Widening Operating LossesOperating losses expanded sharply in 2025 despite revenue gains, indicating persistent high operating costs or intensive commercial spend. Continued large EBIT deficits threaten the path to sustainable profitability and imply ongoing dependence on external funding unless costs are brought under control or revenue scale accelerates materially.
Severe Negative Cash FlowDeep and deteriorating operating and free cash flow in 2025 reflect structural burn that limits self-funding of growth. Persistent negative cash generation raises refinancing and dilution risk, constrains strategic flexibility, and makes the business vulnerable if capital markets tighten or fundraising terms become unfavorable.
Balance-sheet ErosionA sharp drop in equity and shrinking assets in 2025 compress the capital base despite low debt. This erosion reduces financial resilience and limits the company's ability to absorb setbacks, invest in commercialization, or pursue partnerships without dilutive financing, increasing strategic and solvency risk over the medium term.