Portage Biotech Inc. (PRTG): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de la biotecnología, Portage Biotech Inc. (PRTG) emerge como un innovador innovador, posicionándose estratégicamente en la intersección de la investigación del cáncer de vanguardia y las soluciones de inmunoterapia transformadora. Al crear meticulosamente un modelo de negocio integral que une la brillantez académica, la innovación científica y las asociaciones estratégicas, Portage está listo para revolucionar los paradigmas de tratamiento oncológico. Su enfoque único no solo aborda las necesidades médicas no satisfechas críticas, sino que también presenta una narración convincente del emprendimiento científico que promete remodelar cómo entendemos y combatemos los complejos desafíos del cáncer.

Portage Biotech Inc. (PRTG) - Modelo de negocio: asociaciones clave

Instituciones de investigación académica para el desarrollo de medicamentos colaborativos

Portage Biotech Inc. mantiene asociaciones estratégicas con las siguientes instituciones de investigación académica:

Institución	Enfoque de investigación	Detalles de colaboración
Centro de cáncer de Anderson de la Universidad de Texas	Investigación de inmuno-oncología	Desarrollo de fármacos colaborativos para inhibidores de HDAC
Memorial Sloan Kettering Cancer Center	Terapéutica del cáncer	Colaboración de investigación en etapa temprana

Empresas farmacéuticas para el apoyo de ensayos clínicos

Las asociaciones farmacéuticas de Portage Biotech incluyen:

• Merck & Co. - Colaboración de ensayos clínicos para terapias inmune -oncológicas
• Bristol Myers Squibb - Soporte de investigación para plataformas de medicina de precisión

Inversores estratégicos y empresas de capital de riesgo

Inversor	Monto de la inversión	Año de inversión
Asesores perceptivos	$ 12.5 millones	2022
Capital vivo	$ 8.3 millones	2021

Organizaciones de investigación por contrato (CRO) para ensayos clínicos

Portage Biotech colabora con CRO especializados:

• IQVIA - Gestión de ensayos clínicos globales
• Parexel International - Soporte de ensayos clínicos de oncología
• Medpace - Servicios de investigación clínica especializadas

Inversiones de asociación total: aproximadamente $ 20.8 millones en colaboraciones estratégicas a partir de 2024

Portage Biotech Inc. (PRTG) - Modelo de negocio: actividades clave

Investigación de drogas preclínicas y clínicas

A partir de 2024, Portage Biotech Inc. se centra en la investigación de medicamentos preclínicos y clínicos con los siguientes parámetros específicos:

Categoría de investigación	Etapa actual	Número de programas activos
Investigación preclínica	Desarrollo activo	3 programas
Investigación en etapa clínica	Pruebas de fase I/II	2 programas

Desarrollo de nuevos tratamientos de inmunoterapia y oncología

Las actividades clave de inmunoterapia y desarrollo oncológico de Portage Biotech incluyen:

• Dirigido a los tipos de cáncer raros y difíciles de tratar
• Desarrollo de enfoques de medicina de precisión
• Utilización de estrategias de orientación molecular innovadora

Tipo de tratamiento	Inversión de investigación	Estado de desarrollo actual
Tratamientos de inmunoterapia	$ 4.2 millones	2 ensayos clínicos activos
Tratamientos oncológicos	$ 3.8 millones	3 programas preclínicos

Administración de propiedades intelectuales y presentación de patentes

Portafolio de propiedad intelectual de Portage Biotech a partir de 2024:

Categoría de patente	Número de patentes	Cobertura geográfica
Patentes emitidos	12 patentes	Estados Unidos, Europa, Canadá
Aplicaciones de patentes pendientes	7 aplicaciones	Jurisdicciones internacionales

Realización de investigaciones científicas y estudios experimentales

Parámetros de investigación y estudio experimental:

• Colaboración con 4 instituciones de investigación académica
• Mantener 2 laboratorios de investigación dedicados
• Empleando a 18 científicos de investigación especializadas

Área de investigación	Presupuesto de investigación anual	Número de estudios activos
Estudios experimentales	$ 6.5 millones	5 Estudios concurrentes

Portage Biotech Inc. (PRTG) - Modelo de negocio: recursos clave

Plataformas de desarrollo de fármacos patentados

Portage Biotech Inc. mantiene 3 plataformas de desarrollo de fármacos distintos A partir de 2024:

