Palisade Bio reported a Q1 2025 results profile consistent with a pre-revenue, clinical-stage biotechnology company. The quarter showed no revenue, with operating income and net income both negative at -$2.31 million and -$2.23 million respectively. The company’s R&D and G&A expenses totaled $2.31 million, split as $0.95 million in R&D and $1.36 million in G&A, contributing to a negative EBITDA of -$2.31 million and an EPS of -$0.47 for the quarter. Despite the loss, the QoQ improvement is meaningful: operating income rose by about 31.7% QoQ (from the prior quarter’s loss profile) and net income improved about 33.3% QoQ, while YoY improvements were even larger for a company at this stage (YoY operating income up ~37.1%; YoY net income up ~36.8%; EPS up ~89.8%). The company ended the period with roughly $7.26 million in cash and cash equivalents and reported a net cash burn from operating activities of about $2.33 million, producing an estimated near-term cash runway of roughly 9–10 months at current burn rates absent new financing. Total liabilities stood at ~$2.86 million against ~$8.19 million in assets, with negative retained earnings of approximately -$138.17 million reflecting a historic cumulative deficit and a modest current equity base (~$5.33 million). Management commentary on LB1148 remains the principal driver of medium-term upside, as clinical-stage biopharma valuations hinge on trial readouts and strategic financing in the absence of revenue. Overall, the QQ1 2025 results underscore execution on cost control but highlight the fundamental funding risk and the need for successful LB1148 data or strategic partnerships to unlock equity value.