No Revenue / No Operating BusinessZero reported revenue over multiple years means the company lacks a functioning operating business and cannot self-generate cash. This creates structural reliance on external financing or a corporate transaction to survive, making sustainable profitability contingent on a material business change.
Negative Equity And Rising DebtPersistent negative equity combined with materially higher debt significantly weakens the balance sheet and financial flexibility. This elevates insolvency and refinancing risk, constrains strategic options, and increases the likelihood of dilution or costly funding, undermining long-term stability.
Accelerating Cash BurnConsistent negative operating and free cash flow, with a marked increase in cash outflows in 2024, creates an ongoing funding gap. Over a multi-month horizon this raises the probability of dilution, higher-cost borrowing, or forced strategic transactions, weakening independent viability.