No Commercial RevenueEffectively zero reported revenue over multiple years indicates a lack of commercial traction. Without product sales the company cannot self-fund operations, increasing dependence on external capital, delaying scaling, and elevating execution risk around achieving a durable revenue model.
Persistent Negative Operating Cash FlowConsistently negative operating cash flow and prior negative free cash flow show the core business consumes cash. Persistent outflows create ongoing financing dependency, raise dilution risk if equity is issued, and constrain the company's ability to invest sufficiently in sales, regulatory approval, or manufacturing scale-up.
Sustained Operating LossesSustained net losses with no clear inflection toward profitability reflect continued heavy investment without revenue offset. Ongoing losses erode equity over time, can force financing on unfavorable terms, and limit strategic flexibility if commercialization milestones are delayed.