Consistent Negative Free Cash FlowSustained negative free cash flow and absence of operating cash flow in 2024 indicate structural cash generation weakness. Over 2-6 months this raises refinancing or dilution risks, limits discretionary spending on trials, and increases dependency on partners or capital markets.
Widening Net Loss And Negative MarginsA materially widening net loss with negative EBIT/EBITDA margins and declining revenue from 2023 to 2024 signals persistent profitability issues. Without product approvals or revenue inflections, margins remain pressured and long-term viability depends on successful clinical or commercial milestones.
Concerning Leverage HistoryHistorical negative equity and a concerning debt-to-equity profile reflect past leverage and liability build-up. This structural leverage can increase financing costs, limit strategic flexibility for partnering or M&A, and constrain investment in expensive clinical programs.