Entering a Transformative Stage by Advancing PRP to a Pivotal, Phase 1b, FIH, Clinical Study Whilst Undertaking Additional Research into Age-Related Chronic Diseases
MELBOURNE, Australia, May 15, 2026 (GLOBE NEWSWIRE) -- Propanc Biopharma, Inc. (Nasdaq: PPCB) (“Propanc” or the “Company”), a biopharmaceutical company focused on developing novel treatments for chronic diseases, including recurrent and metastatic cancer, today announced an update on corporate progress and reported third quarter financial results as of March 31, 2026 (Year end June 30).
Corporate and R&D Highlights
Executes Service Agreement with FyoniBio GmbH to Establish & Validate Pharmacokinetics Assay for Phase 1b First-In-Human Study
Management has executed a service agreement with FyoniBio GmbH (formerly Glycotope, est. 2010), a German Contract Development Organization (CDO) based in Berlin for establishing and validating a liquid chromatography-mass spectrometry (LC-MS) based pharmacokinetics (PK) assay. The objective is to quantify the Company’s lead asset, PRP, consisting of two proenzymes trypsinogen and chymotrypsinogen, as well as their activated enzyme forms trypsin and chymotrypsin from human serum during the Phase 1b, First-In-Human (FIH) study in advanced cancer patients suffering from solid tumors.
Executes Multi-Yr, Anti-Aging & Cancer Research Collaboration with the Universities of Jaén and Granada, Spain
A multi-year Joint Research Collaboration Agreement has been established with the Universities of Jaén (UJA) and Granada (UGR), Spain. The collaboration involves the evaluation of a senescence-modulating (i.e., anti-aging) compound to mitigate senescence and to complete experiments to further support the claims of recently filed fibrosis and cancer related patent applications, requested by Propanc Biopharma Inc. to the research group “Biological Technologies of The University of Jaén” and UGR’s Research Group, “Advanced Therapies: Differentiation, Regeneration and Cancer.”
Corporate and Financial Updates
Propanc entered into a private placement agreement for up to $100 million to accelerate clinical development. The Company received an initial $1,000,000 investment upon issuance of 100 shares of Series C Convertible Preferred Stock. As of March 31st, a further $1,000,000 investment was received upon exercise of 100 shares of Series C Convertible Preferred Stock.
Q3 Financial Summary (Quarter Ended March 31, 2026)
Total assets: $14.33 million
Total liabilities reduced by $2.10 million
Convertible notes reduced to $55,000 (from $538,000)
Net cash from financing activities: $4.47 million
Quarter-end cash: $443,702
$0.5 million tranche from the Series C facility subsequently received
The Company expects the financing facility to continually support planned R&D activities, including advancement of PRP and Rec-PRP.
Management Commentary
“We are entering a pivotal phase of development for the Company’s lead asset, PRP, which is progressing to a world first, Phase 1b, First-In-Human study, in 30 – 40 advanced cancer patients suffering from solid tumors. Execution of an agreement with Fyoni Bio will facilitate method development and validation of the pharmacokinetics method in preparation for the pivotal clinical study. In addition, management is engaging with CDMOs (Contract Development and Manufacturing Organizations) for the GMP manufacture of PRP for supply of the finished drug product, CROs (Clinical Research Organizations) to discuss management of future clinical trial operations, as well as preparing regulatory documentation for the Clinical Trial Application targeting submission later this year,” said Mr. James Nathanielsz, Propanc’s Chief Executive Officer. “Additionally, our multi-year research agreement with the Universities of Jaén and Granada will continue to support, strengthen and grow our intellectual property around the use of proenzymes not just in cancer, but also focusing on cell rejuvenation to overcome age-related, chronic diseases, such as fibrosis. I am confident we are on the right path to execute a rapid transformation of our Company to clinical stage for a range of incurable diseases which can offer renewed hope for patients.”
About Propanc Biopharma, Inc.
Propanc Biopharma, Inc. (Nasdaq: PPCB) is developing a novel approach to preventing cancer recurrence and metastasis by targeting and eradicating cancer stem cells through proenzyme activation. The Company’s lead product candidate, PRP, is designed to address the underlying drivers of cancer proliferation and spread.
