KAPA

Kairos is a clinical-stage oncology biopharma with no approved products and, by its own filing, 'have not generated any revenue from product sales.' Revenue is blank across FY2023–FY2025 while losses accelerate: net loss went -$1.81M → -$2.60M → -$5.45M, a 109% YoY worsening, driven partly by R&D scaling +415.7% to $2.13M. Diluted EPS is -$0.30 and ROE is -85.9%. There is no fundamental floor here — the entire value rests on unapproved pipeline candidates the company concedes 'have not been approved as safe or effective by the FDA.'

The balance sheet looks superficially clean (liabilities/equity just 0.16x, current liabilities only $199K, cash up 253% to $4.49M), but that cash cushion is thin against a -$3.44M operating cash burn that is rising as trials advance. That implies roughly a year of runway before the company must raise again, and management states plainly it 'will need substantial additional funding' and may be 'unable to raise additional funds... on acceptable terms, or at all.' Accumulated deficit is already -$14.3M against just $6.34M of equity.