Propanc Biopharma is a pre-revenue, clinical-stage biopharmaceutical company developing a novel cancer therapy called PRP (Proenzyme Replacement Protocol). PRP is an intravenous formulation of two pancreatic proenzymes — trypsinogen and chymotrypsinogen — designed to target cancer stem cells in patients with solid tumor cancers, primarily pancreatic and ovarian cancers. The core thesis is that conventional therapies like chemotherapy kill replicating tumor cells but leave cancer stem cells intact, allowing dormant cells to later trigger new tumor growth. PRP aims to induce cancer stem cells to differentiate into normal cells rather than simply killing them, a concept called differentiation therapy. Propanc has completed pre-clinical work and is working toward a First-In-Human Phase Ib trial, currently planned for the second half of 2026 at the Peter MacCallum Cancer Centre in Melbourne, Australia, at an estimated cost of ~$6.5M. PRP holds FDA Orphan Drug Designation for pancreatic cancer. Propanc also has a research-stage backup program, POP1, a collaboration with Spanish universities to develop a synthetic recombinant version of PRP with improved manufacturing consistency. Propanc's long-term strategy is to advance PRP through Phase IIa proof-of-concept studies, then license the asset to a larger pharmaceutical company for later-stage development. Propanc has no product revenue and funds operations entirely through external equity financing, with all R&D conducted by third-party contractors. The company has just two employees.