Negative Equity And High LeveragePersistent negative equity and materially elevated debt (>300M in 2025) materially constrain financial flexibility. This structural capital weakness raises refinancing and solvency risk, limits ability to fund R&D or commercialization internally, and increases vulnerability to adverse shocks.
Persistent Heavy Losses And Negative MarginsDeep, recurring net losses and large negative operating margins indicate an inability to convert revenue into sustainable profit. Over time, continued operating losses erode capital, hinder reinvestment in pipelines, and make long-term independent growth unlikely without structural margin improvement.
Cash Flow Volatility And Recent Cash BurnThe return to negative operating and free cash flow in 2024–2025 implies ongoing cash burn and execution risk. Structurally, this increases dependence on external financing, which is challenging given negative equity and high leverage, and can dilute shareholders or constrain strategic options.