Portage Biotech Inc. (PRTG): Business Model Canvas [Jan-2025 Mise à jour]

Dans le paysage dynamique de la biotechnologie, Portage Biotech Inc. (PRTG) émerge comme un innovateur révolutionnaire, se positionnant stratégiquement à l'intersection de la recherche sur le cancer de pointe et des solutions d'immunothérapie transformatrices. En élaborant méticuleusement un modèle commercial complet qui relie l'éclat académique, l'innovation scientifique et les partenariats stratégiques, Portage est sur le point de révolutionner les paradigmes de traitement en oncologie. Leur approche unique répond non seulement aux besoins médicaux critiques non satisfaits, mais présente également un récit convaincant de l'entrepreneuriat scientifique qui promet de remodeler la façon dont nous comprenons et de lutter contre les défis complexes du cancer.

Portage Biotech Inc. (PRTG) - Modèle d'entreprise: partenariats clés

Institutions de recherche universitaire pour le développement de médicaments collaboratifs

Portage Biotech Inc. maintient des partenariats stratégiques avec les établissements de recherche académiques suivants:

Institution	Focus de recherche	Détails de collaboration
Université du Texas MD Anderson Cancer Center	Recherche d'immuno-oncologie	Développement de médicaments collaboratifs pour les inhibiteurs du HDAC
Memorial Sloan Kettering Cancer Center	Thérapeutique du cancer	Collaboration de recherche en début de scène

Sociétés pharmaceutiques pour le soutien des essais cliniques

Les partenariats pharmaceutiques de Portage Biotech comprennent:

• Miserrer & Co. - Collaboration des essais cliniques pour les thérapies à l'immunité-oncologie
• Bristol Myers Squibb - Support de recherche pour les plateformes de médecine de précision

Investisseurs stratégiques et sociétés de capital-risque

Investisseur	Montant d'investissement	Année d'investissement
Conseillers perceptifs	12,5 millions de dollars	2022
Capital vivo	8,3 millions de dollars	2021

Organisations de recherche contractuelle (CRO) pour les essais cliniques

Portage Biotech collabore avec des CRO spécialisés:

• IQVIA - Gestion des essais cliniques mondiaux
• Parexel International - Support d'essai clinique en oncologie
• MEDPACE - Services de recherche clinique spécialisés

Investissements totaux de partenariat: environ 20,8 millions de dollars en collaborations stratégiques à partir de 2024

Portage Biotech Inc. (PRTG) - Modèle d'entreprise: activités clés

Recherche de médicaments précliniques et cliniques

En 2024, Portage Biotech Inc. se concentre sur la recherche sur les médicaments précliniques et à stade clinique avec les paramètres spécifiques suivants:

Catégorie de recherche	Étape actuelle	Nombre de programmes actifs
Recherche préclinique	Développement actif	3 programmes
Recherche de scène clinique	Essais de phase I / II	2 programmes

Développer de nouveaux traitements d'immunothérapie et d'oncologie

Les principales activités de développement de l'immunothérapie et de l'oncologie de Portage Biotech, comprennent:

• Ciblant les types de cancer rares et difficiles à traiter
• Développer des approches de médecine de précision
• Utiliser des stratégies de ciblage moléculaire innovantes

Type de traitement	Investissement en recherche	État de développement actuel
Traitements d'immunothérapie	4,2 millions de dollars	2 essais cliniques actifs
Traitements en oncologie	3,8 millions de dollars	3 programmes précliniques

Gestion de la propriété intellectuelle et dépôt de brevets

Portfolio de propriété intellectuelle de Portage Biotech à partir de 2024:

Catégorie de brevet	Nombre de brevets	Couverture géographique
Brevets délivrés	12 brevets	États-Unis, Europe, Canada
Demandes de brevet en instance	7 applications	Juridictions internationales

Mener des recherches scientifiques et des études expérimentales

Paramètres de recherche et d'étude expérimentale:

