No Commercial Revenue (pre-commercial)The company remains pre-commercial with no product sales from 2020–2025, meaning sustainable cash generation depends on future approvals or partner deals. This structural revenue absence prolongs reliance on external funding and delays path to profitability.
Deep And Worsening Cash BurnOperating cash flow deteriorated materially to -193.2M in 2025 and free cash flow remained deeply negative, indicating persistent cash burn. This structural outflow requires ongoing financing, risks dilution or restrictive covenants, and constrains investment flexibility.
Rapidly Rising Debt And Higher LeverageDebt increased sharply over recent years, raising leverage and fixed obligations. Higher indebtedness increases refinancing and interest-rate risk, reduces strategic optionality, and amplifies financial strain if clinical or commercial milestones are delayed.