Persistent Negative Operating Cash FlowRecurring negative operating cash flow forces ongoing reliance on external financing, collaborations, or asset sales. Even with 2025 improvement, the company does not self-fund operations, raising structural risk of dilution or constrained R&D if partner payments or financings are delayed or unfavourable.
Deep, Loss-making OperationsExtremely negative operating and net margins reflect a business that is far from profitable and heavily dependent on non-operating items or occasional gains. This persistent unprofitability is a structural barrier to self-sustaining growth and elevates execution risk if revenue does not scale materially.
Volatile Equity / CapitalizationLarge swings in shareholders’ equity indicate prior dilution, episodic financing, or accumulated losses, reducing predictability of future capital structure. This volatility increases the probability of future dilutive raises or unfavorable funding terms, creating a recurring structural governance and financing risk.