities, issued in connection with an
equity offering in October 2023, in the Fiscal 2025 Quarter, and
the non-cash loss from the increase in the fair value of the
deferred purchase price payable to the former Tarus shareholders
and the deferred obligation for the iOx milestone, totaling $1.1
million, in the Fiscal 2024 Quarter.
As of June 30, 2024, the Company had cash and cash equivalents
of approximately $3.3 million and total current liabilities of
approximately $3.0 million.
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 |
|
|
|
|
|
|
|
|
Portage Biotech (NASDAQ:PRTG)
Gráfica de Acción Histórica
De Ago 2024 a Sep 2024
Portage Biotech (NASDAQ:PRTG)
Gráfica de Acción Histórica
De Sep 2023 a Sep 2024