Persistent Net LossesOngoing, sizable losses erode retained capital and limit internal funding for growth. Persistent negative margins hinder reinvestment into R&D and commercialization, increase reliance on external capital, and make achieving self-sustaining profitability a multi-period challenge.
Sharp Revenue Contraction In 2025A material revenue decline signals weaker commercial traction or timing setbacks for partnered products. Structural revenue contraction undermines scale economics, pressures margins and cash generation, and raises questions about product uptake and sustainable top-line growth.
Weak Cash-generation, Reliance On External FundingPersistent negative operating and free cash flow means the company must access external capital or use reserves to continue operations. Over time this increases financing risk, potential dilution for shareholders, and could constrain strategic options if capital markets tighten.