Kairos Pharma Reports $2.6 Million Net Loss for 2024, Completes IPO and Secures Financing

Kairos Pharma, Ltd., a clinical-stage biopharmaceutical company, reported a net loss of $2.6 million for the year ended December 31, 2024, compared to a net loss of $1.8 million in 2023. The increase in net loss was primarily driven by a rise in operating expenses. Research and development expenses increased to $414,000 in 2024 from $82,000 in 2023, largely due to the commencement of a Phase 2 trial for prostate cancer. General and administrative expenses also rose to $1.9 million in 2024 from $1.6 million in 2023, reflecting increased consulting and contract labor expenses, partially offset by a decrease in stock-related expenses.

Significant developments during the year included the successful completion of an initial public offering (IPO) in September 2024, raising $6.2 million in gross proceeds. The company also entered into an equity line of credit agreement with Helena Global Investment Opportunities I Ltd. for up to $30 million in common stock and a private investment in public equity (PIPE) offering in January 2025, generating $3.5 million in gross proceeds. These financings were accompanied by the issuance of shares and warrants to underwriters and placement agents. The company also completed milestones 1, 2, and 3 under its license agreements with Cedars-Sinai Medical Center.

Operationally, Kairos initiated a Phase 1 trial for non-small cell lung cancer and a randomized Phase 2 trial for prostate cancer in September 2023. The Phase 2 prostate cancer trial, conducted at Cedars-Sinai Medical Center, showed a 62% clinical benefit rate in a heavily pre-treated patient population. The company also received a $3.2 million grant from the NIH to support research on the mechanism of action and companion biomarkers for ENV 105. As of December 31, 2024, Kairos employed one full-time and three part-time employees. All operations are currently conducted virtually.

The company's financial statements revealed a cash balance of $1.3 million and shareholders' equity of $4.8 million as of December 31, 2024. Net cash used in operating activities was $3.9 million for the year, while net cash provided by financing activities totaled $5.1 million. The company anticipates continued losses for the foreseeable future and will rely on additional financing to fund its operations and clinical development programs. The company's 10-K filing also detailed various risk factors, including those related to its financial position, clinical development, regulatory approvals, commercialization, intellectual property, and legal compliance. The company stated that it does not anticipate paying cash dividends in the foreseeable future.