Large And Widening Operating LossesEBIT deteriorated to -85.2M in 2025 from -67.2M in 2024, reflecting steep operating spend relative to revenue. Persistently large and widening losses impair the path to profitability, increase reliance on external capital, and heighten execution risk if cost controls or revenue acceleration don't materialize.
Severe Negative Cash FlowOperating cash flow plunged to -84.6M in 2025, worsening from -57.4M in 2024, and free cash flow stayed deeply negative. Sustained cash burn creates structural funding needs, increases dilution or refinancing risk, and constrains the company's ability to self-fund commercialization or regulatory activities.
Compressed Equity BaseEquity fell from 36.7M to 6.7M year-over-year, markedly weakening the capital base. A compressed equity position reduces balance-sheet flexibility, increases vulnerability to adverse shocks, and makes future equity raises more dilutive or difficult, limiting strategic options for growth and investment.