10-Q · May 14, 2026
For the three months ended March 31, 2026, Propanc Biopharma reported no revenue, maintaining its position from the preceding year. The company reduced its net loss significantly to $6.36 million from $54.07 million…
Earnings analysis · 10-K
PPCB earnings analysis
Filed September 25, 2026 · Our reading of the company's report
The latest report
Propanc remains a pre-revenue, single-segment oncology development company, with PRP still in the preclinical stage despite preparation for a 30–40-patient Phase 1b study. FY2026 losses and reported EPS improved…
Read full summary
Propanc remains a pre-revenue, single-segment oncology development company, with PRP still in the preclinical stage despite preparation for a 30–40-patient Phase 1b study. FY2026 losses and reported EPS improved substantially as large prior-year stock-based and consulting charges declined, and the company cleared most convertible and promissory debt. However, the $5.7 million operating cash burn, only $832,006 of cash, auditor going-concern qualification, substantial dilution and continuing material control weaknesses outweigh the operational improvements.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-17.62
- Segment
- Single operating segment: development of cancer treatments; FY2026 revenue $0
What stood out
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Broad PRP patent portfolio
Propanc is focused on PRP, an enhanced pro-enzyme formulation targeting pancreatic, ovarian and colorectal cancers. The company reports 85 granted, allowed or accepted patents and 4 provisional patents covering proenzyme use against solid tumors.
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PRP development advanced
The company increased research and development spending to $625,477 from $223,721, a $401,756 increase. Activities included preparing PRP for a Phase 1b first-in-human study in 30–40 advanced cancer patients and selecting a GMP manufacturer.
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Losses materially reduced
FY2026 net loss declined to $18,862,710 from $58,923,300, primarily because stock-based compensation and consulting expenses fell substantially. Diluted loss per share was $17.62 versus $371.22 in FY2025, although the improvement was accompanied by significant share-count expansion.
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Convertible debt cleared
The company eliminated several debt balances during FY2026: notes payable and convertible notes were each $0 at June 30, 2026 versus $543,312 and $537,921, respectively, at June 30, 2025.
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Financing supported operations
FY2026 financing provided $6,457,298, including $3,314,458 from common-stock sales, $950,099 from Series C preferred stock and $3,000,000 from Series C warrant exercises. The company also repaid $875,127 of notes and related-party loans.
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Repurchase plan initiated
A common-stock repurchase plan authorizes up to $5.0 million through December 31, 2026; no shares had been repurchased by June 30, 2026. Subsequent to year-end, the company repurchased 320,031 shares for approximately $500,000 at an average $1.56 per share.
What to watch
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Severe liquidity and going-concern risk
The auditor’s going-concern qualification remains a major risk: FY2026 had no revenue, a net loss of $18,862,710, operating cash use of $5,682,635 and an accumulated deficit of $144,484,230. Management stated that available cash is insufficient to meet obligations over the next 12 months; cash was only $832,006 at June 30, 2026.
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Extreme dilution overhang
Funding remains dependent on equity and debt issuance, creating substantial dilution risk. Common shares outstanding increased to 3,310,827 from 464,471, while 88,688,993 potentially dilutive securities were excluded from the FY2026 EPS calculation, including 86,877,828 Series C preferred-stock warrants.
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Material internal-control weaknesses
Financial reporting controls remain materially weak. Management concluded that disclosure controls were not effective and identified the continuing absence of written internal-control documentation and insufficient segregation of accounting duties; the filing warns that these deficiencies could result in a material misstatement and negatively affect stock liquidity and investor confidence.
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Defaulted related-party debt
Related-party financing remains exposed to default. Loans payable to related parties totaled $460,809 at June 30, 2026, including $211,545 of principal and $59,658 of accrued interest that were in default and accruing interest at 18%.
Management's outlook
No quantitative annual outlook was provided in the 10-K; the company remains a development-stage business with no commercial revenue.
Earlier filings 4
10-Q · February 17, 2026
Propanc reported zero revenue for the three months ended December 31, 2025 and a net loss of $3,091,394 (EPS $(0.30)). The company raised cash during the period (proceeds from sale of common stock $3,314,458 and…
10-Q · November 14, 2025
Propanc reported zero revenue and a quarterly net loss of $4,837,738 (EPS $(0.39)) for the three months ended September 30, 2025, vs. a net loss of $354,310 in the prior-year quarter. Operating expenses surged to…
10-Q · February 14, 2025
Propanc reported no revenue for the quarter or six months ended December 31, 2024. Operating expenses declined materially (three months $213,382 vs $438,064 prior year), producing smaller losses (quarter net loss…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.