Widening LossesPersistently deep and widening losses indicate a structural gap between operating costs and revenues. Continued negative earnings erode equity over time, force management to prioritize fundraising over value-creating activities, and increase execution risk for expensive clinical development programs.
Consistent Cash BurnSustained negative operating and free cash flow, with rising outflows in 2025, create a structural funding need. Ongoing cash burn heightens dependence on external capital, risks dilutive financings, and can constrain the timing or scope of clinical and commercial activities if capital markets tighten.
Declining Equity / Dilution RiskA materially falling equity base reduces the balance-sheet buffer and increases the likelihood of dilutive capital raises. Combined with ongoing losses, declining equity weakens negotiating leverage with partners and raises the probability of dilution-driven shareholder value erosion over the medium term.