NYSE: KAPA

●
Two
therapeutic agents developed by our Enviro Therapeutics, Inc. subsidiary and designed to increase anti-tumor response in conjunction
with cancer therapies by addressing resistance to these agents.

●
A
variety of technologies licensed by our Enviro Therapeutics, Inc. subsidiary and consisting of compositions and methods for treating
diseases and conditions by targeting CD105 and depleting mitochondrial DNA from the circulation.

4

Our
Science

The
human immune system can tell the difference between normal cells in the body and those it sees as “foreign,” which allows
it to focus an attack on the foreign cells while leaving the normal cells alone. To do this, our immune system uses “checkpoints”
- molecules on certain immune cells that need to be activated (or inactivated) to start an immune response. Cancer cells can find ways
to use these checkpoints to avoid being attacked by the immune system.

We
are developing small molecules that we believe can specifically target these central checkpoints. In addition, we are developing an activated
T cell therapy designed to target cancer stem cells.

In
June of 2021, we announced the acquisition of Enviro Therapeutics, Inc. to incorporate their advanced pipeline of drug candidates in
Phase 1 and Phase 2 trials. The pipeline includes two therapeutic agents addressing what we believe to be significant unmet needs in
prostate and lung cancer markets and that we believe can help address cancer progression, in particular, in those cancers that develop
resistance to standard therapies.

As
a result, we have a pipeline of seven drugs. We have filed an Investigational New Drug, or IND, application with the FDA that has become
effective for ENV 105. As a result, we began a Phase 1 trial for non-small cell lung cancer in September 2023 and in September 2023 opened
a randomized Phase 2 trial for prostate cancer. We believe that the mechanism of action for ENV 105 may addresses the resistance mechanism
of tumor dormancy. This was only possible because ENV 105 targets both the cancer cells as well as its supportive non-cancer environment.
The advantage of targeting the unique environment supporting the tumor cells is that their capacity to adapt and evade therapy is significantly
lower than that of the cancer itself. As such, ENV 105 is designed to address resistance to chemotherapy, radiation therapy, androgen
targeted therapy, EGFR inhibitors, or checkpoint inhibition when given in combination. Interestingly, since the target of ENV 105, endoglin,
is upregulated by the tumor and supporting cells in response to androgen targeted therapy and EGFR inhibitors as a proven mechanism of
resistance, we believe the co-administration of ENV 105 specifically targets this mechanism of resistance.

Through
the Enviro Therapeutics, Inc. acquisition, we also obtained ENV 205, a pre-clinical therapeutic for treating diseases and conditions
by depletion of mitochondrial DNA from circulation and for detection of mitochondrial DNA. We intend to use this antibody technology
to treat chemotherapy resistance and for cachexia, a common problem in the cancer patient population.

Our
Pipeline

We
have sought to develop a broad portfolio of novel and transformative drug therapies to treat cancer. Our current portfolio consists of
seven drug therapies consisting of peptide and small molecule cancer immunotherapeutics KROS 101, 102, 201, 301 and 401 and therapeutic
agents ENV 105 and 205. We started three clinical trials in the fall of 2023 for KROS 201 and ENV 105.

KROS
101 is a small molecule that targets the GITR ligand, a signal for T cell growth to remove a checkpoint barrier to fight a host of cancers.
Our second drug, KROS 201, is a T cell therapy activated by dendritic cells to treat glioblastoma, a deadly and common brain cancer.
Our ENV 105 drug seeks to address unmet medical needs in large markets of prostate and lung cancers. For example, the global prostate
cancer therapeutics market size was valued at USD 7.9 billion and at USD 1.7 billion for EGFR mutant non-small cell lung cancer. Our
ENV 105 biologic drug targets endoglin and addresses resistance to androgen targeted drugs and EGFR inhibitors. A Phase 2 trial involving
a heavily pre-treated population suffering from prostate cancer was initiated at Cedars-Sinai Medical Center. The primary objective of
the study was to measure the proportion of patients at two months who had either disease stabilization or regression (i.e. complete or
partial response), referred to as the clinical benefit rate. A clinical benefit rate of 62% was observed. This Phase 2 trial involved
the use of enzalutamide (Xtandi®, Pfizer) and abiraterone (ZYTIGA®, Janssen), two forms of hormone therapy that blocks the androgen
receptor and its target ligand, testosterone, respectively. These two agents are considered standard of care for nearly all recurrent
prostate cancer patients.

5

The
trial accrued patients that were resistant to the very androgen targeted therapy (enzalutamide or abiraterone) that was given in the
trial in addition to ENV105. Importantly, ENV105 administration alone has no clinical benefit, based on pre-clinical findings (conducted
by us) and previous clinical findings (through trials performed by the National Cancer Institute). However, two agents that apparently
have no clinical effect, when combined result in halting tumor progression. The finding is well justified by numerous publications demonstrating
hormone therapy resistance develops through the induction of CD105, the target of ENV 105 [Placencio-Hickok et al. (2020) Endocrine Related
Cancer 27:1; Kato et al. (2020) Oncogene 38: 716; Smith et. al. (2023) Molecular Therapy 31: 78; Thiruvalluvanet. al. (2023) Cancers
14: 2491]. All the patients in the trial were not only resistant to the two hormone therapy agents, but the patients had all had at least
one other intervention after surgical or radiation progression. For some they had failed to respond to five other drugs. The responders
to the combination therapy were patients that had exceedingly few other options for survival. The study enrolled 11 patients prior to
closure, each of whom were enrolled in one of two arms (or specific treatments) in the clinical trial. Three patients were enrolled in
the abiraterone acetate arm and eight in the enzalutamide arm. Of these patients only two and six patients on each arm were considered
assessable, respectively (i.e. completed at least two months of therapy with imaging). Of the 11 patients enrolled in the trials, nine
were evaluable. This investigator-initiated trial closed to accrual prior to its planned enrollment of 40 patients due to limitation
of the drug supply from the manufacturer. The drug supply has since been expanded and obtained by Kairos Pharma. The primary objective
of the study was to measure the proportion of patients at two months who had either disease stabilization or regression (i.e., complete
or partial response), referred to as the clinical benefit rate. Disease status assessments were made by RECIST 1.1 or PCWG3 criteria.
One of the two patients on the abiraterone arm experienced a <50% decline in his serum PSA concentration with disease stabilization
by scans. Four of the six patients on the enzalutamide arm experienced clinical benefit by three showing stabilization of disease, and
one showing decline in his serum PSA concentration and scan improvement. Grade 3 side effects consisting of hyponatremia, urinary retention,
and cellulitis were noted on the abiraterone arm. None of these grade 3 events were attributed to the use of ENV105. No grade 3 events
were noted on the enzalutamide arm. The most frequent grade 1-2 events occurring in at least two patients included anemia, nausea, and
gingival bleeding.

A
three-gene panel was identified to serve as a companion biomarker for patient selection. There are no approved companion diagnostic tests
for ENV105. However, candidate biomarkers revealed in the previous Phase 2 trial will be verified in the new Phase 2 trial to better
predict patients that would best respond to the ENV105. Our Enviro Therapeutics, Inc. subsidiary will strive to co-develop companion
biomarkers with all drugs in its portfolio, enabling identification of potential drug responders prior to therapy. As of the date of
this Annual Report, our companion diagnostics are in development and have not been approved by the FDA. There is no guarantee that these
companion diagnostics will be approved by the FDA or comparable foreign regulatory agencies.

On
May 21, 2024, the NIH announced that it was awarding Neil Bhowmick, PhD, our Chief Scientific Officer and also a Cedars-Sinai Professor
of Medicine, a grant of $3.2 million to support the development of the mechanism of action and companion biomarkers in research that
is being performed by Cedars-Sinai in conjunction with our ongoing Phase 2 trial for ENV105 (carotuximab) and apalutamide treating castrate
resistant prostate cancer patients. This funding will be used by Cedars-Sinai, through Dr. Bhowmick’s study, to test for the biomarkers
and genetic studies corollary studies to support our ongoing Phase 2 trial for ENV105, and also to help identify biomarker positive patients
who will potentially respond to ENV105 in a future Phase 3 trial. This supporting work is being carried out by Cedars-Sinai, through
Dr. Bhowmick’s laboratory. These corollary studies will not offset the costs of the clinical trial that Kairos anticipates expending.
The NIH funding will be dispersed to Cedars-Sinai and Dr. Bhowmick in stages during the Phase 2 trial for ENV105. The NIH grant does
not otherwise change the cost or management of the ongoing Phase 2 clinical trial.

