No Revenue / Ongoing LossesAbsence of revenue and persistent operating losses mean the company is not self-sustaining; continued negative earnings deepen reliance on capital markets. This structural unprofitability creates execution risk if clinical outcomes delay or fail, pressuring cash and strategy.
Equity ErosionSignificant equity decline reflects cumulative losses or dilution and weakens the balance-sheet buffer. A smaller equity base reduces capacity to absorb setbacks, increases vulnerability to funding shocks, and can constrain options for future financing or partnerships.
Dependence On External FinancingOngoing need for outside capital is a structural risk: frequent financing can dilute existing holders and may force unfavorable terms. Reliance on markets reduces strategic autonomy and raises execution risk if funding environments deteriorate during multi-year trials.