Accelerating Cash BurnFree cash flow deterioration to roughly -A$9.0m shows the company is burning cash faster as activity ramps. This persistent negative cash generation is structurally important: it forces repeated external funding, increases dilution risk, and constrains ability to fund clinical development organically without capital markets access.
Persistent Operating LossesOperating losses that far exceed revenues indicate the cost base and development spending materially outstrip commercial returns. Until the company establishes sustained profitable margins or substantially larger revenue scale, the business model remains structurally loss-making and reliant on external capital to continue operations.
Eroding Equity Base And Funding RelianceMaterial decline in equity reflects cumulative losses and/or dilution, weakening the balance sheet buffer. A smaller equity base reduces financial flexibility, raises the likelihood of future capital raises, and increases potential shareholder dilution, which are enduring risks until profitability or cash self-sufficiency is achieved.