Portage Biotech Reports Results for Fiscal Quarter Ended September 30, 2024

Core Viewpoint - Portage Biotech Inc. is exploring multiple strategic alternatives to enhance shareholder value, including potential partnerships, mergers, or restructuring, while facing financial challenges and pausing certain clinical trials [2][10]. Financial Performance - The company reported a net loss of approximately $1.4 million for the fiscal quarter ended September 30, 2024, a significant decrease from a net loss of approximately $5.2 million in the same quarter of the previous year, reflecting a $3.8 million improvement [3][13]. - Total operating expenses for the quarter were $1.6 million, down from $5.9 million in the prior year, marking a decrease of $4.3 million [4][13]. - Research and development (R&D) costs fell by approximately $3.5 million, or 83%, from $4.2 million in the previous year to $0.7 million, primarily due to the winding down of clinical trial costs [5][13]. - General and administrative (G&A) expenses decreased by approximately $0.8 million, or 48%, from $1.7 million to $0.9 million, attributed to reduced professional fees and payroll-related expenses [6][13]. Assets and Liabilities - As of September 30, 2024, the company had cash and cash equivalents of approximately $1.8 million and total current liabilities of approximately $0.9 million [9][14]. - Total assets decreased from $7.8 million as of March 31, 2024, to $2.7 million, indicating a significant reduction in the company's financial position [14]. Strategic Actions - The company has decided to discontinue its sponsored trial for the invariant natural killer T-cell (iNKT) program and pause further patient accrual for the adenosine trial program (ADPORT-601) [10]. - Portage is actively seeking strategic alternatives, which may include partnerships, company sale, or restructuring efforts to navigate its current financial situation [2][10].