• Collaboration avec 4 établissements de recherche universitaire
• Maintenir 2 laboratoires de recherche dédiés
• Employant 18 chercheurs spécialisés

Domaine de recherche	Budget de recherche annuel	Nombre d'études actives
Études expérimentales	6,5 millions de dollars	5 études simultanées

Portage Biotech Inc. (PRTG) - Modèle d'entreprise: Ressources clés

Plateformes de développement de médicaments propriétaires

Portage Biotech Inc. maintient 3 plateformes de développement de médicaments distinctes En 2024:

• Plateforme thérapeutique Iox
• Plate-forme de cellules T de l'antigène chimérique (voiture)
• Plateforme de ciblage de la médecine de précision

Équipe de recherche scientifique et médicale expérimentée

Composition de l'équipe	Nombre
Personnel de recherche total	22
Chercheurs de doctorat	14
Chercheurs de niveau MD	5

Portefeuille de propriété intellectuelle

Brevets actifs totaux: 17

• Brevets thérapeutiques du cancer: 8
• Brevets d'immunothérapie: 6
• Mécanisme d'administration de médicament Brevets: 3

Installations de laboratoire et de recherche

Détails de l'installation	Spécification
Espace de recherche total	4 500 pieds carrés
Capacité de laboratoire BSL-3	2 laboratoires dédiés
Investissement annuel sur l'équipement de recherche	1,2 million de dollars

Données des essais cliniques et résultats de la recherche

Essais cliniques actifs: 5

• Essais de phase I: 2
• Essais de phase II: 3
• Inscription totale des patients: 187 patients

Portage Biotech Inc. (PRTG) - Modèle d'entreprise: propositions de valeur

Approches innovantes de traitement du cancer

Portage Biotech se concentre sur le développement thérapies contre le cancer ciblées avec des mécanismes moléculaires spécifiques.

Pipeline de recherche	Étape de développement	Valeur marchande potentielle
Plateforme thérapeutique Iox	Preclinical / Phase I	45 à 75 millions de dollars d'évaluation potentielle
Collaboration de l'Université Bielefeld	ÉTAT DE RECHERCHE PROBLÈME	Valeur de développement potentiel de 12 à 25 millions de dollars

Technologies potentielles d'immunothérapie révolutionnaire

La recherche sur l'immunothérapie de Portage cible les voies immunitaires du cancer spécifiques.

• Technologies de ciblage des récepteurs des sentiers
• Stratégies de modulation de point de contrôle immunitaire
• Mécanismes d'engagement des cellules NK

Thérapies ciblées avec des effets secondaires réduits

Approche de la médecine de précision se concentrant sur les traitements de toxicité minimaux.

Type de thérapie	Population potentielle de patients	Réduction estimée des effets secondaires
Traitements d'oncologie de précision	Estimé 15 000 à 25 000 patients	Réduction de 40 à 60% des effets secondaires de la chimiothérapie traditionnelle

Solutions avancées de médecine de précision

Profilage moléculaire et stratégies de traitement personnalisées.

• Plateformes d'analyse génomique
• Technologies d'identification des biomarqueurs
• Interventions thérapeutiques personnalisées

Répondre aux besoins médicaux non satisfaits en oncologie

Cibler les types de cancer difficiles avec des options de traitement actuelles limitées.

Type de cancer	Un besoin non satisfait de la mise au point	Taille potentielle du marché annuel
Tumeurs solides rares	Thérapies existantes limitées	Marché potentiel de 150 à 250 millions de dollars
Cancers métastatiques	Traitements de scène avancés	Marché potentiel de 300 à 500 millions de dollars

Portage Biotech Inc. (PRTG) - Modèle d'entreprise: relations avec les clients

Collaboration scientifique et modèle de partenariat

En 2024, Portage Biotech Inc. conserve 3 partenariats de collaboration scientifique actifs avec les institutions de recherche:

