Negative Equity & High DebtSubstantially negative equity combined with large outstanding debt weakens the balance sheet and elevates refinancing and solvency risk. This structural leverage limits financial flexibility, increases the likelihood of dilutive capital raises, and may constrain investments needed for long-term commercialization.
Ongoing Cash BurnPersistent negative operating and free cash flow show the business does not yet generate self-sustaining cash. Continued burn requires external funding to support R&D, regulatory work, and scale-up, making strategic plans contingent on new capital or committed investor support over the medium term.
Conditional Nasdaq Listing / Compliance RiskA conditional listing underscores prior compliance and reporting issues and imposes near-term remediation milestones. The need to meet governance and disclosure conditions diverts management focus and risks loss of US market access, potentially forcing urgent, dilutive financings or operational concessions.