Persistent Cash Burn And Negative FCFNegative operating and free cash flow indicate ongoing cash burn driven by commercialization and R&D. Even with improving trends, the company remains reliant on external funding or rapid margin improvement; this structural cash deficit constrains flexibility and risks dilution if growth or approvals slip.
Elevated Leverage And Thin Equity BaseHigh leverage relative to a small equity base reduces financial resilience. With significant debt outstanding while operations are cash-negative, refinancing and interest obligations heighten execution risk, making the company more vulnerable to adverse outcomes or delayed commercial milestones.
High Gross-to-net And Rising SG&AMaterial gross-to-net discounts materially reduce realized revenue despite strong list sales, and a sharp SG&A ramp to support launches raises the cash burn profile. Together these structural pressures compress margins, prolong break-even timing, and require sustained payer/access gains to realize the underlying economics.