Core Viewpoint - Portage Biotech Inc. reported a significant reduction in net loss for the fiscal year ended March 31, 2025, primarily due to decreased operating expenses and non-cash losses compared to the previous fiscal year [2][6]. Financial Performance - The company incurred a net loss of approximately $6.8 million in Fiscal 2025, a substantial decrease from a net loss of approximately $75.4 million in Fiscal 2024, marking a year-over-year reduction of approximately $68.6 million [2][13]. - Operating expenses totaled $7.4 million in Fiscal 2025, down from $18.2 million in Fiscal 2024, reflecting a decrease of $10.8 million [3][13]. Research and Development (R&D) Expenses - R&D expenses decreased by approximately $9.4 million, or about 75%, from approximately $12.5 million in Fiscal 2024 to approximately $3.1 million in Fiscal 2025 [4][13]. - Clinical trial costs decreased by approximately $3.4 million, from $5.2 million in Fiscal 2024 to $1.8 million in Fiscal 2025, due to a pause in enrollment in sponsored clinical trials [4]. - Manufacturing-related costs decreased from $1.8 million in Fiscal 2024 to $0.2 million in Fiscal 2025, linked to the deprioritization of the iNKT program [4]. General and Administrative (G&A) Expenses - G&A expenses decreased by approximately $1.4 million, or about 24.9%, from approximately $5.7 million in Fiscal 2024 to approximately $4.3 million in Fiscal 2025 [5][13]. - The decrease in G&A expenses was driven by reductions in non-cash share-based compensation, professional fees, and directors' fees [5]. Non-Cash Items and Impairments - The company recognized a net gain of approximately $0.6 million in Fiscal 2025, compared to a net loss of approximately $67.7 million in Fiscal 2024, primarily due to non-cash items [6][8]. - In Fiscal 2024, the company recognized full impairments totaling $57.9 million for iOx and $23.6 million for Tarus, contributing to the previous year's significant losses [7]. Cash Position and Liabilities - As of March 31, 2025, the company had cash and cash equivalents of approximately $1.7 million and total current liabilities of approximately $1.1 million [9][17].
Portage Biotech Reports Results for Fiscal Year Ended March 31, 2025