Heavy Operating Cash BurnPersistent ~-$26M TTM cash burn is a structural drain that forces reliance on external financing or partnerships. Over 2–6 months this constrains ability to fund trials/commercial expansion, increases dilution risk, and may force unfavorable financing terms or asset sales absent material revenue or deal milestones.
High Leverage And Thin Equity CushionDebt roughly 5.7x equity signals a fragile balance sheet and elevated refinancing or covenant risk. High leverage limits strategic flexibility, raises financing costs, and increases the probability of dilution or restrictive covenants that can hamper R&D or commercialization decisions over the medium term.
Falling Revenue And Very Large Net LossesA ~21% TTM revenue decline alongside deeply negative margins (~-342%) shows the business hasn't reached scalable commercial traction. Even with high gross margins, operating expenses far exceed sales; without durable revenue recovery or partner income, ongoing losses threaten long‑term self‑funding and increase dilution risk.