Persistent Heavy Operating LossesOperating and net losses far exceed current revenue, producing deeply negative margins. Persistent losses erode capital, constrain strategic options and require continual external funding, which increases dilution risk and limits sustainable investment until margins improve.
Worsening Free Cash Flow / High BurnFree cash flow nearly doubled its deficit year-over-year, reflecting accelerating cash burn as activities ramp. This structurally negative cash generation requires recurrent financing, heightens execution risk for clinical programs and pressures management to secure durable funding sources.
Materially Reduced Equity BaseEquity fell sharply year-over-year, indicating capital consumption and/or dilution. A diminished equity buffer reduces the balance-sheet's ability to absorb further losses, makes future capital raises more dilutive, and weakens financial resilience over the medium term.