Portage Biotech : Corporate Presentation - March 2024

Corporate Presentation

Nasdaq: PRTG

March 2024

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Legal Disclaimer

Forward-Looking Information

This presentation contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. Statements in this presentation that are not statements of historical fact are forward-looking statements. Words such as "may," "will," "should," "expect," "plan," "anticipate," "could," "intend," "target," "project," "estimate," "believe," "predict," "potential" or "continue" or the negative of these terms or other similar expressions are intended to identify forward-looking statements, though not all forward- looking statements contain these identifying words. These statements are based on the beliefs and assumptions of our management based on information currently available to management. Such forward-looking statements are subject to risks, uncertainties and other important factors that could cause actual results and the timing of certain events to differ materially from future results expressed or implied by such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, the Company's ability to obtain financing in the future to cover its operational costs and progress its plans for clinical development; the Company's estimates regarding its capital requirements; the Company's ability to continue as a going concern; the Company's plans and ability to develop and commercialize product candidates and the timing of these development programs; the Company's clinical development of its product candidates, including the results of current and future clinical trials; the benefits and risks of the Company's product candidates as compared to others; the Company's maintenance and establishment of intellectual property rights in its product candidates; the Company's estimates of future revenues and profitability; the Company's estimates of the size of the potential markets for its product candidates; the Company's selection and licensing of product candidates; and other factors set forth in "Item 3 - Key Information-Risk Factors" in the Company's Annual Report on Form 20-F for the year ended March 31, 2023, and those discussed in the Company's other reports filed with the Securities and Exchange Commission from time to time. Except as required by law, we undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements.

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Investment Highlights

Immuno-Oncology Company with Two Potential Best in Class Compounds in the Clinic

Multiple Data Catalysts in 2024 and 2025

Experienced Leadership Team from Bristol Myers Squibb

Cost-Efficient Business Model

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Proven Leadership with Oncology and Financing Expertise

Ian Walters, MD	Rob Kramer, PhD	Justin Fairchild	Brian Wiley	Allan Shaw
CEO, Chairman	CSO	VP Clin Dev	CBO	CFO

Board of Directors

Gregory Bailey, MD

Rob Glassman, MD

Linda M. Kozick

Jim Mellon

Steven Mintz

Mark Simon

St. Germain Capital Corp

Over 10 Oncology Approvals, Several Billion $ Exits

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Our Formula for Success

First/Best in Class

I/O Agents

• Compounds with broad targets, single agent activity
• Address ~70-80% of patients that don't respond

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De-Risked

Development

• Randomized studies early
• Enrich patient population when possible

Strong Academic &

Industry Network

• Active CRADA with National Cancer Institute
• Programs vetted with Big Pharma companies likely to transact

Structured to Create

Significant Value

• Partner with large oncology-focused companies
• Retain IP exclusivity

Potential for Large

Returns

• >$35B market growth to >$100B
• Data catalysts create meaningful inflections

Five Data Catalysts Anticipated to Drive Value

Adenosine Platform

	ASSET		INDICATION	STAGE	# of PTS	Interim Data	Final Data
	PORT-6 (A2A)	A2A exp Solid Tumors	Phase 1a	21-27	ASCO 2024	SITC 2024
	PORT-7 (A2B)	A2B exp Solid Tumors	Phase 1a*	18	SITC 2024	ASCO 2025
	PORT-6 (A2A)	A2B exp Solid Tumors	Phase 1b*	20	ASCO 2025	SITC 2025
	PORT-7	(A2B)	A2B exp Solid Tumors	Phase 1b*	20	SITC 2025	ASCO 2026
	PORT-6	(A2A) + CPI	A2A exp Solid Tumors	Phase 1b*	20	SITC 2025	ASCO 2026
	PORT-7	(A2B) + CPI	A2B exp Solid Tumors	Phase 1b*	20	SITC 2025	ASCO 2026
	PORT 6/7 (A2A/2B) +CPI	Biomarker enriched	Phase 1b*	20	SITC 2025	ASCO 2026
				* Planned based on data and available liquidity

Other potential upside from legacy programs

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Adenosine Portfolio

Validated mechanism impacting multiple immune cells

Opportunity to modulate adenosine in 4 different ways:

PORT-6 A2AR Antagonist

PORT-7 A2BR Antagonist

PORT-8 A2AR/A2BR Dual Antagonist

PORT-9 Gut-Restricted A2BR Antagonist

Leveraging A2A and A2B Alone or in Combo Allows for Customization of Treatment

Promote adaptive response

(A2A and A2B)

Decrease proliferation, metastasis and survival

(A2A and A2B)

Correct the TME

(A2A and A2B)

T cell

DC

NK Cell

Tumor Cell

Endothelial Cell

CAF

MDSC

Neutrophil

Macrophage Treg

Tumor is complex system

governed by numerous immune cells

Targeting Adenosine in Cancer Immunotherapy to Enhance T-Cell Function; Virgano, et al; Frontiers in Immunology 2019 modified slightly and used under CC BY 4.0

8 TME=tumor microenvironment

Difference in A2A Small Molecules

Portage's PORT-6 is potentially best in class for potency, selectivity and durability*

Relative profiles of A2A antagonists based on public profiles

Bubble size illustrates how long receptors are occupied

10+ hrs ^

Selectivity

Competitive inhibitors won't block in settings of high adenosine

ARCUS

CORVUS

2.5 hrs

^

In Phase 1, no efficacy at QD

17% ORR at 80mg BID, need longer occupancy

Couldn't escalate due to tox (poor selectivity)

single agent activity

in mouse models

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* Based on pre-clinical data

Potency	^ Receptor Occupancy reflects
	prolonged pharmacodynamic effect

Fast Followerwith Precedent for Biomarker Selection

Enrich patient population with biomarker/clinical data

Tumors with High Adenosine

Tumor type	% A2A high*
RCC	50
BC	38
NSCLC	34
Gastric	32
Prostate	26

iTEOS independent monotherapy activity in

biomarker defined population

(data from retrospective analysis ASCO 2021)

Positive effect of adenosine antagonist in patients with

high adenosine expression demonstrated

Best % Change in Tumor Lesion by	Survival curve by
High/Low A2AR levels	High/Low A2AR levels

10	* Expression data from Labcorp