Negative Gross ProfitNegative gross profit indicates product-level costs currently exceed revenues, undermining unit economics. Even with recurring sales, sustained negative gross margins make profitable scaling unlikely without material cost reductions, higher pricing, or improved assay yields and throughput.
Persistent Heavy Cash BurnConsistently large negative operating and free cash flows (roughly -SEK160m to -268m) show ongoing cash consumption. Continued burn forces reliance on external financing, increases dilution risk, and constrains the company’s ability to sustain commercial expansion or absorb operational setbacks.
Unstable Capital StructureA prior period of negative equity reflects significant capital erosion and financial stress. Such volatility in the capital structure raises the likelihood of future equity raises under duress, which can dilute existing holders and complicate long-term strategic planning.