Regen BioPharma (RGBP) reported QQ1 2025 results reflecting a minimal revenue base with a pronounced earnings drag from operating and non-operating items. Revenue stood at $59,065, with cost of revenue matching revenue, resulting in effectively zero gross profit for the quarter. SG&A expenses were $131,602, contributing to an operating loss of $72,537 and an EBITDA of $(422,824). The company also recorded a significant negative total other income/expense impact of $(388,278), driving net income to $(460,815) and an EPS of $(0.0289). Cash flow from operations was negative $(66,380), and free cash flow mirrored the operational cash burn. Balance sheet metrics underscore substantial liquidity and solvency risks: cash and cash equivalents were only $135 thousand at period end, while short-term debt rose to $(873,137) thousand and deferred revenue was reported at $(1,433,531) thousand. Total liabilities exceeded assets, yielding negative stockholders’ equity of $(5,601,129) thousand. The quarter’s performance, coupled with a highly leveraged balance sheet, signals an outsized reliance on external financing to sustain ongoing operations and to support pipeline development in NR2F6-targeted immuno-oncology applications. YoY revenue declined by approximately 0.5% while QoQ revenue was flat; however, net income deteriorated materially (YoY: −64.4%, QoQ: −293.5%), highlighting the quantum of fixed costs and non-operating charges in a tiny revenue base.