Pre-revenue With Persistent LossesThe company remains effectively pre-revenue with ongoing operating losses, leaving no internal revenue engine to fund R&D or operations. Over the next several months this limits self-sufficiency, forces continued external capital needs, and keeps profitability distant absent clear clinical or commercial progress.
Elevated Leverage For StageMeaningful debt relative to equity increases financial risk for a low-revenue biotech: higher fixed obligations limit flexibility, raise refinancing risk, and can constrain strategic choices. Over a 2–6 month horizon elevated leverage amplifies vulnerability to failed financings or adverse cash-flow swings.
Ongoing Reliance On Dilutive FinancingThe company's repeated use of convertible notes and equity-linked financings creates structural dilution risk and ongoing dependency on capital markets. Over months this can erode shareholder value, complicate capital structure, and make long-term planning contingent on successful, potentially dilutive financings or asset monetizations.