Consistent Negative Cash FlowOperating and free cash flows are persistently negative and FCF worsened in 2025, forcing reliance on external funding. Chronic cash consumption increases dilution or refinancing risk and constrains the company’s ability to invest to scale its services or vaccine programs.
Small, Volatile And Declining RevenueTop-line is small, uneven and fell in consecutive recent years, limiting economies of scale and the ability to cover fixed R&D and manufacturing costs. Persistent revenue volatility undermines sustainable margin expansion and makes durable profitability harder to achieve.
Eroding Equity BaseMaterial contraction of equity and assets over 2021–2024 weakens the balance-sheet cushion against ongoing losses. Shrinking net assets reduce borrowing capacity, raise solvency concerns over time, and make future financing more dilutive or expensive.