Even when a business is losing money, it's possible for shareholders to make money if they buy a good business at the right price. For example, biotech and mining exploration companies often lose money for years before finding success with a new treatment or mineral discovery. Having said that, unprofitable companies are risky because they could potentially burn through all their cash and become distressed.

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https://simplywall.st/stocks/au/pharmaceuticals-biotech/asx-emd/emyria-shares/news/heres-why-were-not-too-worried-about-emyrias-asxemd-cash-bur-1