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
繼續探索和評估戰略備選方案
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.
康涅狄格州韋斯特波特，2024年8月27日（GLOBE NEWSWIRE）——Portage Biotech Inc.（「Portage」 或 「公司」）（納斯達克股票代碼：PRTG）是一家臨床階段的免疫腫瘤學公司，擁有一系列可用作單一療法和組合的新型多靶向療法，今天公佈了截至2024年6月30日的財季財務業績。
"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.
「我們將繼續探索戰略替代方案。這可能包括爲我們的一項或多項資產尋找合作伙伴、出售我們的公司、合併、重組（庭內和庭外）、公司倒閉、進一步的融資努力或其他戰略行動。」 Portage首席執行官兼董事長伊恩·沃爾特斯博士說。「我們對兩名晚期患者繼續服用Port-6超過6個月感到鼓舞，我們計劃在AdPort-601試驗中替換一名因無關不良事件進行劑量限制毒性評估之前退出的患者。我們還將繼續與衆多專家合作，以進一步了解我們的候選產品的生物學和效用，」 沃爾特斯博士繼續說道。
Financial Results for the Quarter Ended June 30, 2024
截至2024年6月30日的季度財務業績
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.
在截至2024年6月30日的三個月（「2025財年季度」）中，公司淨虧損約170萬美元，而截至2023年6月30日的三個月（「2024財年季度」）淨虧損約420萬美元，淨虧損減少了250萬美元。
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.
2025財年季度的運營支出，包括研發（「研發」）成本以及一般和管理（「G&A」）費用，爲280萬美元，低於2024財年季度的500萬美元，減少了220萬美元，詳情如下。
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.
研發成本從2024財年季度的360萬美元下降到2025財年的130萬美元，下降了約230萬美元，下降了64％。減少的主要原因是臨床試驗成本（主要與CRO相關）的減少，從2024財年的100萬美元下降到2025財年的70萬美元，減少了30萬美元，原因是該公司在截至2024年3月31日的財年第三和第四季度暫停了贊助的臨床試驗的註冊。製造相關成本減少了70萬美元，從2024財年的80萬美元下降到2025財年的10萬美元。這些下降反映了繼公司決定終止inKT計劃並暫停腺苷計劃中更多患者累積之後，臨床活動和製造成本的降低。此外，基於非現金股份的研發薪酬支出從2024財年的40萬美元下降到2025財年的零。由於兩名員工於2024年1月辭職，與工資相關的支出也減少了20萬美元，從2024財年的50萬美元降至2025財年的30萬美元。此外，在2024財年季度，該公司爲首批腺苷患者服藥支付了50萬美元的里程碑式付款。諮詢費用減少了10萬美元，從2024財年的20萬美元降至2025財年的10萬美元，這反映了諮詢相關活動的下降。最後，在終止InKT研究之前，與過渡相關的費用減少了10萬美元。
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.
併購支出增加了10萬美元，增長了7％，從2024財年的140萬美元增加到2025財年的150萬美元。專業費用增加了10萬美元，從2024財年的50萬美元增加到2025財年的60萬美元，這主要是由於與監管文件、公司事務和相關審計費用相關的律師費。與薪資相關的支出增加了40萬美元，從2024財年的20萬美元增加到2025財年的60萬美元，這要歸因於與員工和顧問簽訂的留用協議相關的金額。此外，由於繼續授予公允價值更高的股票期權，G&A非現金股票薪酬支出減少了20萬美元，但由於inKT研究終止以及腺苷計劃暫停進一步累積患者，將2025財年財年季度所有基於股份的薪酬支出記爲G&A支出，部分抵消了這一點。2025財年季度的袍金用也減少了10萬美元，因爲除兩名於2024年4月辭職的董事外，所有董事都免除了費用。
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.
公司稅前收入和支出項目同比出現差異的主要原因是2023年10月與股票發行相關的某些認股權證的公允價值變動所產生的110萬美元非現金收益，以及應付給前Tarus股東的遞延購買價格公允價值增加以及ioX里程碑的延期債務造成的非現金損失在2024財年季度，總額爲110萬美元。
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，該公司的現金及現金等價物約爲330萬美元，流動負債總額約爲300萬美元。
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.
Portage Biotech Inc 公司簡介
Portage是一家臨床階段的免疫腫瘤學公司，擁有一系列多靶向療法，可延長癌症患者的存活率並顯著改善其生活。該公司已決定終止其不變自然殺傷T細胞（inKT）計劃的贊助試驗，並暫停其贊助的腺苷試驗計劃（ADport-601試驗）的患者累積更多款項，該項目是其潛在的同類最佳腺苷拮抗劑Port-6（腺苷2A抑制劑）和Port-7（腺苷20抑制劑）。該公司正在探索戰略替代方案，其中可能包括爲其一項或多項資產尋找合作伙伴、出售公司、合併、庭內外重組、公司清盤、進一步融資或其他戰略行動。欲了解更多信息，請訪問，在 Twitter 上關注我們 @PortageBiotech 或在 LinkedIn 上關注我們 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.
