Clinical Trial Outcomes Risk: The failure of ADVB's clinical trials to demonstrate the required efficacy or safety for its investigational therapies could prevent regulatory approval, leading to significant financial losses and impacting future development plans.

Regulatory Approval Uncertainty Risk: ADVB's ability to commercialize new products is contingent upon obtaining and maintaining necessary regulatory approvals, which are often unpredictable, time-consuming, and may not be granted by health authorities.

Funding and Liquidity Risk: Developing biotechnological products is highly capital-intensive, and ADVB may need to raise substantial additional capital in the future, which may not be available on favorable terms or at all, jeopardizing its operations.