Low LeverageEffectively no reported debt in 2025 lowers near-term solvency and refinancing risk, giving management time to execute strategy. A light liability structure is a durable structural advantage vs. highly leveraged peers when cash access tightens over months.
Improving Cash BurnNarrowing operating and free cash outflows indicate meaningful cost control and an improving cash burn profile. If sustained, this reduces near-term external funding needs and extends runway, improving the company's ability to reach key operational milestones.
Positive Equity BufferDespite steep erosion, the company still reports positive equity (~1.45M in 2025), providing a solvency buffer. This remaining capital base preserves legal continuity and gives management options to secure structured funding or partnerships without immediate insolvency risk.