Persistent Cash BurnConsecutive years of negative operating and free cash flow mean the business is not self-funding. Ongoing cash burn elevates funding risk, may force dilution or debt raises, and limits the firm's capacity to sustain R&D or commercialization without external capital.
Profitability Collapse In 2025A meaningful swing to operating and net losses in 2025 erodes earnings quality and reduces visibility into future margins. Such a sharp profitability reversal suggests structural cost or revenue issues that could persist absent clear remediation.
Volatile Earnings And Execution RiskAn extreme EPS decline (~-486%) combined with cash-flow swings from strong 2023 to negative 2024–25 indicates volatile execution. This raises the probability of uneven recovery, potential financing needs, and execution risk for long-term product or pipeline commercialization.