Severe Negative ProfitabilityA trailing net margin of -240% signals structural operating losses far exceeding revenues. Sustained hyper-negative margins indicate the company must achieve clinical and commercial milestones or secure significant external funding to reach breakeven, posing a long-term viability risk.
Negative Operating And Free Cash FlowPersistent negative operating and free cash flow constrain internal funding for R&D and operations, increasing reliance on partnerships, milestone payments, or equity/debt financing. This structural cash burn elevates dilution and refinancing risk over the 2–6 month horizon and beyond.
Declining Revenue And Rising Operating LossesRecent quarterly revenue declines alongside increased operating losses reflect a structural gap between commercial income and expense base. Unless offset by new partnerships, cost reductions, or successful program readouts, this trend pressures runway and may force strategic, potentially dilutive, financing decisions.