Persistent Operating LossesDeep, persistent operating losses reflect ongoing heavy investment in clinical programs and limit internal funding ability. If losses persist, the company may need to raise capital, diluting shareholders and shifting focus from long-term value creation to financing.
Negative Free Cash Flow / Cash BurnSustained negative operating and free cash flow indicate structural cash burn tied to R&D and trials. Even with runway, continued negative FCF implies dependence on external capital or milestone receipts, creating execution and dilution risk over the medium term.
Quarterly Revenue InstabilityVolatile quarter-to-quarter sales driven by fluctuating production revenue and one-off payments undermines predictable cash generation. Reliance on irregular partner payments or milestones complicates planning and increases funding uncertainty beyond the next few quarters.