Negative Cash FlowPersistent negative operating and free cash flow means the business still depends on existing liquidity or financing to sustain growth. Continued cash burn, even if reduced, raises execution risk if commercial ramps or regulatory milestones slip, potentially pressuring long-term funding needs.
Rising Operating ExpensesDeliberate increases in opex to support Epioxa and other launches amplify near-term profitability headwinds. If revenue ramps or payer adoption lag expectations, higher fixed costs could delay cash-flow breakeven and extend the period of negative returns for shareholders and pressure capital allocation choices.
Payer Access & Corneal Transition FrictionEpioxa commercialization faces structural access constraints during the misc-code period and procedural channel shifts, creating elongated reimbursement cycles. Such durable payer frictions and channel mix changes can depress early revenue predictability and increase commercial cost-to-serve during critical launch windows.