More information: www.propanc.com
Forward-Looking Statements
All statements in this press release that are not historical are forward-looking statements, including, among other things, statements relating to the Company’s expectations regarding its market position and market opportunity, expectations and plans as to its product development, manufacturing and sales, and relations with its partners and investors, made in reliance upon the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are not historical facts but rather are based on the Company’s current expectations, estimates, and projections regarding its business, operations and other similar or related factors. Words such as “may,” “will,” “could,” “would,” “should,” “anticipate,” “predict,” “potential,” “continue,” “expect,” “intend,” “plan,” “project,” “believe,” “estimate,” and other similar or related expressions are used to identify these forward-looking statements, although not all forward-looking statements contain these words. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties, and assumptions that are difficult or impossible to predict and, in some cases, beyond the Company’s control. Forward-looking statements are not guarantees of future actions or performance. Actual results may differ materially from those in the forward-looking statements because of several factors, including, without limitation, risks and uncertainties related to market conditions, as well as those risks described under “Risk Factors” in the prospectus related to the proposed offering and those described in the Company’s filings with the SEC. The Company undertakes no obligation to revise or update information in this release to reflect events or circumstances in the future, even if new information becomes available.
Company:
Propanc Biopharma, Inc.
James Nathanielsz
+61-3-9882-0780
info@propanc.com
Investor Contact:
irteam@propanc.com
PROPANC BIOPHARMA, INC. AND SUBSIDIARY | |||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||
March 31, 2026 | June 30, 2025 | ||||||
(Unaudited) | |||||||
ASSETS | |||||||
CURRENT ASSETS: | |||||||
Cash | $ | 443,702 | $ | 12,088 | |||
GST tax receivable | 11,057 | 5,302 | |||||
Prepaid expenses - current portion | 7,733,625 | 8,334,046 | |||||
Other current assets | 35,104 | 1,380 | |||||
TOTAL CURRENT ASSETS | 8,223,488 | 8,352,816 | |||||
Deferred offering costs | - | 291,773 | |||||
Prepaid expenses - long-term portion | 6,057,422 | 10,925,835 | |||||
Security deposit - related party | 2,065 | 1,971 | |||||
Operating lease right-of-use assets, net - related party | 46,584 | 59,413 | |||||
Property and equipment, net | 4,221 | - | |||||
TOTAL ASSETS | $ | 14,333,780 | $ | 19,631,808 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
CURRENT LIABILITIES: | |||||||
Accounts payable | $ | 973,692 | $ | 1,249,596 | |||
Accrued expenses and other payables | 942,376 | 1,486,550 | |||||
Accrued interest | 123,181 | 190,795 | |||||
Loans payable | - | 65,280 | |||||
Loans payable - related parties, net of discount | 465,282 | 415,329 | |||||
Notes payable, net of discount | - | 543,312 | |||||
Convertible notes, net of discounts and including put premiums | 55,000 | 537,921 | |||||
Operating lease liability - related party, current portion | 23,324 | 17,664 | |||||
Warrant liability | 104,313 | - | |||||
Embedded conversion option liabilities | 50,273 | 403,892 | |||||
Employee benefit liability | 738,187 | 667,901 | |||||
TOTAL CURRENT LIABILITIES | 3,475,628 | 5,578,240 | |||||
NON-CURRENT LIABILITIES: | |||||||
Loan payable - long-term - related party, net of discount | - | 105,627 | |||||
Operating lease liability - long-term portion - related party | 30,267 | 41,749 | |||||
TOTAL NON-CURRENT LIABILITIES | 30,267 | 147,376 | |||||
TOTAL LIABILITIES | $ | 3,505,895 | $ | 5,725,616 | |||
Temporary Equity – Convertible Preferred Stock Series C - $0.01 par value, $10,000 stated value, 9,900 shares designated and authorized, 100 (liquidation value of $1,000,000) and none issued and outstanding at March 31, 2026 and June 30, 2025, respectively | $ | 1,000,000 | $ | - | |||
Commitments and Contingencies (See Note 9) | |||||||
