Persistent Cash BurnSustained negative operating and free cash flow indicates continued dependence on external financing to sustain R&D and trials. Even with improved burn versus 2024, ongoing cash consumption creates execution risk if capital markets tighten or trials require more funding than planned.
Sustained Net LossesLarge recurring losses and deeply negative margins mean the company is not yet converting its R&D investment into profit. Persistent losses suppress returns on equity and prolong the timeline to self-sustaining operations, increasing reliance on periodic financings.
Minimal Commercial RevenueReported revenue is essentially negligible, reflecting very limited commercialization to date. The business remains binary on clinical outcomes; until scalable revenue is achieved, valuation and cash runway remain tied to trial success rather than recurring commercial cash generation.