6

KROS
101 is a small molecule that induces trimerization of the GITR ligand and is the culmination of the pioneering work of Dr. Ramachandran
Murali, our Vice President of Research and Development, in 3D crystallography. KROS 201 consists of potent T cells that are stimulated
by dendritic cells in the test tube to target cancer stem cells. Our initial focus of KROS 201 is to treat glioblastoma. Dr. Yu runs
a lab that is known for its pioneering work in dendritic cell immunotherapy.

ENV
105 demonstrated an ability to target CD105 which is elevated in drug resistance in prostate cancer. Androgen therapy resistance in prostate
cancer is being targeted in the Phase 2 trial. EGFR antagonist resistance in lung cancer is being targeted in a Phase 1 trial. The ENV
105 Phase 2 trial in prostate cancer with apalutamide (Janssen) is a multicenter trial being conducted at Cedars-Sinai, University of
Utah, and City of Hope. The Phase 1 trial in lung cancer with Tagrisso (AstraZeneca) is being conducted at Cedars-Sinai.

We
are also developing KROS 102, KROS 301, and KROS 401. KROS 102 is a GITR ligand antagonist designed to increase inhibitory Treg functions
while hampering T effector cell numbers and function. KROS 301 is a tumor targeting small molecule and checkpoint inhibitor with two
distinct mechanisms of action resulting from blocking intranuclear localization of RelA, a key component of the NF-KB pathway. KROS 401
is a tumor microenvironment immune modulator and cyclic peptide inhibitor of IL-4 and IL-13 reversing tumor associated macrophage inhibition.
Both therapies reverse the mechanism of immune suppression at the tumor site.

Finally,
we are developing ENV 205, what we believe to be a first-of-its-kind biologic that targets prostate cancers that have become otherwise
resistant to chemotherapy. As of the date of this Annual Report, ENV 205 has not been approved by the FDA or any other comparable foreign
regulator. ENV 205 targets the excretion of mitochondrial DNA found elevated in circulation when patients are on chemotherapy. Higher
blood levels of mitochondrial DNA are not only associated with chemotherapy resistance, but more widely recognized as a mediator of cardiac
toxicity and other systemic inflammatory events contributing to the negative side effects of chemotherapy use. Thus, depleting mitochondrial
DNA with the administration of ENV 205 restores chemotherapy sensitivity with reduced toxic side effects.

Addressing
these critical targets strike cancer at what we believe to be its most vulnerable point. The group of founding scientists generating
our initial drugs have combined their pioneering contributions in structural, biology, immunology, and cancer therapy to bring to unmet
medical needs what we believe are life changing therapeutics. As of the date of this Annual Report, aside from the clinical trials, which
are conducted off-site at third party facilities, our operations are all conducted virtually as we aim to be efficient in our deployment
of capital and leverage our history with premier academic medical centers to efficiently enroll and execute clinical trials.

7

Our
Development Pipeline and Programs

Our
drug development programs for KROS 101, 102, 201, 301, and 401 as well as therapeutic agents ENV 105 and ENV 205 are summarized in the
following table.

Kairos-Developed
Products

Kairos’
products consist of five pre-clinical or clinical-trial stage drug candidates developed by Kairos and designed to target immune response.

KROS
101 is an orally available GITR (glucocorticoid-induced tumor necrosis factor receptor) ligand small-molecule antagonist designed to
deplete regulatory T cells (Tregs) and activate effector T cells to augment the antitumor immune response for the treatment of patients
with cancer. We are developing KROS 101 as a systemic immune modulator to address immunosuppressive activity of solid cancers and we
are currently working towards completing IND-enabling pharmacokinetic, toxicity and safety studies in 2024 . KROS 101 stabilizes
the GITR ligand to signal GITR to impact cancer therapy. GITR is a powerful checkpoint that suppresses the immune response against cancer.
This checkpoint is a central switch that promotes “killer” effector T cell functions and hampers inhibitory regulatory T
cell (Treg) functions. Due to its central role in regulating Treg, GITR receptor complex is considered an optimal therapeutic target
for treating cancer. This may be the optimal complement to add to current checkpoint inhibitors as it shows a dose dependent effective
response in increasing the immune response. As a competitive antagonist, KROS 101 could be dosed to avoid the typical common side effects
of checkpoint inhibitors.

We
believe our GITR targeting small molecule has the potential to be a significant improvement over existing antibody treatments that have
been tested in clinical trials. When GITRL binds to the GITR on the surface of Treg cells, the suppressive activity of Treg cells against
effector T cells is reduced. While on the effector T cell, GITR-GITRL binding induces the proliferation of effector T cells. This receptor
is central to the regulation of the immune system.

Whereas
previous competitor therapeutics targeting GITR were antibodies that bind the receptor, our small molecule drug fits into the GITR ligand
stabilizing the three-pronged trimer structure. This structure enables the amplification of the GITR receptor trimer, leading to physiologic
signaling for T cell proliferation. The analogy is a digital signal rather than a limited analog signal. This powerful physiologic signal
can lead to exponential signaling of T cells to proliferate against cancer cells. In addition, the small molecule half-life enables reversibility,
allows for fine tuning to limit side effects. Having both agonist and antagonist molecules can reverse potential untoward effects. In
addition, this small molecule may also be given orally as a medication. The discovery of KROS 101 was the culmination of transformative
structural biology based on exclusive proprietary 3D crystallography first used to model GITR ligand by Kairos’ scientists.

KROS
101 is currently in pre-IND studies in development for a Phase 1 trial.

8

KROS
102 is a GITR antagonist designed to increase the inhibitory regulatory T cell (Treg) functions, while hampering T effector cell numbers
and function. KROS 102 has been shown to decrease T effector cells and increase Treg cells in a dose dependent fashion to treat autoimmune
diseases. We are developing a novel GITR inhibitor that can impact the abnormal immune responses against one’s own body.

Due
to its central role in regulating Treg, the GITR receptor complex is an optimal therapeutic target to treat autoimmunity. By potently
and specifically inhibiting an immune response, this strategy may impact autoimmune diseases such as Crohn’s disease, multiple
sclerosis, and rheumatoid arthritis. KROS 102 has been shown to decrease T effector cells and increase Treg cells in a dose dependent
fashion. KROS 102 is currently in preclinical studies.

KROS
201 is a proprietary technology for the production of activated T cells. Activated T cells (ATC) are killer T cells that are made from
a patient’s white blood cells in a cell culture by activating with cytokines or T cell activating signals and by priming dendritic
cells loaded with glioblastoma cancer stem cell specific antigens. Kairos generates activated T cells that will be infused intravenously
into patients with recurrent glioblastoma.

KROS
201 begins with the activation of T cells using dendritic cells for the treatment of patients with glioblastoma. Activated T cells (ATC)
are killer T cells that are made from a patient’s white blood cells in a cell culture by activating with cytokines or T cell activating
signals and by priming dendritic cells loaded with glioblastoma cancer stem cell specific antigens. Cytotoxic and helper T cells are
generated in a cell manufacturing center and infused into patients with recurrent glioblastoma.

We
believe KROS 201 has the potential to become a novel T cell therapy that allows a “plug and play” scenario where a patient’s
specific tumor can be addressed as well as the improvement of cancer treatment by stimulating patients’ immune systems to generate
a long-term population of cytotoxic T cells & helper T cells directed against the tumor.

We
completed IND-enabling pharmacology and toxicology studies and submitted an IND application.

KROS
301 is a tumor-targeting small molecule and checkpoint inhibitor with two distinct mechanisms of action resulting from blocking intranuclear
localization of RelA, a key component of the NF-KB pathway. NF-KB is a key component for cancer growth and drug resistance. KROS 301
targets tumor cells in in RelA/p65 biomarker positive solid tumors. The use of this biomarker enables choosing patients that will respond
to the drug enabling efficient clinical trials that are more likely to succeed. KROS 301 is in active pre-clinical development. Separate
approval will be required for the development and approval of a companion diagnostic. This approval may be delayed or not issued by the
FDA.

