Portage Biotech Inc. (PRTG): Modelo de negócios Canvas [Jan-2025 Atualizado]

No cenário dinâmico da biotecnologia, a Portage Biotech Inc. (PRTG) surge como um inovador inovador, posicionando-se estrategicamente na interseção da pesquisa de câncer de ponta e soluções transformadoras de imunoterapia. Ao criar meticulosamente um modelo de negócios abrangente que preenche o brilho acadêmico, a inovação científica e as parcerias estratégicas, a Portage está pronta para revolucionar os paradigmas de tratamento de oncologia. Sua abordagem única não apenas atende às necessidades médicas não atendidas críticas, mas também apresenta uma narrativa convincente do empreendedorismo científico que promete remodelar como entendemos e combate os desafios complexos do câncer.

Portage Biotech Inc. (PRTG) - Modelo de negócios: Parcerias -chave

Instituições de pesquisa acadêmica para desenvolvimento colaborativo de medicamentos

Portage Biotech Inc. mantém parcerias estratégicas com as seguintes instituições de pesquisa acadêmica:

Instituição	Foco na pesquisa	Detalhes da colaboração
Centro de Câncer Anderson da Universidade do Texas	Pesquisa de imuno-oncologia	Desenvolvimento de medicamentos colaborativos para inibidores de HDAC
Memorial Sloan Kettering Cancer Center	Terapêutica do câncer	Colaboração de pesquisa em estágio inicial

Empresas farmacêuticas para suporte ao ensaio clínico

As parcerias farmacêuticas da Portage Biotech incluem:

• Merck & Co. - Colaboração de ensaios clínicos para terapias imunes -oncológicas
• Bristol Myers Squibb - Suporte à pesquisa para plataformas de medicina de precisão

Investidores estratégicos e empresas de capital de risco

Investidor	Valor do investimento	Ano de investimento
Consultores perceptivos	US $ 12,5 milhões	2022
Capital Vivo	US $ 8,3 milhões	2021

Organizações de pesquisa contratada (CROs) para ensaios clínicos

Portage Biotech colabora com CROs especializados:

• IQVIA - Gerenciamento global de ensaios clínicos
• Parexel International - Suporte de ensaios clínicos de oncologia
• Medpace - Serviços de pesquisa clínica especializados

Total de investimentos em parceria: aproximadamente US $ 20,8 milhões em colaborações estratégicas a partir de 2024

Portage Biotech Inc. (PRTG) - Modelo de negócios: Atividades -chave

Pesquisa de medicamentos pré -clínicos e clínicos

A partir de 2024, a Portage Biotech Inc. se concentra na pesquisa pré-clínica e em estágio clínico com os seguintes parâmetros específicos:

Categoria de pesquisa	Estágio atual	Número de programas ativos
Pesquisa pré -clínica	Desenvolvimento ativo	3 programas
Pesquisa em estágio clínico	Ensaios de Fase I/II	2 programas

Desenvolvimento de novos tratamentos de imunoterapia e oncologia

As principais atividades de imunoterapia e oncologia de Portage Biotech incluem:

• Visando tipos de câncer raros e difíceis de tratar
• Desenvolvendo abordagens de medicina de precisão
• Utilizando estratégias inovadoras de segmentação molecular

Tipo de tratamento	Investimento em pesquisa	Status de desenvolvimento atual
Tratamentos de imunoterapia	US $ 4,2 milhões	2 ensaios clínicos ativos
Tratamentos oncológicos	US $ 3,8 milhões	3 programas pré -clínicos

Gerenciamento de propriedade intelectual e arquivamento de patentes

O portfólio de propriedade intelectual da Portage Biotech a partir de 2024:

Categoria de patentes	Número de patentes	Cobertura geográfica
Patentes emitidas	12 patentes	Estados Unidos, Europa, Canadá
Aplicações de patentes pendentes	7 Aplicações	Jurisdições internacionais

Conduzindo pesquisa científica e estudos experimentais

Parâmetros de pesquisa e estudo experimental:

