No Revenue / Unproven CommercializationThe company reports no revenue and sustained multi-million dollar losses, indicating it has not commercialized products. Without operational sales, long-term value depends entirely on clinical and regulatory success, making future cash needs and dilution risk structural constraints on growth.
Negative Equity And Rising LeverageDeeply negative equity and increased debt materially weaken financial flexibility. Higher leverage elevates refinancing and covenant risk, limits capacity to absorb trial cost overruns, and increases dependence on external capital, pressuring long-term solvency if commercial milestones are delayed.
Sustained Operating Cash BurnConsistently negative operating cash flow signals ongoing cash burn from R&D and operations. Persistent outflows reduce runway and raise the probability of dilutive financings; without near-term revenue, continued trial and development costs create a structural funding dependency.