KROS
401 is a tumor microenvironment immune modulator and cyclic peptide inhibitor of IL-4 and IL-13 reversing tumor associated macrophage
inhibition. KROS 401 reduced the M2 macrophage population and limits fibrosis of the pancreas due to anti-inflammatory process (Xue,
Nature Com. 2015). Other indications may include pulmonary fibrosis, Crohn’s disease, and other inflammatory conditions. KROS 401
blocks the IL4/IL13 cytokine immune receptors for triple negative breast cancer and in addition, it increases anti-tumor response in
conjunction with radiation therapy in an animal model.

Recently,
it became clear that macrophages in tumors are altered by the Th2 cytokines IL-4 and IL-13, inducing alternatively activated macrophages
or M2. Breast cancer associated tumor associated macrophages are mainly activated M2 macrophages. Thus, shifting the balance toward M1
macrophages will prevent tumor growth and enable T cell activation and killing, which is dependent on Th1 cytokines. We will target a
key Th2 cytokine pathway, IL-4, and IL-13 to block macrophage immunosuppression with KROS 401, thereby allowing T cells to access tumors.

We
believe there are significant advantages to KROS 401 as our peptide binds to IL13R alpha1 and IL4R alpha1 (type I) receptor complex and
blocks both IL-4 and IL-13 mediated signaling. The implication is that targeting IL-4Ralpha is predominantly for indications such as
asthma or eczema, while the type I is for macrophages/tumor growth (esp IL13R). KROS 401 is in preclinical development.

9

Enviro
and Enviro-Licensed or -Acquired Products

Enviro’s
product portfolio includes two therapeutic agents at different stages of clinical development.

ENV
105 is a Phase 2 clinical stage therapeutic agent designed to address cancer progression. ENV 105 is an antibody therapeutic designed
for use by prostate cancer patients resistant to androgen-targeted therapy, which is being tested in a Phase 2 clinical trial. We began
accruing patients for the trial in September 2023. This multicenter randomized Phase 2 trial involving Cedars-Sinai Medical Center
and City of Hope in Los Angeles California and Huntsman Cancer Center in Utah is testing the combination of a third-generation androgen
targeted therapy, apalutamide (Janssen), with or without ENV 105 for prostate cancer patients that have developed resistance to at least
one other androgen targeted inhibitor (NCT05534646). Dr. Edwin Posadas is the principal investigator of this multi-institutional trial.
Dr. Posadas is Director of the Experimental Therapeutics Program and the Medical Director of the Urologic Oncology Program at the Samuel
Oschin Comprehensive Cancer Institute at Cedars-Sinai Medical Center. Companion biomarkers for efficient selection of patients to potentially
respond to the drug will be evaluated in this trial. The genetic biomarker potentially identifies responsive patients to ENV 105 prior
to therapy for a future Phase 3 trial. The companion biomarker would require a separate approval by the FDA. Prostate cancer is the most
common, non-cutaneous cancer affecting men in the United States and 1.2 million new cases registered worldwide. It is also the second
leading cause of cancer death in American males. Androgen targeted therapy accounts for USD 15 billion in sales in 8 primary markets.
Since nearly all patients eventually develop resistance to androgen targeted therapy, addressing this population with a drug targeting
endoglin (ENV 105) is of high value for this single indication. In clinical trials, ENV 105 has been shown to be reasonably well-tolerated
in patients as an adjunct to contemporary androgen targeted inhibitors (NCT03418324). Grade 3 hyponatremia, urinary retention, and cellulitis
were noted on the abiraterone arm. None of these were attributed to the use of ENV105. No grade 3 events were noted on the enzalutamide
arm. The most frequent grade 1-2 events occurring in at least two patients (listed as abiraterone, enzalutamide) included anemia, nausea,
and gingival bleeding. Careful mechanism-of-action studies have revealed that ENV 105 impacts a more ubiquitous means of cancer drug
resistance, cancer dormancy, the growth potential for this drug alone can be large. A Phase 1 EGFR antagonist resistant non-small cell
lung cancer targeted therapy combination of Tagrisso (osimertinib, AstraZeneca) and ENV 105 is at Cedars-Sinai Medical Center. The principal
investigator of this clinical trial is Dr. Karen L. Reckamp, Professor in Medicine, Director of the Division of Medical Oncology at Cedars-Sinai
Medical Center. We also expect targeted therapies to contribute to the growth of the prostate and EGFR-dependent non-small cell lung
cancer market, as immune therapies have not shown efficacy for these two cancer types.

ENV
205, an antibody fragment targeting mitochondrial DNA was shown to limit chemotherapy resistant prostate cancer in preclinical studies.
Mitochondrial DNA depletion limit inflammation-induced pro-tumorigenic activity and sensitizes prostate cancer to docetaxel. This biologic
is a first of its kind strategy of chemotherapy sensitization. The development of chemotherapy resistance is an unfortunate eventuality
for patients with solid tumors. ENV 205 has been shown to particularly sensitize tumors to docetaxel, a taxane class of chemotherapy.
Docetaxel is used to treat several cancers such as stomach cancer, breast cancer, non-small-cell lung cancer, prostate, and head and
neck cancer. Apart from restoring efficacy of docetaxel in certain resistant tumors, the use of ENV 205 allows for reduced dosing of
the chemotherapy required to achieve the same tumor cell killing. This is paradigm shifting in patient quality of life, limiting the
significant side-effects of chemotherapy. According to Business Research Insights, docetaxel market size $137 billion globally in 2024,
and is expected to reach $329 billion by 2033.

Our
Market Opportunity

Global
cancer drug spending was valued at approximately $232 billion in 2024, and is expected to reach some $532 billion by 2031 driven largely
by the growth of targeted therapies and immuno-oncology (https://www.biospace.com/oncology-drugs-market-to-reach-usd-532-91-billion-by-2031-coherent-market-insights#:~:text=The%20global%20Oncology%20Drugs%20Market,report%20by%20Coherent%20Market%20Insights.).
Global immunotherapy market was valued at $226 billion by 2024 and is projected to grow at a CAGR of 11.9% from 2025 to 2030 (Grand View
Research). Increasing patient pool and higher mortality rates are augmenting the need for cancer immunotherapy globally. We are uniquely
positioned to advance our immunotherapies that may have the potential to transform the way cancer is treated using antibodies that target
CD105 to reverse drug resistance to prostate and lung cancer and activated T cells that target cancer stem cells that are the root of
glioblastoma. Our pipeline of immunotherapeutic agents that signals growth of effector T cells against cancer, and reverse immunosuppression
at the cancer site are being rapidly advanced to address large unmet needs in cancer immunotherapy.

10

ENV
105

The
broad application of ENV 105 as a complementary drug to support standard of care cancer therapy for many cancer types has revealed numerous
potential therapeutic strategies that have not been exhaustively explored in pre-clinical models. This is based on the identification
that ENV 105 acts on both the cancer cells and cancer associated fibroblastic cells, thus it complements many cancer epithelia-directed
therapies. However, we have focused on three indications in pre-clinical studies, two of which have matured to clinical trials: prostate
cancer (Phase 2 with androgen signaling inhibitors), lung cancer (Phase 1 with EGFR antagonist), and head and neck cancer (preclinical
with radiation or chemotherapy).

Prostate
cancer: There are some 300,000 castrate resistant prostate cancer patients in the U.S. eligible to be given combination therapy of
ENV 105 + androgen signaling inhibitors for $5,000 per month (based on comparable neutralizing antibodies). This would suggest a potential
US$9 billion gross sales for ENV 105 for a six-month dose in the U.S. for this single indication. As a point of reference, androgen signaling
inhibitors on their own make up $10 billion market inclusive of Sanofi; Johnson and Johnson Services, Inc.; Pfizer, Inc.; Astellas Pharma,
Inc.; and Bayer AG - predicted to grow to $15 billion global market by 2027 of castrate resistant prostate cancer patients. None have
been approved to extend efficacy apart from chemotherapy (docetaxel and cabazitaxel) with undesirable toxicity profiles.