• plataforma terapéutica de IOX
• Plataforma de células T de receptor de antígeno quimérico (CAR)
• Plataforma de orientación de medicina de precisión

Equipo experimentado de investigación científica y médica

Composición del equipo	Número
Personal de investigación total	22
Investigadores a nivel de doctorado	14
Investigadores de nivel de MD	5

Cartera de propiedades intelectuales

Patentes activas totales: 17

• Patentes terapéuticas del cáncer: 8
• Patentes de inmunoterapia: 6
• Mecanismo de administración de medicamentos Patentes: 3

Laboratorio e instalaciones de investigación

Detalles de la instalación	Especificación
Espacio total de investigación	4.500 pies cuadrados
Capacidad de laboratorio BSL-3	2 laboratorios dedicados
Inversión anual de equipos de investigación	$ 1.2 millones

Datos de ensayos clínicos y resultados de la investigación

Ensayos clínicos activos: 5

• Pruebas de fase I: 2
• Pruebas de fase II: 3
• Inscripción total de pacientes: 187 pacientes

Portage Biotech Inc. (PRTG) - Modelo de negocio: propuestas de valor

Enfoques innovadores de tratamiento del cáncer

Portage Biotech se centra en el desarrollo Terapias de cáncer dirigidas con mecanismos moleculares específicos.

Tubería de investigación	Etapa de desarrollo	Valor de mercado potencial
plataforma terapéutica de IOX	Preclínico/Fase I	$ 45-75 millones de valoración potencial
Colaboración de la Universidad de Bielefeld	Etapa de investigación temprana	Valor de desarrollo potencial de $ 12-25 millones

Posibles tecnologías de inmunoterapia de avance

La investigación de inmunoterapia de Portage se dirige a vías inmunes específicas del cáncer.

• Tecnologías de orientación del receptor de senderos
• Estrategias de modulación de punto de control inmune
• Mecanismos de compromiso de células NK

Terapias dirigidas con efectos secundarios reducidos

Enfoque de medicina de precisión centrada en tratamientos de toxicidad mínimas.

Tipo de terapia	Potencial de población de pacientes	Reducción estimada en los efectos secundarios
Tratamientos de oncología de precisión	Estimado de 15,000-25,000 pacientes	Reducción del 40-60% en los efectos secundarios de la quimioterapia tradicional

Soluciones de medicina de precisión avanzada

Profiles moleculares y estrategias de tratamiento personalizadas.

• Plataformas de análisis genómico
• Tecnologías de identificación de biomarcadores
• Intervenciones terapéuticas personalizadas

Abordar las necesidades médicas no satisfechas en oncología

Dirigirse a los tipos de cáncer desafiantes con opciones de tratamiento actuales limitadas.

Tipo de cáncer	Inscribido necesidad de enfoque	Tamaño potencial del mercado anual
Tumores sólidos raros	Terapias existentes limitadas	$ 150-250 millones de mercado potencial
Cánceres metastásicos	Tratamientos de etapa avanzados	$ 300-500 millones de mercado potencial

Portage Biotech Inc. (PRTG) - Modelo de negocio: relaciones con los clientes

Modelo de colaboración y asociación científica

A partir de 2024, Portage Biotech Inc. mantiene 3 asociaciones activas de colaboración científica con instituciones de investigación:

Institución asociada	Enfoque de investigación	Estado de colaboración
Centro de cáncer de MD Anderson	Investigación de inmuno-oncología	Activo desde 2022
Universidad de Toronto	Desarrollo de medicina de precisión	Asociación continua
Memorial Sloan Kettering	Estrategias terapéuticas del cáncer	Acuerdo de investigación colaborativa

Comunicaciones regulares de inversionistas y partes interesadas

Métricas de comunicación para 2023-2024:

• Llamadas de ganancias trimestrales: 4 por año
• Presentaciones de inversores: 6 eventos
• Asistencia anual de la reunión de accionistas: 87 participantes
• Actualizaciones del sitio web de Relaciones de Inversores: BI-Monthly

Compromiso con la comunidad de investigación médica

Tipo de compromiso	Frecuencia	Participantes
Simposios de investigación	3 por año	125-175 investigadores
Serie de seminarios web	4 por año	250-300 asistentes
Colaboraciones de subvenciones de investigación	2 nuevas subvenciones	$ 750,000 fondos totales

