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Propanc Biopharma, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports no revenue for the quarter as the company continues its focus on research and development activities for its lead product candidate, PRP, which is in the preclinical phase.
Administration expenses decreased to $220,759 from $393,828 in the same quarter the previous year, primarily due to reductions in consulting, legal, and accounting fees.
Occupancy expenses were $8,317, up from $7,149, attributed to exchange rate movements.
Research and development expenses increased to $61,714 from $16,242, reflecting ongoing collaboration agreements with the University of Jaén.
Interest expense decreased to $86,230 from $178,234, primarily due to a reduction in amortization of debt discount and accretion of put premium.
The company reported a derivative expense of $27,182, down from $77,721, due to fewer convertible notes issued.
A gain of $52,787 was recorded from changes in the fair value of derivative liabilities, compared to a gain of $303,929 in the previous year.
The company incurred a net loss of $354,310 for the quarter, slightly up from $350,866 in the previous year.
Net cash used in operating activities was $235,515, with cash provided by financing activities totaling $215,699.
Propanc Biopharma continues to depend on debt and equity financing to fund its operations, with substantial capital requirements anticipated to persist.
The company acknowledges its dependence on obtaining additional financing to continue its research and development efforts and to meet its financial obligations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Propanc Biopharma Inc quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.