Pre-revenue StatusThe company has reported zero revenue from 2021–2025, a fundamental weakness that undermines long-term viability. Without a revenue base, profitability and margin sustainability are theoretical; the business depends on financing or a rapid commercial launch to become self‑sustaining within months.
Persistent Cash BurnConsistent negative operating and free cash flow every year is a durable red flag: it depletes cash reserves, forces recurring external financing, increases dilution risk, and constrains strategic investments. Continued cash burn materially raises insolvency risk absent new revenue or funding.
Stressed Balance Sheet And LeverageDeeply negative shareholders' equity combined with relatively high debt and collapsed asset levels limits financial flexibility. Over the medium term this constrains capital raising, heightens creditor risk, and reduces the company's ability to invest in growth or weather further downside.