Earnings Durability / Short Profit Track RecordProfitability is nascent after several loss-making years; a single-year inflection reduces confidence in sustained margins. Near-term operational setbacks, slower launches or pricing pressure could reverse gains given limited history of consistent earnings.
Historic Cash Burn And Consistency RiskDespite 2025 cash generation, prior multi-year negative cash flows show execution and financing vulnerability. Renewed investment in launches or trial programs could pressure liquidity if growth stalls, making cash generation consistency a key medium-term risk.
Safety/tolerability Risks For Lead RegimenHigh rates of severe treatment-related adverse events and elevated discontinuations could limit real-world uptake, restrict eligible patient populations, increase monitoring and supportive-care costs, and complicate reimbursement negotiations despite strong efficacy.