Negative Cash FlowPersistent negative operating and free cash flow constrains internal funding for trials and commercialization, forcing ongoing reliance on external capital. Over several months this raises dilution or interest costs, limits strategic optionality, and can delay development milestones if financing is tight.
Sustained Losses And Weak MarginsDespite revenue gains, continued negative net income and EBIT margins reflect high operating and R&D spend that erode profitability. Without structural margin improvement or scalable cost control, losses may persist and necessitate external funding, constraining long-term capital allocation and growth.
Equity VolatilityA history of fluctuating equity—though recently recovered—signals instability in the capital structure. Recurring swings can weaken borrowing capacity, deter partnership or licensing negotiations, and complicate multi-quarter planning as management balances financing needs against dilution and credibility concerns.