Portage Biotech Inc. (PRTG): Business Model Canvas [Dec-2025 Updated]

Honestly, when you see a company like Portage Biotech Inc. (PRTG) execute such a radical pivot-shifting from immuno-oncology research to building a digital asset treasury focused on the Telegram ecosystem-you have to look closer. This isn't just a small tweak; they've secured a $35 million loan facility from BitGo to fund a target of roughly $100 million in Toncoin (TON) assets, all while managing legacy R&D costs like their $3.1 million in FY2025 expenses. I've seen plenty of corporate makeovers, but this one is unique, blending novel drug IP with blockchain yield. You need to see the full breakdown of how they've rewired their entire business model, so check out the canvas details right below.

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

You're looking at the structure of AlphaTON Capital Corp, formerly Portage Biotech Inc., as it pivots toward a digital asset treasury strategy while maintaining its core biotech assets. The Key Partnerships block is critical for both the new crypto focus and the legacy R&D.

The most significant recent financial partnership is the debt facility secured to bolster the new treasury strategy. This is a clear move to gain immediate liquidity tied to digital assets.

This $35 million loan, dated August 28, 2025, is set to mature six months from disbursement, bearing an annual interest rate of 15.75%. The company took down the full amount at closing, paying a 2.00% origination fee.

For guidance on the new digital asset focus, the firm has engaged high-profile strategic advisors. These individuals provide market navigation expertise for the shift in corporate focus.

• Anthony Scaramucci, CEO of Skybridge Capital, provides crypto market guidance.
• Michael Terpin is also listed as a strategic advisor.
• Jamie Rogozinski is part of the advisory team.

Regarding the legacy immuno-oncology pipeline, the management of clinical trials relies on external specialized organizations, though recent financial data shows a significant reduction in related spending due to trial pauses. Clinical trial costs, principally CRO-related, decreased by approximately $3.4 million from $5.2 million in Fiscal 2024 to $1.8 million in Fiscal 2025. The R&D expenses for the fiscal year ended March 31, 2025, totaled approximately $3.1 million, down from $12.5 million in Fiscal 2024. The ADPORT-601 trial was paused due to a lack of financial resources.

The development strategy for novel immuno-oncology assets, which includes lead programs like first-in-class iNKT small molecule engagers and best-in-class adenosine antagonists, is bolstered by academic collaboration. This unique business model leverages a strong network of academic experts to efficiently advance products from bench through human proof of concept. For example, data for PORT-7 was presented by Dr. Luciano Mutti of the University of L\'Aquila, Italy, at the AACR Annual Meeting on April 28, 2025.

To give you a sense of the capital structure around the time of these strategic shifts, Portage Biotech completed a private financing in January 2025, raising $2.15 million by selling 524,390 ordinary shares at $4.10 per share. As of March 31, 2025, the company held approximately $1.7 million in cash and cash equivalents. Finance: review the covenants on the $35 million BitGo loan against the current TON collateral valuation by next Tuesday.

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

You're looking at a company that has made a sharp turn, moving from a pure-play biotech focus to a hybrid model where digital assets are now front and center. The key activities reflect this dual existence, though the crypto side is clearly driving the near-term capital strategy.

Digital asset treasury management and Toncoin (TON) acquisition

The primary activity here is building and managing a significant digital asset treasury, specifically centered on Toncoin (TON). Portage Biotech, now operating as AlphaTON Capital Corp. (ticker changed from PRTG to ATON effective September 4, 2025), is executing a strategy to accumulate this asset. The target treasury size is approximately $100 million in market value.

The initial funding for this treasury came from specific sources, which is important for understanding the initial capital structure. Here's the quick math on the funding secured:

A critical element of this activity is the acquisition cost. The company secured the first $100 million in TON market value for an outlay of less than $70 million, indicating a significant discount on the initial purchase. This strategy is designed to provide shareholders exposure to the expanding Telegram ecosystem, which boasts over one billion monthly active users.

Network validation and staking within the TON blockchain ecosystem

Beyond simple holding, AlphaTON Capital Corp. is actively engaged in the operational mechanics of the TON blockchain. This is a revenue-generating activity, not just a passive investment. The company's operational strategy explicitly includes securing the network through these mechanisms.

The core activities related to the blockchain infrastructure include:

• Network validation within the TON blockchain.
• Generating revenue through staking TON to secure the network.
• Investing in and developing new projects within the Telegram environment, including DeFi and gaming applications.

Managing the adenosine antagonist clinical pipeline (PORT-6)

Despite the pivot, the legacy biotech work continues, focusing on the adenosine antagonist platform. The key activity here is advancing the ADPORT-601 Phase 1b clinical trial. Enrollment in the fourth and final cohort of the dose escalation stage for PORT-6 (a highly selective A2A antagonist) resumed on March 12, 2025, after a prior pause due to funding concerns.

The plan for the pipeline post-PORT-6 completion involves a phased evaluation:

• Complete dose escalation for PORT-6.
• Evaluate continuation into the PORT-7 (A2B antagonist) and combination arms on a segment-by-segment basis.
• Making final preparations for a first-in-human clinical trial with PORT-7, following confirmatory preclinical results in mesothelioma reported on April 28, 2025.

The company is aiming for the first time two highly selective A2A and A2B antagonists are combined in patients to achieve a complete blockade of adenosine-induced immunosuppression.

Exploring strategic alternatives for legacy biotech assets (licensing/sale)

A crucial, ongoing activity is the evaluation of strategic options for the remaining biotech assets to enhance shareholder value, especially given the prior funding constraints that led to pausing trials. The company is exploring a wide range of alternatives, which signals the ongoing management of these non-core, yet valuable, assets.

The financial impact of winding down certain activities is evident in the cost structure reported for Q1 Fiscal 2025:

The company implemented cost-savings, which included a reduction in workforce, focusing remaining employees primarily on the adenosine clinical programs. This focus resulted in significant cost reductions compared to prior periods:

The exploration of strategic alternatives is now complemented by a new blockchain-enabled approach for the science side, where CEO Brittany Kaiser highlighted the exploration of real-world asset tokenization (RWA) to decentralize scientific funding. This aims to remove traditional financial barriers for biomedical innovation.

Cost reductions reflect this strategic shift and pausing of certain programs:

If onboarding takes 14+ days, churn risk rises, but here, the risk is more about the timeline for finalizing a deal for the legacy assets.

Finance: draft 13-week cash view by Friday.

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

You're looking at the core assets that underpin the current strategy of Portage Biotech Inc., which is actively pivoting its focus, as evidenced by its transition to AlphaTON Capital Corp. and the associated leadership changes.

The tangible financial resources are quite specific as of the last reported fiscal year end.

The intellectual property forms the foundation of the legacy, yet still active, biotech pipeline.

• Intellectual Property for adenosine antagonists.
• Specific assets include PORT-6, a potent and selective inhibitor of the A2A adenosine receptor.
• Specific assets include PORT-7 (TT-4), a selective adenosine A2B receptor inhibitor.
• The plan involves co-administering PORT-6 and PORT-7 in the ADPORT-601 trial.

The human capital is undergoing a significant shift to support the new digital asset strategy, while retaining biotech expertise.

• Incoming Chief Executive Officer, Brittany Kaiser, is noted as a pioneer in data protection, digital assets, and public equity markets.
• Enzo Villani appointed as CIO and Executive Chairman for the new structure.
• The executive team has a history of success in drug development, collectively contributing to ten oncology drug approvals.

This combination of cash runway, high-value biotech IP, and a newly structured executive team with digital asset focus defines the current Key Resources.

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.

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.

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:

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:

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:

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:

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.

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.