Persistent Large LossesSustained, very large operating and net losses undermine equity and the company's ability to self-fund growth. Over a multi-quarter horizon this erodes financial flexibility, limits reinvestment capacity, and raises the likelihood of continued external financing or dilution.
Chronic Cash BurnConsistently negative operating and free cash flow create a structural cash burn that must be covered by financing. This persistent outflow limits runway, increases refinancing need, and constrains strategic options like commercialization or larger R&D programs over the medium term.
Rising Debt And Funding RiskA material increase in debt in 2025 raises fixed obligations and refinancing risk. Combined with ongoing losses and cash burn, higher leverage narrows flexibility, can trigger tighter covenants or higher funding costs, and increases solvency risk if operational improvement lags.