Pre-revenue OperationsThe company reports zero revenue across the period, indicating a pre-revenue profile. This means no proven commercial traction, limited ability to self-fund operations, and heavy reliance on external financing. Over the medium term this increases execution and viability risk for the business model.
Accelerating Cash BurnOperating cash flow deteriorated materially in the TTM, showing acccelerating cash burn. This persistent negative OCF and worsening free cash flow shorten runway, force dilutive financings or cutbacks, and constrain investment in product or market development—structural headwinds for recovery.
Negative Equity And Weak Balance SheetNegative equity over multiple periods signals a fragile balance sheet and potential solvency concerns. It limits the company's ability to borrow on favorable terms, increases dilution risk from future equity raises, and reduces strategic flexibility to invest for growth or withstand shocks across the medium term.