Regen BioPharma (RGBPP) reported QQ3 2024 results with revenue of 59,065 USD, maintaining a gross profit of 59,065 and a gross margin of 100% in the disclosed data. Despite flat top-line revenue YoY (0.59%) and no QoQ revenue change, the company posted a deep operating loss of 107.97 million USD on an EBIT basis and a net loss of 117.11 thousand USD for the quarter, with diluted EPS of -0.0278. The near-term profitability remains elusive as operating expenses (R&D and G&A) continue to drive cash burn. Cash burn manifested in a negative operating cash flow of 172.59 thousand USD and a free cash flow of -172.59 thousand USD, with cash declining from 78.11k at the period start to 61.85k at quarter-end. A notable factor is the large deferred revenue balance (about 1.50 million USD) within current liabilities, suggesting upfront payments or license-type arrangements that may not translate into immediate earnings strength. The balance sheet shows a materially negative stockholders’ equity position (~-5.16 million USD) against total assets of 0.17 million USD and current liabilities of 5.33 million USD, resulting in tight liquidity ratios (current ratio ~0.029, cash ratio ~0.012). The company financed a portion of its activities via common stock issuances (approx. 135.33k shares) and financing activities, while debt levels remain elevated relative to cash, underscoring financing risk. Candidly, the QQ3 2024 results reflect substantial investment in pipeline exploration with limited near-term revenue catalysts, placing Regen at high risk but potentially high-reward if NR2F6-focused programs yield clinical or licensing milestones. Investors should monitor any material pipeline milestones, capital-raising announcements, and any changes to deferred revenue recognition controls that could affect future earnings visibility.