Negative Cash FlowOperating and free cash flow remained negative in 2025 despite reported accounting profitability, implying weak cash conversion from operations. Persistent negative cash flow raises funding risk for ongoing R&D and commercialization, likely necessitating external financing or asset monetization.
Meaningful Debt LoadTotal debt increased to roughly 1.06B and leverage, while improved, remains meaningful (~0.76x). Elevated debt can constrain strategic flexibility, increase interest and refinancing risk, and amplify funding pressure if operating cash flow does not strengthen consistently.
Historical Earnings VolatilityThe company has a track record of deep losses through 2021–2024 before the 2025 profit swing, reflecting execution and commercialization risk. Such volatility complicates forecasting and heightens the chance that one failed trial or reimbursement setback could reverse recent gains.