Negative Free Cash FlowSustained negative operating and free cash flow creates recurring funding needs and elevates dilution risk. FCF worsened in 2025 versus 2024, indicating rising cash burn; reliance on external capital or partnerships is likely over the next 2–6 months absent material cash inflows.
Persistent LossesDeep, persistent operating losses limit near-term profitability and indicate a long runway to sustainable earnings. Large negative margins reduce internal funding capacity, force ongoing external financing, and make long-term planning sensitive to clinical and commercial execution outcomes.
Declining Equity / Value ErosionMaterial equity erosion over several years signals cumulative losses and shrinks the balance sheet buffer to absorb setbacks. Reduced equity increases likelihood of future capital raises, dilutes existing holders, and constrains strategic optionality during critical clinical development stages.