Kiromic BioPharma, Inc. (KRBP): Business Model Canvas [Dec-2025 Updated]

You're digging into the mechanics of a clinical-stage biotech, and for Kiromic BioPharma, Inc. (KRBP), the model centers on their proprietary DIAMOND® AI platform to create 'off-the-shelf' allogeneic cell therapies like Deltacel™ for tough solid tumors. Honestly, as a pre-commercial player, their current 'revenue' is almost entirely financing proceeds, covering steep costs-for instance, their recent fiscal year showed about $6.9 million in R&D and $8.1 million in clinical expenses. Let's break down exactly how this high-risk, high-reward structure is set up across the nine essential blocks below.

Kiromic BioPharma, Inc. (KRBP) - Canvas Business Model: Key Partnerships

You're looking at the core external relationships Kiromic BioPharma, Inc. relies on to advance its cell therapy pipeline, especially given its clinical-stage focus. These partnerships are critical for accessing specialized knowledge, running trials, and securing necessary capital.

Academic Institutions for Licensed Technology

Kiromic BioPharma, Inc. builds its platform on licensed intellectual property. A key relationship here involves Longwood University, with whom the company has an Amended and Restated Exclusive License Agreement in place. This agreement covers the foundational technology necessary for their development programs.

• Technology licensing is secured via agreements with entities like Longwood University.
• The company also has license agreements with CGA 369 Intellectual Holdings, Inc.

Clinical Trial Sites

Executing the clinical evaluation of candidates like Deltacel™ (KB-GDT-01) requires established clinical sites. The company has publicly announced agreements to move its therapy into human testing. As of late 2024/early 2025 filings, the plan involved a multi-site evaluation.

The agreement with Beverly Hills Cancer Center (BHCC) was a significant step, marking the first of up to four prestigious clinical sites anticipated to evaluate Deltacel™ in patients with non-small cell lung cancer (NSCLC).

Clinical Site Partner	Trial Focus (Example)	Status/Role
Beverly Hills Cancer Center (BHCC)	Deltacel™ (KB-GDT-01) in NSCLC	Inaugural clinical site for Phase 1 Study
University of Arizona Cancer Center	Not specified in latest public data	Anticipated site (as part of the planned up to 4 sites)

Contract Research Organizations (CROs) for Managing Clinical Trials

While specific CRO partners for Kiromic BioPharma, Inc. are not detailed in the most recent public disclosures, the company operates within a market where outsourcing is standard. The global Biopharmaceutical CMO and CRO Market size was valued at USD 36.3 Billion in 2024 and is projected to grow, indicating a robust ecosystem for outsourcing trial management.

You should check the latest 10-Q filings for specific CRO contracts, but generally, CROs handle services like patient recruitment, data management, and regulatory submissions.

Strategic Financial Partners

Securing capital and strategic guidance often involves specialized financial partners. Leon Office (H.K.) Ltd acts as an independent business development advisor, focusing on expanding Kiromic BioPharma, Inc.'s reach into international markets, particularly Asia.

The Strategic Alliance Agreement, dated January 28, 2021, established a clear financial commitment for this advisory role. For the first year, Kiromic BioPharma, Inc. was obligated to pay Leon Office a fixed annual fee of USD $360,000.00, paid in four quarterly advanced installments.

On a related financial note, as of February 14, 2025, Kiromic BioPharma, Inc. had a reported Market Cap of $2.3M, with 2.65M shares outstanding, and an Earnings Per Share (EPS) of -$3.17 for the preceding 12 months.

Contract Manufacturing Organizations (CMOs) for Scale-up Support

For cell therapies, CMO partnerships are vital for process development and scale-up, which is a high-cost, specialized area. The broader market for Biopharmaceutical CMOs is expected to be worth around USD 60.3 Billion by 2033, showing the scale of this outsourced industry.

The company's need for CMO support is high, given its focus on allogeneic, off-the-shelf Gamma Delta T-cell therapy, which requires robust, scalable manufacturing protocols. Specific CMO names are not detailed in recent public summaries, but this function is a necessary component of their operational plan.

Finance: draft 13-week cash view by Friday.

Kiromic BioPharma, Inc. (KRBP) - Canvas Business Model: Key Activities

You're looking at the core actions Kiromic BioPharma, Inc. needed to execute to keep its cell therapy pipeline moving, especially as it navigated significant financial and regulatory pressures leading up to its March 2025 Chapter 7 filing. These activities were the engine of their value creation, even if the cash burn was intense.

