Persistent UnprofitabilityOngoing negative profitability erodes retained earnings and limits internal funding for trials and commercialization. Over time, sustained operating losses increase reliance on external capital, heighten dilution risk, and constrain ability to demonstrate consistent free-cash-flow generation.
Weak Cash GenerationNegative operating and free cash flows indicate difficulty converting revenue into liquid resources, threatening runway for clinical programs and commercial expansion. Structurally weak cash conversion raises dependence on financing and can limit strategic optionality.
Limited Investor TransparencyAbsence of earnings calls or notable corporate events reduces visibility into management's guidance, capital plans, and execution priorities. Over months this limits investors' ability to assess progress on clinical, commercial, and financing milestones, increasing uncertainty.