Pre-revenue And Persistent Operating LossesBeing pre-revenue with repeated operating losses means the company lacks internal earnings to fund development. Over time this limits reinvestment capacity, increases reliance on external capital, and raises execution risk for advancing programs without recurring commercial cash flow.
Sustained Cash Burn And Funding DependencePersistent negative operating and free cash flow creates structural funding dependence. Even with some recent narrowing, the company requires external financing or milestone receipts to continue operations, exposing it to dilution, timing risk, and potential interruptions in R&D progress.
Very Small Operating Team And Limited ScaleA five-person workforce constrains in-house R&D throughput, clinical development capacity, and program diversification. Long-term execution depends heavily on external collaborators and partners, raising coordination risk and potentially slowing advancement across multiple candidate programs.