Persistent Negative Cash Flow & Rising Cash BurnConsistent negative operating and free cash flow with worsening FCF indicates structural cash burn. Over the medium term this raises the likelihood of dilutive financing or needed partnerships, constraining execution pacing and negotiating leverage for clinical advancement.
Deep Ongoing Losses & Negative MarginsExtremely negative margins reflect a business still in heavy investment mode where losses far exceed revenue. This limits self-funding capacity, stresses return metrics, and prolongs dependence on external capital until material clinical or commercial inflection points occur.
Declining Equity And Elevated Funding/dilution RiskMaterial erosion of shareholder equity over several years signals cumulative losses and a shrinking capital buffer. This structural deterioration increases the probability and potential severity of future dilutive raises, which can impair long-term shareholder value.