Kiromic BioPharma, Inc. (KRBP): History, Ownership, Mission, How It Works & Makes Money

How does a clinical-stage biopharma company, which reported a $0 in revenue and a $26.9 million net loss for the 2024 fiscal year, file for Chapter 7 liquidation in March 2025 yet still capture the attention of high-risk investors?

Kiromic BioPharma, Inc. (KRBP) is a prime example of the extreme volatility in the immuno-oncology space, pioneering allogeneic Gamma Delta T-cell (GDT) therapies with its proprietary DIAMOND® artificial intelligence platform, which was defintely a huge technical achievement.

You need to understand the full story of this company, from its mission to develop therapies like Deltacel-01-which recently showed a patient achieving 10-month progression-free survival-to the harsh financial reality of its Chapter 7 filing, before you can make any sense of its current market position on the OTC.

Kiromic BioPharma, Inc. (KRBP) History

You're looking for the origin story of a biotech company, and with Kiromic BioPharma, Inc. (KRBP), the narrative is one of ambitious scientific pursuit that ultimately collided with the brutal realities of clinical-stage financing. The company spent nearly two decades evolving its focus on immuno-oncology, leveraging its proprietary DIAMOND® artificial intelligence (AI) platform to discover novel cancer targets. But honestly, the most defining moment came in March 2025, which fundamentally changed its trajectory.

The company's history is a clear-cut example of the high-risk, high-reward nature of cell therapy development, culminating in a critical financial failure despite promising early clinical data. Here's the quick math: a net loss of $(26.9) million for the year ended December 31, 2024, reported in February 2025, showed the steep cost of advancing its lead candidate, Deltacel.

Given Company's Founding Timeline

Year established

Kiromic BioPharma, Inc. was established in 2006.

Original location

The company was originally located in Houston, Texas.

Founding team members

The founding team included Maurizio Chiriva-Internati, PhD, who served as Chief Scientific Officer, and Scott Dahl, a Co-founder.

Initial capital/funding

Specific details on the initial seed capital are not publicly available, but early-stage biopharma companies often rely on a mix of private equity, angel investors, and government grants to start. We do know a significant injection came later with a $1.5 million grant from the Cancer Prevention and Research Institute of Texas (CPRIT) in 2017.

Given Company's Evolution Milestones

Given Company's Transformative Moments

The company's path was defined by three major shifts: the move to public markets, the early clinical validation of its science, and the ultimate financial collapse. The journey from a promising clinical-stage biotech to a liquidation candidate was swift.

• The Public Market Launch and Financial Strain: Going public in 2021 was a huge step, but it exposed the company to intense scrutiny. By the end of 2024, the financial health was concerning, with cash and cash equivalents at only $1.80 million. The company was burning cash quickly, reporting a net cash used in operating activities of $(19.458) million for the year.
• Clinical Validation Amidst Crisis: Despite the financial issues, the science showed promise. In February 2025, the company reported that a patient in the Deltacel-01 trial had reached 10-Month Progression-Free Survival. This kind of data is a major signal in oncology, but it couldn't outrun the capital requirements.
• The March 2025 Bankruptcy Filing: This was the final, irreversible action. On March 21, 2025, Kiromic BioPharma filed for Chapter 7 bankruptcy in the United States Bankruptcy Court for the District of Delaware. This move signals liquidation, not reorganization, and led to the immediate resignation of the entire Board of Directors and the termination of top executives. The market capitalization had already shrunk to a mere $1.49 million at the time of the filing.

This filing, in the first quarter of 2025, confirmed the substantial doubt about the company's ability to continue as a going concern, a risk flagged in its own February 2025 annual report. For a deeper dive into the numbers that led to this point, you should check out Breaking Down Kiromic BioPharma, Inc. (KRBP) Financial Health: Key Insights for Investors.

The lesson here is defintely that in biotech, even promising clinical data cannot compensate for insufficient capital to cross the finish line.

Kiromic BioPharma, Inc. (KRBP) Ownership Structure

As of November 2025, the ownership structure of Kiromic BioPharma, Inc. is defined by its status as a company that filed for Chapter 7 Bankruptcy in March 2025, which means it is in the process of liquidation, not ongoing operations. This situation dramatically shifts the stakes for all shareholders, whose equity is likely near worthless, with control effectively passing to a court-appointed trustee for asset disposition.

