Declining Revenue And Steep LossesSignificant revenue decline combined with extremely negative EBIT and net margins indicates persistent cash burn and weak commercial traction. Over the medium term, sustained losses deepen funding needs and increase dependence on external financing to support clinical programs and operations.
Negative Equity / High LeverageNegative equity and a debt-to-equity of -3.53 materially weaken financial flexibility, constraining borrowing capacity and strategic options. This structural balance-sheet weakness raises refinancing and covenant risk and can force financing on unfavorable terms, affecting long-term program funding.
Operating Cash Flow ShortfallNegative operating cash flow relative to net losses means core operations do not cover spending. Reliance on financing to bridge the gap is likely, increasing dilution or debt risk. Over months, this undermines sustainability unless operating cash conversion improves or external funding is secured.