Lung
cancer: There are approximately 30,466 patients with an EGFR driven non-small cell lung cancer annually in the U.S. The incidence
of EGFR driven NSCLC is most prevalent in non-smokers and those of east Asian descent, 35-40% of NSCLC - 341,633 patients annually in
Asia (China, India, Japan, S. Korea, Thailand, Philippines). To determine lung cancer market share for ENV 105, the current market share
for Tagrisso (US$3 billion annual sales for AstraZeneca) can be used as point of reference. Accordingly, ENV 105 could have a $1 billion
market share in the U.S. as a combination therapy with EGFR antagonists to improve or extend its efficacy.

Head
and neck cancer: The capacity for ENV105 to complement both radiation and chemotherapy would suggest future clinical application
in many solid tumor types. For head and neck cancer, the World Health Organization estimates more than 550,000 new cases of and around
300,000 deaths per year. The rising consumption of alcohol and tobacco is a major factor behind estimated 7.9% increase in the head and
neck cancer by 2030. The global head & neck cancer drug market is estimated to reach $8.1 billion in 2031. (See https://www.ihealthcareanalyst.com/global-head-neck-squamous-cell-carcinoma-drugs-market/).
Chemotherapy is the standard of care alone or in combination with radiation therapy, where toxicity is the greatest limitation. Administration
of ENV 105 enables lower radiation dosing to improve quality of life.

KROS
101 and KROS 102

Checkpoint
inhibitors are immunotherapeutic agents that block proteins that suppress a potent immune response of the body against cancers and other
“foreign” agents. KROS 101 and 102 are checkpoint inhibitors and agonists that enable T cells to expand and contract respectively.
The global immune checkpoint inhibitor market size was $47.4 billion in 2023 and anticipated to be $189.1 billion in 2032 with a CAGR
of 16,7% from 2024 to 2032 (Global Markets Insights; https://www.gminsights.com/industry-analysis/immune-checkpoint-inhibitors-market).
According to the same report, there was a $22.9 billion immune checkpoint inhibitors market in North America as of 2023.

KROS
201

KROS
201 is an activated T cell therapy that targets glioblastoma. T cell therapy market size is expected to be around $20.8 billion by 2030
from its value of $4.9 billion in 2021 with a CAGR of 20.4% during the forecast period 2022-2030 (Vision Research Reports).

KROS
301

The
global small-molecule cancer therapies market size was valued at $175.3 billion in 2021 and is expected to have a CAGR of 5.44% from
2022 to 2030 (Grand View Research). KROS 301 is a small molecule that targets the NF-kB pathway in cancer to prevent cancer growth and
block checkpoint inhibitor expression of PD-L1.

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KROS
401

The
global peptide therapeutics market size was $117.3 billion in 2024 and is estimated to grow CAGR of 10.77% from 2025 to 2030 (Grand View
Research). KROS 401 is a cyclic peptide that blocks IL-4 and IL-13 receptors on tumor associated macrophage to reverse immune suppression
at the tumor site.

ENV
205

Cachexia
is debilitating disease of muscle wasting not treatable by nutrition supplementation associated with the death of 50% of all cancer,
20% of AIDS, and 30% of COPD patients, according to [Argilés et al. (2023) Nature Reviews Clinical Oncology 20:250-264]. Cachexia
is an underrecognized consequence of many chronic diseases. We believe ENV 205 is a molecule found to limit the process of muscle wasting
through the capture and excretion of mitochondrial DNA in circulation. Cachexia is considered an orphan disease in the U.S. and Europe,
increasing hospitalization costs and length of stay in several disease types. The specific cancer cachexia therapeutics market was over
$2 billion in 2022 worldwide, with an estimated growth to to over $4 billion by 2032, according to Market.US. The application of ENV
205 as cachexia therapeutic is further supported by the demonstrated restoration of docetaxel therapy sensitivity in resistant prostate
cancer models. Taxane-based therapy, inclusive of docetaxel, paclitaxel, and cabazataxel, is standard of care for majority of solid tumors
(inclusive of breast cancer, non-small cell lung cancer, advanced stomach cancer, head and neck cancer and metastatic prostate cancer).
Strong preclinical data suggest ENV 205 chemotherapy sensitization in a combination therapy setting and limit the development of cachexia
as a single agent.

We
will aggressively pursue ENV 105 and ENV 205 in pre-clinical and clinical trials. Future therapeutic targets will be developed based
on the overriding mission to complement traditional cancer-targeted drugs with those that address the tumor microenvironment.

Our
Strategy

Our
goal is to unlock the power of the immune system on the two most pervasive problems in cancer treatment: (i) resistance to therapy and
(ii) immune suppression by cancer. We believe this road will lead to major improvement in the quality of life of cancer patients and
will transform the outcomes of patients. We seek to develop cutting-edge therapeutics for cancer patients that reverse the inhibitory
effects of cancer on the immune system. To this end, our strategy involves rapidly and efficiently advancing our existing portfolio of
innovative products through clinical development and leveraging our current industry-leading team. The strategy consists of the following:

●
A
multi-pronged toolkit of potent and life changing therapeutics with differing modalities, targets, and stages of development. Their
commonality is targeting key mechanisms of drug resistance and immune suppression by cancer.

●
Leverage
our academic research and clinical connections with our industry collaborations.

●
Complete
enrollment of prostate patients in a randomized multi-institutional Phase 2 trial of ENV 105.

●
Complete
enrollment in a Phase 1 trial of ENV105 for patients with non-small lung cancer on Tagrisso.

●
Initiate
a Phase 1 trial of activated T cell therapy for KROS 201 in patients with glioblastoma.

●
Complete
pre-IND studies for the checkpoint inhibitor KROS 101.

●
Continue
to advance our pipeline of immunotherapeutics for clinical trials.

●
Maintain
a portfolio of innovative therapeutics to mitigate risk.

●
Leverage
virtual infrastructure for efficient execution of collaborative clinical and translational research.

●
Utilize
internal development capabilities to leverage close academic partnerships.

12

In
particular, we intend to deploy an aggressive, three-pronged, growth strategy that we believe will help us develop our clinical pipeline
and maximize our success, consisting of strategic partnerships, commercial development, and portfolio optimization.

●
Strategic
Partnerships - We will focus on expanding our existing pipeline through establishing strategic partnerships with companies
that have interesting products and technologies. We intend to focus on novel, early-stage and preclinical assets in a variety of
therapeutic areas.

●
Commercial
Development - We expect to participate and assist in the commercial development activities of its assets with our strategic
partners. Commercial development activities may include, but are not limited to, clinical development, market research, healthcare
economics, market access, sales/marketing, and commercial launch strategies.

●
Portfolio
Optimization - We will continue to evaluate, prioritize, optimize, and make appropriate changes in our pipeline portfolio
as market development dynamics and/or product opportunities change.

Our
Team

Our
Company is led by our CEO and Chairman, Dr. John S. Yu, our Chief Scientific Officer, Dr. Neil Bhowmick, our Vice President of Research
and Development, Dr. Ramachandran Murali, and our Chief Financial Officer, Mr. Doug Samuelson.

Dr.
Yu is a Professor and Clinical Chief in the Department of Neurosurgery and Director of the Brain Tumor Center at Cedars-Sinai Medical
Center in Los Angeles, California. Dr. Bhowmick is a Professor of the Department of Medicine and Director of the Cancer Biology Program
at Cedars-Sinai Medical Center. Dr. Murali is a structural biologist at Cedars-Sinai Medical Center, and the inventor, with others, of
three of the patented technologies licensed to Kairos.

Intellectual
Property

Overview

Dr.
Yu, Dr. Bhowmick and Dr. Murali have developed certain proprietary technology, and identified other proprietary technology developed
by researchers and Cedars, that the Company will pursue for commercialization. Proprietary technology invented and developed by doctors
and scientists and Cedars are owned by Cedars, and then optioned and/or licensed to such doctors and scientists, or other third parties,
for commercialization in partnership with Cedars. Kairos and its subsidiary Enviro have multiple such options and/or license agreements
with Cedars regarding proprietary technology that the Company is pursuing for commercialization, as described below.

13

All
of our patent rights are subject to the license agreements between the patent owner and the Company, described below.