STOCKHOLDERS’ EQUITY: | |||||||
Preferred stock, 1,500,005 shares authorized, $0.01 par value: | |||||||
Series A preferred stock, $0.01 par value; 500,000 shares previously authorized; 0 shares issued and outstanding as of March 31, 2026 and June 30, 2025 | $ | - | $ | - | |||
Series B preferred stock, $0.01 par value; 5 shares authorized; 1 share issued and outstanding as of March 31, 2026 and June 30, 2025 | - | - | |||||
Common stock, $0.001 par value; 10,000,000,000 shares authorized; 21,859,281 and 11,611,782 shares issued and outstanding as of March 31, 2026 and June 30, 2025, respectively | 21,860 | 11,612 | |||||
Common stock issuable (33,007,750 and 7,750 shares as of March 31, 2026 and June 30, 2025, respectively) | 33,008 | 8 | |||||
Additional paid-in capital | 149,427,962 | 138,243,652 | |||||
Accumulated other comprehensive income | 1,234,766 | 1,318,917 | |||||
Accumulated deficit | (140,843,234 | ) | (125,621,520 | ) | |||
Treasury stock ($0.001 share) | (46,477 | ) | (46,477 | ) | |||
TOTAL STOCKHOLDERS’ EQUITY | 9,827,885 | 13,906,192 | |||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 14,333,780 | $ | 19,631,808 | |||
PROPANC BIOPHARMA, INC. AND SUBSIDIARY | |||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) | |||||||||||||||
(Unaudited) | |||||||||||||||
For the three months | For the nine months | ||||||||||||||
2026 | 2025 | 2026 | 2025 | ||||||||||||
REVENUE | |||||||||||||||
Revenue | $ | - | $ | - | $ | - | $ | - | |||||||
OPERATING EXPENSES | |||||||||||||||
Administration expenses (including noncash compensation expense of $11,581,251 and $52,853,115 for the nine months ended March 31, 2026 and 2025, respectively, and $5,351,136 and $52,838,115 for the three months ended March 31, 2026 and 2025, respectively. | 6,219,644 | 53,068,147 | 14,446,391 | 53,442,499 | |||||||||||
Occupancy expenses - related party | 10,917 | 6,469 | 32,306 | 20,187 | |||||||||||
Research and development | 169,660 | 54,097 | 249,822 | 170,199 | |||||||||||
TOTAL OPERATING EXPENSES | 6,400,221 | 53,128,713 | 14,728,519 | 53,632,885 | |||||||||||
LOSS FROM OPERATIONS | (6,400,221 | ) | (53,128,713 | ) | (14,728,519 | ) | (53,632,885 | ) | |||||||
OTHER INCOME (EXPENSE) | |||||||||||||||
Interest expense | (38,270 | ) | (104,042 | ) | (402,874 | ) | (309,215 | ) | |||||||
Interest income | 13 | 1 | 69 | 2 | |||||||||||
Derivative expense | - | (59,271 | ) | - | (95,012 | ) | |||||||||
Change in fair value of derivative liabilities | (18,146 | ) | 47,119 | 49,876 | 113,487 | ||||||||||
Change in fair value of warrant liability | 182,517 | - | 776,227 | - | |||||||||||
Other expense | 43,000 | - | (11,000 | ) | - | ||||||||||
Settlement expense | (90,000 | ) | - | (90,000 | ) | - | |||||||||
Gain (loss) on extinguishment of debt, net | (74,235 | ) | (809,954 | ) | 135,943 | (840,032 | ) | ||||||||
Foreign currency transaction gain (loss) | 35,006 | (12,486 | ) | (19,190 | ) | (88,184 | ) | ||||||||
TOTAL OTHER INCOME (EXPENSE), NET | 39,885 | (938,633 | ) | 439,051 | (1,218,954 | ) | |||||||||
LOSS BEFORE TAXES | (6,360,336 | ) | (54,067,346 | ) | (14,289,468 | ) | (54,851,839 | ) | |||||||
Tax benefit | - | - | - | - | |||||||||||
NET LOSS | $ | (6,360,336 | ) | $ | (54,067,346 | ) | $ | (14,289,468 | ) | $ | (54,851,839 | ) | |||
Deemed Dividend | - | - | (932,246 | ) | - | ||||||||||
NET LOSS AVAILABLE TO COMMON STOCKHOLDERS | $ | (6,360,336 | ) | $ | (54,067,346 | ) | $ | (15,221,714 | ) | $ | (54,851,839 | ) | |||
BASIC AND DILUTED NET LOSS PER SHARE | $ | (0.28 | ) | $ | (12.50 | ) | $ | (0.95 | ) | $ | (38.62 | ) | |||
BASIC AND DILUTED WEIGHTED AVERAGE SHARES OUTSTANDING | 22,427,486 | 4,325,994 | 15,973,535 | 1,420,307 | |||||||||||
NET LOSS | $ | (6,360,336 | ) | $ | (54,067,346 | ) | $ | (15,221,714 | ) | $ | (54,851,839 | ) | |||
OTHER COMPREHENSIVE INCOME (LOSS) | |||||||||||||||
Unrealized foreign currency translation gain (loss) | (93,349 | ) | (27,311 | ) | (84,151 | ) | 194,976 | ||||||||
TOTAL OTHER COMPREHENSIVE INCOME (LOSS) | (93,349 | ) | (27,311 | ) | (84,151 | ) | 194,976 | ||||||||
TOTAL COMPREHENSIVE LOSS | $ | (6,453,685 | ) | $ | (54,094,657 | ) | $ | (15,305,865 | ) | $ | (54,656,863 | ) | |||