Substantial Cash Burn And Negative FCFPersistently negative operating and free cash flow indicate ongoing funding reliance. Even with improvement versus 2024, continued burn makes the company dependent on external financing or milestone receipts, increasing dilution risk and constraining multi-program development plans.
Negative Gross Profit And Large Operating LossesNegative gross profit and sustained operating losses show the business remains far from breakeven. For a development-stage biotech this implies continued capital consumption to fund trials, limiting ability to self-fund growth and weakening bargaining power with partners and investors over time.
Equity Erosion And Deeply Negative ROEMaterial equity decline and deeply negative ROE reflect capital consumption and likely dilution. This undermines long-term shareholder value, makes future equity raises more costly and signals persistent inability to generate positive returns from invested capital absent a material change in operations or milestones.