Pre‑revenue With Ongoing LossesThe absence of recurring revenue and persistent sizeable net losses mean the company must continually access capital to fund operations. This structural dependence on external financing increases dilution risk and leaves long‑term viability contingent on successful clinical or partnering outcomes rather than operating cash generation.
Negative Returns And Equity RelianceMeaningfully negative ROE and reliance on equity funding indicate the business is not generating investor returns from operations. Over the medium term this creates vulnerability to capital market conditions, potential dilution from raises, and constrained strategic choices if funding environments tighten.
Very Small Operating TeamWith only two employees the company has limited internal capacity to run complex clinical programs, regulatory activity, or commercialization prep. This reliance on external CROs and partners raises execution risk, potential coordination delays, and reduces operational resilience over the medium term.