Lack Of Meaningful RevenueThe company reports effectively no revenue across recent years, so it lacks an operating cash engine. Structurally this means profitability and liquidity depend on financing or asset sales rather than organic cash flow, raising sustained funding and execution risk over months.
Accelerating Cash BurnOperating cash flow and free cash flow deterioration (OCF ~ -11.2M; FCF ~ -18.9M in 2025) show rising absolute cash burn. Without revenue, this depletes liquidity and increases the likelihood of needing dilutive financing or asset disposals in a 2-6 month period, squeezing strategic options.
High Leverage / Funding RiskDebt of ~16.6M and leverage around 1.66x equity elevate refinancing and solvency risk given ongoing losses. Structurally, higher leverage increases interest/service burdens and limits financial flexibility, making the firm more vulnerable to funding shocks or covenant pressure over the near-to-medium term.