Negative Stockholders' EquityNegative equity signals structural balance-sheet weakness that limits financial flexibility. It increases refinancing risk, may raise counterparty and partner caution, and constrains investment capacity, making sustained R&D and commercialization more dependent on external capital raises.
Negative Operating Cash Flow And Financing ReliancePersistently negative operating cash flow forces dependence on external financing or partnerships to fund operations. This reliance risks dilution, timing gaps in access to capital, and can interrupt long-term programs if funding conditions tighten, impairing execution of clinical objectives.
Volatile And Steep Revenue DeclineLarge historical revenue volatility, including a steep decline, undermines predictability needed for scaling operations and forecasting. Unstable top-line trends complicate planning, reduce bargaining power with partners, and increase execution risk for long-term commercialization strategies.