Research and development (R&D) of allogeneic cell therapies was central, focusing on candidates like Deltacel, Isocel, and Procel. For the fiscal year ended December 31, 2024, Research and Development expenses were reported at $6.9 million, a slight dip from the $7.0 million reported the prior year. However, looking at the quarterly data ending September 30, 2024, R&D expenses had actually increased to $4,228,000 from $2,677,000 in the same quarter of 2023, driven by higher employee and outsourced costs. The company acknowledged considering delaying R&D expenditures to preserve cash as of late 2024.

Conducting the Deltacel-01 Phase 1 clinical trial for NSCLC was the most visible operational activity. This open-label trial (NCT06069570) evaluates Deltacel™ in combination with low-dose radiotherapy for stage 4 metastatic non-small cell lung cancer patients who failed standard therapies. The financial impact was clear: clinical trial expenses rose to $8.1 million in the year ended December 31, 2024, up from $2.7 million the year prior, directly due to the trial's activation. Efficacy milestones reported in early 2025 included:

• Patient 4 reaching 10-month Progression-Free Survival (PFS) as of January 2025.
• Patient 1 achieving a partial response with a 33.33% tumor volume reduction at the 12-month follow-up.
• Patient 7 showing a 9.5% reduction in tumor size at their two-month follow-up.

The company also had a license agreement with Longwood University and an R&D collaboration agreement with Molipharma, S.R.L. related to its development efforts.

Regarding Utilizing the DIAMOND® AI platform for novel target discovery, specific, verifiable financial or statistical data points for Kiromic BioPharma, Inc.'s use of this platform in late 2025 were not present in the latest filings. The core activity here was the application of the platform to support the pipeline, which was funded by the R&D budget mentioned above.

Manufacturing clinical-grade cell therapy product (Deltacel™) is an inherent, costly activity for any cell therapy developer. While specific manufacturing cost figures for Deltacel™ were not isolated, the overall financial structure shows significant expenditure. For the year ended December 31, 2024, the consolidated net loss was $26.9 million, an increase from the $20.9 million loss the prior year. The manufacturing expense line item in a snapshot of annual results showed $3.72 million.

Securing non-dilutive and dilutive financing to fund operations was a constant, critical activity, especially given the company's financial state. For the year ended December 31, 2024, financing activities provided gross proceeds of $18.4 million, mainly through the issuance of convertible notes. This followed a specific transaction in August 2024, where a 25% senior secured convertible promissory note for $2,000,000 was completed. Cash provided by financing activities for the nine months ended September 30, 2024, totaled $16,000,000. However, the company reported substantial doubt about its ability to continue as a going concern, needing funding beyond March 2025, and ultimately filed for Chapter 7 Bankruptcy on March 21, 2025. This financing effort was complicated by prior SEC action in December 2024 concerning an undisclosed FDA clinical hold following a $40 million common stock offering.

Here's a quick look at the financial context surrounding these key activities:

Metric	Value (Period)	Context
FY 2024 Net Loss	$26.9 million	Year ended December 31, 2024
FY 2024 Clinical Trial Expenses	$8.1 million	Up from $2.7 million the prior year
9M Ended 9/30/2024 Financing Cash	$16,000,000	Cash provided by financing activities
Cash on Hand (9/30/2024)	$3,056,000	Cash and cash equivalents
Deltacel-01 Patient 1 PFS	12 months	Achieved partial response
Deltacel-01 Patient 4 PFS	10 months	As of January 2025

The need for capital was immediate; as of September 30, 2024, cash and cash equivalents stood at $3,056,000. That's a tight runway, especially when clinical trial expenses jumped from $2.7 million to $8.1 million year-over-year.

Kiromic BioPharma, Inc. (KRBP) - Canvas Business Model: Key Resources

Proprietary DIAMOND® Artificial Intelligence (AI) platform

• Use case: Data science meets target identification to compress drug development time and cost.

