Balance Sheet Deterioration: Total assets fell from $89.7M (2022) to $48.8M (2023), while liabilities rose to $20.0M, reducing equity to $28.8M. Despite a strong current ratio (3.28) and quick ratio (2.34), negative operating cash flow (-$45.6M in 2023) and free cash flow (-$49.0M) signal severe cash burn.
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