Very High Cash BurnSustained, very large negative operating and free cash flow creates structural reliance on external financing. Over coming months this elevates refinancing and dilution risk, constrains strategic optionality, and pressures timing/terms of potential partnering or licensing deals.
Weakened Balance Sheet & Rising DebtMaterial erosion of equity and stepped-up debt raise leverage and financial fragility. Higher indebtedness with minimal capital buffers limits flexibility, increases refinancing and covenant risk, and weakens negotiating power with potential partners or acquirers.
Sharp Revenue Collapse And Persistent LossesA near-total revenue drop alongside ongoing operating losses signals structural volatility in recognized collaborations or milestone timing. This undermines internal funding prospects, raises uncertainty about commercial traction, and lengthens the time to self-sustaining profitability.