Allogeneic Gamma Delta T-cell (GDT) therapy pipeline (Deltacel, Isocel, Procel)

The pipeline status as of the last reported data before the March 2025 Chapter 7 filing:

Product Candidate	Target Indication/Marker	Latest Clinical Status/Enrollment	Designation/Next Step Goal
Deltacel (KB-GDT-01)	Advanced non-small cell lung cancer (NSCLC)	10 patients enrolled in Phase 1 as of January 2025; Expansion Phase active since September 2024.	FDA Fast-Track Designation (FTD) granted August 2024; Planned pivotal Phase 2 trial initiation in the second half of 2025 (contingent on financing).
Isocel	Mesothelin Isoform 2 positive solid malignancies	Pre-clinical/IND stage.	Planned IND submission in the second half of 2025 (contingent on financing).
Procel	PD-L1 positive solid malignancies	Pre-clinical/IND stage.	Planned IND submission in the second quarter of 2026 (contingent on financing).

Clinical trials expenses for the year ended December 31, 2024, rose to $8.1 million.

Intellectual Property (IP) portfolio covering AI targets and cell therapy methods

The IP portfolio was listed as an asset in the context of the company seeking financing and subsequently filing for Chapter 7 bankruptcy on March 21, 2025.

Houston-based cGMP manufacturing and Quality Control facility

Facility Attribute	Metric/Detail
Location	Houston, Texas
Size (Expanded)	34,000-square-foot
Key Components	ISO 7 cleanrooms; Dedicated cGMP Microbiology Lab; Dedicated cGMP Quality Control (QC) Lab.
Operational Status (Pre-Bankruptcy)	Supported production of clinical batches for Deltacel.

Key scientific and clinical personnel

• Total approximate headcount: 51 employees as of September 2025.
• Key personnel roles reported as of September 2025 included: Chief Of Staff; Chief Of Clinical Development And Medical Affairs; Vice President Of Research And Development; Head Of Manufacturing; Head Of Quality Control.

Research and development expenses for the year ended December 31, 2024, were $6.9 million.

Kiromic BioPharma, Inc. (KRBP) - Canvas Business Model: Value Propositions

You're looking at the core value Kiromic BioPharma, Inc. is trying to deliver with its platform, especially when you compare it to the established, but cumbersome, autologous (patient-specific) cell therapies. The main draw here is speed and accessibility for serious conditions.

The primary offering is Deltacel™, which is an allogeneic, off-the-shelf Gamma Delta T-cell (GDT) therapy. This means it's ready to go from the donor, not custom-made for each patient, which directly addresses the 'faster patient access' proposition.

The clinical focus is squarely on solid tumors, an area where CAR-T has historically struggled. Specifically, the initial target is metastatic non-small cell lung cancer (NSCLC), which makes up about 80% to 85% of all lung cancer cases.

This approach gained significant regulatory validation. Kiromic BioPharma secured FDA Fast Track Designation in August 2024 for Deltacel™ when used with low-dose radiation therapy for metastatic NSCLC patients who have already progressed on 2 or more prior lines of standard-of-care treatment.

Here's a quick look at the early clinical data supporting this value, keeping in mind the trial is ongoing with an estimated completion date of January 2027:

• Average Progression-Free Survival (PFS) of 4.8 months (range, 2-8) among 5 evaluable patients from Part 1 data reported on August 9, 2024.
• One patient showed a 32% Decrease in Tumor Volume eight months post-treatment (reported December 12, 2024).
• Another patient reached 10-Month Progression-Free Survival (reported February 18, 2025).
• The trial reported No dose-limiting toxicities for patients completing the full course of therapy.

The engine driving the discovery of these targets is the proprietary DIAMOND® AI 2.0 target discovery engine. While general industry data suggests AI can reduce drug discovery costs by up to 40% and slash timelines to 12-18 months, Kiromic BioPharma is using this to create high-precision immuno-oncology candidates.

The cost and logistics proposition is where the allogeneic nature really shines against the competition. You can see the contrast clearly when you map the known issues of autologous treatments against the intended benefits of Kiromic BioPharma's platform:

Value Proposition Aspect	Autologous Therapy Challenge	Kiromic BioPharma Deltacel (Allogeneic) Value
Manufacturing Cost	Exorbitant production costs, limiting accessibility.	Aims to mitigate high costs through scalable, donor-derived production.
Manufacturing Timeline	Long time needed to process patient cells, delaying treatment.	Off-the-shelf availability for faster patient access.
Solid Tumor Targeting	Limited efficacy in solid tumors remains a significant challenge.	Designed to exploit natural potency of GDT cells to target solid cancers.

