Portage Biotech Reports Results for Fiscal Quarter Ended June 30, 2024 and Business Update
Portage Biotech Reports Results for Fiscal Quarter Ended June 30, 2024 and Business Update
Exploration and evaluation of strategic alternatives continue
继续探索和评估战略选择
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.
康涅狄格州韦斯特波特，2024年8月27日（环球新闻社）--Portage生物科技公司（"Portage"或"公司"）（纳斯达克股票代码：PRTG）, 一家临床阶段的免疫肿瘤学公司，拥有一系列新型多靶向疗法组合，可作为单药疗法或联合用药。今天报告了截至2024年6月30日的财政季度的财务业绩。
"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.
"我们继续探索战略选择。这些选择可能包括为我们的资产寻找合作伙伴，公司的出售，合并，重组（无论是法院内还是法院外），公司的解散，进一步的融资，或其他战略行动，" Portage首席执行官兼董事长伊恩·沃尔特斯博士说。 "我们对PORt-6超过6个月而持续的两名进展患者感到鼓舞，我们继续跟进，我们计划在ADPORt-601试验中替换一名因非相关不良事件在剂量限制毒性评估前退出的患者。我们还在与众多专家合作，进一步了解我们产品候选物的生物学和用途。" 沃尔特斯博士继续说。
Financial Results for the Quarter Ended June 30, 2024
2024年6月30日结束的财务结果
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.
公司在2024年6月30日结束的三个月中承担了约170万美元的净损失（"2025财政季度"），而在2023年6月30日结束的三个月中承担了约420万美元的净损失（"2024财政季度"），这意味着净损失减少了250万美元。
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.
营业费用，包括研发成本和一般和行政费用，2025财年第一季度为280万美元，低于2024财年第一季度的500万美元，减少了220万美元，详见以下说明。
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.
研发成本从2024财年第一季度的360万美元减少了约230万美元，降至2025财年第一季度的130万美元，下降了64%。此减少主要是由于临床试验费用（主要是与CRO相关的费用）的减少，从2024财年第一季度的100万美元降至2025财年第一季度的70万美元，因为公司在2024年3月31日结束的财年第三和第四季度暂停了其赞助的临床试验的招募。与制造相关的费用从2024财年第一季度的80万美元减少到2025财年第一季度的10万美元，减少了70万美元。这些降低反映了公司决定终止iNKt项目，并暂停腺苷酸程序的进一步患者招募后的临床活动和制造成本的减少。此外，研发非现金股权酬劳费用从2024财年第一季度的40万美元减少到2025财年第一季度的零。与薪酬相关的费用也从2024财年第一季度的50万美元减少到2025财年第一季度的30万美元，因为公司在2024年1月辞职了两名员工。此外，在2024财年第一季度，公司为首次腺苷酸患者的用量支付了50万美元的里程碑款项。咨询费用由2024财年第一季度的20万美元减少到2025财年第一季度的10万美元，反映了咨询相关活动的下降。最后，在iNKt研究终止前的转移过程中，支付的费用减少了10万美元。
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.
一般和行政费用从2024财年第一季度的140万美元增加了10万美元，达到2025财年第一季度的150万美元，增长了7%。专业费用从2024财年第一季度的50万美元增加到2025财年第一季度的60万美元，主要是由于与监管申报、公司事务和相关审计费用相关的法律费用增加。与薪酬相关的费用从2024财年第一季度的20万美元增加到2025财年第一季度的60万美元，主要是由于与一名员工和一名顾问签订的保留协议的金额。此外，与一般和行政相关的非现金股权酬劳费用减少了20万美元，部分抵消了以更高公允价值记录所有2025财年第一季度股权酬劳费用的结果，因为终止了iNKt研究并暂停了腺苷酸程序的进一步患者招募。董事费用也在2025财年第一季度减少了10万美元，因为除了两名于2024年4月辞职的董事外，其余董事都放弃了董事费用。
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.
本公司税前收入和费用的季度同比差异主要原因是：2023年10月股权发行相关联发行的权证在2025财季计算为负债，按公允价值变动计入其他非现金收益110万元；2024财季，向Tarus股东支付递延购买价款、iOx里程碑的递延义务公允价值增加而产生的非现金损失共计110万元。
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.
截至2024年6月30日，本公司现金及现金等价物约330万元，总流动负债约300万元。
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 , follow us on Twitter at @PortageBiotech or find us on LinkedIn at Portage Biotech Inc.
关于Portage Biotech Inc.
Portage是一家拥有多目标治疗方案的临床前期免疫肿瘤学公司，旨在延长患者的生存期并显著改善他们的生活质量。本公司已决定终止其所赞助的不变天然杀伤性T细胞（iNKT）计划的试验，并暂停其所赞助的腺苷三磷酸试验计划（ADPORt-601试验），该试验计划旨在使用可能是最佳的腺苷受体拮抗剂PORt-6（腺苷2A抑制剂）和PORt-7（腺苷20亿抑制剂），进一步招募患者。本公司正在探索战略性的替代方案，包括为其一个或多个资产寻找合作伙伴、出售公司、合并、内外部重组、公司关闭、进一步融资或其他战略行动。欲了解更多信息，请访问，关注我们的Twitter账号@PortageBiotech或在领英上找到我们，账号为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.
