Portage Biotech Reports Fiscal Year-Ended March 31, 2023 Financial Results And Business Update; FY23 EPS $(6.49) Vs $(1.29) YoY
Portfolio Pulse from Happy Mohamed
Portage Biotech Inc. (NASDAQ:PRTG) reported a net loss of $104.7 million for the fiscal year ended March 31, 2023, compared to a net loss of $19.2 million for the previous year. The company also announced progress in its clinical programs, including the dosing of the first patient in its adaptive Phase 1a/1b trial, ADPORT-601, evaluating PORT-6, an adenosine 2A receptor antagonist candidate. Portage has also entered into a clinical collaboration agreement with Merck for the evaluation of PORT-2, in combination with KEYTRUDA, Merck's anti-PD-1 therapy.
July 31, 2023 | 9:15 pm
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NEGATIVE IMPACT
Portage Biotech performed a fair value analysis on its investment in Intensity Therapeutics, resulting in a non-cash unrealized loss in value of $5.322 million.
The reported non-cash unrealized loss on Portage Biotech's investment in Intensity Therapeutics could potentially have a negative impact on INTS's stock price in the short term.
CONFIDENCE 90
IMPORTANCE 60
RELEVANCE 50
NEGATIVE IMPACT
Portage Biotech reported a significant increase in net loss for FY23, which could negatively impact investor sentiment. However, progress in clinical programs and a partnership with Merck could potentially offset this.
The significant increase in net loss for FY23 could negatively impact the stock price in the short term. However, the company's progress in its clinical programs and its partnership with Merck could potentially offset this negative impact.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100