Cancer biotechnology company Kairos Pharma sets terms for $6 million initial public offering

Kairos Pharma, a Phase 2 biotechnology company developing cancer therapies, announced terms for its initial public offering on Wednesday.

The Los Angeles, California-based company plans to raise $6 million by offering 1.6 million shares at $4. At the proposed price, Kairos Pharma would achieve a market value of just under $50 million.

Because the company is expected to have a market cap of less than $50 million at the price, Kairos Pharma is excluded from Renaissance Capital's 2024 IPO statistics.

Kairos Pharma is focused on advancing therapeutics for cancer patients that aim to overcome key hurdles in immunosuppression and drug resistance. Supported by the acquisition of Enviro Therapeutics in 2021, the company's pipeline includes seven candidates, including KROS (immunotherapies) and ENV antibodies. The most advanced candidates include KROS 201, an autologous T-cell therapy currently in preparation for a Phase 1 study in recurrent glioblastoma, and ENV 105, an antibody against CD105/endoglin, which is in a randomized multicenter Phase 2 study in prostate cancer and a phase 1 study in lung cancer, both of which began recruiting patients in September 2023.

Kairos Pharma was founded in 2013 and plans to list on the NYSE American under the symbol KAPA. Boustead Securities is the sole bookrunner on the transaction.