To give you some context on the investment required to support this development, the clinical trials expenses for Deltacel-01 rose to $8.1 million for the year ended December 31, 2024, contributing to a reported net loss of $26.9 million for that same fiscal year. The company raised $18.4 million through financing activities to support operations, though it noted insufficient cash resources beyond March 2025.

Kiromic BioPharma, Inc. (KRBP) - Canvas Business Model: Customer Relationships

You're looking at the relationships Kiromic BioPharma, Inc. maintained with its key external stakeholders, which, for a clinical-stage biotech, are primarily investigators, regulators, and capital providers. These relationships were critical, especially given the company's financial position leading into 2025.

High-touch, direct collaboration with clinical investigators and sites

The core of the customer relationship, in the clinical sense, involved the investigators and sites running the Deltacel-01 Phase 1 study. This required close, direct interaction to ensure protocol adherence and data integrity. The company was actively working to expand this network, having expected to activate a fifth clinical trial site on August 30, 2024.

The relationship with the medical community was built on the preliminary data generated from the Deltacel therapy in combination with low-dose radiation for metastatic non-small cell lung cancer (NSCLC).

Here's a look at the clinical milestones that underpinned these collaborations:

Metric	Value/Status	Date Context
Product Candidate	Deltacel (KB-GDT-01)	Ongoing Phase 1
Tumor Volume Decrease (Patient 4)	32%	Eight Months Post-Treatment (Reported Dec 2024)
Progression-Free Survival (Patient 4)	10-Month	Reported Dec 2024
Preliminary Tumor Reduction (First Patient)	6.6%	Reported March 2024
Total Product Candidates	3 (Deltacel, Isocel, Procel)	Pre-Bankruptcy

Dedicated investor relations for capital raising and market communication

For a company operating with substantial doubt about its ability to continue as a going concern, investor relations was a survival function. The focus was squarely on capital raising to fund operations, which were heavily weighted toward clinical expenses. For the year ended December 31, 2024, Kiromic BioPharma, Inc. reported net losses of $26.9 million.

The company actively engaged investors, for instance, by participating in the OTC Markets' Life Science Investor Forum on March 7, 2024. The financial activities show the reliance on external funding sources.

Key financial interactions defining this relationship included:

• Cash provided by financing activities for the nine months ended September 30, 2024: $16,000,000.
• Gross proceeds from a private placement in August 2024: $2,000,000 via a note bearing 25% interest.
• Total financing raised to support operations (as of Feb 2025 filing): $18.4 million.
• Cash and cash equivalents as of September 30, 2024: $3,056,000.
• The company acknowledged that cash resources were insufficient to meet obligations beyond March 2025.

The IR contact listed for the company was Alliance Advisors IR, with Tirth T. Patel as the contact.

Regulatory engagement with the U.S. FDA (e.g., Fast Track process)

Regulatory engagement was a high-stakes relationship, especially following past disclosure issues. A major positive milestone was the U.S. Food and Drug Administration (FDA) granting Fast Track designation to Deltacel in August 2024. This designation is designed to expedite development and review for serious conditions filling an unmet need, allowing for more frequent communication with the FDA.

This positive engagement contrasts with prior regulatory friction. The company settled an SEC investigation in December 2024 related to the non-disclosure of clinical holds placed on IND applications in June 2021. The SEC did not impose a civil penalty due to the company's self-reporting, prompt remediation, and cooperation.

The Fast Track status for Deltacel was specifically for its use in combination with low-dose radiation therapy for metastatic NSCLC patients who progressed on at least two lines of standard of care therapy.

Scientific and medical community outreach via publications and conferences

Outreach to the scientific community centered on presenting clinical data and highlighting the underlying technology platform. The company's proprietary DIAMOND® artificial intelligence (AI) 2.0 target discovery engine was a key asset discussed in these forums.

The scale of the data underpinning this platform was cited as a relationship-building asset with the scientific community.

Key metrics related to scientific outreach and platform development included:

• Data collected into the DIAMOND® platform: Over two billion data points (as of March 2024).
• Clinical Trial Expenses for 2024: $8.1 million.
• Research and development expenses for 2024: $6.9 million.
• The platform supports 3 product candidates: Deltacel, Isocel, and Procel.