• Colaboração com 4 instituições de pesquisa acadêmica
• Mantendo 2 laboratórios de pesquisa dedicados
• Empregando 18 cientistas de pesquisa especializados

Área de pesquisa	Orçamento de pesquisa anual	Número de estudos ativos
Estudos experimentais	US $ 6,5 milhões	5 estudos simultâneos

Portage Biotech Inc. (PRTG) - Modelo de negócios: Recursos -chave

Plataformas proprietárias de desenvolvimento de medicamentos

Portage Biotech Inc. mantém 3 plataformas distintas de desenvolvimento de medicamentos a partir de 2024:

• Plataforma da Iox Therapeutics
• Receptor de antígeno quimérico (CAR) Plataforma de células T
• Plataforma de direcionamento de medicina de precisão

Equipe de pesquisa científica e médica experiente

Composição da equipe	Número
Pessoal de pesquisa total	22
Pesquisadores de nível de doutorado	14
Pesquisadores de nível de MD	5

Portfólio de propriedade intelectual

Total de patentes ativas: 17

• Patentes terapêuticas de câncer: 8
• Patentes de imunoterapia: 6
• Mecanismo de entrega de medicamentos Patentes: 3

Instalações de laboratório e pesquisa

Detalhes da instalação	Especificação
Espaço total de pesquisa	4.500 pés quadrados
Capacidade laboratorial BSL-3	2 laboratórios dedicados
Investimento anual de equipamentos de pesquisa	US $ 1,2 milhão

Dados de ensaios clínicos e descobertas de pesquisa

Ensaios clínicos ativos: 5

• Ensaios de Fase I: 2
• Ensaios de Fase II: 3
• Total de matrícula do paciente: 187 pacientes

Portage Biotech Inc. (PRTG) - Modelo de negócios: proposições de valor

Abordagens inovadoras de tratamento de câncer

Portage Biotech se concentra no desenvolvimento terapias de câncer direcionadas com mecanismos moleculares específicos.

Oleoduto de pesquisa	Estágio de desenvolvimento	Valor potencial de mercado
Plataforma da Iox Therapeutics	Pré -clínico/Fase I.	US $ 45-75 milhões em potencial avaliação
Colaboração da Universidade Biefeld	Estágio inicial de pesquisa	US $ 12-25 milhões em potencial valor de desenvolvimento

Potenciais tecnologias de imunoterapia inovadoras

A pesquisa de imunoterapia de Portage tem como alvo vias imunológicas de câncer específicas.

• Tecnologias de direcionamento de receptores de trilha
• Estratégias de modulação do ponto de verificação imune
• Mecanismos de engajamento de células NK

Terapias direcionadas com efeitos colaterais reduzidos

Abordagem de medicina de precisão com foco em tratamentos mínimos de toxicidade.

Tipo de terapia	Potencial população de pacientes	Redução estimada em efeitos colaterais
Tratamentos de oncologia de precisão	Estimado 15.000 a 25.000 pacientes	Redução de 40-60% nos efeitos colaterais da quimioterapia tradicional

Soluções avançadas de medicina de precisão

Profiling molecular e estratégias de tratamento personalizadas.

• Plataformas de análise genômica
• Tecnologias de identificação de biomarcadores
• Intervenções terapêuticas personalizadas

Atendendo às necessidades médicas não atendidas em oncologia

Direcionando tipos desafiadores de câncer com opções de tratamento atuais limitadas.

Tipo de câncer	Não atendido necessidade de foco	Tamanho do mercado anual potencial
Tumores sólidos raros	Terapias existentes limitadas	US $ 150-250 milhões em potencial mercado
Cânceres metastáticos	Tratamentos de estágio avançado	US $ 300-500 milhões em potencial mercado

Portage Biotech Inc. (PRTG) - Modelo de Negócios: Relacionamentos do Cliente

Modelo de colaboração e parceria científica

A partir de 2024, a Portage Biotech Inc. mantém 3 parcerias ativas de colaboração científica com instituições de pesquisa:

