Propanc Biopharma gets Nasdaq minimum bid price deficiency notice, has until June 30, 2026

Propanc Biopharma, Inc. (Nasdaq: PPCB) said it received a Nasdaq deficiency notice on December 31, 2025. The notice says its common stock no longer meets the $1.00 minimum bid price for continued listing. The company reported the notice in a Form 8-K filed January 7, 2026. It has until June 30, 2026 to regain compliance, and the notice does not trigger an immediate delisting.

What Nasdaq says

The notice came from the Listing Qualifications Department of The Nasdaq Stock Market. It says Propanc is not in compliance with the minimum bid price requirement in Nasdaq Listing Rule 5550(a)(2) for continued listing on The Nasdaq Capital Market. The filing says the company's closing bid stayed below $1.00 for the 35 consecutive business days before December 31, 2025.

Nasdaq gives 180 calendar days from the notice to regain compliance, which puts the deadline at June 30, 2026. The stock must close at or above $1.00 for at least ten consecutive business days to clear the deficiency. If Propanc does not get there, it may qualify for a second 180-day period. To qualify, it must meet the market value of publicly held shares requirement and the other initial listing requirements for the Capital Market, except the bid price. It must also tell Nasdaq in writing that it intends to cure the deficiency by a reverse stock split, if necessary.

If Propanc does not regain compliance and is not eligible for the second period, Nasdaq staff will say the stock is subject to delisting. The company could then appeal to a hearings panel.

What the company says

Propanc says it will monitor the closing bid price and is considering its options to regain compliance. It says the notice does not affect its business, operations or SEC reporting. The filing also lists what delisting could do. It says delisting could reduce the stock's liquidity and market price, reduce the number of investors willing to hold it, and hurt its ability to raise equity. It could also stop the company from using a registration statement to sell freely tradable securities and weaken its ability to give equity incentives to employees.

The filing does not name a specific option. It does not say whether the company would seek a reverse split, a financing or a merger.

The cash position

The company's annual report on Form 10-K, filed September 29, 2025, describes Propanc as a biopharmaceutical company developing a way to prevent recurrence and metastasis of solid tumors with pancreatic proenzymes. Its lead candidate, PRP, is an intravenous injection of trypsinogen and chymotrypsinogen. The US Food and Drug Administration has given PRP orphan drug designation for pancreatic cancer.

The report's balance sheet says that as of June 30, 2025, the company had total assets of $19,631,808, of which cash was $12,088. Most of the rest is prepaid expenses, including a current portion of $8,334,046, which the report says consist mainly of prepayments in fully vested equity instruments for consulting, investor relations and other services. Net cash used in operating activities was $405,168 for the year ended June 30, 2025, against $935,118 for the year before. Financing activities provided $490,756 in the year.

Propanc reported no revenue and a net loss of $58,923,300 for the year, with an accumulated deficit of $125,621,520. Its auditor included a going-concern qualification in its reports for both fiscal 2025 and 2024, and the report says these matters raise substantial doubt about the company's ability to continue as a going concern.

The plan that depends on money

The 10-K sets out a plan, subject to financing, to compile and submit a clinical trial application in the first half of calendar 2026, and to begin a first-in-human Phase 1b study in patients with advanced solid tumors in the second half of 2026. The plan is conditional on money that the company does not show in hand. With cash of $12,088 at June 30, 2025, the study schedule has no visible funding behind it in the filing.

Chief Executive Officer and Chief Financial Officer James Nathanielsz signed the 8-K. The 10-K signature page lists Jeannine Zimmerman as chief financial officer, and names Julian Kenyon, Josef Zelinger, Joseph Himy and Annie VanBroekhoven as directors.

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