Persistent Deep LossesOperating and net losses of this magnitude show the business is not yet profitable and losses are structurally large versus revenue. Persistent negative earnings reduce retained capital, pressure equity, and increase reliance on external funding or partner milestone timing to sustain operations.
Negative Cash GenerationCash flow swung from positive in 2024 to sharply negative in 2025, reflecting renewed cash burn. This reversal materially raises financing risk over the medium term, increasing probability of capital raises or accelerated partner-deal dependence to maintain R&D and trial timelines.
Rising Leverage / Weaker Balance SheetDebt roughly 1.6x equity (up from ~0.7x) signals a meaningful increase in leverage. Higher debt reduces financial flexibility, raises interest and covenant exposure, and limits the firm's ability to absorb clinical setbacks or invest organically without further dilutive or costly financing.