Negative Free Cash FlowPersistent negative free cash flow and a recent ~25% deterioration highlight an elevated cash burn profile. Over a multi‑month horizon this increases dependence on external financing, raises dilution risk, and constrains the company’s ability to self‑fund clinical programs or scale commercialization without raising capital.
Structural Net LossesOngoing operating and net losses despite revenue growth indicate the business has not yet reached a scalable cost structure. This structural unprofitability pressures retained capital, limits free cash generation, and makes near‑term self‑sustaining operations unlikely without strategic cost reductions or new funding.
Eroding Equity And Negative ROEDeclining equity and persistently negative ROE signal capital dilution and value consumption from losses. This weakens the company’s capital base over time, making future fundraising more dilutive and reducing cushion against setbacks in clinical or commercial execution.