Pre-revenue ProfileHaving no revenue and repeated negative gross profit leaves business economics unproven; durable profitability depends on successful commercialization. This structural uncertainty raises execution risk and makes future margin sustainability speculative until product-market fit is demonstrated.
Persistent Cash BurnConsistent negative OCF and FCF indicate the company is consuming capital to fund operations. Over a multi-month horizon this continued burn will deplete the equity cushion, necessitating external financing and increasing dilution risk if revenue generation does not materialize.
Reliance On External FundingStructural dependence on raising capital constrains strategic flexibility and ties operational continuity to market access. If funding conditions tighten, the company may have to curtail programs or accept dilutive terms, impairing long-term project development and shareholder value.