(RTTNews) - Portage Biotech Inc. (PRTG), a clinical-stage immuno-oncology company, on Wednesday, reported its financial results for the fiscal quarter ended September 30, 2024, and revealed that it is actively exploring strategic alternatives to enhance shareholder value.
The company is considering various options, including potential partnerships, acquisitions, or restructuring efforts.
Pending additional financial resources, the company has paused patient accrual in the phase 1 trial of lead investigational asset PORT-6 in participants with metastatic-castration-resistant prostate cancer, renal cell carcinoma, or other selected solid tumors that are refractory to standard therapy.
For the third quarter ended Sep.30, 2024, Portage reported a net loss of $1.4 million, or $1.26 per share, compared to a net loss of $5.2 million, or $5.80 per share, in the same period last year. The reduction in net loss was attributed to a decrease in operating expenses, which totaled $1.6 million, down from $5.9 million in the previous year.
The decrease in expenses was primarily driven by an 83 percent reduction in R&D costs, from $4.2 million to $0.7 million, due to the winding down of clinical trials, including the iNKT program and the ADPORT-601 trial.
G&A expenses also dropped by 48 percent, from $1.7 million to $0.9 million, as a result of lower professional fees, payroll, and share-based compensation.
As of September 30, 2024, Portage held $1.8 million in cash and cash equivalents, with total current liabilities amounting to approximately $0.9 million.
The company said it is also analyzing data from its ongoing trials and collaborating with industry experts to better understand the potential of its product candidates.
PRTG closed Tuesday's trading at $4.87, up 3.18%.
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