No Revenue / Large LossesBeing pre-revenue with sizable TTM operating and net losses means the company relies entirely on external funding to continue development. Over 2–6 months this limits strategic flexibility, increases execution risk if raises are delayed, and heightens potential shareholder dilution.
Sustained Negative Cash FlowPersistent negative operating and free cash flow demonstrates a structural cash burn model. Continued outflows will necessitate additional financing or milestone-driven partner payments, constraining the pace of R&D and raising the probability of dilutive capital raises within months.
Financing / Dilution RiskVolatile equity and recurring deficits suggest the company will likely need recurrent external capital. With a small headcount (11 employees) and development-stage programs, limited internal resources increase dependence on market financing or partners, raising dilution and execution concentration risks.