No Revenue & Widening LossesAbsence of revenue and accelerating net losses are fundamental constraints: without product sales the company must rely on external funding, which increases dilution risk and limits ability to scale operations, invest in commercialization, or sustain multi‑period R&D without clear near‑term cash generation.
Deteriorated Balance Sheet & Rising DebtSharply higher debt and deeply negative equity materially weaken financial flexibility. Negative equity and limited asset base increase solvency risk, raise financing costs, and constrain the company's ability to withstand setbacks or pursue needed commercial scale‑up without onerous financing terms.
Sustained Negative Operating & Free Cash FlowPersistent operating and free cash‑flow deficits create ongoing funding pressure. Over the medium term this forces reliance on dilutive equity or debt financing, limits reinvestment capacity, and raises execution risk for clinical, regulatory, and commercial milestones needed to generate sustainable revenue.