Propanc Biopharma, Inc.

What they do

Propanc is developing PRP, an intravenous proenzyme treatment combining trypsinogen and chymotrypsinogen, designed to target cancer stem cells and prevent tumor recurrence and metastasis. The company operates through its wholly owned Australian subsidiary, Propanc PTY LTD, and relies on academic collaborations and contract organizations for research and manufacturing work. PRP received FDA Orphan Drug Designation for pancreatic cancer in June 2017, but the compound remains preclinical with no approved product.

Revenue drivers

• No commercial revenue — Propanc is a development-stage company and reports no product revenue; operations are funded through debt and equity financings rather than sales.
• PRP (lead product candidate) — A formulation of the pancreatic proenzymes trypsinogen and chymotrypsinogen intended to treat pancreatic, ovarian and colorectal cancers; it is preclinical and has not generated revenue.
• POP1 joint research program and Rec-PRP — Research programs with the Universities of Jaén and Granada and a provisional patent application filed in January 2026 for a synthetic recombinant version of PRP (Rec-PRP); these are pre-commercial and produce no revenue.
• Australian R&D cash-back benefit — A Certificate for Advance Overseas Finding from the Board of Innovation and Science Australia provides an up to 43.5% cash-back benefit on overseas R&D expenses for the planned Phase Ib trial, not a commercial revenue stream.

Recent performance

Annual net losses were $2.0M in 2021, $2.7M in 2022, $2.7M in 2023, $1.8M in 2024, and $58.9M in 2025. The 2025 loss is far larger than prior years, although the reported diluted EPS of $-371.22 for 2025 reflects a reverse-split-adjusted share count versus $-35,324.35 in 2024. Operating cash use declined from $1.1M in 2021 to $405,168 in 2025. At March 31, 2026, total assets were $14.3M, total liabilities were $3.5M, shareholder equity was $9.8M, and long-term debt was $55,000, while cash and equivalents were $93,241 at March 31, 2023.

Strategy

Management plans to compile and submit a Clinical Trial Application for PRP in the first half of calendar 2026 and, subject to sufficient financing, begin a First-In-Human Phase Ib study in advanced solid tumors in the second half of 2026. The Phase Ib is planned at the Peter MacCallum Cancer Centre in Melbourne, Australia, and would evaluate safety, pharmacokinetics and anti-tumor efficacy. The company filed two provisional patent applications in January 2026 covering a fully synthetic recombinant version of PRP (Rec-PRP) and new proenzyme formulations addressing stability, storage, freeze/thaw cycling and global transport. In March 2026, Propanc executed a service agreement with FyoniBio GmbH for a liquid chromatography-mass spectrometry based pharmacokinetics assay for PRP.

Risks

• Going concern — The 10-K states the company's ability to continue as a going concern absent new debt or equity financings is a key uncertainty.
• No product revenue; reliance on financing — Propanc has no commercial product, and the 10-K cites current reliance on substantial debt financing that it is unable to repay in cash.
• Clinical and regulatory execution — The planned Phase Ib study for PRP depends on raising additional capital and on FDA and other regulatory processes; delays or failures could materially affect the company.
• Listing and market risk — Propanc received a delisting notice or listing-rule failure disclosure on January 7, 2026, and its extreme historical diluted EPS figures reflect prior reverse splits and a very small share base.

Outlook

Management intends to complete and submit the PRP Clinical Trial Application in the first half of calendar 2026 and begin preparation of logistics and trial site initiation visits in the second calendar quarter of 2026. Subject to raising additional capital, the company plans to commence a First-In-Human Phase Ib study in advanced solid tumors in the second half of 2026, targeting completion within twelve months thereafter. The 10-K also lists planned work on the POP1 program and a planned third research agreement for a new compound, but these remain dependent on financing.