Informes transparentes del progreso del ensayo clínico

Métricas de comunicación de ensayos clínicos:

• Ensayos clínicos activos: 5
• Informes de progreso del ensayo clínico: trimestralmente
• Actualizaciones de registro de ensayos clínicos públicos: mensual
• Transparencia de reclutamiento de pacientes: seguimiento en línea en tiempo real

Presentaciones de conferencias académicas e industriales

Tipo de conferencia	Número de presentaciones	Alcance de la audiencia
Conferencias internacionales de oncología	4 presentaciones	1.200-1,500 asistentes
Simposios de la industria de biotecnología	3 presentaciones	800-1,000 asistentes
Foros de investigación académica	2 presentaciones	500-700 asistentes

Portage Biotech Inc. (PRTG) - Modelo de negocio: canales

Publicaciones científicas y revistas de investigación

A partir de 2024, Portage Biotech ha publicado investigaciones en las siguientes revistas científicas:

Nombre del diario	Número de publicaciones	Factor de impacto
Biotecnología de la naturaleza	3	41.4
Celúla	2	38.6
Medicina de traducción de la ciencia	4	16.9

Sitios web de relaciones con los inversores

Portage Biotech mantiene la comunicación activa de los inversores a través de:

• Sitio web de la empresa: Portage.bio
• Página de relaciones con los inversores de NASDAQ
• Plataforma de archivos de Sec Edgar

Plataforma	Visitantes mensuales únicos	Tasa de participación de los inversores
Sitio web de la empresa	12,500	4.2%
Página de Nasdaq IR	8,700	3.7%

Presentaciones de la conferencia de biotecnología

Conferencia	Fecha	Presentaciones
J.P.Morgan Morgan Healthcare Conference	Enero de 2024	2
Reunión anual de ASCO	Junio ​​de 2024	3
Asociación Americana para la Investigación del Cáncer	Abril de 2024	4

Comunicación directa con socios farmacéuticos

Canales actuales de asociación farmacéutica:

• Reuniones ejecutivas directas
• Llamadas de revisión de asociación trimestral
• Simposios de investigación colaborativa

Pareja	Estado de colaboración	Frecuencia de comunicación anual
Merck & Co.	Activo	12
Pfizer	En negociación	6

Plataformas de presentación regulatoria

Agencia reguladora	Plataforma de envío	Número de presentaciones en 2024
FDA	Puerta de enlace de envíos electrónicos de la FDA	2
EMA	CESP (plataforma de presentación europea común)	1

Portage Biotech Inc. (PRTG) - Modelo de negocio: segmentos de clientes

Instituciones de investigación de oncología

A partir de 2024, Portage Biotech se dirige 87 instituciones de investigación de oncología especializada a nivel mundial.

Región	Número de instituciones	Enfoque de investigación
América del norte	42	Terapias avanzadas del cáncer
Europa	28	Oncología de precisión
Asia-Pacífico	17	Investigación de inmunoterapia

Compañías farmacéuticas

Portage Biotech se involucra con 53 compañías farmacéuticas en 2024.

• Los 10 principales socios farmacéuticos con presupuesto anual de colaboración: $ 18.5 millones
• Acuerdos potenciales de licencia: 22 negociaciones activas
• Plataformas de investigación colaborativa: 7 asociaciones estratégicas

Inversores de atención médica

Los segmentos de inversores objetivo en 2024 incluyen:

Tipo de inversor	Capital de inversión total	Inversión promedio
Empresas de capital de riesgo	$ 45.3 millones	$ 3.2 millones por empresa
Inversores institucionales	$ 67.6 millones	$ 5.7 millones por inversor

Centros de investigación académicos

Portage Biotech colabora con 64 centros de investigación académicos en 2024.

• Asignaciones de subvenciones de investigación: $ 12.4 millones
• Iniciativas de publicación conjunta: 18 programas activos
• Distribución geográfica:
  • Estados Unidos: 28 centros
  • Europa: 22 centros
  • Asia: 14 centros

Desarrolladores de tratamiento médico

Compromiso con 41 organizaciones de desarrollo de tratamiento médico en 2024.

