Persistent Cash BurnOngoing negative operating and free cash flow means the business remains reliant on external financing or rapid margin conversion to fund growth. If commercialization or collection timing slips, cash strain could force cost cuts or dilutive financing, complicating durable execution over coming quarters.
Elevated Operating ExpensesHigh SG&A and sustained operating expense guidance require continued strong top-line growth to maintain margin progress. If U.S. ramp or product uptake slows, the fixed cost base could compress operating margins and delay the expected durable shift to consistent cash-flow positivity.
Limited Equity Cushion / Balance Sheet RiskEquity is thin relative to the asset base, leaving limited downside absorption while the company is unprofitable. Even with lower debt levels, a shallow equity buffer increases vulnerability to operational shocks, covenant pressure, or slower cash conversion over the medium term.