Accelerating Cash BurnOperating and free cash flow have worsened materially year‑over‑year, rising to roughly -$76M in 2025. This persistent and accelerating burn increases reliance on external capital, compresses financial flexibility, and elevates execution risk if clinical timelines or revenue ramp slip over the medium term.
Large Persistent Net LossesSubstantial, recurring net losses show the cost base is far ahead of current revenue scale. Persistent operating deficits undermine margin sustainability and delay path to profitability, meaning long‑term value creation hinges on successful late‑stage development or significant revenue expansion.
Ongoing Funding DependenceEven after recapitalization, management notes the balance sheet's stability depends on continued funding discipline and reduced burn. This structural dependence implies future rounds or partnerships may be needed, risking dilution or strategic concessions that could constrain long‑term capital allocation and growth plans.