UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended March 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of eve ...

DOVER, Del., July 25, 2025 (GLOBE NEWSWIRE) -- Portage Biotech Inc. (“Portage” or the “Company”) (NASDAQ: PRTG), a clinical-stage immuno-oncology company formed under the laws of the British Virgin Islands, with a portfolio of novel multi-targeted therapies for use as monotherapy and in combination, today reported its financial results for the fiscal year ended March 31, 2025. Financial Results from Year Ended March 31, 2025 The Company incurred a net loss of approximately $6.8 million during the fiscal yea ...

Core Points - Portage Biotech Inc. has received formal notice from The Nasdaq Stock Market LLC confirming compliance with all applicable requirements for continued listing on The Nasdaq Capital Market as of June 24, 2025 [1] - Portage Biotech is a clinical-stage immuno-oncology company focused on advancing a pipeline of novel biologics aimed at enhancing the immune system's ability to combat cancer [2]

Core Insights - Portage Biotech Inc. has entered a mutual Subscription Agreement with Compedica Holdings Limited, involving the issuance of 625,000 ordinary shares at $8.00 each in exchange for 1,165,501 shares of Compedica valued at $4.29 per share, totaling $5 million [2] - Following the transaction, Compedica will own 27.4% of Portage's issued and outstanding ordinary shares [2] - Portage is committed to using at least 50% of net funds from future equity funding to subscribe for new Compedica equity, aimed at supporting the development and commercialization of Compedica's medical device [2] Company Overview - Portage Biotech is a clinical-stage immuno-oncology company focused on developing novel biologics to enhance the immune system's ability to combat cancer [5] - Compedica is a medical device technology company dedicated to creating innovative solutions for preventing and treating Diabetic Foot Ulcers (DFUs) through its OptiPulse active therapy system [6] Market Potential - The diabetic foot ulcer market is valued at over $4 billion in the US, with Compedica's OptiPulse device expected to become a gold standard treatment, improving patient outcomes and reducing costs for insurers [3] - Approximately 18.6 million people globally suffer from diabetic foot ulcers, which have a five-year mortality rate of around 30%, comparable to cancer diagnoses [3] Strategic Partnership - The alliance between Portage and Compedica is seen as a strategic move to support Compedica's scaling operations in North America, with the first commercial sales anticipated in the first half of 2026 [3] - Compedica is expected to publish results from its randomized clinical trial in Q4 2025, marking a critical milestone in its growth [3][4]

Group 1: Core Insights - Portage Biotech Inc. reports confirmatory preclinical efficacy data for PORT-7, a selective adenosine A2B receptor inhibitor, demonstrating superior single-agent activity compared to anti-PD1 antibody in a murine mesothelioma model [1] - The combination of PORT-7 and anti-PD1 showed enhanced efficacy over either agent alone, indicating a favorable immune response with increased immune effector cells and the formation of tertiary lymphoid structures [1] - Portage is preparing to initiate a first-in-human clinical trial for PORT-7, addressing the need for novel treatments in aggressive mesothelioma [1] Group 2: Ongoing Developments - Portage is advancing the dose escalation of PORT-6, a selective A2A adenosine receptor inhibitor, with plans to co-administer it with PORT-7 in the ADPORT-601 trial [2] - This combination aims to achieve complete blockade of adenosine-induced immunosuppression in the tumor microenvironment, enhancing anti-tumor responses and broadening the impact of immunotherapy in solid tumors [2] Group 3: Company Overview - Portage Biotech is a clinical-stage immuno-oncology company focused on advancing a pipeline of novel biologics to enhance the immune system's ability to combat cancer [3]

Core Insights - Portage Biotech Inc. presented new preclinical data for PORT-7, a selective Adenosine A2B receptor inhibitor, demonstrating over 90% inhibition of tumor growth when combined with an anti-PD1 antibody in a murine mesothelioma model [1][3] - The data marks the first report of antitumor activity against mesothelioma using a selective A2B receptor inhibitor, with plans for a first-in-human clinical trial for PORT-7 [3] - Portage is also advancing PORT-6, a selective A2A adenosine receptor inhibitor, with plans to co-administer it with PORT-7 in the ongoing ADPORT-601 trial to achieve complete blockade of adenosine-induced immunosuppression [4][5] Company Developments - Portage Biotech is preparing to commence a first-in-human clinical trial for PORT-7, following promising preclinical results [3] - The company is negotiating a definitive option agreement with Immunova LLC for the acquisition of its subsidiary, iOx Therapeutics, which focuses on developing liposomal iNKT agonists [5] - Portage Biotech's stock price increased by 102.93%, reaching $9.60 at the time of publication [6]

Core Insights - Portage Biotech Inc. presented new preclinical data for PORT-7, a selective A2B receptor inhibitor, showing over 90% tumor growth inhibition when combined with an anti-PD-1 antibody in a murine mesothelioma model [1] - The company is preparing to initiate a first-in-human clinical trial for PORT-7, marking a significant step in addressing mesothelioma, an aggressive cancer with limited treatment options [1] - Portage is also advancing PORT-6, a selective A2A receptor inhibitor, with plans to co-administer it with PORT-7 in the ongoing ADPORT-601 trial to enhance immunotherapy effectiveness [2] Company Overview - Portage Biotech is a clinical-stage immuno-oncology company focused on developing novel biologics to enhance the immune system's ability to combat cancer [3]

Core Insights - Portage Biotech has resumed patient enrollment in the final cohort of the dose escalation stage for PORT-6, a selective A2A antagonist, within its ADPORT-601 Phase 1b clinical trial, following a previous pause due to funding concerns [1][2] - The resumption of the trial indicates encouraging findings from earlier cohorts, reinforcing the company's confidence in the safety and therapeutic potential of PORT-6 [2][3] - The planned co-administration of PORT-6 and PORT-7, a selective A2B antagonist, aims to achieve a complete blockade of adenosine-induced immunosuppression in the tumor microenvironment, enhancing anti-tumor responses [3] Company Overview - Portage Biotech is a clinical-stage immuno-oncology company focused on advancing a pipeline of novel biologics to enhance the immune system's ability to combat cancer [4]

Core Points - Portage Biotech, Inc. has received notification from Nasdaq that its compliance plan has been accepted, granting an extension to meet continued listing standards [1][2] - The minimum shareholders' equity required is $2.5 million, or alternatively, a market value of listed securities of at least $35 million or net income from continued operations of at least $500,000 in the most recent fiscal year or in two of the last three completed fiscal years [1] - Nasdaq will review Portage's adherence to the compliance plan periodically, with a deadline set for June 9, 2025, to regain compliance [2] Company Overview - Portage Biotech is a clinical-stage immuno-oncology company focused on developing novel biologics to enhance the immune system's ability to combat cancer [3]

Core Points - Portage Biotech, Inc. has completed a private placement of $2.15 million from two directors, selling 524,390 ordinary shares at $4.10 per share, which was the Nasdaq official closing price on January 22, 2025 [1] - The proceeds from the financing will be used for working capital and other general corporate purposes for Portage and its subsidiaries [2] - Portage Biotech is a clinical-stage immuno-oncology company focused on advancing a pipeline of novel biologics aimed at enhancing the immune system's ability to combat cancer [3]