Kairos
Intellectual Property Agreements with Cedars-Sinai Medical Center

Kairos
has entered into four Exclusive License Agreements with Cedars-Sinai Medical Center, which are sometimes referred to as the Kairos-Cedars
license agreements, which grant Kairos exclusive licensing rights (including the right to sublicense) with respect to certain patent
rights owned by Cedars to the following:

1.
Method
of generating activated T cells for cancer therapy, invented by Dr. John S. Yu and others.

2.
Methods
of use of compounds that bind to RelA of NFkB, invented by Dr. Ramanchandran Murali and others.

3.
Composition
and methods for treating fibrosis, invented by Dr. Ramanchandran Murali and others.

4.
Compositions
and methods for treating cancer and autoimmune diseases, invented by Dr. Ramanchandran Murali and others.

For
the exclusive license agreement in item 1 above, Kairos is required to pay (i) an initial license fee in the mid five-figures upon the
raising of $500,000 in capital, (ii) an annual maintenance fee in the low five-figures, (iii) royalties based on low single-digit percentage
of patent product sales and less than one percent of other sales and (iv) other non-royalty sublicense fees ranging from a mid-single-digit
to low double-digit percentage of such revenues shall be due and payable to Cedars, depending on the stage of FDA authorization at the
time the sublicense revenue is generated. Non-royalty sublicense revenue would be between 5% and 35% depending on the phase of FDA testing
of the product during which the sublicense agreement is signed.

In
addition, Kairos is required to make payments to Cedars based on the following milestones: (i) successful completion of Phase 1 clinical
trial; (ii) the successful completion of Phase 2 clinical trial and receipt of U.S. Food and Drug Administration, or FDA, or equivalent
regulatory agency in another jurisdiction approval for a Phase 3 clinical trial; (iii) receipt of FDA approval; and (iv) cumulative net
sales exceeding $50,000,000. If all of these milestones are met, the required milestone payments will total $4,400,000.

For
each of the exclusive license agreement in items 2, 3 and 4 above, Kairos is required to (i) pay an initial license fee of $15,000, (ii)
reimburse Cedars for patent protection costs ranging from the high four-figures to the mid-five-figures, (iii) pay an annual maintenance
fee in the low five-figures and (iv) pay royalties based on a low single-digit percentage of net sales. The royalty obligations as to
each product will terminate on a country-by-country basis concurrently with the expiration of the last to expire of a valid claim within
the patent rights that covers such product, including any term extensions thereof. There are no non-royalty expiration dates. Patent
expiration dates and specific jurisdictions of foreign patents that we in-license from Cedars-Sinai are listed in the Patent Table at
page 100 below.

Enviro
Intellectual Property Agreements with Cedars-Sinai Medical Center

On
March 16, 2020, Enviro entered into two Exclusive Option Agreements with Cedars-Sinai Medical Center that gives Enviro options to enter
into an Exclusive Agreement with Cedars which would grant Enviro exclusive licensing rights (including the right to sublicense) to certain
patent rights owned by Cedars with respect to (1) compositions and methods for treating diseases and conditions by depletion of mitochondrial
DNA from circulation for detection of mitochondrial DNA, and (2) sensitization of tumors to therapies through endoglin antagonism.

14

In
consideration of these agreements, Enviro agreed to pay option fees of $2,000 and $3,000, respectively. Enviro’s options expire
nine months from the effective date. On January 9, 2021 and January 11, 2021, the parties agreed to extend both nine-month option periods
for an additional six months. In consideration of these extensions, Enviro agreed to pay an extension fee of $500, and $1,000, respectively.
Enviro entered into two Exclusive License Agreements with Cedars-Sinai Medical Center on June 2, 2021. Enviro and Cedars entered into:

(1)
an
Exclusive License Agreement for Enviro to develop, manufacture, use and sell products utilized or derived from patent rights worldwide,
which include one patent application in the United States related to the “Compositions and Methods for Treating Diseases and
Conditions by Depletion of Mitochondrial DNA from Circulation and for Detection of Mitochondrial DNA” invented by Dr. Neil
Bhowmick and others; and

(2)
an
Exclusive License Agreement for Enviro to develop, manufacture, use and sell products utilized or derived from the patent rights
and technical information worldwide, which include six patent applications in the United States, Australia, Canada, China, Europe
and Japan related to the “Sensitization of Tumors to Therapies Through Endoglin Antagonism” invented by Dr. Neil Bhowmick
and others.

The
milestones agreed to were as follows:

1.
Completion
of preclinical studies within two years of the effective date, as stipulated in the agreement thereof (the “Effective Date”);

2.
Completion
of toxicology studies within two and a half years of the Effective Date;

3.
Obtaining
IND within three years of the Effective Date; and

4.
Beginning
the Phase 1 trial within four years of the Effective Date.

As
of the date of this Annual Report, we have completed milestones 1, 2 and 3.

Pursuant
to the two Enviro-Cedars license agreements, Enviro must meet certain milestones relating commercialization, and, if not met or extended,
Cedars may convert the exclusive licenses into non-exclusive licenses or to co-exclusive licenses, or terminate the licenses. In exchange
for each of the licenses, Enviro is obligated to pay an upfront license fee, plus an additional fee when Enviro has raised at least $250,000
in capital company-wide for any program or purpose; provided, however, that the Company will only have to pay such fee once between both
Enviro-Cedars license agreements. Enviro was also obligated to reimburse Cedars for the costs incurred for the prosecution of the patent
rights subject to the Enviro-Cedars license agreements prior to the date of execution of such agreements. The aggregate potential fees
that Enviro may have to pay in exchange for the licenses is approximately $690,000 as of December 31, 2024. Together, Kairos and
Enviro owed a total of approximately $950,000 to Cedars, of which $750,000 was converted into 312,500 shares of common stock, or 60%
of the IPO price, upon closing of the IPO. And on November 13, 2024, an additional $200,000 was converted into 150,830 shares of common
stock, using a conversion price equal to 60% of the closing price on November 13, 2024. Cedars will also be entitled to receive royalty
payments of a mid-single-digit percentage of net sales of products associated with the licensed patent right and less than one percent
of net sales of other products derived from Cedars’ technical information, with a minimum royalty year in the low five-digits due
beginning on the third anniversary of the effective date of the license. To the extent Enviro derives non-royalty sublicensing revenues,
a high single-digit to low double-digit percentage of such revenues shall be due and payable to Cedars, depending on the stage of FDA
authorization at the time the sublicense revenue is generated. Non-royalty sublicense revenue would be between 5% and 35% depending on
the phase of FDA testing of the product during which the sublicense agreement is signed.

Enviro
shall pay Cedars in connection with achieving certain milestones relating to products derived from the patent rights: (i) successful
completion of Phase 1 clinical trial; (ii) successful completion of Phase 2 clinical trial, receipt of FDA approval, and approval for
a Phase 3 clinical trial; (iii) FDA approval of a new drug application or biologics license applications; and (iv) cumulative net sales
exceeding $100,000,000. The maximum aggregate milestone payment for ENV 105 will be $7,150,000 when cumulative net sales have exceeded
$100,000,000. The last-to-expire of licensed patents is scheduled to expire on June 14, 2037. Patent expiration dates, specific jurisdictions
of foreign patents are listed in the Patent Table above.

15

The
Enviro-Cedars license agreements will, unless sooner terminated, continue in effect on a country-by-country basis until the last to expire
of the patents covering the patent rights or future patent rights. Under the terms of the Enviro-Cedars license agreements, unless waived
by Cedars, the agreement shall automatically terminate: (a) if Enviro ceases, dissolves or winds up its business operations; (b) if performance
by either party jeopardizes the licensure, accreditation or tax exempt status of Cedars or the agreement is deemed illegal by a governmental
body; (c) within 30 days for non-payment of royalties or if of Enviro fails to undertake commercially reasonable efforts to exploit the
patent rights or future patent rights; (d) within 60 days of Enviro’s failure to cure any breach or default of a material obligation
under the agreements (e) within 90 days of Enviro’s failure to cure any breach or default of a material obligation under the agreements;
or (f) upon mutual written agreement of the parties.

Effective April 17, 2025, Enviro, Kairos and Cedars
entered into a novation agreement pursuant to which the exclusive license was transferred from Enviro to Kairos, after which time Kairos
accepted and assumed all obligations and liabilities under the exclusive license agreements and Enviro was relived of any further liabilities
or obligations under the license agreements.