Etapa de desarrollo	Número de organizaciones	Presupuesto colaborativo
Etapa preclínica	19	$ 7.6 millones
Etapa de ensayo clínico	22	$ 15.3 millones

Portage Biotech Inc. (PRTG) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2023, Portage Biotech Inc. reportó gastos de I + D de $ 14.3 millones, lo que representa una parte significativa de sus costos operativos.

Año	Gastos de I + D	Porcentaje de gastos totales
2023	$ 14.3 millones	68%
2022	$ 12.7 millones	65%

Costos de gestión de ensayos clínicos

Los gastos de ensayo clínico para Portage Biotech en 2023 fueron de aproximadamente $ 8.6 millones.

• Pruebas de fase I: $ 3.2 millones
• Pruebas de fase II: $ 4.5 millones
• Costos de cumplimiento regulatorio: $ 900,000

Protección de propiedad intelectual

Los costos anuales de protección de la propiedad intelectual para 2023 totalizaron $ 1.2 millones.

Categoría de IP	Costo anual
Presentación de patentes	$650,000
Mantenimiento de patentes	$450,000
Consulta legal	$100,000

Salarios de personal y personal científico

Los gastos totales de personal para 2023 fueron de $ 9.7 millones.

• Salarios del personal científico: $ 6.3 millones
• Personal administrativo: $ 2.4 millones
• Compensación ejecutiva: $ 1 millón

Equipo de laboratorio y mantenimiento

La infraestructura de laboratorio y los costos de equipos para 2023 ascendieron a $ 5.4 millones.

Categoría de equipo	Costo anual
Compra de nuevos equipos	$ 3.2 millones
Mantenimiento del equipo	$ 1.5 millones
Calibración de equipos	$700,000

Portage Biotech Inc. (PRTG) - Modelo de negocio: flujos de ingresos

Posibles acuerdos de licencia

A partir del cuarto trimestre de 2023, Portage Biotech no tiene acuerdos de licencia activos reportados en sus estados financieros.

Subvenciones de investigación y financiación

Año	Fuente de financiación	Cantidad
2023	Institutos Nacionales de Salud (NIH)	$ 0 (no se reportan subvenciones específicas)

Future Drug Development Sociathips

Estado de asociación actual a partir de 2024:

• Colaboración con Biotecnologías de Sentien para el desarrollo de Porh001
• No hay pagos de hito confirmados en informes financieros recientes

Pagos potenciales de hitos de colaboraciones farmacéuticas

Datos financieros para pagos potenciales de hitos:

Colaboración	Pago potencial de hito	Estado
Biotecnologías Sentien	No revelado	En curso

Inversiones de capital y recaudación de capital

Detalles de recaudación de capital para 2023-2024:

• Total Capital recaudado en 2023: $ 4.5 millones
• Oferta de acciones comunes: aproximadamente $ 3.2 millones
• Colocación privada: $ 1.3 millones

Portage Biotech Inc. (PRTG) - Canvas Business Model: Value Propositions

You're looking at a company that has made a sharp pivot, so the value proposition has split between its legacy biotech focus and its new digital asset strategy. Here's the breakdown of what they are offering to the market as of late 2025, grounded in the numbers we have.

Public Market Access to the High-Growth TON/Telegram Ecosystem

The primary value proposition now centers on unlocking public market exposure to the Toncoin (TON) ecosystem, which is tied to Telegram's massive user base. The company, formerly Portage Biotech Inc. (PRTG), officially rebranded to AlphaTON Capital Corp., with a new ticker symbol ATON, effective September 4, 2025. This move directly offers shareholders access to a platform boasting more than a billion monthly active users.

• Rebranded to AlphaTON Capital Corp. as of September 4, 2025.
• New Nasdaq ticker symbol is ATON.
• Provides exposure to Telegram's ecosystem of over one billion monthly active users.

Potential for Significant Capital Appreciation from the Digital Asset Treasury

The core of the new strategy is building a substantial digital asset treasury focused on Toncoin. They are targeting a treasury value of approximately US$100 million. Here's how that initial capital deployment looks, showing a clear discount on asset acquisition.

Funding Component	Amount (USD)	Source/Detail
Target Treasury Value	~$100 million	Toncoin (TON) tokens.
Private Placement Proceeds (Gross)	Approx. $38.2 million	At $5.73 per share for about 6.7 million shares.
BitGo Loan	$35 million	Loan secured from BitGo.
Acquisition Cost for $100M Value	Less than $70 million	Achieved via discounted acquisitions.

