Pre-Revenue ProfileBeing pre-revenue with no top-line means the business must rely on external capital, not operating cash, to fund development. Over 2–6 months this structural absence of revenue maintains dilution risk, limits internal reinvestment, and keeps commercial validation distant.
Persistent Negative Cash FlowConsistent negative operating and free cash flow (-72.3M in 2025) means the company continues to consume capital to progress trials. This structural cash burn necessitates continued fundraising or partnerships, exposing shareholders to dilution and execution risk over the medium term.
Eroding Equity BaseSteady decline in equity from 307.8M to 99.5M reflects cumulative losses and capital consumption. A weakened equity base reduces financial cushioning, limits borrowing capacity and bargaining power in raises or deals, heightening structural financing and dilution risk in the coming months.