Negative Stockholders' EquityNegative equity indicates structural solvency risk and limits conventional borrowing capacity. This weakens financial flexibility, increases the likelihood of dilutive capital raises or onerous financing, and constrains long-term investments needed to scale commercialization and R&D.
Negative Operating And Free Cash FlowPersistent negative operating and free cash flow undermines the company's ability to self-fund launches and ongoing development. Reliance on external financing elevates execution risk, can delay market expansion, and pressures margins and strategic optionality over the medium term.
Sustained Unprofitability And Negative MarginsConsistent negative margins reflect structural cost or pricing issues that impede path to profitability. Without margin improvement, the company will struggle to convert revenue growth into free cash, limiting reinvestment, increasing financing needs, and raising execution risk over months.