Weakened Balance Sheet, Negative EquityNegative shareholders' equity and new debt materially increase solvency and refinancing risk. This structural deterioration reduces financial flexibility, raises cost of capital, and heightens the likelihood of dilutive or onerous financing decisions, impairing long-term funding of trials and commercialization.
Persistent Operating Cash BurnConsistent negative operating cash flow (≈ -SEK 13.1m in 2025) and weak free cash flow signal continued reliance on external financing. This is a durable constraint on execution, increasing dilution risk and limiting the company's ability to invest in manufacturing, trials, or commercial scale without new capital.
Small, Volatile Revenue And Deep LossesLow, inconsistent revenue combined with deeply negative EBIT underscores a long path to breakeven and heavy dependence on successful product approval and market uptake. The single-product focus and margin deficits create a structural sustainability risk absent clear commercialization progress.