Regen BioPharma (RGBP) reported QQ1 2024 revenue of 59,065 USD with gross profit of 44,065 USD and an operating loss of 123,000 USD, marking a meaningful QoQ deterioration but a notable YoY improvement in operating leverage given the company’s early-stage nature. The net loss of 350,000 USD and EPS of -0.0973 reflect the heavy, ongoing R&D and G&A spend typical of pre-commercial biotech, with EBITDA and EBITDARatios deeply negative. Despite a small net burn from operations (-162,336 USD), the company generated a positive net financing inflow of 165,797 USD driven by common stock issuance, keeping the cash balance at 124,497 USD at quarter-end. On the balance sheet, Regen exhibits extreme liquidity constraints: current ratio 0.027, cash and equivalents of 124,497 USD, and total current liabilities of 5,247,010 USD against total assets of 159,528 USD. Deferred revenue stands at 1,560,091 USD, suggesting upfront payments or milestone-based revenue recognition linked to partnerships, though the company carries a negative stockholders’ equity position (-5,241,464 USD). The quarter reinforces Regen’s status as an early-stage, capital-intensive biotech house that relies on equity financing to extend runway while progressing its NR2F6-focused programs. Without visible near-term commercial milestones, the key driver for value creation remains pipeline advancement and the ability to secure strategic collaborations that monetize deferred revenue or deliver milestone-based cash inflows.