Instituição parceira	Foco na pesquisa	Status de colaboração
MD Anderson Cancer Center	Pesquisa de imuno-oncologia	Ativo desde 2022
Universidade de Toronto	Desenvolvimento de Medicina de Precisão	Parceria em andamento
Memorial Sloan Kettering	Estratégias terapêuticas do câncer	Acordo de Pesquisa Colaborativa

Comunicações regulares de investidores e partes interessadas

Métricas de comunicação para 2023-2024:

• Chamadas trimestrais de ganhos: 4 por ano
• Apresentações de investidores: 6 eventos
• Atenção anual para os acionistas: 87 participantes
• Atualizações do site de Relações com Investidores: Bimensal

Engajamento com a comunidade de pesquisa médica

Tipo de engajamento	Freqüência	Participantes
Simpósios de pesquisa	3 por ano	125-175 pesquisadores
Série de webinar	4 por ano	250-300 participantes
Pesquisa colaborações de concessão	2 novos subsídios	US $ 750.000 financiamento total

Relatório transparente do progresso do ensaio clínico

Métricas de comunicação de ensaios clínicos:

• Ensaios clínicos ativos: 5
• Relatórios de progresso do ensaio clínico: trimestralmente
• Atualizações do Registro de Ensaios Clínicos Públicos: Mensal
• Transparência de recrutamento de pacientes: rastreamento online em tempo real

Apresentações da conferência acadêmica e da indústria

Tipo de conferência	Número de apresentações	Alcance do público
Conferências de Oncologia Internacional	4 apresentações	1.200-1.500 participantes
Simpósios da indústria de biotecnologia	3 apresentações	800-1.000 participantes
Fóruns de pesquisa acadêmica	2 apresentações	500-700 participantes

Portage Biotech Inc. (PRTG) - Modelo de Negócios: Canais

Publicações científicas e revistas de pesquisa

A partir de 2024, Portage Biotech publicou pesquisas nas seguintes revistas científicas:

Nome do diário	Número de publicações	Fator de impacto
Biotecnologia da natureza	3	41.4
Célula	2	38.6
Ciência Medicina Translacional	4	16.9

Sites de relações com investidores

Portage Biotech mantém a comunicação ativa do investidor através de:

• Site da empresa: Portage.bio
• Página de relações com investidores da NASDAQ
• Plataforma de arquivamento da SEC Edgar

Plataforma	Visitantes mensais únicos	Taxa de envolvimento do investidor
Site da empresa	12,500	4.2%
Página Nasdaq IR	8,700	3.7%

Apresentações da Conferência de Biotecnologia

Conferência	Data	Apresentações
J.P. Morgan Healthcare Conference	Janeiro de 2024	2
Reunião Anual da ASCO	Junho de 2024	3
Associação Americana de Pesquisa do Câncer	Abril de 2024	4

Comunicação direta com parceiros farmacêuticos

Canais de parceria farmacêutica atuais:

• Reuniões executivas diretas
• Chamadas trimestrais de revisão de parceria
• Simpósios de pesquisa colaborativa

Parceiro	Status de colaboração	Frequência de comunicação anual
Merck & Co.	Ativo	12
Pfizer	Em negociação	6

Plataformas de submissão regulatória

Agência regulatória	Plataforma de envio	Número de envios em 2024
FDA	Gateway de envio eletrônico da FDA	2
Ema	Cesp (plataforma de submissão européia comum)	1

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

Instituições de Pesquisa Oncológica

A partir de 2024, o Portage Biotech tem como alvo 87 instituições especializadas em pesquisa em oncologia em todo o mundo.

Região	Número de instituições	Foco na pesquisa
América do Norte	42	Terapias avançadas para o câncer
Europa	28	Oncologia de precisão
Ásia-Pacífico	17	Pesquisa de imunoterapia

Empresas farmacêuticas

O Portage Biotech se envolve com 53 empresas farmacêuticas em 2024.

