Bullish indicating open at $55-$60, IPO prices at $37
Kairos Pharma, Ltd., a pharmaceutical company currently trading at $0.84 per share, has announced a change in its independent registered public accounting firm. According to InvestingPro data, the company’s stock is trading near its 52-week low of $0.80, having declined nearly 43% year-to-date. On Monday, the company disclosed in a filing with the Securities and Exchange Commission that its audit committee appointed Weinberg and Company, P.A. to review its financial statements for the fiscal year ending December 31, 2025.
The decision, effective April 23, 2025, concludes the tenure of Marcum LLP as the company’s certifying accountant. Marcum’s audit reports for the fiscal years ended December 31, 2024, and December 31, 2023, did not contain any adverse opinions or modifications related to accounting principles or audit scope, except for an emphasis on the company’s ongoing viability as a going concern for the year 2023. This concern appears justified, as InvestingPro data shows negative EBITDA of $2.18 million in the last twelve months, though the company maintains a strong current ratio of 4.2, indicating solid short-term liquidity.
During their time with Kairos Pharma, there were no disagreements with Marcum on matters of accounting principles, practices, or financial statement disclosure that would have warranted mention in their reports. However, the company did acknowledge material weaknesses in internal control over financial reporting for the fiscal years 2024 and 2023.
Prior to engaging Weinberg, Kairos Pharma had not consulted the firm on any accounting or auditing matters that would have impacted their decision-making. In accordance with regulatory requirements, Marcum has been asked to provide a letter to the SEC confirming their agreement with the statements made by Kairos Pharma in the 8-K filing.
This corporate update is based on the company’s recent SEC filing and is part of standard regulatory disclosures. The change in accounting firms comes as Kairos Pharma continues to navigate the financial reporting landscape within the pharmaceutical industry. InvestingPro subscribers can access additional insights, including 7 more ProTips and comprehensive financial health metrics that provide deeper context for the company’s current position and future outlook.
In other recent news, Kairos Pharma has made significant strides in its clinical trials for ENV105, a treatment for prostate and lung cancers. The company is progressing with a Phase 2 trial for prostate cancer and a Phase 1 trial for non-small cell lung cancer. Notably, the U.S. Department of Defense has granted $876,000 to support a biomarker study for lung cancer patients, aiming to improve treatment strategies for those resistant to existing therapies. This development is crucial as it may enhance early detection and intervention strategies. H.C. Wainwright has maintained a Buy rating on Kairos Pharma, with a price target of $12, reflecting confidence in the company’s oncology pipeline. The firm’s analysts highlighted the potential of ENV105 to address cancer resistance, particularly in metastatic castration-resistant prostate cancer. Kairos Pharma’s collaboration with Cedars-Sinai Medical (TASE:BLWV) Center and additional trial sites at the University of Utah and City of Hope further bolster its research efforts. The company remains financially robust, supported by private placements and non-dilutive funding, while also having a strong intellectual property portfolio expected to last into the 2030s.
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