The company's management, including the CEO, participated in investor forums to communicate these scientific developments directly to the market.

Kiromic BioPharma, Inc. (KRBP) - Canvas Business Model: Channels

You're looking at the Channels for Kiromic BioPharma, Inc. (KRBP) as of late 2025. Honestly, the reality of the situation dictates the current channel strategy, which is far from a typical commercialization roadmap. The most significant financial and operational event defining this period is the filing of a voluntary petition for relief under Chapter 7 of Title 11 of the United States Code on March 21, 2025, in the United States Bankruptcy Court for the District of Delaware.

Clinical trial sites (e.g., Texas Oncology, Virginia Oncology Associates)

The activation of clinical trial sites, which was an active channel focus in 2023 for the Deltacel (KB-GDT-01) Phase 1 trial in non-small cell lung cancer (NSCLC), is effectively suspended or in the process of being terminated due to the Chapter 7 filing on March 21, 2025. Any remaining site relationships would now be managed through the bankruptcy proceedings for asset disposition or contract wind-down, not patient enrollment.

• Last known trial focus: Phase 1 for Deltacel in NSCLC.
• Operational status: Governed by Chapter 7 proceedings as of March 21, 2025.

Scientific publications and presentations at oncology conferences

For a company in Chapter 7 liquidation, presenting new data is not a near-term channel. However, the scientific community where Kiromic BioPharma, Inc. would have aimed to present its data on Gamma Delta T-cell therapy remains active. For instance, the Society of Hematologic Oncology (SOHO) Annual Meeting in September 2025 was expected to draw more than 3,800 participants. Other relevant forums included the IASLC World Conference on Lung Cancer in September 2025 and the Summit for Novel Therapeutics in Oncology & Precision Medicine in Cancer (STOP Cancer) in late September 2025.

The primary channel for scientific communication shifts from presenting new trial data to managing the scientific record related to their proprietary DIAMOND® AI platform and cell therapy candidates.

Investor relations portal and SEC filings for public communication

The official channel for public and investor communication is now dominated by bankruptcy-related disclosures. The company's CIK identifier is 0000071691. The critical filing was the Form 8-K reporting the Bankruptcy or Receivership on March 21, 2025. Prior to this, the company was filing quarterly reports, such as the 10-Q for the quarter ending March 31, 2025, filed on May 7, 2025. The July 2021 follow-on public offering, which raised $40 million to fund prospective clinical trials, is now a historical financial data point relevant to the company's wind-down.

Communication Channel Element	Key Identifier/Date/Amount
CIK Number	0000071691
Chapter 7 Filing Date	March 21, 2025
Bankruptcy Court Location	District of Delaware
Last Reported Offering Amount (Historical Context)	$40 million (July 2021)

Direct sales force (future, post-commercialization)

The deployment of a direct sales force for commercialization is not a current or future channel for Kiromic BioPharma, Inc. given the Chapter 7 status as of March 21, 2025. In the biopharma industry generally, successful commercialization requires deploying sales forces supported by Pharma CRM software to manage relationships with healthcare professionals (HCPs). For context, industry benchmarks suggest that successful commercialization must maximize returns during the approximately 7 to 10 years of patent protection remaining after launch, a phase Kiromic BioPharma, Inc. will not reach for its current pipeline assets.

• Post-commercialization sales force: Not applicable due to bankruptcy.
• Industry benchmark for patent life post-launch: 7 to 10 years.

Finance: Review the final asset disposition schedule from the Chapter 7 trustee by next Tuesday.

Kiromic BioPharma, Inc. (KRBP) - Canvas Business Model: Customer Segments

You're looking at the core groups Kiromic BioPharma, Inc. (KRBP) needs to satisfy to move its cell therapy pipeline forward, especially as of late 2025.

The most immediate customer segment involves the patients themselves, specifically those with advanced disease who have exhausted other options.

• Patients with stage 4 metastatic or locally-advanced non-small cell lung cancer (NSCLC) failing standard therapies are the target for the Deltacel-01 Phase 1 clinical trial.

The clinical side represents the next layer of customer engagement, where the product is tested and administered.

• The Deltacel-01 trial has involved multiple clinical sites, including Beverly Hills Cancer Center (BHCC), Clinical Research Advisors Koreatown, and Virginia Oncology Associates.
• The University of Arizona Cancer Center was activated as the fifth clinical trial site in September 2024.

