Zero Revenue In 2025A complete loss of revenue is a structural impairment to business sustainability: fixed costs and R&D remain but there is no operating income to offset them. Over a multi‑quarter horizon this increases reliance on external funding and stresses long‑term viability.
Accelerating Cash BurnCash outflows have more than doubled year‑over‑year, sharply increasing financing needs and shortening runway. Persistent, accelerating burn elevates dilution risk, forces priority on capital availability, and constrains ability to invest in development or commercialization.
Rapid Equity ErosionSevere drop in shareholder equity erodes the capital buffer, reducing borrowing capacity and increasing the likelihood of dilutive recapitalisation. It signals returns are negative and that existing shareholders have been materially consumed by operating losses.