Persistent Cash BurnSustained negative operating and free cash flow at this magnitude materially raises funding risk. Over the next 2-6 months the company will likely need new capital or partner funding to maintain programs, creating dilution risk and potential delays in R&D timetables.
Very Low And Declining RevenueMinimal and falling revenue, combined with persistent losses, indicate no commercial engine to fund operations. This structural absence of recurring cash inflows forces dependence on external capital or deals, limiting runway and bargaining power with potential partners.
Material Equity Swings Indicate Funding RelianceLarge fluctuations in equity levels point to periodic capital raises or accounting swings to fund operations. This reliance on external funding is a durable vulnerability: it risks dilution, can constrain strategic choices, and ties program continuity to volatile financing conditions.