Funding this development is critical, making investors a key segment, even if the company has acknowledged substantial doubt about its ability to continue as a going concern beyond March 2025. The company was actively seeking additional financing.

Future pharmaceutical partners are the ultimate commercial customers for licensing or co-development deals, which are essential for market access and revenue generation.

Here's a quick look at the quantifiable data points related to these segments as reported in early 2025 filings and press releases:

Customer Segment	Key Metric	Reported Value/Amount	Date Context
Patients (Deltacel-01 Trial)	Number of Patients Enrolled/Treated (Minimum)	9 patients treated/enrolled as of January 21, 2025
Patients (Deltacel-01 Trial)	Tumor Volume Reduction (Patient 1)	33.33% reduction at 12-month follow-up
Patients (Deltacel-01 Trial)	Tumor Volume Reduction (Patient 7)	9.5% reduction at two-month follow-up
Clinical Sites/Investigators	Number of Activated Trial Sites (Minimum)	5 sites activated as of September 2024
Institutional Investors	Financing Raised (Convertible Notes)	$18.4 million raised to support operations
Institutional Investors	Reported Institutional Filers (13D/G or 13F)	1 institutional owner reported
Future Partners	Prior Equity Offering Amount	$40 million raised in a July 2021 offering

The success of current and future license and collaboration agreements is a stated factor in the company's outlook.

Finance: draft 13-week cash view by Friday.

Kiromic BioPharma, Inc. (KRBP) - Canvas Business Model: Cost Structure

You're looking at the core expenses driving Kiromic BioPharma, Inc.'s operations as they push their cell therapy candidates through clinical stages. For a pre-commercial biotech, the cost structure is almost entirely weighted toward discovery, development, and compliance. The numbers from the fiscal year ended December 31, 2024, paint a clear picture of where the cash burn is concentrated.

The primary cost drivers are heavily skewed toward the science. For FY 2024, Research and Development (R&D) expenses totaled $6.9 million, a slight dip from $7.0 million the prior year, showing a tight focus on their Deltacel product candidate development. However, the real spike is in the clinical execution. Significant clinical trial expenses hit $8.1 million in FY 2024, a substantial increase from $2.7 million the year before, directly tied to activating the Deltacel-01 trial. That's where the money goes when you're testing a therapy in humans; you can't really skimp there.

General and administrative (G&A) costs, which cover the overhead of running the company-salaries, rent, professional fees-were $8.9 million for FY 2024. That's down from $10.3 million previously, suggesting some belt-tightening on the non-R&D side, likely through a reduction in professional and legal fees. Still, the total operating expenses for the year were $23.77 million, leading to a net loss of $26.9 million for the period. That's the cost of keeping the lights on and the trials running.

Here's a quick look at the main operating expense categories for the fiscal year ending December 31, 2024:

Expense Category	FY 2024 Amount (in millions)
Research and Development (R&D)	$6.9
Clinical Trial Expenses	$8.1
General and Administrative (G&A)	$8.9
Total Operating Expenses	$23.77

The physical infrastructure supporting this work is also a cost center. Kiromic BioPharma, Inc. maintains its Houston cGMP manufacturing facility. While specific annual maintenance costs aren't itemized in the same way as R&D, the balance sheet shows the investment in the physical plant. As of December 31, 2024, Property, Plant, and Equipment stood at $4.31 million. You have to factor in the depreciation, utilities, and specialized staffing required to keep a current Good Manufacturing Practice (cGMP) site ready for potential future commercial production or advanced clinical supply.

Beyond the direct R&D and G&A spend, there are essential, recurring costs to protect the core assets. These include:

• Patent prosecution expenses to secure new intellectual property.
• Intellectual property maintenance fees to keep existing patents active.
• Costs related to regulatory filings and compliance activities.
• Stock-based compensation, which was $0.60 million for the year.

These fixed costs are non-negotiable for a company whose value is tied to its pipeline exclusivity. Finance: draft 13-week cash view by Friday.

Kiromic BioPharma, Inc. (KRBP) - Canvas Business Model: Revenue Streams

You're looking at the revenue side for Kiromic BioPharma, Inc. as of late 2025. Since this is a clinical-stage company, the current revenue picture is almost entirely non-operational, meaning it comes from capital markets rather than selling a product.

