Revenue CollapsedThe near-total loss of revenue removes any product-derived cushion against R&D cost pressure and makes the company wholly dependent on financing or deals. Long-term growth and margin recovery require successful commercialization or sustained external funding, raising structural risk.
Persistent Negative Cash FlowConsistent negative operating and free cash flow means the business is not self-funding and erodes liquidity over time. Even with improving trends, recurring cash deficits necessitate external capital, constrain strategic choices, and elevate dilution or creditor risk for future development.
Dependence On External FinancingWith no recurring product revenue, the company must rely on equity financings, partnerships or asset sales to fund operations. This structural dependence increases dilution risk, can slow programs if funding gaps occur, and makes long-term execution contingent on capital markets or partners.