No Revenue / Pre-commercial StatusZero revenue over consecutive years is a structural weakness: it means products are not yet commercialized, operations are not revenue-backed, and there is no proof of market adoption or scalable margins. This keeps earnings dependent on future trial outcomes and external funding over the medium term.
Heavy Cash Burn And Funding NeedSustained operating cash outflows near -$7.8M annually create a persistent funding requirement. For a pre-revenue biotech, this increases dilution and execution risk, constrains ability to expand trials or infrastructure without fresh capital, and raises the chance of financing-driven delays or reprioritization.
Persistent Losses And Negative Returns On EquityMaterial recurring losses and a deeply negative ROE (~-89%) indicate ongoing capital destruction. Over time this erodes shareholder value, weakens bargaining power with partners, and signals that current operations are not generating sustainable returns absent successful clinical or commercial inflection points.