Highly Stressed Balance SheetDeep negative equity combined with rising debt materially limits financial flexibility, increasing refinancing and dilution risk. Over a multi‑month horizon this constrains runway for R&D and commercialization investments and raises the probability management must seek costly external funding.
Persistent Negative Operating Cash FlowSustained negative operating cash flow means the company cannot self-fund growth and depends on partners, milestone receipts, or financing. That reliance impairs long‑term planning, elevates dilution risk, and could limit ability to scale commercialization or fund pivotal trials without external capital.
Ongoing Unprofitability And Volatile MarginsDespite revenue gains, persistent negative profitability and historical margin swings indicate weak operating leverage and unstable unit economics. Over the medium term, sustainable value creation depends on consistent margin recovery and cost control, which are not yet demonstrated.