Sharp Revenue DeclineA near-50% TTM revenue contraction signals weak commercial traction or concentrated revenue sources. Falling top line makes it harder to cover fixed R&D and SG&A, slows pathway to sustainable margins, and increases dependence on external funding or strategic partnerships.
Persistent Cash BurnSustained negative operating and free cash flow of roughly -$98M TTM creates recurring external funding needs. Frequent financings can dilute shareholders, divert management attention, and constrain the company’s ability to invest selectively in late-stage trials or commercialization without securing new capital.
Deep Net Losses And Equity ErosionMaterial and persistent net losses (TTM net margin ~-52%) are eroding shareholder equity and return metrics. Continued negative profitability reduces strategic flexibility, raises governance scrutiny, and heightens risk that future value creation will require clinical success or transformational partnerships.