Zero product revenue (pre-commercial stage)

As of the end of fiscal year 2024, Kiromic BioPharma, Inc. has consistently reported zero revenue. This is typical for a company focused on developing its pipeline candidates, like Deltacel™, through clinical trials. The financial data from the annual report filed in February 2025 confirms this pre-commercial status, showing zero revenue for the year ended December 31, 2024. This zero revenue, coupled with widening net losses-which reached $26.9 million for the year ended December 31, 2024-is the financial signature of a company funding its research and development entirely through external capital. The company has reported zero revenue and negative gross profit in each year from 2021 through 2024.

Proceeds from financing activities (e.g., convertible notes, equity offerings)

The primary source of cash inflow for Kiromic BioPharma, Inc. is financing. This capital is essential to fund operations, especially the clinical trials for Deltacel™. The company actively sought and secured funds through debt instruments, primarily convertible notes, to bridge operational gaps. For instance, the nine months ending September 30, 2024, showed Cash provided by financing activities was $16,000,000. Separately, the annual report covering the fiscal year ended December 31, 2024, indicated the company raised $18.4 million through financing activities, mainly from issuing convertible notes to support operations. One specific transaction noted was the completion of a private placement on August 1, 2024, issuing a senior secured convertible promissory note for gross proceeds of $2,000,000, which carried a 25% per annum interest rate and was set to mature on August 1, 2025.

Here's a look at the financing activity reported around the 2024 period:

Financing Metric/Event	Amount (USD)	Reporting Period/Date
Cash Provided by Financing Activities	$16,000,000	Nine months ended September 30, 2024
Total Raised via Financing Activities (Convertible Notes)	$18.4 million	Fiscal Year Ended December 31, 2024
Gross Proceeds from Senior Secured Convertible Note	$2,000,000	Completed August 1, 2024
Exchange of Senior Convertible Notes into Preferred Stock (Non-cash)	$16,838,000	Reported in 2024 filings

The reliance on these activities highlights the ongoing need for capital, as the company faced substantial doubt about its ability to continue as a going concern without additional financing as of late 2024.

Potential future upfront payments from licensing or collaboration deals

As of late 2025, Kiromic BioPharma, Inc. has not publicly announced any realized upfront payments from licensing or collaboration deals for its pipeline assets. The focus has been on advancing Deltacel™ through its Phase 1 clinical trial, which received Fast-Track Designation from the FDA in August 2024. The potential for future revenue streams is tied directly to the success of this clinical advancement. The company's strategy involves developing its allogeneic Gamma Delta T-cell therapy platform, which could attract strategic partners interested in licensing rights for specific indications or geographies once positive data emerges from the ongoing Deltacel-01 trial.

Potential future milestone payments from strategic alliances

Milestone payments are contingent revenues tied to achieving specific development, regulatory, or commercial goals outlined in a partnership agreement. Currently, there are no reported active agreements that specify dollar amounts for future milestone payments. The potential exists for such payments upon:

• Successful completion of the Deltacel-01 Phase 1 trial, especially moving into Phase 2 or Phase 3.
• Achieving specific endpoints, such as progression-free survival targets, which were recently reported for Patient 4 at 10 months as of January 2025.
• Regulatory milestones, such as receiving Investigational New Drug (IND) clearance for other pipeline candidates like Isocel or Procel.

Future product sales of Deltacel™ and other pipeline candidates

Future product sales represent the ultimate, long-term revenue stream for Kiromic BioPharma, Inc., but these are entirely prospective. The company is developing Deltacel™ for stage 4 metastatic non-small cell lung cancer (NSCLC), which represents about 80% to 85% of all lung cancer cases. The realization of sales revenue depends on successfully navigating the remaining clinical trial phases, securing regulatory approval, and establishing manufacturing and commercialization capabilities. No specific sales forecasts or pricing data for Deltacel™ are available as of late 2025, given its status in the Phase 1 trial.

The company's pipeline includes:

• Deltacel™ (KB-GDT-01): Lead candidate, currently in the Deltacel-01 Phase 1 trial.
• Isocel: Another product candidate on the GDT platform.
• Procel: Another product candidate on the GDT platform.

The near-term financial action for you is tracking cash burn against the next financing round needed, as current resources are insufficient to fund operations beyond December 2024, according to a late 2024 filing. Finance: draft 13-week cash view by Friday.