Portage Biotech Reports FY24 Net Result Of $(75.4)M Vs $(104.7)M Last Year; Says Discontinuing iNKT Clinical Trial For PORT-2; Continues To Explore Strategic Alternatives, Including Restructurings (Both In And Out Of Court)

Benzinga08-15

The decrease was primarily due to lower non-cash losses on impairment related to the Company's identifiable intangible assets, goodwill, and certain investments and convertible note receivable.

As of March 31, 2024, the Company had cash and cash equivalents of approximately $5.0 million and total current liabilities of approximately $2.9 million.

"After reviewing Portage's funding requirements, which necessitated discontinuing the clinical development of its iNKT program and pausing patient enrollment in the ADPORT-601 clinical trial of PORT-6 (adenosine 2A inhibitor) and PORT-7 (adenosine 2B inhibitor), 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.

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