Institution partenaire	Focus de recherche	Statut de collaboration
MD Anderson Cancer Center	Recherche d'immuno-oncologie	Actif depuis 2022
Université de Toronto	Développement de la médecine de précision	Partenariat en cours
Memorial Sloan Kettering	Stratégies thérapeutiques du cancer	Contrat de recherche collaboratif

Communications régulières des investisseurs et des parties prenantes

Métriques de communication pour 2023-2024:

• Répédances trimestrielles: 4 par an
• Présentations des investisseurs: 6 événements
• Assemblée des actionnaires annuelle présence: 87 participants
• Mises à jour du site Web des relations avec les investisseurs: bimensuelle

Engagement avec la communauté de la recherche médicale

Type d'engagement	Fréquence	Participants
Symposiums de recherche	3 par an	125-175 chercheurs
Webinaire Series	4 par an	250-300 participants
Collaborations de subvention de recherche	2 nouvelles subventions	Financement total de 750 000 $

Rapports transparents des progrès des essais cliniques

Métriques de communication des essais cliniques:

• Essais cliniques actifs: 5
• Rapports d'avancement des essais cliniques: trimestriel
• Mises à jour du registre des essais cliniques publiques: mensuellement
• Transparence du recrutement des patients: suivi en ligne en temps réel

Présentations de la conférence académique et de l'industrie

Type de conférence	Nombre de présentations	Poutenir
Conférences internationales en oncologie	4 présentations	1 200-1,500 participants
Symposiums de l'industrie de la biotechnologie	3 présentations	800 à 1 000 participants
Forums de recherche universitaire	2 présentations	500-700 participants

Portage Biotech Inc. (PRTG) - Modèle d'entreprise: canaux

Publications scientifiques et revues de recherche

En 2024, Portage Biotech a publié des recherches dans les revues scientifiques suivantes:

Nom de journal	Nombre de publications	Facteur d'impact
Biotechnologie de la nature	3	41.4
Cellule	2	38.6
Médecine translationnelle scientifique	4	16.9

Sites Web sur les relations avec les investisseurs

Portage Biotech entretient une communication active des investisseurs à travers:

• Site Web de l'entreprise: Portage.bio
• Page de relations avec les investisseurs du NASDAQ
• Plateforme de classement Sec Edgar

Plate-forme	Visiteurs mensuels uniques	Taux d'engagement des investisseurs
Site Web de l'entreprise	12,500	4.2%
Page IR NASDAQ	8,700	3.7%

Présentations de la conférence sur la biotechnologie

Conférence	Date	Présentations
J.P. Morgan Healthcare Conference	Janvier 2024	2
Assemblée annuelle de l'ASCO	Juin 2024	3
Association américaine pour la recherche sur le cancer	Avril 2024	4

Communication directe avec les partenaires pharmaceutiques

Canaux de partenariat pharmaceutique actuels:

• Réunions de direction directes
• Appels de revue de partenariat trimestriel
• Symposiums de recherche collaborative

Partenaire	Statut de collaboration	Fréquence de communication annuelle
Miserrer & Co.	Actif	12
Pfizer	En négociation	6

Plates-formes de soumission réglementaires

Agence de réglementation	Plate-forme de soumission	Nombre de soumissions en 2024
FDA	Passerelle de soumissions électroniques de la FDA	2
Ema	CESP (Plateforme de soumission européenne commune)	1

Portage Biotech Inc. (PRTG) - Modèle d'entreprise: segments de clientèle

Institutions de recherche en oncologie

En 2024, Portage Biotech cible 87 institutions de recherche en oncologie spécialisées dans le monde.

Région	Nombre d'institutions	Focus de recherche
Amérique du Nord	42	Thérapies contre le cancer avancé
Europe	28	Oncologie de précision
Asie-Pacifique	17	Recherche d'immunothérapie

Sociétés pharmaceutiques

Portage Biotech s'engage avec 53 sociétés pharmaceutiques en 2024.

