Persistent Cash Burn And Negative Free Cash FlowSustained negative operating and free cash flow shows the business is not yet self‑funding and is consuming cash to support launch and development. Over several months this magnifies reliance on existing cash and contingent financing events, raising execution risk if sales growth slows.
High Operating Spend And Milestone RelianceLarge ongoing R&D and SG&A spend during launch, plus meaningful near‑term revenue driven by an upfront collaboration payment, create two pressures: durable expense levels that must be funded and revenue cadence tied to contingent milestones, adding timing risk to runway.
Addressable Market Constrained By Testing And Plateaued StartsSteady absolute new‑start volumes and low testing rates in parts of the community limit near‑term patient capture. Structural under‑diagnosis means growth depends on broader RNA testing adoption and outreach, a multi‑quarter undertaking that constrains durable volume expansion.