Clinical Trial Success Risk: The success of Can-Fite's drug candidates, such as Piclidenoson and Namodenoson, is highly dependent on the outcomes of ongoing and future clinical trials, which are uncertain and may not yield positive results, potentially leading to significant delays or discontinuation of development.

Regulatory Approval Risk: Even if clinical trials are successful, Can-Fite must obtain necessary regulatory approvals from health authorities like the FDA and EMA for its drug candidates, a process that is lengthy, expensive, and uncertain, with no guarantee of approval.

Funding and Liquidity Risk: Developing and commercializing pharmaceutical products is extremely costly, and Can-Fite will require substantial additional funding, which may not be available on favorable terms or at all, potentially leading to delays, scaling back, or cessation of operations.