Kiromic BioPharma, Inc. (KRBP): BCG Matrix [Dec-2025 Updated]

You're looking at a clinical-stage biotech where the standard Boston Consulting Group Matrix tells a stark story: Kiromic BioPharma, Inc. (KRBP) has zero products in the 'Stars' or 'Cash Cows' quadrants, meaning all operations are fueled by external capital, not sales. Honestly, the entire company currently sits squarely in the Question Marks category-a high-stakes bet on the future success of its allogeneic Gamma Delta T-cell pipeline, like the lead candidate Aumolisa, which demands significant investment to prove itself. The reality of the current cash burn, however, pushes much of the operational overhead into the 'Dogs' quadrant, making this a classic, high-risk profile you need to map out now.

Background of Kiromic BioPharma, Inc. (KRBP)

You're looking at the landscape of Kiromic BioPharma, Inc. (KRBP) right before its operational end, which is a crucial context for any portfolio review. Honestly, the story here is less about current market share and more about the assets that were being developed when things went south.

Kiromic BioPharma, Inc. was a clinical-stage, fully integrated biotherapeutics company based in Houston, Texas, founded back in 2006. Its main goal was developing a multi-indication allogeneic cell therapy platform. They focused on harnessing the natural power of Gamma Delta T-cells to target solid tumors. To help discover novel targets for immuno-oncology, the company utilized its proprietary DIAMOND® AI 2.0 platform.

Leading up to its operational halt, Kiromic BioPharma had three main product candidates in its pipeline, all centered around this cell therapy approach. You'll want to note these, as they represent the potential value that was acquired post-bankruptcy:

• Deltacel-01, which was in a Phase 1 clinical trial for non-small cell lung cancer.
• Isocel (ALEXIS-ISO-1), targeting Mesothelin Isoform 2 positive solid malignancies.
• Procel (ALEXIS-PRO-1), targeting PD-L1 positive solid malignancies.

The Deltacel-01 program showed some promising early data, which is why you see news reports from late 2024 and early 2025 mentioning favorable efficacy. For instance, by February 2025, the company reported that Patient 4 in the Deltacel-01 trial reached 10-month progression-free survival. Plus, the FDA granted Deltacel Fast Track Designation in August 2024, which definitely signaled potential, even if the company couldn't sustain operations.

Financially, things were tight, which is common for pre-revenue biotechs. The 2024 10-K report, filed in February 2025, detailed a net loss of $26.9 million for the year, an increase from the prior year's loss of $20.9 million. This was largely due to clinical trial expenses jumping up to $8.1 million from just $2.7 million as the Deltacel-01 trial ramped up. The company had raised $18.4 million via financing, but it explicitly acknowledged the need for more funding beyond March 2025 because current cash resources were insufficient, leading to substantial doubt about its ability to continue as a going concern.

The situation culminated quickly. On March 21, 2025, Kiromic BioPharma filed for Chapter 7 bankruptcy protection, which meant ceasing all operations and seeking liquidation. Before that, in December 2024, the company settled an SEC investigation related to non-disclosure of clinical holds placed on IND applications back in May 2021; to be fair, the SEC imposed no civil penalty due to the company's self-reporting and remediation efforts.

Following the bankruptcy filing, on April 14, 2025, the US Bankruptcy Court approved an expedited sale of substantially all assets to Immunocell Therapeutics, Inc., an entity controlled by Shannon Ralston, who was the company's sole secured creditor. This transaction effectively ended Kiromic BioPharma, Inc. as an operating entity, though the ticker symbol later reflected a post-bankruptcy status, such as KRBPQ.

Kiromic BioPharma, Inc. (KRBP) - BCG Matrix: Stars

You're looking at the Stars quadrant for Kiromic BioPharma, Inc. as of late 2025. Honestly, for a company in the biotech space, the definition of a Star-high market share in a growing market-is entirely forward-looking, not based on current sales.

For Kiromic BioPharma, Inc., the reality is that no assets currently qualify under the traditional BCG Star definition. The company was pre-commercial throughout the period leading up to its Chapter 7 liquidation filing on March 21, 2025.

The entire valuation premise for Kiromic BioPharma, Inc. rested on the future success of its pipeline, not present market dominance. This is typical for clinical-stage biotechs, but it means the Star quadrant remains empty based on current performance metrics.

