Portage Biotech is a clinical-stage immuno-oncology company developing drugs designed to help the immune system fight cancer by blocking the mechanisms tumors use to suppress immune activity within the tumor microenvironment. Portage generates no revenue and is entirely development-stage, funded by capital raises. The company operates as a virtual drug developer with minimal employees and no labs or infrastructure, outsourcing all clinical and manufacturing operations to contract research organizations. Each program is held in a separate subsidiary, which is designed to facilitate asset-level licensing, partnerships, or sales to larger pharma companies. Portage's pipeline centers on two platforms: an adenosine receptor antagonist platform and an iNKT cell engager platform. The lead adenosine program, PORT-6, is a selective A2A receptor antagonist currently in Phase 1 dose escalation, with enrollment recently resumed after a pause due to funding constraints. PORT-7, an A2B antagonist, has shown preclinical activity but has not yet dosed patients. The iNKT platform's lead asset, PORT-2, had its company-sponsored trial discontinued in early 2024 due to funding, and Portage is exploring selling the subsidiary that holds it. Several other programs have been terminated or written down. Portage is actively exploring strategic alternatives, including asset sales, partnerships, mergers, and new financing, and has explicitly stated that continued development depends on securing additional capital that is not currently in hand.