Persistent Cash BurnSustained negative free cash flow at scale creates structural funding exposure: management notes runway only through Q3 2026 without new capital. Ongoing cash burn forces dilutive fundraising or partnership dependence, constraining independent commercialization and long-term strategic optionality.
Negative Gross Profit & MarginsRecurring negative gross profit signals the core business has not reached unit-level economics that support sustainable scaling. Even with cost discipline, negative margins imply the model currently destroys value at volume, raising structural questions about pricing, cost base, or test economics until materially improved.
Payer Coverage UncertaintyBilling code and price do not equal reimbursed revenue: absent formal payer coverage, collection timing and realized per-test payments are uncertain. This structural coverage gap can materially delay revenue recognition, depress cash collections, and amplify financing needs during the commercial ramp.