No Revenue, Persistent LossesNo revenue across multiple years and sustained net losses mean the company is fully pre-revenue and dependent on external funding. Without commercial cash flow, ongoing operations and development hinge on future financing or partnerships, creating a structural funding dependency risk.
Heavy, Volatile Cash BurnLarge, recurring negative operating and free cash flows (e.g., -109.4M in 2025) deplete resources and create a persistent need for fresh capital. The volatility and scale of burn shorten runway and raise the probability of dilutive financings or constrained program pacing over the medium term.
Weakened Balance Sheet And Declining EquityA rapidly shrinking asset and equity base reduces the balance-sheet cushion that absorbs losses and funds operations. Declining shareholders' equity and assets limit financial flexibility, worsen leverage metrics if debt is later taken, and increase sensitivity to funding disruptions.