Negative Cash Flow & BurnPersistent negative operating and free cash flow increases dependence on external financing and limits strategic optionality. Until operating cash turns sustainably positive, the company faces heightened refinancing, dilution or interest-cost risk which could constrain investment in commercial expansion.
Rising LeverageA sharp increase in leverage raises fixed obligations and reduces balance-sheet flexibility. If margin volatility or slower payer uptake occurs, higher debt amplifies downside risk, increases interest burden and narrows room for strategic investments or absorptions of one-time charges.
Concentration & Payer Coverage GapsHeavy reliance on Emrosi as the primary growth engine paired with limited high-quality payer coverage means revenue expansion depends on formulary upgrades. This creates execution risk and exposure to ASP volatility and reimbursement timing across the 18–24 month post-launch window.