Zero Revenue And Large Losses (2024–2025)Sustained absence of revenue while costs remain high undermines margin sustainability and forces persistent reliance on external funding. Continued large losses over multiple years increase the risk of dilution, constrain reinvestment capacity, and threaten long-term viability without new income sources.
Inconsistent And Deteriorating Cash FlowVolatile cash generation creates uncertainty around runway and makes planning for multi-year R&D difficult. The recent sustained outflows increase dependence on capital markets or partners, elevating financing risk and the likelihood of frequent dilutive raises if operational performance does not stabilize.
Declining Equity And Negative Returns On EquityEroding equity and repeated negative ROE signal shareholder value dilution from ongoing losses. A shrinking capital base reduces the buffer against future setbacks, limits capacity to absorb R&D setbacks, and increases the company's vulnerability in prolonged development cycles.