Negative Free Cash FlowConsistent negative operating and free cash flow, with FCF worsening ~25% in 2025, signals a persistent cash burn profile. Over months this elevates reliance on external capital, increases dilution risk from financing, and can constrain development timing absent partnerships.
Structural LossesPersistent negative operating profit and net income indicate the company has not reached operating leverage. This structural unprofitability suggests margins are not yet sustainable and continued R&D spend will be required, pressuring capital needs and long‑term self‑funding ability.
Eroding Equity BaseDeclining equity and assets alongside negative ROE point to value dilution from ongoing losses. Over 2-6 months this weakens the capital base, reduces financial flexibility for large trials, and increases probability of dilutive financings or unfavorable partnership terms.