Large And Persistent Cash BurnHeavy negative operating and free cash flow relative to a small revenue base creates ongoing funding needs. Continued cash burn increases dilution and refinancing risk, constraining the company’s ability to invest in commercial scale, R&D or cushion against execution delays over the medium term.
Elevated Leverage And Weakened Equity CushionRising debt alongside falling equity reduces financial flexibility and increases solvency risk. With limited equity cushion, adverse revenue or cash‑flow shocks could force dilutive financings or restrictive debt terms, limiting strategic optionality and raising long‑term cost of capital.
Nasdaq Listing Noncompliance And Potential DelistingListing noncompliance and the prospect of delisting materially raise liquidity and capital‑access risks. A delisting or prolonged uncertainty can shrink the investor base, increase financing costs and impair recruitment/partner confidence, creating a durable headwind for execution over coming months.