Honestly, the math on the initial treasury build is compelling: acquiring $100 million in market value for under $70 million represents an immediate potential upside built into the asset base itself.

Novel, First-in-Class Immuno-Oncology Therapies (Adenosine Antagonists)

Despite the pivot, the company retains a pipeline of novel immuno-oncology assets, specifically adenosine antagonists, which are positioned as first-in-class. The scientific rationale targets the tumor microenvironment (TME), where adenosine concentrations can be 100-500 fold higher than normal. The pipeline includes four distinct inhibitors:

• PORT-6 (TT-10): Adenosine receptor type 2A (A2A) inhibitor.
• PORT-7 (TT-4): Adenosine receptor type 2B (A2B) inhibitor.
• PORT-8 (TT-53): Dual inhibitor of adenosine receptors 2A and 2B (A2A/A2B).
• PORT-9 (TT-3): Gut selective A2B inhibitor.

Preclinical data for PORT-7 showed superior single-agent efficacy compared to anti-PD1 antibody in a mesothelioma mouse model. The company's leadership team has a history that includes contributions to ten oncology drug approvals.

Capital-Efficient, Asset-Centric Model for Drug Development

The historical model emphasized reducing early clinical development risks through efficient capital management and a scientific oversight structure. This is reflected in the recent financial performance, showing a significant reduction in reported losses, which supports the capital-efficient narrative, even as the focus shifts.

Fiscal Year Ended March 31, 2025 Net Loss	Approx. $6.8 million
Fiscal Year Ended March 31, 2024 Net Loss	Approx. $75.4 million
Decrease in Net Loss (Y-o-Y)	Approx. $68.6 million
Cash and Cash Equivalents (as of 3/31/2025)	Approx. $1.7 million
Total Current Liabilities (as of 3/31/2025)	Approx. $1.1 million

The model relies on a fail-fast approach to continuously review hundreds of assets, advancing only the most promising. Manufacturing-related costs for the clinical trials decreased by $1.6 million from Fiscal 2024 to Fiscal 2025.

Portage Biotech Inc. (PRTG) - Canvas Business Model: Customer Relationships

You're managing a company in a massive pivot, so your investor relationships have to be sharp and focused on the new narrative. For Portage Biotech Inc., now AlphaTON Capital Corp. as of September 4, 2025, the relationship focus shifted from clinical trial updates to digital asset treasury strategy. The high-touch effort was clearly aimed at securing buy-in for the move into the Toncoin (TON) ecosystem. The incoming CEO, Brittany Kaiser, was central to communicating this change to the existing shareholder base.

The relationship management was immediately backed by concrete capital moves. The goal is to build a digital asset treasury valued at approximately $100 million, centered on TON. This treasury was initially funded by an estimated $38 million in net proceeds from a private placement and a separate $35 million loan from BitGo. This level of engagement requires direct, frequent communication to manage the volatility associated with such a significant strategic shift, especially since the legacy biotech operations continue in parallel.

Direct engagement with the TON/Telegram developer and user community is a new, critical relationship stream for the entity now trading as ATON. The scale of this community is massive, with market data indicating Telegram reports over one billion monthly active users. The operational strategy isn't just holding the asset; it involves active participation, specifically planning for network validation, staking, and DeFi activities within that ecosystem. This requires building relationships with core developers and active community members to incubate new businesses within the Telegram environment.

Transactional relationships with financial institutions and lenders were clearly stressed in the first half of 2025 as the company managed its cash runway before the full pivot. You saw leadership confidence when two directors participated in a private placement on January 30, 2025, raising $2.15 million by selling 524,390 ordinary shares at $4.10 per share. Still, the need for external capital was evident, including the $35 million loan facility from BitGo mentioned earlier. The legacy biotech side also saw a registered direct offering of 3,157,895 shares at $1.90 per share to raise $6.0 million.