• No products currently approved or generating significant revenue.
• Zero market share in any therapeutic area as of late 2025.
• The company is pre-commercial; no assets qualify as high-growth, high-share.
• Lead asset, Deltacel-01, was in Phase 1 clinical trial.
• Stock ticker is now KRBPQ and the company has been delisted.

The financial data available reflects the investment required to attempt to create a Star, which is primarily cash consumption through research and development, not cash generation.

The high growth potential, which would categorize an asset as a Star, was entirely theoretical, tied to successful progression through clinical milestones. For instance, R&D expenses rose to $4,228,000 in the quarter ending September 30, 2024, up from $2,677,000 the prior year, showing the cash burn required for pipeline advancement.

All value was tied to future clinical success, not present market dominance. The company acknowledged the need for additional funding to meet obligations beyond March 2025, as current cash resources were insufficient.

Kiromic BioPharma, Inc. (KRBP) - BCG Matrix: Cash Cows

You're looking at the Cash Cow quadrant for Kiromic BioPharma, Inc. (KRBP) as of 2025. Honestly, the data here paints a picture that is the antithesis of a traditional Cash Cow, which is a market leader in a slow-growth, high-margin business. For Kiromic BioPharma, Inc., the reality is that the business structure, as reflected in its financials leading up to and including the Chapter 7 filing in March 2025, shows zero products fitting this description.

The core issue is the complete absence of a mature, high-market-share product. The company's pipeline, including Deltacel-01 in Phase 1, represents future potential, not current cash generation. This means the entire enterprise was operating in a mode of pure investment burn, not passive cash collection.

• No revenue-generating products to fund operations.
• Zero stable, mature products with high market share.
• Operations are funded by equity raises and debt, not product sales.
• The company's net loss for 2025 is expected to be substantial, not a net income source.

The financial evidence from the last full reporting period before the March 2025 bankruptcy filing clearly shows this dynamic. The company was entirely reliant on external capital to sustain its clinical development efforts, which is the hallmark of a Question Mark or a Dog, not a Cash Cow.

Here's a look at the key financial metrics from the fiscal year ended December 31, 2024, which sets the stage for the 2025 situation:

The latest reported quarterly loss, for the quarter ending December 31, 2024, was $6.49 million. This trend of significant cash consumption continued, culminating in the Chapter 7 filing in March 2025, which confirms the expectation of a substantial net loss for the 2025 period, as the company ceased normal operations.

The definition of a Cash Cow is a business unit that generates more cash than it consumes. For Kiromic BioPharma, Inc., the opposite was true; the company consumed cash to fund its pipeline, evidenced by the $18.4 million raised through financing activities to support operations.

The company's focus, as described in its filings, was entirely on advancing its pipeline:

• Deltacel-01 in Phase 1 clinical trial.
• Isocel in combination with low-dose radiation.
• ALEXIS-ISO-1 targeting Isomesothelin.
• Procel in combination with low-dose radiation.

If you were looking for a unit that passively funds the corporate overhead, you won't find it here. Finance: draft 13-week cash view by Friday.

Kiromic BioPharma, Inc. (KRBP) - BCG Matrix: Dogs

You're looking at the remnants of a portfolio where investment hasn't paid off, units that consume cash without generating meaningful returns, which is the classic definition of a Dog in the Boston Consulting Group Matrix. For Kiromic BioPharma, Inc., the ultimate outcome in 2025-Chapter 7 liquidation in March 2025-confirms this categorization for much of its prior operational structure.

General and administrative (G&A) overhead and non-core R&D

Even as the company faced its final liquidity crisis, the overhead structure represented a drag. For the fiscal year ended December 31, 2024, General and administrative expenses were reported at \$16,920 thousand.

Research and development expenses for the same period were \$6,854 thousand.

To see the recent trend leading up to the end, consider the nine months ended September 30, 2024:

Honestly, these fixed and semi-fixed costs become traps when the primary asset-the pipeline-loses viability or funding.

Legacy or discontinued research programs with no path to commercialization

The shift away from earlier candidates clearly marks them as Dogs, or worse, write-offs. Kiromic BioPharma switched its focus to the Deltacel candidate in 2022.

This pivot followed a significant event where the company raised \$40 million in a financing round on July 2, 2021.

