Persistent Negative Cash Flow And Rising Cash BurnConsistent operating and free cash flow deficits, with accelerating 2024 burn, create tangible runway and financing risk. Over 2–6 months this structural cash gap necessitates external capital, increasing dilution risk and constraining long-term R&D and development timelines.
Deteriorating Revenue And Widening LossesA declining and volatile revenue base alongside widening operating losses signals weak commercial traction and unsustainable expense base. Structurally, this limits ability to self-fund development, undermines scalable growth prospects, and increases dependency on dilutive financing.
Declining Equity And Negative Returns On EquityFalling shareholders' equity and persistently negative ROE indicate erosion of owner value from recurring losses. This structural deterioration reduces financial resilience, makes future fundraising more dilutive, and signals potential long-term governance or capital allocation challenges.