No Revenue, Widening LossesSustained lack of product revenue and expanding net losses mean the company must rely on external funding or partner deals to progress assets. Persistent losses erode capital, raise dilution risk, and constrain the firm’s ability to independently advance multiple programs over the medium term.
Rising Cash Burn And Weak Cash GenerationConsistently negative operating and free cash flows with rising burn create structural funding pressure. Because cash outflows closely track accounting losses, the company will repeatedly need financing or deal milestones to sustain R&D cadence, risking program delays if funding gaps occur.
Eroding Equity And Asset BaseSubstantial declines in shareholders' equity and total assets indicate cumulative losses have materially weakened the capital base. This reduces financial cushion, may impair negotiating leverage with partners or licensors, and increases vulnerability to adverse clinical or funding events.