Declining Revenue And Persistent LossesA steep revenue decline combined with sustained negative net, EBIT and EBITDA margins signals structural profitability issues. Over the medium term this undermines internal funding for trials, increases reliance on external capital, and makes it harder to demonstrate financial sustainability to stakeholders.
Negative Operating And Free Cash FlowPersistent negative operating and free cash flow, with declining FCF growth, indicate an ongoing cash burn. That creates durable financing risk, likely necessitating equity or debt raises that dilute shareholders or constrain strategic options, and can delay or limit clinical development cadence.
Clinical-stage, No Commercialization YetBeing pre-commercial means revenue is limited and outcomes are binary and regulatory dependent. This structural business risk requires sustained capital and exposes the company to trial failures or delays that can materially impair value and extend the timeline to profitable operations.