No Revenue & High BurnThe company remains pre-revenue with persistent negative operating and free cash flow of about $12M TTM, creating ongoing reliance on external capital. This structural cash burn constrains runway, forces prioritization of programs, and increases execution risk over the next 2–6 months if additional funding or milestones are not secured.
Thin Equity Cushion / Leverage SensitivityAlthough absolute debt is modest, equity has only a small cushion after recent recapitalization, producing a high debt-to-equity ratio and financial sensitivity. A thin balance sheet reduces flexibility to absorb trial delays or unexpected costs, weakens bargaining power in partner deals, and increases the likelihood of dilutive financings if milestones slip.
Ongoing Capital Actions / Dilution RiskRecent shareholder approval to raise authorized share capital and implement a reverse split signals structural efforts to preserve listing status and enable future financings. While supporting access to capital, these corporate actions also create an ongoing dilution/overhang dynamic and highlight dependence on equity markets, which can limit strategic optionality and shareholder alignment.