Sustained Negative Cash FlowPersistent negative operating and free cash flow indicates the company consumes significant cash to fund development. Over months to a few years this necessitates external financing, which can dilute shareholders or constrain timing of trials and launches, limiting strategic optionality.
Ongoing Net Losses And Negative MarginsLarge, sustained losses and negative margins reflect that operations do not produce positive returns and that spending remains heavy. This weakens internal capital generation, increases reliance on external funding, and makes profitability recovery uncertain absent successful clinical/ commercial outcomes.
Clinical-stage Execution RiskAs a clinical-stage biopharma with no established commercial product, the company faces structural binary risks from trial outcomes and regulatory timing. Long development horizons and high failure rates mean program setbacks can materially impair long-term revenue prospects and funding needs.