Submerged Culture Optimization and Bioactivity Profiling of the Philippine Wild Hairy Sawgill Mushroom (Panus neostrigosus Drechsler-Santos & Wartchow)

Mushrooms are widely recognized for their nutritional value and diverse therapeutic properties, making them promising sources of bioactive compounds. This study aimed to optimize submerged culture conditions for Panus neostrigosus, a wild Philippine macrofungus, and to evaluate the bioactivities of its mycelial extract. Among the tested culture media, coconut water significantly enhanced mycelial biomass production, with optimal growth achieved at pH 6–7, 30 °C, and 150 rpm agitation. The ethanol extract of the mycelia was subjected to enzyme-based assays to assess its anti-inflammatory, antidiabetic, neuroprotective, and antioxidant potentials. Results showed that the ethanolic extract at 10 µg/mL exhibited inhibitory activity against α-glucosidase (5.84%), acetylcholinesterase (2.45%), and cyclooxygenase-1 (COX-1) (20.11%). No COX-2 inhibition was observed, suggesting selective anti-inflammatory potential. At 1000 µg/mL, the extract showed 29.77% antioxidant activity. Toxicity assessments revealed LC₅₀ values of 42.49 µg/mL in zebrafish (Danio rerio) embryo toxicity testing and 16.83 µg/mL in the brine shrimp (Artemia salina) lethality assay, indicating dose-dependent embryotoxic, teratogenic, and cytotoxic effects, particularly at higher extract concentrations. Overall, the results suggest that P. neostrigosus exhibits anti-inflammatory, antidiabetic, and neuroprotective activities, as well as cytotoxicity, highlighting its potential as a source of cytotoxic agents for future pharmacological investigations.