No Revenue And Widening Net LossAbsence of product revenue and a materially larger net loss undermine self-funding capacity and highlight the long path to commerciality. Persistent negative earnings weaken internal cash generation and increase structural reliance on external financing or partnerships to sustain R&D programs.
Consistent Negative Operating Cash FlowSustained negative operating cash flow indicates ongoing cash burn from R&D and operations. This durable drain constrains strategic optionality, forces periodic capital raises, and heightens execution risk if financing windows narrow during critical clinical development stages.
Equity Erosion And Dilution RiskSignificant decline in equity over several years reflects cumulative losses and raises the prospect of further dilution to fund operations. Persistent capital erosion can impair investor returns, reduce financial cushions, and make future financing more dilutive or costly for long-term shareholders.