License and Supply Agreement with Tracon Pharmaceuticals, Inc.

On
May 21, 2021, Enviro, the Company’s formerly wholly-owned subsidiary, entered into an Enviro-Tracon license agreement with Tracon. Pursuant to the Enviro-Tracon license agreement, Tracon
grants to Enviro access to inactive IND filings for “TRC105” in the United States, ownership of “TRC105” stored
vials of drug product manufactured to GMP standards stored at Fisher Clinical or their designee, and assignment of Tracon’s patent
rights to its “CD105 technologies.”

Pursuant
to the Enviro-Tracon license agreement, Enviro paid Tracon an upfront fee of $100,000, and was obligated to pay Tracon an additional
$500,000 upon its or its successor’s completion of one or more financings through the sale of equity (or debt convertible to
equity) in an amount of $10,000,000, and an additional $500,000 within 10 days of its or its successor’s completion of one or
more financings through the sale of equity (or debt convertible to equity) in an amount of $22,000,000. In addition, Enviro was
obligated to pay Tracon a royalty of 3% of net sales on a country-by-country basis of the products subject to the agreement, and
non-royalty payments of 3% of consideration for sublicensing fees. The royalty payments would terminate upon the completion of use
of the TRC105 product. The non-royalty payments would terminate upon payment of $500,000 after the financing of an aggregate amount
of $22,000,000 to the Company.

Prior
to becoming a wholly-owned subsidiary of the Company, Enviro issued Tracon equity ownership in Enviro equal to a number of shares of
restricted common stock of Enviro equal to 7% on a fully diluted and converted basis of all common and preferred shares of Enviro.
Thereafter, in connection with the Enviro-Kairos share exchange, the parties agreed that Tracon would receive, in exchange for its Enviro common
stock, 280,000 shares of the restricted common stock of Kairos (which was then equal to 1.41229% of the issued and outstanding shares of
Kairos on a fully diluted and converted basis). Under the Enviro-Tracon license agreement, until such time as Tracon has received all of the cash consideration (as described
above), Enviro or its successor in interest, shall issue to Tracon, without further consideration, any additional common stock of
Enviro, or such successor in interest, necessary so that Tracon maintains ownership of shares of Enviro, or such successor in
interest, equal to the Tracon-Enviro Equity on a fully diluted and converted basis of all stock in Enviro (or its successor).
However, as of the date of this Annual Report, all Tracon shares in Kairos have been sold and Tracon no longer has
an ownership interest in Kairos.

16

Pursuant
to the Enviro-Tracon license agreement, which was assumed by Kairos effective April 17, 2025 pursuant to a novation agreement, we
have exclusive licensing rights (which include the right to sublicense) to eight issued U.S. patents, four U.S. Utility or
provisional patent applications, 24 issued patents and 24 patent applications in foreign jurisdictions. Patent expiration dates,
specific jurisdictions of foreign patents are listed in the Patent Table below.

PATENT
TABLE

Case

Number.Sub

Case

Name
of the Patent

Patent

No./Application
No.

Status
(Patent granted or Patent application)
Products
or Technologies to which the Patents or Patent Applications Relate

Type
of Patent

Protection

Expiration

Date

Jurisdiction

017431.501AU0
SENSITIZATION OF TUMORS TO THERAPIES
THROUGH ENDOGLIN ANTAGONISM
2017286561
APPLICATION
ENV 105
Both a Product
and a Method of Treatment Patent
2037-06-14
Australia

017313.004CA0
COMPOSITIONS AND METHODS FOR TREATING CANCER
AND AUTOIMMUNE DISEASES
3,108,796
APPLICATION
KROS 101 and KROS 102
Both a Product and a Method
of Treatment Patent
2039-08-08
Canada

017313.005CA0
METHOD OF GENERATING ACTIVATED T CELLS FOR
CANCER THERAPY
3,150,273
APPLICATION
KROS 201
Both a Product and a Method
of Treatment Patent
2040-08-10
Canada

017431.501CA0
SENSITIZATION OF TUMORS TO THERAPIES THROUGH
ENDOGLIN ANTAGONISM
3026066
APPLICATION
ENV 105
Both a Product and a Method
of Treatment Patent
2037-06-14
Canada

017431.502CA0
COMPOSITIONS AND METHODS FOR TREATING DISEASES
AND CONDITIONS BY DEPLETION OF MITOCHONDRIAL OR GENOMIC DNA FROM CIRCULATION
3162518
APPLICATION
ENV 205
Both a Product and a Method
of Treatment Patent
2040-11-25
Canada

17

Case
Number.Sub Case
Name
of the Patent
Patent
No./Application No.
Status
(Patent granted or Patent application)
Products
or Technologies to which the Patents or Patent Applications Relate
Type
of Patent Protection
Expiration
Date
Jurisdiction

017313.004CN1
COMPOSITIONS AND METHODS FOR TREATING
CANCER AND AUTOIMMUNE DISEASES
2024104360758.0
APPLICATION
KROS 101 and
KROS 102
Both a Product and a Method of
Treatment Patent
2039-08-08
China

017431.501CN0
SENSITIZATION OF TUMORS TO THERAPIES THROUGH
ENDOGLIN ANTAGONISM
201780050000.4
APPLICATION
ENV 105
Both a Product and a Method of Treatment Patent
2037-06-14
China

35882-714.7111
ANTIBODY FORMULATIONS
AND USES THEREOF
201810659773.9
APPLICATION
ENV 105
Both a Product and a Method of Treatment Patent
2033-09-05
China (People’s
Republic)

017313.004EP0
COMPOSITIONS AND METHODS FOR TREATING CANCER
AND AUTOIMMUNE DESEASES
19848154.1
APPLICATION
KROS 101 and KROS 102
Both a Product and a Method of Treatment Patent
2039-08-08
European Patent

017313.005EP0
METHOD OF GENERATING ACTIVATED T CELLS FOR
CANCER THERAPY
20850517.2
APPLICATION
KROS 201
Both a Product and a Method of Treatment Patent
2040-08-10
European Patent

017431.501EP0
SENSITIZATION OF TUMORS TO THERAPIES THROUGH
ENDOGLIN ANTAGONISM
17814046.3
APPLICATION
ENV 105
Both a Product and a Method of Treatment Patent
2037-06-14
European Patent

017431.502EP0
COMPOSITIONS AND METHODS FOR TREATING DISEASES
AND CONDITIONS BY DEPLETION OF MITOCHONDRIAL OR GENOMIC DNA FROM CIRCULATION
20893032.1
APPLICATION
ENV 205
Both a Product and a Method
of Treatment Patent
2040-11-25
European Patent

18

Case
Number.Sub Case
Name
of the Patent
Patent
No./Application No.

Status
(Patent granted or Patent application)
Products
or Technologies to which the Patents or Patent Applications Relate
Type
of Patent Protection
Expiration
Date
Jurisdiction

017313.002EP0
METHODS AND
USE OF COMPOUNDS THAT BIND TO RELA OF NF-KB
3303286

GRANTED
KROS 301
Both a Product and a Method of
Treatment Patent
2036-06-01
France, Germany, Switzerland &
Liechtenstein, United Kingdom.

017313.003EP0
COMPOSITIONS AND METHODS
FOR TREATING FIBROSIS
3194446

GRANTED
KROS 401
Both a Product and a Method of Treatment Patent
2035-09-18
France, Germany, Switzerland & Liechtenstein,
United Kingdom.