前瞻性声明
此新闻稿中的所有陈述，除历史事实陈述外，包括但不限于公司信息的前瞻性陈述，业务战略，管理层对未来运营的计划和目标，并以“相信”，“期望”，“预计”，“打算”，“估计”，“将”，“可能”，“计划”，“潜在”，“继续”，或类似的表达方式或变体前导，后继或包含的陈述，都是前瞻性陈述。例如，关于公司计划继续探索战略选择的陈述，可能包括为其一个或多个资产寻找合作伙伴，公司的出售，公司合并，重组（无论是否在法庭内外），公司退出，进一步融资努力或其他战略行动，公司预计在ADPORt-601试验中替换一个患者，并继续与众多专家合作以进一步了解其产品候选物的生物学和实用性的计划，都是前瞻性陈述。因此，前瞻性陈述面临一定的风险和不确定性，包括但不限于：公司的计划和能力开发和商业化产品候选物及其开发项目的时间安排；公司对其产品候选物的临床开发，包括当前和未来临床试验的结果；公司的产品候选物的益处和风险与其他产品相比；公司在其产品候选物中维护和建立知识产权的能力；公司未来获得资金以支付运营成本并推进其临床开发计划的能力，其关于资本需求的估计以及其作为持续经营实体的能力；公司对未来收入和盈利的估计；公司对其产品候选物潜在市场规模的估计；其对产品候选物的选择和许可；以及《年度报告表格20-F（截至2024年3月31日）第3项关键信息-风险因素》中规定的其他因素。尽管公司认为这些前瞻性陈述反映的期望是合理的，但不应过度依赖它们，因为实际结果可能与这些前瞻性陈述有实质性差异。此新闻稿中的前瞻性陈述截至本文日期，公司不承担更新或修订任何前瞻性陈述或信息的公开义务，除非法律要求。
FOR MORE INFORMATION, PLEASE CONTACT:
Investor Relations:
ir@portagebiotech.com
如需更多资讯，请联系：
投资者关系:
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媒体关系：
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|
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。 汇编财务业绩表和其他全面收益（损失）声明 (金额单位：美元，除每股数额以外) (未经审计) |
||||||||
| 截至6月30日的三个月 | ||||||||
| 2024 | 2023 | |||||||
| 费用 | ||||||||
| 研发 | $ | 1,305 | $ | 3,627 | ||||
| 一般及管理费用 | 1,534 | 1,370 | ||||||
| 经营亏损 | (2,839) | |||||||
| 权证赔偿金额的变化 | 1,142 | 2024年6月30日终止的会计分析 | ||||||
| Tarus的延期结购价款公允价值变动和iOx里程碑的延期义务变动 | 2024年6月30日终止的会计分析 | (1,111) | ||||||
| 以权益法核算的关联方损失份额 | 2024年6月30日终止的会计分析 | （50） | ||||||
| 汇率期货交易（损失）盈利 | (2) | 18 | ||||||
| 折旧费用 | (8) | (11) | ||||||
| 利息收入，净额 | 45 | 80 | ||||||
| 税前亏损 | (1,662) | |||||||
| 所得税费用（收益） | (2) | 145 | ||||||
| 净亏损 | (1,664) | (5,926) | ||||||
| 其他综合收益（损失） | ||||||||
| 投资的未实现收益 | 2024年6月30日终止的会计分析 | 1,769 | ||||||
| 期间综合损失总额 | $ | (1,664) | $ | (4,157) | ||||
| 净亏损归属于: | ||||||||
| 公司股东 | $ | （1,656） | $ | |||||
| 非控制权益 | (8) | (7) | ||||||
| 净亏损 | $ | (1,664) | $ | (5,926) | ||||
| 综合损失归属于： | ||||||||
| 公司股东 | $ | （1,656） | $ | (4,150) | ||||
| 非控制权益 | (8) | (7) | ||||||
| 期间综合损失总额 | $ | (1,664) | $ | (4,157) | ||||
| 每股亏损 | ||||||||
| 基本和稀释 | $ | （1.58） | $ | (6.69) | ||||
| 加权平均股数 | ||||||||
| 基本和稀释 | 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 INC。 简明综合资产负债表（以美元千计） (千美元) (未经审计) |
||||||||
| 6月30日, 2024 |
3月31日 2024 |
|||||||
| （经过审计） | ||||||||
| 资产 | ||||||||
| 流动资产 | ||||||||
| 现金及现金等价物 | $ | 3334 | $ | 5,028 | ||||
| 预付费支出和其他应收款 | 1,862 | 2,667 | ||||||
| 总流动资产 | 5,196 | 7,695。 | ||||||
| 非流动资产 | ||||||||
| 使用权资产 | 27 | 35 | ||||||
| 其他资产，包括设备资产净值 | 14 | 49 | ||||||
| 总非流动资产 | 41 | 84 | ||||||
| 总资产 | $ | 5,237 | $ | 7,779 | ||||
| 负债和股东权益 | ||||||||
| 流动负债 | ||||||||
| 应付账款及应计费用 | $ | 2,965 | $ | 2,836 | ||||
| 租赁负债 - 流动负债，含利息 | 37 | 40 | ||||||
| 其他流动负债 | 3 | 3 | ||||||
| 流动负债合计 | 3,005 | 2,879 | ||||||
| 非流动负债 | ||||||||
| 租赁负债-长期 | 2024年6月30日终止的会计分析 | 7 | ||||||
| 认股权负债 | 422 | 1,564 | ||||||
| 所有非流动负债 | 422 | 1,571 | ||||||
| 负债合计 | 3,427 | 4,450 | ||||||
| 股东权益 | ||||||||
| 股本 | 219,500 | 219,499 | ||||||
| 股票期权储备 | 23,985 | 23,841 | ||||||
| 累积赤字 | ||||||||
| 归属于公司股东的权益总额 | 2,511 | 4,022 | ||||||
| 非控制权益 | (701) | (693) | ||||||
| 股东权益总计 | 1,810 | 3,329 | ||||||
| 负债和所有者权益总额 | $ | 5,237 | $ | 7,779 | ||||
| 承诺和有关方面的负债 | ||||||||