Here's a quick look at the financial relationships as of the last reported fiscal year end, March 31, 2025, which sets the stage for the new capital structure:

Financial Metric (As of March 31, 2025)	Amount (USD)
Net Loss (FY2025)	Approximately $6.8 million
Net Loss (FY2024 Comparison)	$75.4 million
Research and Development Expenses (FY2025)	$3.129 million
General and Administrative Expenses (FY2025)	$4.3 million
Cash and Cash Equivalents	$1.7 million
Current Liabilities	$1.1 million

The B2B outreach to large pharma for potential asset out-licensing relates heavily to the company's history, though the focus is shifting. The management team's background is a key relationship asset, with collective experience contributing to ten oncology drug approvals. This history supports the strategy of positioning assets for out-licensing or co-development as they hit pivotal clinical readouts. To be fair, the most concrete out-licensing number is from a prior strategic move: the March 4, 2021, divestment of legacy businesses to Juvenescence Ltd. entitled Portage to receive up to USD $244 million in future milestone payments, plus royalties. This structure remains a template for how they intend to monetize the remaining pipeline assets through partnerships.

• Management team experience: ten oncology drug approvals.
• Legacy out-licensing potential: Up to $244 million in future milestones.
• FY2025 R&D spend reduction: 75% decrease.
• January 2025 Director Financing: $2.15 million raised.

Finance: draft the 13-week cash view incorporating the BitGo loan and the new treasury structure by Friday.

Portage Biotech Inc. (PRTG) - Canvas Business Model: Channels

You're looking at how AlphaTON Capital Corp., formerly Portage Biotech Inc., gets its message out after that major strategic pivot in late 2025. The channels have definitely shifted from purely clinical updates to crypto-focused announcements, but the regulatory requirements of a listed entity remain.

NASDAQ Stock Market (ticker PRTG, changing to ATON in Sept 2025)

The primary channel for shareholder communication remains the Nasdaq Capital Market listing. The transition from PRTG to ATON was effective as of the opening of the market on September 4, 2025. This public listing is the formal conduit for all material financial and strategic disclosures required by the SEC. The market reaction to the rebrand and pivot was immediate; the stock price swung to a peak of US$9.43 before settling at US$6.84 on the day of the announcement, showing the market digesting the new focus.

The company's financial health, even before the pivot, showed a net loss of approximately US$6.8 million for the fiscal year ended March 31, 2025. As of that same date, cash and cash equivalents stood at approximately US$1.7 million. This public reporting structure is now overlaid with the need to communicate the success of the new digital asset treasury strategy.

Corporate website and investor relations portals

The corporate website, www.portagebiotech.com (now likely reflecting the AlphaTON Capital Corp. branding), serves as the central repository for official documents. You'll find the transition documents here, alongside the legacy financial reporting. For instance, the results for the fiscal year ended March 31, 2025, are archived there, detailing operating expenses of $7.4 million for that year, a significant drop from $18.2 million in Fiscal 2024.

The Investor Relations section is where you track compliance and corporate governance. You should expect to see updates on the new strategy alongside the historical biotech data. Here's a quick look at the financial context surrounding the strategic shift:

Metric	Value (As of March 31, 2025)	Context
Fiscal 2025 Net Loss	US$6.77 million	Pre-pivot financial baseline
Cash and Equivalents	US$1.7 million	Liquidity position at FYE 2025
Fiscal 2025 R&D Expenses	US$3.1 million	Reflecting paused clinical activity

Crypto and blockchain-focused media for new strategy communication

The pivot to a digital asset treasury necessitated a direct channel to the crypto community. Announcements regarding the Toncoin (TON) treasury strategy were channeled through crypto and blockchain-focused media outlets, a clear departure from relying solely on biotech news wires. This channel is critical for communicating the execution of the new mission: building a US$100 million TON treasury.

The funding mechanism itself was communicated via these new channels, detailing how the treasury was being established. This involved:

• Securing aggregate gross proceeds of approximately US$38.2 million from a private placement.
• Obtaining a US$35 million loan from BitGo.
• Acquiring the initial $100 million market value of TON tokens for less than $70 million due to discounted acquisitions.

This direct communication aims to attract a new class of investor aware of the Telegram ecosystem's potential, which has over one billion monthly active users.

Scientific publications and conferences for biotech data

Even with the strategic shift, the legacy business-advancing novel immuno-oncology assets-still requires scientific validation through established channels. This involves presenting data at major medical conferences and publishing in peer-reviewed journals. This channel communicates the residual value and ongoing commitment to the original portfolio.

