Lichens are symbiotic organisms comprised of mycobionts and photobiont partners. They are known to produce bioactive secondary metabolites and most of these are biosynthesized by mycobionts. Investigations of cultures of isolated lichen-associated fungi have shown promise for the discovery of cytotoxic compounds. Thus, the lichen-associated fungus Penicillium aurantiacobrunneum was studied for its potential to produce novel compounds and the new sterols (20 S *)-hydroxy-24(28)-dehydrocampesterol ( 1 ), 7α-methoxy-8β-hydroxypaxisterol ( 2 ), 14- nor -epicoccarine A ( 3 ) and 14- nor -epicoccarine B ( 4 ), as well as the known compound PF1140 ( 5 ), were isolated. The structures of these compounds were elucidated using methods including nuclear magnetic resonance (NMR) spectroscopy and high-resolution electrospray ionization mass spectrometry (HRESIMS). Following cytotoxicity assays, compound 1 demonstrated activity against the pancreatic adenocarcinoma epithelial HPAC cell line at 17.76 ± 5.35 μM. Since the structures of compounds 3 and 4 were very similar to tetramic acid derivatives that were reported to be biosynthesized from a polyketide synthase- non-ribosomal peptide synthetase (PKS-NRPS) hybrid pathway, a plausible biosynthetic route for production in P. aurantiacobrunneum is proposed herein.