Commercialization ChallengesThe path to commercialization for the Hemopurifier remains long and uncertain.
Financial PerformanceThe company reported a GAAP loss per share wider than expectations and is pre-revenue.
Investment RisksRisks to our investment thesis include failure of clinical trials, regulatory requirements for additional clinical studies, an untested commercialization strategy, failure of products to show sufficient competitive differentiation in targeted product indications, intellectual property expiry or invalidation, potential to raise additional funds under poor market conditions, and potential failure to meet Nasdaq minimum bid.