No Product RevenueAbsence of product sales leaves the company structurally dependent on external financing and collaboration deals to fund operations. Until regulatory approvals or commercial partnerships produce recurring revenue, the business lacks internally generated cash flows, keeping long-term sustainability contingent on successful trials and capital markets.
Persistent Negative Cash FlowSustained ~-$50M annual negative operating/free cash flow creates ongoing financing needs that constrain strategic flexibility. Continued cash burn can force prioritization of programs, slow development timelines, and increase likelihood of dilutive equity raises or partnership deals on less favorable terms absent a material change in cash generation.
Finite Cash RunwayA runway limited to Q1 2027 imposes a structural financing cliff that will likely require capital raises or strategic partnerships before key inflection points. That timing pressure can lead to dilution or hurried deal terms, and it constrains the company's ability to fund multiple simultaneous development paths without external support.