Persistent Net LossesLarge recurring net losses and negative operating/free cash flow demonstrate ongoing cash burn and reliance on external financing. This structural shortfall constrains the company’s ability to self-fund expansion, increases dilution/refinancing risk, and can limit long-term strategic flexibility.
Negative Shareholders' EquityNegative equity is a structural weakness that reduces balance-sheet resilience and may impair access to traditional financing. It raises solvency concerns for stakeholders and can hamper the company’s ability to invest in manufacturing scale-up or pursue strategic partnerships without recapitalization.
Limited Cash Generation & Smaller Capital BaseA shrinking asset base and weak cash generation indicate constrained capacity to scale manufacturing, expand clinical trials, or absorb regulatory/commercial costs. This structural limitation increases dependence on external funding and may slow long-term execution of growth plans.