Sustained Cash BurnConsistently negative operating and free cash flow (FY2025) create a persistent funding gap. Over the medium term this necessitates external financing or strategic alliances, constrains reinvestment flexibility, and increases operational risk if commercial growth slows or development timelines extend.
Persistent Operating LossesMaterial and recurring operating losses indicate the company has not yet converted revenue growth into sustainable profitability. Continued negative EBIT will erode shareholder equity over time and requires either margin improvement, substantial top-line scaling, or external funding to avoid long-term value dilution.
Financing / Dilution RiskOngoing cash burn and weak cash generation raise the likelihood of equity raises, licensing trade-offs, or debt-like arrangements. Such financing actions can dilute existing shareholders, alter strategic priorities, and impose covenant or partner-driven constraints on long-term R&D and commercialization plans.