Persistent Cash Burn And Negative Operating Cash FlowSustained negative operating cash flow is a durable constraint: repeated burn (~-34.0M in 2025) will necessitate recurring external funding or non-dilutive partnerships. That ongoing need raises dilution risk, complicates long-term planning and can slow trial progress absent secured financing.
No Reported Revenue In 2024–2025A structural absence of commercial revenue in recent years means there is no validated, recurring income to underwrite operations. This increases reliance on capital markets and partnerships, prevents durable margin visibility, and leaves the company exposed if fundraising conditions tighten.
Materially Reduced Equity / Weakened Capital CushionA sharp fall in equity and persistently negative returns (~-27% ROE) erode the firm's buffer against further losses. The diminished capital cushion limits balance-sheet flexibility, raises vulnerability to setbacks, and increases the probability and potential size of dilutive capital raises to sustain operations.