Given Company's Current Status

Kiromic BioPharma, Inc. is a publicly traded company, though its stock is currently listed on the OTC Pink Sheets (OTCPK:KRBP or KRBPQ), reflecting its distressed financial condition. The company filed for Chapter 7 bankruptcy on March 21, 2025, and subsequently found a buyer for its assets.

The Chapter 7 filing means the company has ceased all normal business operations, and the focus is entirely on liquidating remaining assets to pay creditors. This is the ultimate risk realized for shareholders; your investment is defintely not in a going concern.

For a deeper dive into who was holding the bag when the filing occurred, you can look at Exploring Kiromic BioPharma, Inc. (KRBP) Investor Profile: Who's Buying and Why?

Given Company's Ownership Breakdown

The ownership breakdown reflects the last reported percentages before the bankruptcy filing effectively wiped out shareholder value. The high percentage of insider ownership suggests a tight control structure, but this power is now moot under Chapter 7. Here's the quick math based on the last available data from 2025 filings:

Given Company's Leadership

While the company was operating, the leadership team was steering its clinical-stage efforts, but their tenure effectively ended with the bankruptcy filing and the subsequent 'Board Resignations and Management Terminations' announced around March 2025.

The last publicly confirmed executive leadership, prior to the liquidation process taking over, included:

• Pietro Bersani: Chief Executive Officer (CEO), appointed in January 2022.
• Michael Nagel: Chairman of the Board.
• Leonardo Mirandola: Chief Scientific Officer (CSO).

To be fair, the Chapter 7 process means a court-appointed trustee now manages the company's affairs, superseding the former management's authority. Any remaining executives are likely only serving in an administrative capacity to assist with the final wind-down and asset sale to S.Hield Cap1tal Funding Llc and Immunocell Therapeutics, Inc.

Kiromic BioPharma, Inc. (KRBP) Mission and Values

Kiromic BioPharma, Inc. is driven by a singular, ambitious purpose: to fundamentally change how we treat cancer using the body's own immune system. This mission, while incredibly complex from a scientific view, boils down to a commitment to patient-centric innovation and rigorous scientific excellence.

You're looking at a company whose very existence is tied to its pipeline of cell therapies, so their cultural DNA is defintely rooted in the lab and the clinic. The financial reality-a net loss of $26.9 million in 2024, with $8.1 million dedicated to clinical trials-shows they are putting their cash where their mission is, even while facing a going concern risk without additional financing. You can read more about this financial picture here: Breaking Down Kiromic BioPharma, Inc. (KRBP) Financial Health: Key Insights for Investors.

Given Company's Core Purpose

Official mission statement

The company's formal mission is to revolutionize cancer treatment and transform patients' lives. They do this by developing and commercializing novel cell therapies that harness the power of the immune system to precisely target and eradicate cancer cells.

• Revolutionize treatment via innovative cell therapies.
• Harness the body's immune system power.
• Precisely target and eradicate cancer cells.

Here's the quick math on their focus: Research and Development expenses were $6.9 million in 2024, a clear signal that the mission is the main operational expenditure.

Vision statement

While an official vision statement isn't always a public-facing document, Kiromic BioPharma's actions point to a clear aspiration: becoming a recognized leader in cancer immunotherapy. Their vision is about making their groundbreaking research translate into accessible, life-changing treatments.

• Lead the field in cancer immunotherapy.
• Drive innovation through groundbreaking research.
• Maintain an unwavering commitment to patient outcomes.

They are in Phase 1 trials for their lead candidate, Deltacel-01, which is the first step toward realizing that vision.

Given Company slogan/tagline

The company doesn't widely promote a single, official slogan, but their core message is clear and can be summarized as: Targeting Cancer, Transforming Lives.

This simple phrasing captures the two critical elements of their work: the scientific precision of their therapies and the ultimate human impact on the patient.

• Precision in targeting cancer cells.
• Positive impact on patients' quality of life.

