A novel dihydrazone proligand 1,3-bis(pyridin-4-ylmethylideneamino)guanidine hydrochloride (H3L1) is reported along with polymorphic crystal structures of an analogous proligand 1,5-bis(4-pyridinecarboxaldehyde) thiocarbohydrazone (H2L2. H2O & H2L2. 2H2O). The crystal systems of H2L2. H2O and H2L2. 2H2O are monoclinic with P21/c and C2/c space groups. Strong hydrogen bonding interactions are found to be predominate in the H2L2. 2H2O crystal lattice. Hirshfeld surface analysis reveals that, after isotropic H···H interactions, N···H and C···H interactions are found to have the highest contribution to the overall Hirshfeld surface areas of H2L2. H2O and H2L2. 2H2O respectively. The pore volume and surface area of the thiocarbohydrazone polymorphs are also calculated. Direct band gap energies for H3L1 and H2L2 in their solid-states were estimated as 2.33 and 2.58 eV respectively using the Kubelka-Munk model. Molecular geometry of both the compounds are optimised using density functional theory and quantum chemical parameters are calculated. Frontier molecular orbital energy gaps in the gas phase for H3L1 and H2L2 are found to be 4.49 and 3.55 eV respectively, which indicates strong intermolecular interaction in the solid lattice of H3L1. Absorption, distribution, metabolism and excretion (ADME) attributes indicate both compound's potential as drug candidates. In vitro antibacterial study reveals that the thiocarbohydrazone based proligand is a more efficient inhibitor against gram-positive Staphylococcus aureus bacterial species. The anticancer activities of the compounds against MCF-7 human breast cancer cells suggested that H3L1 with an IC50 value of 172.6798 µg/mL has more potent than H2L2 (IC50 value of 279.1881 µg/mL).