• 10 principais parceiros farmacêuticos com orçamento anual de colaboração: US $ 18,5 milhões
• Acordos de licenciamento em potencial: 22 negociações ativas
• Plataformas de pesquisa colaborativa: 7 parcerias estratégicas

Investidores em saúde

Os segmentos de investidores -alvo em 2024 incluem:

Tipo de investidor	Capital total de investimento	Investimento médio
Empresas de capital de risco	US $ 45,3 milhões	US $ 3,2 milhões por empresa
Investidores institucionais	US $ 67,6 milhões	US $ 5,7 milhões por investidor

Centros de pesquisa acadêmica

Portage Biotech colabora com 64 centros de pesquisa acadêmica em 2024.

• Pesquisa Grant Alocations: US $ 12,4 milhões
• Iniciativas de publicação conjunta: 18 programas ativos
• Distribuição geográfica:
  • Estados Unidos: 28 centros
  • Europa: 22 centros
  • Ásia: 14 centros

Desenvolvedores de tratamento médico

Engajamento com 41 organizações de desenvolvimento de tratamento médico em 2024.

Estágio de desenvolvimento	Número de organizações	Orçamento colaborativo
Estágio pré-clínico	19	US $ 7,6 milhões
Estágio do ensaio clínico	22	US $ 15,3 milhões

Portage Biotech Inc. (PRTG) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2023, a Portage Biotech Inc. registrou despesas de P&D de US $ 14,3 milhões, representando uma parcela significativa de seus custos operacionais.

Ano	Despesas de P&D	Porcentagem do total de despesas
2023	US $ 14,3 milhões	68%
2022	US $ 12,7 milhões	65%

Custos de gerenciamento de ensaios clínicos

As despesas de ensaios clínicos para o Portage Biotech em 2023 foram de aproximadamente US $ 8,6 milhões.

• Ensaios de Fase I: US $ 3,2 milhões
• Ensaios de Fase II: US $ 4,5 milhões
• Custos de conformidade regulatória: US $ 900.000

Proteção à propriedade intelectual

Os custos anuais de proteção de propriedade intelectual para 2023 totalizaram US $ 1,2 milhão.

Categoria IP	Custo anual
Registro de patentes	$650,000
Manutenção de patentes	$450,000
Consulta legal	$100,000

Salários de pessoal e funcionários científicos

As despesas totais de pessoal para 2023 foram de US $ 9,7 milhões.

• Salários da equipe científica: US $ 6,3 milhões
• Pessoal Administrativo: US $ 2,4 milhões
• Compensação de executivos: US $ 1 milhão

Equipamento e manutenção de laboratório

A infraestrutura de laboratório e os custos de equipamentos para 2023 totalizaram US $ 5,4 milhões.

Categoria de equipamento	Custo anual
Compra de novos equipamentos	US $ 3,2 milhões
Manutenção do equipamento	US $ 1,5 milhão
Calibração do equipamento	$700,000

Portage Biotech Inc. (PRTG) - Modelo de negócios: fluxos de receita

Acordos de licenciamento em potencial

A partir do quarto trimestre 2023, a Portage Biotech não possui acordos de licenciamento ativos relatados em suas demonstrações financeiras.

Bolsas de pesquisa e financiamento

Ano	Fonte de financiamento	Quantia
2023	Institutos Nacionais de Saúde (NIH)	$ 0 (sem subsídios específicos relatados)

Futuras parcerias de desenvolvimento de medicamentos

Status de parceria atual a partir de 2024:

• Colaboração com a Sentien Biotechnologies para o PORH001 Development
• Nenhum pagamento de marco confirmado em relatórios financeiros recentes

Potenciais pagamentos marcantes de colaborações farmacêuticas

Dados financeiros para possíveis pagamentos de marcos:

Colaboração	Pagamento em potencial	Status
Biotecnologias de Sentien	Não divulgado	Em andamento

Investimentos em ações e elevação de capital

Detalhes de levantamento de capital para 2023-2024:

• Capital total levantado em 2023: US $ 4,5 milhões
• Oferta de ações ordinárias: aproximadamente US $ 3,2 milhões
• Colocação privada: US $ 1,3 milhão

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.