Large Ongoing LossesMaterial and persistent operating losses are a structural constraint: they erode equity, produce negative returns on capital, and force continued external funding. Until profitability approaches, strategic options (R&D, marketing investments, partnerships) remain limited and dilution risk stays elevated.
Weak Cash GenerationConsistently negative operating and free cash flow (~-7.8M TTM) creates an ongoing reliance on external capital. This structural cash-generation weakness increases funding uncertainty, risks dilution or higher-cost debt, and constrains the company's ability to scale commercial and clinical activities sustainably.
Rising Leverage And Eroded EquityHigher debt and a sharply reduced equity cushion materially weaken financial flexibility. Increased leverage raises refinancing and covenant risks, elevates funding costs, and narrows the buffer against operating setbacks, making the firm more vulnerable to dilution or restrictive financing terms.