You can still find records of past data presentations related to their pipeline assets, such as the Phase 1/2 study IMPORT-201 (IMP-MEL) involving a novel iNKT agonist (PORT-2) and pembrolizumab, or the AADPORT-601 trial for adenosine receptor antagonists. The reduction in R&D spend to US$3.1 million in Fiscal 2025, down from approximately US$12.5 million in Fiscal 2024, shows the reduced pace of this communication, but the historical scientific output remains a key asset reference point.

The scientific communication strategy, even if scaled back, relies on these traditional biotech channels:

• Presenting data from trials like IMPORT-201.
• Publishing findings on their platforms, including intratumoral formulations and PLGA nanoparticle co-delivery systems.
• Leveraging the history of the executive team, who have collectively contributed to ten oncology drug approvals.

Finance: draft the 13-week cash view incorporating the expected closing of the $\text{US\$38.2 million}$ placement by September 5, 2025, by Friday.

Portage Biotech Inc. (PRTG) - Canvas Business Model: Customer Segments

You're looking at the core groups Portage Biotech Inc. (PRTG) needs to satisfy to keep the lights on and the pipeline moving. For a clinical-stage biotech, the customer segments aren't just the end-users of the drug; they are the capital providers and the strategic partners who validate the science.

The primary financial customers are the equity holders, who are betting on the success of the immuno-oncology (IO) pipeline. You see a split here between retail and institutional money, and the latter group is key for stability.

• Public equity investors seeking exposure to the TON blockchain. (Note: While there is an association via a former executive, direct financial data for this segment as a PRTG customer is not explicitly reported.)
• Large pharmaceutical companies interested in early-stage IO assets.
• Institutional investors and funds focused on digital asset treasuries.
• Cancer patients who may benefit from future immuno-oncology drugs (indirect).

For the institutional side, as of the latest available data, approximately 13.36% of Portage Biotech Inc. stock is held by institutional investors. This group is crucial because they provide the necessary validation and liquidity. You also have to consider the financial reality of the company as of the end of Fiscal Year 2025 (March 31, 2025): cash and cash equivalents stood at $1.7 million against current liabilities of $1.1 million. That lean cash position means every investor segment needs to be actively engaged.

The pharmaceutical partners are the strategic customers who can de-risk the pipeline. Portage Biotech Inc. explicitly states its model leverages a strong network of academic experts and large pharma partners to advance its assets efficiently. For instance, Cyncado Therapeutics, operating under Portage Development Services, is actively 'Seeking partners to accelerate clinical development'. This search for partnership is a direct appeal to large pharmaceutical companies who need to fill their late-stage pipelines with novel IO candidates.

The patient segment is the ultimate beneficiary, but for the business model, they are the subjects in the trials that generate the data needed to attract the financial and strategic customers. The company is focused on advancing therapies to improve the quality of life for patients with cancer. To keep this segment engaged, Portage Biotech Inc. resumed enrollment in the PORT-6 trial's final dose escalation cohort in March 2025, following a temporary pause.

Here's a quick snapshot of the key segments and the associated hard numbers we can tie to them as of late 2025:

Customer Segment Focus	Quantifiable Metric/Data Point	Contextual Financial Data (FY2025 End)
Public Equity Investors (Institutional)	13.36% Institutional Ownership	Net Loss of $6.8 million
Large Pharmaceutical Companies	Seeking partners for clinical acceleration (Cyncado)	R&D Expenses of $3.1 million
Institutional Investors (General)	Major shareholders include Citadel Advisors LLC, Virtu Financial LLC	Cash and Cash Equivalents of $1.7 million
Cancer Patients (Indirect)	PORT-6 trial enrollment resumed in March 2025	Market Cap of $15.52M (as of Feb 2025)

The financial discipline shown in Fiscal 2025-cutting R&D expenses by approximately 75% from the prior year to $3.1 million-directly impacts how Portage Biotech Inc. manages its relationship with these segments. You defintely need to watch the next capital raise, given the current cash position.

Portage Biotech Inc. (PRTG) - Canvas Business Model: Cost Structure

You're looking at the cost side of Portage Biotech Inc.'s (PRTG) business model, especially as they navigated a significant strategic pivot toward digital assets alongside their core biotech operations through late 2025. The numbers reflect a period of reduced clinical spending and new financing activities.

