Revenue ConcentrationNear-term revenue is heavily reliant on a single product, leaving the company exposed to demand swings, payer policy shifts, or manufacturing disruptions. Durable revenue diversification is still pending and concentration increases operating risk if launch momentum stalls or competitive/regulatory hurdles arise.
Negative Operating Cash FlowPersistent negative operating cash flow, despite improving free cash flow metrics, means the business continues to rely on financing to fund operations. This structural cash burn constrains flexibility, makes results sensitive to drawing credit tranches, and elevates execution risk until operating cash flow turns sustainably positive.
Rising R&D And SG&A SpendMaterial increases in R&D and SG&A reflect necessary investment into trials, filings and commercial rollout, but also raise the structural cost base. If revenue growth or regulatory approvals lag, elevated recurring expenses will pressure margins and cash, making sustained profitability and self-funded growth harder to attain.