**Title:** "Kairos Pharma's Financial Struggles: A 33% Revenue Drop Amid Rising R&D Costs and Fierce Competition"

Financial Performance Review

Based on the provided financial data, kairos pharma (stock code: KAPA) recorded a total operating revenue of -RMB14.46 million as of December 31, 2024, a year-on-year decrease of approximately 33% from the total operating revenue of -RMB10.89 million as of December 31, 2023. This indicates a significant decrease in the company's revenue in 2024, which may affect its overall financial health.

Key Financial Data

1. The operating revenue in 2024 was -RMB14.46 million, compared to -RMB10.89 million in 2023, a year-on-year decrease of 33%.

2. R&D expenses increased significantly to RMB17.2 million in 2024, up from RMB70,000 in 2023.

3. Marketing and sales management expenses increased to RMB12.74 million, failing to effectively convert into sales revenue.

Industry Comparison

1. Industry-wide analysis: In the biopharmaceutical industry, market demand and technological innovation are changing rapidly, resulting in significant fluctuations in overall operating revenue. If other companies in the industry achieve revenue growth in 2024, it may reflect KAPA's shortcomings in market positioning or product competitiveness.

2. Peer evaluation analysis: Compared to other companies in the same industry, KAPA's year-on-year decrease in operating revenue is significant, indicating its lack of competitiveness in the market. If other companies in the industry maintain stable or growing operating revenue, KAPA's situation will be more severe.

Summary

The significant decrease in KAPA's operating revenue in 2024 is mainly due to increased competition, insufficient product demand, and increased R&D and marketing expenses, putting the company under greater financial pressure. This situation may have a negative impact on the company's profitability and future liquidity.

Opportunities

1. KAPA's active T-cell therapy in development has potential, and if successful, it may open up new revenue streams.

2. With the rapid growth of the biopharmaceutical market, if the company can improve its product competitiveness, it may still benefit from market expansion in the future.

3. The continuous progress of the company's R&D projects may lead to revenue conversion in the future, bringing new development opportunities.

Risks

1. Intense competition may continue to suppress the company's sales growth and affect profitability.

2. The increase in R&D expenses without converting into actual revenue may exacerbate the company's financial pressure.

3. Changes in the macroeconomic environment may affect consumers' purchasing power, further affecting the company's sales revenue.