Kiromic BioPharma, Inc. (KRBP) How It Works

Kiromic BioPharma, Inc. is no longer an operating biopharmaceutical company; it filed for Chapter 7 liquidation on March 21, 2025, ceasing all business operations to pursue asset disposition. The company's core value-its proprietary cell therapy pipeline and intellectual property-was sold to a new entity, Immunocell Therapeutics, Inc., in April 2025.

In the 2024 fiscal year, the closest full year to the liquidation, the company reported $0 in revenue and a net loss of $26.9 million, illustrating the financial pressure that led to the bankruptcy filing. The company's sole function in November 2025 is the administrative process of winding down under a Chapter 7 trustee in the U.S. Bankruptcy Court for the District of Delaware.

Given Company's Product/Service Portfolio

The following table details the company's primary product candidates that constituted its value prior to the Chapter 7 asset sale, which were acquired by Immunocell Therapeutics, Inc. on April 14, 2025.

Given Company's Operational Framework

The operational framework of Kiromic BioPharma, Inc. as of November 2025 is defined by the Chapter 7 liquidation process, not by active drug development. The prior framework of Research and Development (R&D), Clinical Trials, and Manufacturing has been dissolved.

Here's the quick math: The company's assets were sold for a total consideration of $0.25 million in cash plus a $5 million credit bid, so the total cash-equivalent value realized was low relative to the $26.9 million net loss reported in 2024. The trustee's job is now to distribute the remaining proceeds, if any, to creditors according to legal priority, which is defintely the opposite of value creation.

• Liquidation Oversight: A Chapter 7 trustee, appointed by the Bankruptcy Court, manages the remaining estate.
• Asset Disposition: Substantially all intellectual property (IP), clinical data, and other assets were sold to Immunocell Therapeutics, Inc. on April 14, 2025.
• Personnel Status: The entire Board of Directors and key executives, including the Chief Financial Officer, resigned or were terminated immediately following the March 21, 2025, bankruptcy filing.
• Financial Winding Down: The focus is on settling outstanding liabilities, not on generating future revenue, as the company reported $0 revenue for the 2024 fiscal year.

Given Company's Strategic Advantages

The strategic advantages previously held by Kiromic BioPharma, Inc. are now the core assets of its acquirer, Immunocell Therapeutics, Inc. For the former KRBP entity, the only remaining advantage is the potential to monetize the final administrative assets for creditors.

• Proprietary AI Platform: The DIAMOND® artificial intelligence platform, used for identifying novel cancer targets, was a key piece of IP acquired in the asset sale.
• Allogeneic GDT Technology: The foundation of the pipeline was the allogeneic (off-the-shelf) Gamma Delta T-cell technology, which offers a scalable, non-patient-specific treatment model, a major competitive edge in cell therapy.
• Clinical Data: The positive Phase 1 clinical data for Deltacel-01, including a patient reaching 10-month progression-free survival, was a critical, high-value asset transferred to the new owner.
• FDA Fast-Track Status: The August 2024 Fast-Track Designation for Deltacel-01 by the FDA was a regulatory advantage that transferred with the asset, potentially expediting future development for the buyer.

For more on the financial context behind this liquidation, you should read Breaking Down Kiromic BioPharma, Inc. (KRBP) Financial Health: Key Insights for Investors.

Kiromic BioPharma, Inc. (KRBP) How It Makes Money

Kiromic BioPharma, Inc. did not generate revenue from product sales, as its business model was centered on developing novel immuno-oncology therapies, a process that requires massive capital investment and years of clinical trials. The company's financial engine was entirely dependent on external funding-primarily capital raises and financing activities-a model which ultimately failed, leading to a voluntary petition for Chapter 7 liquidation in March 2025.

Kiromic BioPharma, Inc.'s Revenue Breakdown

As a clinical-stage biotherapeutics company, Kiromic BioPharma's revenue from commercial activities was effectively $0 for the fiscal year 2024, a trend that continued until its liquidation filing in March 2025. The table below reflects the company's operational reality before its financial collapse.

Business Economics

The economics of Kiromic BioPharma were typical of a high-risk, high-reward, clinical-stage biotechnology firm, but with a critical difference: the funding pipeline dried up. The core economic fundamental was the spending on research and development (R&D) to advance its allogeneic Gamma Delta T (GDT) cell therapies like Deltacel-01 through Phase 1 clinical trials.

