Persistent LossesOngoing operating losses indicate the business has not yet reached sustainable profitability. Persistently negative results consume equity and limit reinvestment capacity; without clear inflection this structurally raises financing needs and increases execution risk over the medium term.
Negative Free Cash FlowConsistent negative operating and free cash flow, with FCF worsening ~25% in 2025, signals increasing cash burn. This durable cash consumption pattern heightens dependence on external funding, risks dilution or project delays, and constrains strategic optionality if markets tighten.
Eroding Equity / Negative ROEDeclining equity and negative ROE reflect value erosion from cumulative losses. This weakens the capital base, reducing the buffer for clinical setbacks and increasing the urgency of financing or partnerships. Over months this impacts negotiating leverage and long-term resilience.