Persistent Cash Burn & Minimal RevenueOperating with almost no revenue while incurring multi‑million dollar annual losses and negative operating cash flow is a durable structural weakness. Continued burn without a revenue base forces recurring financing, limits strategic optionality, and elevates dilution and execution risk over several quarters.
Reliance On Conditional FinancingMaterial reliance on milestone‑contingent tranches ties the company’s funding to execution timing and outcomes. If milestones slip or conditions aren’t met, capital shortfalls could delay regulatory work or force unfavorable financing, increasing the probability of dilution or operational pauses.
Nasdaq Minimum Bid-Price NoticeA listing deficiency introduces structural governance and capital-raising risk: remediation may require corporate actions (reverse split), distract management, and impair liquidity or investor access. Persistent noncompliance could ultimately threaten market access and strategic flexibility.