• Capital Burn Rate: The company's operational framework required continuous, significant capital injections to cover R&D and general administrative costs, which vastly exceeded any revenue.
• Financing as a Lifeline: The only source of cash inflow was financing activities, such as the $18.4 million raised in 2024, primarily from convertible notes, to support operations.
• The Liquidation Trigger: The company acknowledged in early 2025 that its cash resources were insufficient to meet financial obligations beyond March 2025, leading to the Chapter 7 filing. That's the ultimate limit of this business model.

The entire economic model was a bet on successful clinical data leading to a massive partnership, licensing deal, or a successful public offering to fund the next, more expensive trial phase. When that bet failed, the company filed for liquidation in March 2025. To be fair, this is a defintely common risk in early-stage biotech.

Kiromic BioPharma, Inc.'s Financial Performance

The company's financial performance was characterized by a rapid cash burn and a significant net loss, which directly led to the Chapter 7 filing in the first quarter of 2025. The following metrics from the fiscal year ending December 31, 2024, illustrate the scale of the financial challenge:

• Total Revenue: $0.
• Net Loss (FY 2024): A loss of approximately $26.9 million. This represented the amount the company needed to fund externally just to stay operational for the year.
• Research and Development (R&D) Expenses (FY 2024): Approximately $6.9 million, which was focused on advancing the Deltacel-01 clinical trial.
• General and Administrative (G&A) Expenses (FY 2024): Approximately $8.9 million.
• Cash and Cash Equivalents: As of September 30, 2024, this stood at only $3.056 million, highlighting the immediate need for financing to survive past December 2024.

Here's the quick math: with a quarterly net loss of approximately $7.4 million in Q3 2024, the available cash of $3.056 million meant the company could not fund operations for even one full subsequent quarter without raising more capital. This severe cash crunch is what forced the liquidation decision. For a deeper look at the investors who were involved in the company before its collapse, you can read Exploring Kiromic BioPharma, Inc. (KRBP) Investor Profile: Who's Buying and Why?

Kiromic BioPharma, Inc. (KRBP) Market Position & Future Outlook

Kiromic BioPharma's future is defined by a critical financial pivot point, despite its innovative allogeneic T-cell platform; the company's operational trajectory is severely constrained by a significant funding shortfall and the existential risk of its Chapter 7 liquidation filing in March 2025. This situation positions the company as a high-risk, pre-commercial entity in a rapidly growing, multi-billion-dollar immunotherapy market.

Competitive Landscape

As of November 2025, Kiromic BioPharma has no commercial products, meaning its market share is effectively 0% in the global allogeneic T-cell therapy market, which is projected to be valued around $1.4 billion this year. The competition is defined by pipeline progress and technology, not current sales.

Opportunities & Challenges

The company's focus is on advancing its lead candidate, Deltacel, which is an allogeneic (off-the-shelf) Gamma Delta T-cell therapy in a Phase 1 clinical trial for non-small cell lung cancer. This novel approach targets solid tumors, a key challenge for first-generation CAR-T therapies. You can read more about the financial context here: Breaking Down Kiromic BioPharma, Inc. (KRBP) Financial Health: Key Insights for Investors.

Industry Position

Kiromic BioPharma occupies a precarious but technologically advanced position within the broader cell therapy market. The global allogeneic T-cell therapies market is projected to be worth $1.4 billion in 2025, and is expected to grow at a Compound Annual Growth Rate (CAGR) of 9.4% through 2035. This growth is driven by the demand for off-the-shelf solutions that are more accessible and scalable than autologous (patient-specific) treatments.

• The company's core asset is its allogeneic approach, which is the fastest-growing segment in the cell therapy market.
• Its focus on Gamma Delta T-cells differentiates it from many competitors focused solely on Alpha Beta T-cells, offering a potentially superior mechanism for solid tumors.
• Still, the company's market capitalization of approximately $3.98 million as of late 2025 reflects diminished investor confidence following the financial distress and governance issues.
• The immediate need is a defintely successful financing round or a high-value partnership to overcome the liquidity crisis and continue the Deltacel trial.

The entire investment thesis hinges on the clinical data from Deltacel being compelling enough to attract a major pharmaceutical partner or a new financing lifeline, overriding the current insolvency risk.