Persistent Cash BurnOperating cash flow has been consistently negative and worsened in 2025, indicating ongoing cash burn to fund operations. Persistent negative OCF forces reliance on external financing or equity raises, which can dilute shareholders, constrain reinvestment into commercialization and limit the company’s ability to scale over the medium term.
Shrinking Balance SheetThe balance sheet has materially shrunk through 2025, reflecting value erosion from sustained losses. Declining assets and equity reduce the company’s capacity to invest in product development, absorb shocks or fund commercialization internally and increase the likelihood of dilution or constrained strategic options over the next several months.
Structural UnprofitabilityThe company reports large operating losses annually and a sharply negative gross profit in 2025, indicating structurally weak margins. Continued unprofitability undermines the ability to self-fund growth, complicates commercialization of instruments at scale, and raises reliance on external capital or strategic partnerships to achieve sustainable operations.