Mon, Sep 30, 8:54 PM (280 days ago)
Propanc Biopharma, Inc. reported no revenue for the fiscal year ending June 30, 2024, and incurred a net loss of $1,820,528, a decrease from the previous year's loss of $2,660,566. Operating expenses decreased to $1,536,049, primarily due to reduced consulting and legal fees. Research and development expenses remained stable at $248,102. The company reported an increase in interest expense to $665,841, attributed to debt discount amortization. Total assets rose to $72,365, primarily due to cash and GST receivables, while total liabilities increased to $3,851,424, driven by convertible debt and accounts payable. The company has significant liquidity concerns, with a working capital deficit of $3,767,341. Looking forward, Propanc plans to initiate clinical trials for its lead product candidate, PRP, in 2025, but faces risks related to financing and regulatory approvals. The company has received orphan drug designation for PRP for pancreatic cancer, enhancing its market position. However, ongoing reliance on debt financing poses risks to its financial stability. Overall, Propanc's financial condition remains precarious, necessitating further capital to sustain operations and advance its product development pipeline.