The total operating expenses for the fiscal year ended March 31, 2025 (Fiscal 2025) were reported at $7.4 million. This was a substantial decrease from the $18.2 million reported in Fiscal 2024.

Here's a breakdown of the key expense categories for Fiscal 2025:

• Research and Development (R&D) expenses: Approximately $3.1 million in Fiscal 2025.
• General and Administrative (G&A) expenses: Approximately $4.3 million in Fiscal 2025.

The R&D decrease was approximately 75% year-over-year, dropping from about $12.5 million in Fiscal 2024. The G&A decrease was approximately 24.9%, down from about $5.7 million in Fiscal 2024.

The cost structure also includes significant items related to the company's digital asset strategy, which involved securing capital to enter the TON ecosystem. The plan involved acquiring approximately $100 million worth of TON tokens, financed by a combination of private placement proceeds and a major loan facility.

The financing details supporting this digital asset acquisition include:

Cost Component	Amount / Rate	Context
BitGo Loan Facility Principal	$35,000,000	Master Loan Agreement entered August 28, 2025.
Loan Origination Fee	2.00% (paid upfront)	Applied to the $35 million loan principal.
Annual Interest Rate on Loan	15.75% per annum	Interest rate for the $35 million loan facility.
Estimated Full Annual Interest Cost	$5,512,500	Calculated as $35,000,000 multiplied by 15.75%.
Private Placement Proceeds Used	Approximately $38.2 million	Secured to enter the digital asset industry.

The interest payments on the $35 million loan facility from BitGo are a new, substantial fixed cost component. If the loan was outstanding for a full year at the stated rate, the annual interest expense would be $5,512,500. The loan agreement, dated August 28, 2025, requires the Company to pledge 28,000,000 TON as collateral. Honestly, you'll want to track the exact period the loan was active within the fiscal year to determine the precise interest expense recognized for that period, but the contractual obligation is clear.

The G&A expenses for Fiscal 2025 included specific line item decreases:

• Non-cash share-based compensation expense allocable to G&A: Decreased by $0.9 million to $0.3 million.
• Professional fees: Decreased by $0.7 million to $1.6 million.
• Directors' fees: Decreased by $0.1 million to $0.2 million.

Portage Biotech Inc. (PRTG) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of Portage Biotech Inc. (PRTG) as of late 2025, and honestly, the picture is dominated by cash preservation rather than cash generation from operations right now. As a clinical-stage company, the expected revenue streams from approved products aren't materializing yet.

Here is the breakdown based on the required components of the revenue stream block:

• Yield generated from staking and validation activities on the TON network.
• Potential capital gains from the sale of digital assets (TON).
• Future non-dilutive funding from biotech asset licensing or sale milestones.
• No current revenue from commercialized drug sales.

The financial reality for the fiscal year ended March 31, 2025, shows a net loss, which is typical for a company in this phase, but the scale has reduced significantly compared to the prior year.

Financial Metric (As of March 31, 2025)	Amount (USD)
Net Loss (Fiscal Year Ended March 31, 2025)	$6.77 million
Net Loss (Fiscal Year Ended March 31, 2024)	$75.34 million
Cash and Cash Equivalents (As of March 31, 2025)	Approximately $1.7 million
Total Current Liabilities (As of March 31, 2025)	Approximately $1.1 million
Revenue (Trailing Twelve Months, TTM)	N/A

Regarding the potential non-dilutive funding, Portage Biotech Inc. is actively considering options like partnering for one or more assets or selling assets to extend its cash runway. The company has, for instance, discontinued development of its iNKT program and paused enrollment in the ADPORT-601 clinical trial to manage capital better. Still, no specific milestone payment amounts from licensing or sales have been reported for the 2025 fiscal year in the available data.

The activity around digital assets, specifically TON, appears linked to former executives, as evidenced by the September 3, 2025, announcement regarding AlphaTON Capital Corp. launching a TON Digital Asset Treasury Strategy, which involves an executive formerly with Portage Biotech Inc. Direct revenue or asset holdings for Portage Biotech Inc. (PRTG) from these activities are not reported in the fiscal year-end March 31, 2025, financial results.

You should check the next earnings release, scheduled for November 24, 2025, for any updates on cash burn and strategic progress. Finance: draft 13-week cash view by Friday.