No RevenueBeing pre‑revenue over multiple years is a structural constraint: without sales the company must demonstrate a clear path to commercialization. Continued absence of revenue shifts value creation entirely to future execution, increasing long‑term operational risk.
Persistent Negative Free Cash FlowConsistent negative free cash flow implies ongoing cash burn and reliance on external funding. Over months this erodes flexibility, can force dilutive or costly financing, and limits capacity to invest in growth or respond to setbacks without additional capital.
Negative Returns On EquityA sharply negative ROE indicates the company is destroying shareholder value despite low leverage. Persistently poor returns reflect inefficient capital deployment and, if unresolved, will undermine equity resilience and investor support over the medium term.