No Reported RevenueAbsence of any recorded revenue means there is no underlying sales base to fund operations or demonstrate product-market fit. Persistently no revenue forces reliance on external funding and makes long-term durability dependent on capital markets and successful commercialization events.
Persistent Cash BurnSustained negative operating and free cash flow shows the business cannot self-fund activities and will require continual financing. This structural cash burn increases dilution risk, constrains investment, and can pressure strategic options if capital markets tighten.
Erosion Of Equity & ReturnsDeclining asset and equity levels alongside continued losses indicate value erosion. If losses persist, shareholder equity will be consumed, reducing balance-sheet resiliency and impairing ability to fund growth or withstand shocks without significant recapitalization.