35882-714.741
ANTIBODY FORMULATIONS
AND USES THEREOF
1538/DELNP/2015

GRANTED
ENV 105
Both a Product and a Method of Treatment Patent
2033-09-05
India

35882-714.7611
ANTIBODY FORMULATIONS
AND USES THEREOF
6445671

GRANTED
ENV 105
Both a Product and a Method of Treatment Patent
2033-09-05
Japan

35882-714.7612
ANTIBODY FORMULATIONS
AND USES THEREOF
6602446

GRANTED
ENV 105
Both a Product and a Method of Treatment Patent
2033-09-05
Japan

017313.003JP0
COMPOSITIONS AND METHODS
FOR TREATING FIBROSIS
7095990

GRANTED
KROS 401
Both a Product and a Method of Treatment Patent
2035-09-18
Japan

017313.003JP1
COMPOSITIONS AND METHODS
FOR TREATING FIBROSIS
2020-148662

APPLICATION
KROS 401
Both a Product and a Method of Treatment Patent
2035-09-18
Japan

017313.004JP0
COMPOSITIONS AND METHODS
FOR TREATING CANCER AND AUTOIMMUNE
7530346

GRANTED
KROS 101 and KROS 102
Both a Product and a Method of Treatment Patent
2039-08-08
Japan

017313.004JP1
COMPOSITIONS AND METHODS
FOR TREATING CANCER AND AUTOIMMUNE
2024-120839

APPLICATION
KROS 101 and KROS 102
Both a Product and a Method of Treatment Patent
2039-08-08
Japan

017431.501JP0
SENSITIZATION OF TUMORS TO THERAPIES THROUGH
ENDOGLIN ANTAGONISM
7092684

GRANTED
ENV 105
Both a Product and a Method of Treatment Patent
2037-06-14
Japan

19

Case
Number.Sub Case
Name
of the Patent
Patent
No./Application No.

Status
(Patent granted or Patent application)
Products
or Technologies to which the Patents or Patent Applications Relate
Type
of Patent Protection
Expiration
Date
Jurisdiction

017431.502JP0
COMPOSITIONS AND METHODS FOR TREATING
DISEASES AND CONDITIONS BY DEPLETION OF MITOCHONDRIAL OR GENOMIC DNA FROM CIRCULATION
2022-530781

APPLICATION
ENV 205
Both a Product
and a Method of Treatment Patent
2040-11-25
Japan

017313.004KR0
COMPOSITIONS AND METHODS FOR TREATING CANCER
AND AUTOIMMUNE DISEASES
10-2021-7006602

GRANTED
KROS 101 and KROS 102
Both a Product and a Method of Treatment Patent
2039-08-08
Korea, Republic of (KR)

017313.004KR1
COMPOSITIONS AND METHODS FOR TREATING CANCER
AND AUTOIMMUNE DISEASES
10-2025-7000546

APPLICATION
KROS 101 and KROS 102
Both a Product and a Method of Treatment Patent
2039-08-08
Korea, Republic of (KR)

35882-714.911
ANTIBODY FORMULATIONS
AND USES THEREOF
MY-180157-A

GRANTED
ENV 105
Both a Product and a Method of Treatment Patent
2033-09-05
Malaysia

35882-714.781
ANTIBODY FORMULATIONS
AND USES THEREOF
368996

GRANTED
ENV 105
Both a Product and a Method of Treatment Patent
2033-09-05
Mexico

20

Case
Number.Sub Case
Name
of the Patent
Patent
No./Application No.
Status
(Patent granted or Patent application)
Products
or Technologies to which the Patents or Patent Applications Relate
Type
of Patent Protection
Expiration
Date
Jurisdiction

35882-714.861
ANTIBODY FORMULATIONS AND USES
THEREOF
1501001224
APPLICATION
ENV 105
Both a Product and a Method of
Treatment Patent
2033-09-05
Thailand

35882-706.202
ENDOGLIN ANTIBODIES
8,221,753
GRANTED
ENV 105
Product
2030-03-31
United States of America

35882-706.302
ENDOGLIN ANTIBODIES
9,150,652
GRANTED
ENV 105
Method of treatment
2029-09-30
United States of America

35882-706.401
ENDOGLIN ANTIBODIES
9,944,714
GRANTED
ENV 105
Composition of matter
2030-03-31
United States of America

35882-714.831
ANTIBODY FORMULATIONS AND USES THEREOF
10,195,281
GRANTED
ENV 105
Product and Formulation
2034-12-25
United States of America

017313.002US0
METHODS AND USE OF COMPOUNDS THAT BIND TO RELA
OF NF-KB
10,881,641
GRANTED
KROS 301
Method of treatment
2037-11-30
United States of America

017313.002US1
METHODS AND USE OF COMPOUNDS THAT BIND TO RELA
OF NF-KB
10,195,281
GRANTED
KROS 301
Method of treatment
2037-11-30
United States of America

017313.003US0
COMPOSITIONS AND METHODS FOR TREATING FIBROSIS
10,245,298
GRANTED
KROS 401
Pharmaceutical composition
2035-09-18
United States of America

21

Case
Number.Sub Case
Name
of the Patent
Patent
No./Application No.

Status
(Patent granted or Patent application)
Products
or Technologies to which the Patents or Patent Applications Relate
Type
of Patent Protection
Expiration
Date
Jurisdiction

017313.003US1
COMPOSITIONS AND METHODS FOR TREATING
FIBROSIS
11,547,738

GRANTED
KROS 401
Method of
treatment
2035-09-18
United States
of America

017313.003US2
COMPOSITIONS AND METHODS FOR TREATING FIBROSIS
18/093,667

APPLICATION
KROS 401
Both a Product and a Method
of Treatment Patent
2035-09-18
United States of America

017313.004US0
COMPOSITIONS AND METHODS FOR TREATING CANCER
AND AUTOIMMUNE DISEASES
17/266,488

APPLICATION
KROS 101 and KROS 102
Both a Product and a Method of Treatment Patent
2039-08-08
United States of America

017313.005US0
METHOD OF GENERATING ACTIVATED T CELLS FOR
CANCER THERAPY
17/633,505

APPLICATION
KROS 201
Both a Product and a Method of Treatment Patent
2040-08-10
United States of America

017431.501US1
SENSITIZATION OF TUMORS
TO THERAPIES THROUGH ENDOGLIN ANTAGONISM
17/685,040

APPLICATION
ENV 105
Both a Product and a Method of Treatment Patent
2037-06-14
United States of America

017431.502US0
COMPOSITIONS AND METHODS FOR TREATING DISEASES
AND CONDITIONS BY DEPLETION OF MITOCHONDRIAL OR GENOMIC DNA FROM CIRCULATION
17/779,716

APPLICATION
ENV 205
Both a Product and a Method
of Treatment Patent
2040-11-25
United States of America

22

Corporate
Reorganization

Kairos
Pharma, Ltd. was originally incorporated on June 17, 2013 in the state of California as NanoGB13, Inc. The Company changed its name to
“Kairos Pharma, Ltd.” on July 15, 2016. On May 10, 2023, we filed a certificate of conversion with the Secretary of State
of the State of California, and on the same date, we also filed with the Delaware Secretary of State a certificate of conversion converting
the Company from a non-Delaware corporation to a Delaware corporation pursuant to section 265 of the Delaware General Corporation Law
t. In addition, on May 10, 2023, we filed a certificate of incorporation with the Secretary of State of the State of Delaware, thus completing
our conversion into a Delaware corporation. In conjunction with the Company’s conversion into a Delaware corporation, on May 10,
2023, the Company conducted a 1-for-2.5 Reverse Stock Split. After the Reverse Stock Split, there were 10,334,357 shares of our common
stock outstanding.

On
November 13, 2019, Kairos entered into an Agreement of Merger with AcTcell Biopharma, Inc., or AcTcell, whereby the Company issued 5,045,000
shares of its common stock for all the issued and outstanding shares of AcTcell common stock. AcTcell was a California corporation that
was incorporated on July 22, 2019. AcTcell’s only asset at the merger date was an Exclusive License Agreement dated August 30,
2019 between AcTcell and Cedars-Sinai Medical Center. AcTcell had no liabilities at the merger date.

John
S. Yu, the Company’s Chairman, Chief Executive Officer and shareholder, was the sole owner of AcTcell. The acquisition of AcTcell
by Kairos was treated as a transaction between entities under common control resulting in the historical costs basis of AcTcell’s
assets and liabilities being recognized.

Enviro
was incorporated on November 15, 2019, under the law of the state of California and was an early-stage company that is focused on
the development of therapeutics targeting the tumor microenvironment to complement conventional and targeted therapies designed
against the cancer cells. Kairos’s Chairman, Chief Executive Officer and shareholder, Dr. Yu, was also a founder and
shareholder of Enviro.

