Weak Balance Sheet & Rising LeverageNegative shareholder equity combined with materially higher debt constrains financial flexibility and increases refinancing and covenant risk. This structural leverage reduces the company's ability to fund growth organically, heightens interest expense sensitivity, and elevates dilution or restructuring risk over the next several quarters.
Persistent Cash Burn & Negative Free Cash FlowSustained large negative operating and free cash flows require ongoing external financing and limit runway. Persistent cash burn forces prioritization of projects, increases dependency on debt/equity raises, and raises execution risk for commercialization and pivotal trials across the 2–6 month horizon.
Unprofitability And Elevated Launch SG&AHigh launch-related selling, general and administrative costs sustain sizable operating losses despite revenue growth. Until unit economics improve and prescriber penetration scales materially, elevated SG&A will depress margins and cash flow, prolonging the path to sustainable profitability and increasing financing needs.