Propanc Biopharma prices $4 million offering and moves to Nasdaq

The offering and the move to Nasdaq

Propanc Biopharma, Inc. priced an underwritten public offering of 1,000,000 shares of common stock at $4.00 per share and received approval to list on the Nasdaq Capital Market, the company said on August 14, 2025. Trading on Nasdaq was expected to start on August 15, 2025 under the existing symbol PPCB. The shares had been quoted on OTC Pink, where the last reported sale price on August 12, 2025 was $6.2056 per share, above the $4.00 offering price. The stock stopped being quoted on OTC Markets at the close of business on August 14, 2025.

D. Boral Capital LLC, the representative of the underwriters, and Craft Capital Management LLC are the book-running managers. The underwriting discount is 8% of gross proceeds, or $0.32 per share, $320,000 in total, leaving proceeds to the company of $3.68 per share before expenses, or $3,680,000. Propanc also agreed to pay D. Boral a non-accountable expense allowance of 1.0% of gross proceeds, and to issue the representative warrants for 3% of the securities sold. The underwriters hold a 45-day option on up to 150,000 more shares. The company estimates total offering expenses at approximately $685,000, including $175,000 of accountable expenses reimbursed to the representative.

The company had 11,611,782 shares outstanding before the offering and 12,611,782 after it, or 12,761,782 if the option is exercised in full. The share figures reflect a 1-for-60,000 reverse stock split. The company says the net proceeds will go to working capital and general business purposes.

The loss and the cash on hand

For the nine months ended March 31, 2025, Propanc reported a net loss of $54,851,839, against $1,461,950 a year earlier. Most of the loss came in the March quarter. Administration expenses for the three months ended March 31, 2025 were $53,068,147, out of total operating expenses of $53,128,713. Research and development spending for the quarter was $54,097. The company had no revenue in either period.

The filing states that as of March 31, 2025, Propanc had $50,760 in cash and an accumulated deficit of $121,550,059. At June 30, 2024 the accumulated deficit was $66,698,220, with a stockholders' deficit of $3,779,059 and a working capital deficit of $3,767,341. For the fiscal year ended June 30, 2024 it reported a net loss of $1,820,528 and net cash used in operations of $935,118.

The going-concern warning is explicit. The prospectus says Propanc's ability to continue as a going concern is in substantial doubt without new debt or equity financing, and its auditors included a going-concern qualification for fiscal 2024 and 2023. The company also reports convertible debt past its maturity, and says it is negotiating with lenders to extend the maturity dates. As of the prospectus date, it was in default on loans payable, notes payable and convertible notes totaling about $552,000 after maturity.

Against that, the company says its existing cash together with the net proceeds and interest on cash balances will be sufficient to fund operating expenses and capital expenditures for at least 12 to 18 months. The $50,760 cash figure dates from March 31, 2025, months before the offering closed.

The pipeline and the plan

The lead product candidate is PRP, which the company describes as a variation on a composite formulation of anti-cancer compounds that includes pro-enzymes, the inactive precursors of enzymes. The company says the drug is aimed at patients with pancreatic, ovarian and colorectal cancer.

The prospectus describes the next step as a First-In-Human Phase Ib study in patients with advanced solid tumors, evaluating safety, pharmacokinetics and anti-tumor efficacy. The company first has to compile a clinical trial application for PRP and set up trial sites. It says it plans to start the study "subject to raising additional sufficient capital", which makes the timetable depend on a financing the company has not yet closed. The Nasdaq listing does not change that.

The offering brings Propanc onto Nasdaq, but the prospectus still shows a going-concern warning, debt in default and a lead drug that has not yet entered human trials.

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