Persistent Cash BurnSubstantial negative operating and free cash flows mean the business remains reliant on external funding. Even with improving revenue, continued cash burn increases dilution and constrains strategic flexibility, making sustained investment or unexpected setbacks potentially damaging to operations and timelines over the next 2–6 months.
Elevated Operating ExpensesRapid SG&A growth and higher operating costs can outpace nascent revenue, delaying break-even and worsening cash burn. Structural commercial costs (personnel, field teams, engineering runs) may be sustained as the company builds market presence, pressuring margins and cash flow during the scale-up phase.
Operational & Reimbursement Timing RisksMulti-month onboarding and lengthy payer approvals create persistent timing variability in patient throughput and revenue recognition. These structural delays complicate forecasting, slow path to steady-state per-center volumes, and can prolong the period before fixed commercial costs are absorbed, raising execution risk.