Pre-revenue Business ModelThe company remains pre-revenue with no reported sales from 2020–2025, meaning it cannot self-fund operations. Long-term viability depends on successful clinical outcomes and external financing, increasing execution and funding risk before commercialization can generate cash.
Eroding Equity BaseA sharply reduced equity base reflects accumulated losses and likely dilution. This weakens the capital buffer available for setbacks, elevates the probability of future capital raises, and can dilute existing shareholders, impacting long-term investor returns and strategic flexibility.
Persistent Negative Cash Flow And Liquidity RiskOperating cash flow remains negative despite improvement, and free cash flow is generally negative. The business still requires external funding to progress clinical programs. Timing and availability of financing create structural execution risk over the coming months.