Zero Revenue / Persistent Operating LossesThe company remains pre‑commercial with no reported revenue and sustained large operating losses. Over the medium term this prevents internal funding of development, increases execution risk for commercialization, and forces dependence on external financing to sustain operations.
Chronic Negative Cash Flow And Rising BurnConsistent negative operating and free cash flow, with free cash flow deteriorating in 2024, signals structural cash‑burn that undermines sustainability. This persistent outflow limits ability to invest in trials or scale operations without recurrent capital raises.
Ongoing Reliance On External Financing / Dilution RiskThe need for incremental private placements highlights a structural dependence on external capital. With no revenue and negative cash flow, recurring financings are likely, increasing shareholder dilution risk and constraining strategic flexibility over the medium term.