No Revenue; Persistent Operating LossesThe company operates with no recurring revenue and sizable operating losses, meaning it remains research-stage and unable to self-fund development. Over 2-6 months this structurally limits internal runway, forces reliance on external capital, and raises execution risk if fundraising stalls.
Sustained Negative Operating And Free Cash FlowPersistent cash burn requires repeated financing rounds or partnerships, increasing dilution risk and management distraction. Until FCF turns sustainably positive, cash constraints will limit trial progression, hiring, and commercialization activities, affecting medium-term ability to execute strategy.
Historical Equity Instability And Prior Negative EquityPast periods of negative equity indicate prior recapitalizations or losses that eroded shareholder value. That history signals elevated likelihood of future dilution or restructuring under stress, which undermines investor confidence and can complicate long-term financing and partnership negotiations.