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 31^st, 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 ended March 31,						For the nine months ended March 31,
	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	)

Propanc Biopharma Provides Corporate Update and Reports Third Quarter 2025/26 Results