Used to describe the screwed up child of the family. Often results from parents not accepting their child for choices they make which causes a strained relationship between parents and child. Parents may reduce or cut contact from child and no longer assist them when they need help.
Person 1: She dropped out of school, left home and is now covered in tattoos. Her parents barely speak to her anymore.
Person 2: Sounds like she is the first pancake, you know, the screwed up one that you throw away.