Minimal/zero RevenueLack of meaningful revenue is a fundamental constraint: without demonstrated product sales or commercial traction, operational improvements may not translate to self-sustaining cash flow. This structural shortfall keeps the company dependent on external funding to execute strategy.
Persistent Negative Cash GenerationConsistent negative free cash flow across periods indicates the business cannot self-fund operations or growth. That ongoing burn forces recurring financing, raising execution risk, potential dilution, and constraints on investment in commercialization or R&D over the medium term.
Recurring Losses And Negative EBITDASustained negative EBITDA shows the core business is not currently profitable even before financing costs. This structural lack of operating margin limits reinvestment capacity and requires persistent external capital, making long-term viability contingent on a material revenue or margin turn.