The earnings call reveals several negative factors: declining revenue, increased net loss, and limited cash reserves, which could hinder operations. The success of MAT2203 is critical, yet dependent on securing a strategic partner and trial success, both uncertain. The competitive market and pricing challenges add further risk. Although there are potential opportunities in cytokine targeting, management's vague responses on partnerships and specific targets raise concerns. Overall, these issues outweigh the positive aspects, leading to a negative sentiment.