Worsening Cash BurnConsistent negative operating and free cash flow that worsened year-over-year signals growing cash burn and dependence on external funding or partnership receipts. Over a 2–6 month horizon this elevates funding risk and could force dilutive financings or reduced program spend if inflows don't arrive.
Deepening LossesWidening operating and net losses reflect that development and SG&A expense intensity still overwhelm revenue. Persistently negative profitability erodes equity cushions and reduces optionality for strategic investments, making sustainable long-term progress contingent on funding or dramatic revenue inflection.
Leadership Transition RiskAn unexpected CEO departure and interim leadership create governance and execution uncertainty during a critical clinical window. Short-term disruptions can slow fundraising, partner negotiations, and trial execution, raising operational risk over the next several months until permanent leadership is in place.