前瞻性陳述
除歷史事實陳述外，本新聞稿中的所有陳述，包括但不限於有關公司信息的前瞻性陳述，以及業務戰略、未來運營管理計劃和目標的陳述，以及前面或後面包含 「相信」、「期望」、「預期」、「打算」、「估計」、「將」、「可能」、「計劃」、「潛力」 等字樣的陳述 「繼續」 或此類表述的類似表述或變體均爲前瞻性陳述。例如，關於公司計劃繼續探索戰略替代方案的聲明，其中可能包括爲其一項或多項資產尋找合作伙伴、出售公司、合併、重組（庭內和庭外）、公司倒閉、進一步融資或其他戰略行動、公司預計將在ADPort-601試驗中替換一名患者，以及該公司計劃繼續與衆多專家合作以進一步發展了解其候選產品的生物學和效用是前瞻性的聲明。因此，前瞻性陳述受某些風險和不確定性的影響，包括但不限於：公司開發和商業化候選產品的計劃和能力以及這些開發計劃的時機；公司候選產品的臨床開發，包括當前和未來的臨床試驗結果；公司候選產品與其他產品相比的收益和風險；公司維護和確立其候選產品的知識產權；的未來獲得融資以支付其運營成本和推進臨床開發計劃的能力、對資本需求的估計及其繼續經營的能力；公司對未來收入和盈利能力的估計；公司對候選產品潛在市場規模的估計；候選產品的選擇和許可；以及公司20表年度報告中 「第3項——關鍵信息風險因素」 中規定的其他因素截至 2024 年 3 月 31 日止年度的 F。儘管公司認爲這些前瞻性陳述中反映的預期是合理的，但不應過分依賴這些預期，因爲實際業績可能與這些前瞻性陳述存在重大差異。本新聞稿中包含的前瞻性陳述自發布之日起作出，除非法律要求，否則公司沒有義務公開更新或修改任何前瞻性陳述或信息。
FOR MORE INFORMATION, PLEASE CONTACT:
Investor Relations:
ir@portagebiotech.com
欲了解更多信息，請聯繫：
投資者關係：
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Media Relations:
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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 生物技術公司 簡明合併中期運營報表和其他綜合收益（虧損） （以千美元計，每股金額除外） （未經審計） |
||||||||
| 截至6月30日的三個月 | ||||||||
| 2024 | 2023 | |||||||
| 開支 | ||||||||
| 研究和開發 | $ | 1,305 | $ | 3,627 | ||||
| 一般和管理費用 | 1,534 | 1,370 | ||||||
| 運營損失 | (2,839) | (4,997) | ||||||
| 認股權證負債公允價值的變化 | 1,142 | — | ||||||
| 應付延期購買價格公允價值的變動-Tarus 和遞延債務-ioX 里程碑 | — | (1,111) | ||||||
| 使用權益法覈算的關聯公司虧損份額 | — | (50) | ||||||
| 外匯交易（虧損）收益 | (2) | 18 | ||||||
| 折舊費用 | (8) | (11) | ||||||
| 淨利息收入 | 45 | 80 | ||||||
| 所得稅準備金前的虧損 | (1,662) | (6,071) | ||||||
| 所得稅（費用）補助 | (2) | 145 | ||||||
| 淨虧損 | (1,664) | (5,926) | ||||||
| 其他綜合收益（虧損） | ||||||||
| 未實現的投資淨收益 | — | 1,769 | ||||||
| 期內綜合虧損總額 | $ | (1,664) | $ | (4,157) | ||||
| 淨虧損歸因於： | ||||||||
| 公司所有者 | $ | (1,656) | $ | (5,919) | ||||
| 非控股權益 | (8) | (7) | ||||||
| 淨虧損 | $ | (1,664) | $ | (5,926) | ||||
| 綜合損失歸因於： | ||||||||
| 公司所有者 | $ | (1,656) | $ | (4,150) | ||||
| 非控股權益 | (8) | (7) | ||||||
| 期內綜合虧損總額 | $ | (1,664) | $ | (4,157) | ||||
| 每股虧損 | ||||||||
| 基本款和稀釋版 | $ | (1.58) | $ | (6.69) | ||||
| 加權平均已發行股數 | ||||||||
| 基本款和稀釋版 | 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 生物技術公司 簡明合併中期財務狀況表 （千美元） （未經審計） |
||||||||
| 6月30日 2024 |
三月三十一日 2024 |
|||||||
| （已審計） | ||||||||
| 資產 | ||||||||
| 流動資產 | ||||||||
| 現金和現金等價物 | $ | 3,334 | $ | 5,028 | ||||
| 預付費用和其他應收賬款 | 1,862 | 2,667 | ||||||
| 流動資產總額 | 5,196 | 7,695 | ||||||
| 非流動資產 | ||||||||
| 資產使用權 | 27 | 35 | ||||||
| 其他資產，包括設備，淨額 | 14 | 49 | ||||||
| 非流動資產總額 | 41 | 84 | ||||||
| 總資產 | $ | 5,237 | $ | 7,779 | ||||
| 負債和權益 | ||||||||
| 流動負債 | ||||||||
| 應付賬款和應計負債 | $ | 2,965 | $ | 2836 | ||||
| 租賃負債——當前，包括利息 | 37 | 40 | ||||||
| 其他流動負債 | 3 | 3 | ||||||
| 流動負債總額 | 3,005 | 2,879 | ||||||
| 非流動負債 | ||||||||
| 租賃負債-非當期 | — | 7 | ||||||
| 認股權證責任 | 422 | 1,564 | ||||||
| 非流動負債總額 | 422 | 1,571 | ||||||
| 負債總額 | 3,427 | 4,450 | ||||||
| 股東權益 | ||||||||
| 資本存量 | 219,500 | 219,499 | ||||||
| 股票期權儲備 | 23,985 | 23,841 | ||||||
| 累計赤字 | (240,974) | (239,318) | ||||||
| 歸屬於公司所有者的權益總額 | 2,511 | 4,022 | ||||||
| 非控股權益 | (701) | (693) | ||||||
| 權益總額 | 1,810 | 3,329 | ||||||
| 負債和權益總額 | $ | 5,237 | $ | 7,779 | ||||
| 承付款和或有負債 | ||||||||