No Revenue BaseAbsence of any revenue for multiple years means the company lacks a recurring cash-generating business, forcing reliance on financing or asset sales. That structural deficiency undermines long-term viability and increases dilution/rescue financing risk.
Deeply Negative Equity And Rising LeverageDeep negative shareholders' equity combined with a sharp debt increase materially weakens solvency and limits financial flexibility. Over months this raises default, restructuring, or severe dilution risk and constrains the ability to fund operations or projects.
Worsening Cash Burn In 2024Increasing operating cash outflows reduce runway and heighten dependence on external financing. In a firm with no revenue, rising cash burn accelerates liquidity stress and forces dilutive financing or asset disposals, impairing long-term strategic options.