Near-zero Revenue ProfilePersistently negligible revenue leaves no operating leverage or margin visibility and makes forecasting outcomes difficult. Over a 2–6 month horizon this sustains execution risk: commercial traction must emerge to justify ongoing investment and cover fixed costs.
Widening Net LossesIncreasing losses indicate rising burn despite a stronger capital base. Worsening profitability strains retained capital and can necessitate additional funding rounds, weakening strategic optionality and potentially diluting shareholders if revenue expansion does not materialize.
Persistent Negative Cash GenerationOngoing negative operating cash flow forces reliance on external financing to sustain operations. Even with low leverage, repeated capital raises can dilute existing holders and create uncertainty around sustaining R&D or commercialization programs over the medium term.