Low Leverage / Reduced Solvency RiskVery low leverage is a durable financial strength: limited debt lowers default and covenant risk, preserves optionality during extended development phases, and gives management more time to execute strategy without immediate refinancing pressure, supporting long-term solvency.
Prior Positive Operating Cash Flow (2022)A prior year of positive operating cash flow indicates the business has demonstrated operational cash-generation ability under some conditions. That historical precedent supports the view that management can potentially return to positive cash conversion if execution or market conditions improve.
Improving Cash Burn Trend Versus 2021An improving cash-burn trend is a meaningful operational signal: reduced outflows versus past peaks lower near-term financing needs, extend runway, and indicate improving cost control. This trend, if sustained, helps stabilize operations while pursuing commercialization.