Persistent Cash BurnOperating cash flow has been negative in each year and deteriorated materially in 2025, representing a persistent structural cash burn. That ongoing outflow forces reliance on external financing, raises dilution risk over time and constrains the company’s ability to fund multiple clinical programs or respond to trial setbacks without new capital.
Revenue Volatility And DeclineRevenue exhibited high volatility and a steep ~51% decline in 2025, undermining the predictability of organic funding sources. For a clinical-stage developer, such collapses reduce visibility into financing needs, complicate planning and suggest revenue is not a stable long-term buffer for funding R&D activities.
Deep And Worsening LossesProfitability is structurally negative with very large net losses relative to revenue and consistently negative returns on equity. Sustained heavy losses will require repeated external capital, increase dilution, and limit shareholder returns unless clinical milestones are achieved that materially alter the revenue or partnership profile.