XML 21 R11.htm IDEA: XBRL DOCUMENT
v3.22.4

INVESTMENT IN ASSOCIATE | 9 Months Ended
--- | ---
Dec. 31, 2022
Investment In Associate |
INVESTMENT IN ASSOCIATE | NOTE 6. INVESTMENT IN ASSOCIATE Details of the Company’s associate as of December 31, 2022 and March 31, 2022 are as follows:
Schedule of investment associate |  |  |  |  |  |  |  |
Name |  | Principal Activity |  | Place of Incorporation and Principal Place of Business |  | Voting Rights Held as of December 31, 2022 |  | Voting Rights Held as of March 31, 2022
Associate: Stimunity S.A. |  | Biotechnology |  | Paris, France |  | 44.0% |  | 44.0%
The following table is a roll-forward of the Company’s investment in Stimunity S.A. (“Stimunity”) as of and for the nine months ended December 31, 2022 and 2021:
Schedule of investment in Stimunity S.A. |  |  |  |  |  |  |  |
|  | As of and for the Nine Months Ended December 31,
(In thousands) |  | 2022 |  | 2021
Balance, beginning of period |  | $ | 1,673 |  |  | $ | 1,735 |
Share of (loss) |  |  | (268 | ) |  |  | (363 | )
Balance, end of period |  | $ | 1,405 |  |  | $ | 1,372 |
On June 1, 2020, the Company made an additional investment of €0.9 million ($1.0 million) by executing its subscription for 2,479 Class A shares upon the achievement of certain milestones, as provided in the Shareholders’ Agreement, increasing its equity share in Stimunity to 44%. On July 13, 2022, the Company entered into a commitment with Stimunity to provide €600,000 under a convertible note (the “Stimunity Convertible Note”) with a maturity date of September 1, 2023 (the “Maturity Date”). The Stimunity Convertible Note provides for simple interest at 7% per annum. The Stimunity Convertible Note is automatically converted into Series A shares upon Stimunity completing a Series A round for at least €20 million. If such subscription round is completed prior to the Maturity Date, the Company will be entitled to convert the Stimunity Convertible Note into Series A shares at the subscription share price less 15%. Additionally, if Stimunity completes a financing with a new category of shares (other than Common Shares or Series A shares) for at least €5 million (the “Minimum Raise”), the Company will have the right to convert the Stimunity Convertible Note and the historical Series A shares owned into the new category of shares. In the event that Stimunity does not close a financing prior to the Maturity Date or raises less than the Minimum Raise, the Company will have the right to convert the Stimunity Convertible Note into Series A shares at €363.00 per share or the raise price less 15%, whichever is lower. The Stimunity Convertible Note was funded on September 12, 2022. See Note 17, “Commitments and Contingent Liabilities – Stimunity Convertible Note,” for a further discussion. The Company accounts for its investment in Stimunity under the equity method and, accordingly, records its share of Stimunity’s earnings or loss based on its ownership percentage. The Company recorded equity in loss in Stimunity of $152,000 and $261,000 for the three months ended December 31, 2022 and 2021, respectively, and $268,000 and $363,000 for the nine months ended December 31, 2022 and 2021, respectively. Under the Shareholders’ Agreement, Portage has (i) a preferential subscription right to maintain its equity interest in Stimunity in the event of a capital increase from the issuance of new securities by Stimunity, except for issuances of new securities for stock options under a merger plan or for an acquisition, and (ii) the right to vote against any (a) issuances of additional securities that would call for Portage to waive its preferential subscription right, or (b) any dilutive issuance.

X
- References No definition available. + Details
Name: | ptgef_InvestmentInAssociateAbstract
Namespace Prefix: | ptgef_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | ptgef_InvestmentInAssociateDisclosureTextBlock
Namespace Prefix: | ptgef_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration