Summary by Moomoo AI
Portage Biotech reported a reduced net loss of $1.7M for Q1 FY2025 ended June 30, 2024, compared to $4.2M loss in Q1 FY2024. Operating expenses decreased to $2.8M from $5.0M, primarily due to a 64% reduction in R&D costs following the discontinuation of the iNKT program and paused adenosine trial enrollment. The company maintained $3.3M in cash as of June 30, 2024.The company continues to explore strategic alternatives, including potential asset partnerships, company sale, merger, restructuring, or wind-down options. Two advanced patients remain on PORT-6 treatment beyond 6 months, and plans are in place to replace one withdrawn patient in the ADPORT-601 trial.G&A expenses increased slightly to $1.5M from $1.4M YoY, with higher professional fees and payroll costs partially offset by reduced director fees and share-based compensation. The quarter benefited from a $1.1M non-cash gain from warrant liability fair value changes, compared to a $1.1M loss from deferred payments in the prior year quarter.
