Negative Equity & LeverageNegative equity and meaningful debt weaken financial flexibility and increase dependence on external funding. Over the medium term this elevates refinancing and covenant risk, constrains strategic optionality, and makes the company more sensitive to financing market conditions if operating cash flow doesn't improve.
Persistent Cash BurnSustained negative operating and free cash flow implies the business is not yet self-funding growth. Continued burn requires access to capital or higher leverage, which can dilute shareholders or increase interest costs, and constrains the company's ability to invest opportunistically without clear path to breakeven.
Nasdaq Listing RiskA formal deficiency notice introduces a structural listing and governance risk that can impair liquidity and investor confidence. Potential transfer to a lower-tier market or delisting would raise financing costs and complicate future equity raises, making execution of the commercialization plan more difficult.