Statistically speaking companies that lose money are riskier than those that make money. And we do note that Ascendis Pharma had an earnings before interest and tax (EBIT) loss, over the last year. Indeed, in that time it burnt through €500m of cash and made a loss of €393m. But the saving grace is the €556.1m on the balance sheet. That kitty means the company can keep spending for growth for at least two years, at current rates. Importantly, Ascendis Pharma's revenue growth is hot to trot. While unprofitable companies can be risky, they can also grow hard and fast in those pre-profit years. There's no doubt that we learn most about debt from the balance sheet. But ultimately, every company can contain risks that exist outside of the balance sheet. For example, we've discovered 1 warning sign for Ascendis Pharma that you should be aware of before investing here.