Pre-revenue With Widening LossesThe company remains pre-revenue while net losses widened materially in the latest year, indicating no top-line traction. Over a 2-6 month horizon this structural profile implies continued need for external funding, increased dilution risk, and limited ability to demonstrate operating scalability until revenue generation is achieved.
Significant And Worsening Cash BurnOperating and free cash flow both moved markedly more negative, suggesting losses translate into real cash outflows rather than non-cash accounting items. Structurally this increases near-term funding needs, raises the probability of equity dilution, and constrains the company's ability to pursue development absent fresh capital.
Eroding Capital Base And Weakening Balance SheetDeclining equity and assets signal the company is eroding its capital buffer, reducing financial resilience. Over the medium term this weakens borrowing options, heightens insolvency risk under continued losses, and limits strategic flexibility unless the company stabilizes results or secures committed financing.