The issue was that two of its drug development programs, ALEXIS-PRO-1 and ALEXIS-ISO-1, had been placed on clinical hold by the U.S. Food and Drug Administration in June 2021, information that the SEC later charged the company for failing to disclose prior to that \$40 million raise.

• Two drug candidates placed on clinical hold in June 2021.
• Financing of \$40 million occurred two weeks after the clinical holds.
• Focus shifted to Deltacel in 2022.

The company's stock, which has faced significant dilution and reverse splits

The stock performance reflects a market that lost confidence in the ability to commercialize assets, a key characteristic of a company whose portfolio is weighted toward Dogs. The market capitalization collapsed from \$524 million in 2021 to \$23 million by 2024.

As of October 14, 2025, the market capitalization was a mere \$215K.

To try and maintain listing compliance, the company executed a significant dilution event via a reverse split:

• Reverse stock split ratio: 1-for-30.
• Effective date: March 13, 2023.
• Shares outstanding post-split: Approximately 966,758 common shares.

That reverse split was definitely an attempt to fix a price problem, not a business problem.

Cash burn from ongoing Phase 1/2 clinical trials without a clear near-term return

The primary cash drain was the ongoing clinical work on Deltacel, which, despite some positive early data, did not translate into near-term revenue, leading to the ultimate cessation of operations.

The net loss for the full fiscal year 2024 was \$26.9 million.

This loss was driven partly by clinical trial expenses, which rose to \$8.1 million in FY 2024, up from \$2.7 million the prior year due to the activation of the Deltacel-01 trial.

The cash usage paints a stark picture:

The company explicitly warned that its cash resources were insufficient to meet obligations beyond March 2025, culminating in the filing for Chapter 7 liquidation in March 2025.

Kiromic BioPharma, Inc. (KRBP) - BCG Matrix: Question Marks

The Question Marks quadrant represents Kiromic BioPharma, Inc.'s pipeline assets operating in markets characterized by substantial, rapid expansion but where the company currently holds negligible commercial presence. These assets are cash-intensive, requiring significant investment to capture market share before they risk becoming Dogs.

The entire allogeneic Gamma Delta T-cell (GDT) therapy pipeline, which includes lead candidate Aumolisa (though Deltacel is the most recently detailed asset in trials), fits this profile. These therapies target solid malignancies, which comprise about 90% of all cancers, positioning them in a massive oncology market. The core technology is the proprietary DIAMOND platform, which uses AI to compress target identification timelines.

Lead candidate Deltacel (KB-GDT-01), which is the most advanced asset mentioned, is an allogeneic, non-engineered, off-the-shelf GDT therapy currently in a Phase 1 clinical trial (Deltacel-01) for non-small cell lung cancer (NSCLC). Clinical progress, while early, shows potential, with reports in early 2025 indicating a patient reached 10-month Progression-Free Survival in the trial. The company also has IND applications filed for Procel™ and Isocel™.

The market context is one of high market growth potential in the CAR-T space, but zero current market share for Kiromic BioPharma, Inc.'s specific GDT approach. The global CAR T-cell therapy market size was valued at USD 6 billion in 2025 and is projected to reach USD 45.6 billion by 2035, growing at a 22.5% CAGR from 2026 to 2035. The U.S. segment alone was valued at USD 2.71 billion in 2025. This rapid market expansion presents the opportunity for a successful asset to transition into a Star.

The consumption of capital to support this high-growth, low-market-share position is evident in the latest reported financial figures. You must fund the journey from Phase 1 to pivotal trials, which demands substantial resources.

The proprietary Diamond platform, while high-risk due to its reliance on AI-driven target identification for novel therapies, targets this massive oncology market. The company has previously noted the platform's ability to compress development timelines, which is crucial when facing the need for rapid market penetration.

The key characteristics defining these Question Marks for Kiromic BioPharma, Inc. are:

• Allogeneic GDT therapy targeting solid tumors.
• Deltacel currently in Phase 1 clinical trials.
• Market growth CAGR estimated around 22.5% to 30.5%.
• Net loss reported at $26.9 million for the last fiscal year.
• Need for additional financing beyond March 2025.

Significant capital investment required to move from Phase 1/2 to pivotal trials is the immediate strategic hurdle. The cash burn, illustrated by the $8.1 million in clinical trial expenses in the last reported year, must be sustained or increased to generate the data needed for the next stage gate, which is the primary driver of the Question Mark status. Finance: draft 13-week cash view by Friday.