Minimal / Zero RevenueThe absence of meaningful, recurring revenue shows the business is not yet commercialised; without proven product sales or license income the company lacks the revenue base to support margins, validate its business model, or attract non-dilutive partner funding.
Persistent Negative Cash FlowSustained negative operating and free cash flow creates continuous funding needs, increasing likelihood of dilutive raises or costly financing. This undermines long-term self-sufficiency and constrains the firm's ability to scale commercial activities or respond to partner demands.
Consistent Operating And Net LossesChronic operating and net losses erode shareholder equity over time, heighten dilution risk from future capital raises, and limit resources for commercialization, hiring, and ecosystem building—weakening credibility with customers and strategic partners.