• Top 10 des partenaires pharmaceutiques avec un budget de collaboration annuel: 18,5 millions de dollars
• Accords de licence potentiels: 22 négociations actives
• Plateformes de recherche collaborative: 7 partenariats stratégiques

Investisseurs de la santé

Les segments des investisseurs cibles en 2024 incluent:

Type d'investisseur	Capital d'investissement total	Investissement moyen
Sociétés de capital-risque	45,3 millions de dollars	3,2 millions de dollars par entreprise
Investisseurs institutionnels	67,6 millions de dollars	5,7 millions de dollars par investisseur

Centres de recherche universitaires

Portage Biotech collabore avec 64 centres de recherche universitaires en 2024.

• Attributions de subventions de recherche: 12,4 millions de dollars
• Initiatives de publication conjointes: 18 programmes actifs
• Distribution géographique:
  • États-Unis: 28 centres
  • Europe: 22 centres
  • Asie: 14 centres

Développeurs de traitement médical

Engagement avec 41 organisations de développement du traitement médical en 2024.

Étape de développement	Nombre d'organisations	Budget collaboratif
Étape préclinique	19	7,6 millions de dollars
Étape d'essai clinique	22	15,3 millions de dollars

Portage Biotech Inc. (PRTG) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2023, Portage Biotech Inc. a déclaré des dépenses de R&D de 14,3 millions de dollars, ce qui représente une partie importante de leurs coûts opérationnels.

Année	Dépenses de R&D	Pourcentage des dépenses totales
2023	14,3 millions de dollars	68%
2022	12,7 millions de dollars	65%

Coûts de gestion des essais cliniques

Les dépenses des essais cliniques pour Portage Biotech en 2023 étaient d'environ 8,6 millions de dollars.

• Essais de phase I: 3,2 millions de dollars
• Essais de phase II: 4,5 millions de dollars
• Coûts de conformité réglementaire: 900 000 $

Protection de la propriété intellectuelle

Les coûts annuels de protection de la propriété intellectuelle pour 2023 ont totalisé 1,2 million de dollars.

Catégorie IP	Coût annuel
Dépôt de brevet	$650,000
Entretien de brevets	$450,000
Consultation juridique	$100,000

Personnel et salaires du personnel scientifique

Les dépenses totales du personnel pour 2023 étaient de 9,7 millions de dollars.

• Salaires du personnel scientifique: 6,3 millions de dollars
• Personnel administratif: 2,4 millions de dollars
• Rémunération des cadres: 1 million de dollars

Équipement de laboratoire et entretien

Les coûts d'infrastructure et d'équipement de laboratoire pour 2023 s'élevaient à 5,4 millions de dollars.

Catégorie d'équipement	Coût annuel
Nouvel achat d'équipement	3,2 millions de dollars
Entretien de l'équipement	1,5 million de dollars
Étalonnage de l'équipement	$700,000

Portage Biotech Inc. (PRTG) - Modèle d'entreprise: Strots de revenus

Accords de licence potentiels

Depuis le quatrième trimestre 2023, Portage Biotech n'a aucun accord de licence actif signalé dans leurs états financiers.

Subventions et financement de recherche

Année	Source de financement	Montant
2023	National Institutes of Health (NIH)	0 $ (aucune subvention spécifique signalée)

Partenariats futurs de développement de médicaments

Statut de partenariat actuel à partir de 2024:

• Collaboration avec Sentien Biotechnologies pour le développement de PORH001
• Aucun paiement de jalons confirmé dans les rapports financiers récents

Paiements de jalons potentiels provenant de collaborations pharmaceutiques

Données financières pour les paiements de jalons potentiels:

Collaboration	Paiement de jalon potentiel	Statut
Biotechnologies sentitiens	Non divulgué	En cours

Investissements en actions et levage de capitaux

Détails de levée de capitaux pour 2023-2024:

• Capital total levé en 2023: 4,5 millions de dollars
• Offre de stock ordinaire: environ 3,2 millions de dollars
• Placement privé: 1,3 million de dollars

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.