On
June 3, 2021, Kairos and Enviro entered into a share exchange agreement whereby Kairos acquired of all of the common stock of Enviro
in exchange for stock in Kairos. In the Enviro-Kairos share exchange, the Enviro shareholders exchanged 100% of the issued and outstanding
shares of Enviro (on a fully diluted basis) for 6,000,000 shares of newly issued restricted common stock of Kairos, which, as of the
closing of the Enviro-Kairos share exchange: (i) represented approximately twenty percent (20%) of the outstanding shares of capital
stock of the Company on a fully diluted basis, including all issued and outstanding convertible promissory notes, preferred stock, SAFEs,
other securities convertible into capital stock, stock options and warrants, and after giving effect to the issuance of the shares in
the Enviros-Kairos share exchange, and (ii) have voting power approximately equal to twenty percent (20%) of all shares eligible to vote
on matters by the shareholders of Kairos. At the closing of the Enviro-Kairos share exchange, Kairos issued each of Dr. Yu and Dr. Neil
Bhowmick (the other co-founder of Enviro) 1,860,000 of Kairos’ restricted common stock in exchange for their shares of Enviro.
Kairos also issued Tracon Pharmaceutical, Inc., an unaffiliated third party, 280,000 shares of Kairos restricted common stock
in exchange from their shares of Enviro, which Tracon had received pursuant to a license and supply agreement between Enviro and Tracon,
pursuant to which Enviro had acquired certain licensing rights from Tracon.

At
the closing of the Enviro-Kairos share exchange, prior to our 1-for-2.5 reverse split conducted in 2023 and including the newly issued
shares in that transaction, Kairos had approximately 19,825,957 shares of common stock issued and outstanding on a fully diluted basis
(including 18,825,957 outstanding shares of common stock, and 1,000,000 warrants exercisable into 1,000,000 shares of common stock).

Effective April 17, 2025, the Company entered into novation agreements with Enviro and Enviro’s licensors,
Tracon and Cedars-Sinai Medical Center, pursuant to which the Company assumed all responsibilities, liabilities and obligations of Enviro
under such agreements and Enviro was released from all liability. At the same time, Enviro was dissolved.

Manufacturing

We
do not currently own or operate manufacturing facilities for the production of clinical or commercial quantities of our product candidates.
When we begin manufacturing, we intend to use vendors that are compliant with current cGMP, in pharmaceutical production. We expect that
commercial quantities of any compound and materials for our product candidates, if approved, will be manufactured in facilities and by
processes that comply with FDA and other regulations.

Employees
and Human Capital Resources

As
of December 31, 2025, we had one full-time employee, our Chief Financial Officer, and three part-time employees (including our executive
officers), each of whom is a part-time employee primarily engaged in research and development activities, and all hold M.D. or Ph.D.
degrees. Aside from our Chief Financial Officer, all officers and directors of the Company worked approximately 20 hours per week in
performance of their duties related to the Company. We consider our relationship with our employees to be good. None of our employees
is subject to a collective bargaining agreement.

23

We
recognize that our continued ability to attract, retain and motivate exceptional employees is vital to ensuring our long-term competitive
advantage. Our employees are critical to our long-term success and are essential to helping us meet our goals. Among other things, we
support and incentivize our employees in the following ways:

●
Talent
development, compensation, and retention: We strive to provide our employees with a rewarding work environment, including
the opportunity for growth, success, and professional development. We provide a competitive compensation and benefits package, including
bonus and equity incentive plans, a 401(k) plan-all designed to attract and retain a skilled and diverse workforce.

●
Health
and safety: We support the health and safety of our employees by providing comprehensive insurance benefits, an employee
assistance program, company-paid holidays, a personal time-off program, and other additional benefits which are intended to assist
employees to manage their well-being.

●
Inclusion
and diversity: We are committed to efforts to increase diversity and foster an inclusive work environment that supports our
workforce.

Recent
Financings

Initial
Public Offering

On
September 17, 2024, we closed on our initial public offering (“IPO”) of 1,550,000 shares of common stock at $4.00 per share,
for gross proceeds of $6,200,000, following our listing on the NYSE American LLC, or NYSE American. Our IPO was underwritten by Boustead
Securities, LLC, acting as lead underwriter, with the underwriters receiving 7% cash compensation and warrants to purchase a total of
108,500 shares of common stock, exercisable at $4.80 per share.

Equity
Line of Credit Agreement

On
November 12, 2024, the Company and Helena Global Investment Opportunities I Ltd (“Helena”) entered into an equity line of
credit agreement (the “ELOC Agreement”), pursuant to which Helena agreed to purchase from the Company up to $30,000 shares
of common stock (the “ELOC Shares”). The Company issued 670,641 shares of restricted common stock (the “Commitment
Fee Shares”), valued at $900,000 (the “Issuance Value”) on the date of issuance, to Helena as the “Commitment
Fee” for entry into the ELOC Agreement. The ELOC Agreement will be available for the Company’s use at such time following
the filing, and subsequent effectiveness, of a resale registration statement registering the ELOC Shares for resale. Upon the effectiveness
of the resale registration statement (the “Effective Date”), the Commitment Fee shares will be subject to a “true-up”
pursuant to which, in the event the shares are valued at less than Issuance Value on the Effective Date, additional shares will be issued
to Helena to bring ensure the ELOC Shares equal the Issuance Value on the Effective Date.

The
ELOC Agreement will terminate upon the following events: (i) the first day of the month next following the 36-month anniversary of the
date of the ELOC Agreement or (ii) the date on which Helena has purchased the full $30,000,000 of ELOC Shares.

The
ELOC Agreement may be terminated by the Company after its commencement, at the Company’s discretion, provided that there are no
advance notices outstanding for which common stock has yet to be issued, and the Company has paid all amounts owed to Helena under the
ELOC Agreement, including the Commitment Fee Shares.

January
2025 PIPE Offering

On
January 14, 2025, the Company entered into a securities purchase agreement (the “Purchase Agreement”) and registration rights
agreement (the “Registration Rights Agreement”) with the investor name therein (the “Investor”) for the sale
and issuance of 2,500,000 units (the “Pre-Funded Units”), with each Pre-Funded Unit consisting of a Pre-Funded Warrant to
purchase one share of common stock, exercisable for $0.001 per share, and a Common Warrant to purchase one and one half shares of common
stock, exercisable at $1.40 per share (the “January 2025 PIPE Offering”).

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In
advance of closing, on January 16, 2025, the Company and the Investor entered into an amended and restated purchase agreement (the “A&R
Purchase Agreement”), which amended the terms of the Purchase Agreement to include a requirement that the Company obtain shareholder
approval prior to issuing in excess of 19.99% of the Company’s common stock and also amended the Common Warrants to make them immediately
exercisable and reduce the exercise period from 5.5 years to five years. Other terms of the agreements remained the same.

On
January 16, 2025, the Company closed the January 2025 PIPE Offering for gross proceeds of $3,497,500 (or $1.399 per Pre-Funded Unit),
with an additional $2,500 payable upon the Investor’s exercise of the Pre-Funded Warrants in full.

Boustead
Securities, LLC (“Boustead”) and D. Boral Capital LLC (“D. Boral”) acted as co-placement agents for the January
2025 PIPE Offering. In conjunction therewith, on January 16, 2025, the Company entered into a Placement Agent Agreement with Boustead
(the “Placement Agent Agreement”). Under the terms of the Placement Agent Agreement, at closing the Company paid the Placement
Agents (i) a cash commission equal to 8% of the gross proceeds (including a 1% non-accountable expense fee) and (ii) warrants to purchase
a total of 175,000 shares of common stock, exercisable at $1.40 per share, with the total cash and warrant compensation split equally
between Boustead and D. Boral.

On
January 20, 2025, the Company obtained the approval of 55.4% of the shareholders (the “Majority Shareholders”) for the issuance
in excess of 19.99% of the Company’s common stock at a price below market value, in compliance with Rule 713 of the NYSE American
LLC Company Guide. On February 10, 2025, the Company filed the definitive Schedule 14C and the shareholder approval became effective
on March 1, 2025.

January 2026 At-the-Market Offering

On January 12, 2026, we entered into an at-the-market (“ATM”)
offering agreement (the “ATM Agreement”) with H.C. Wainwright Co., LLC (the “Placement Agent”) for the sale, from
time to time, of up to $4,524,949 shares of our common stock. We registered the common stock offered under the ATM pursuant to prospectus
supplement filed in conjunction with our shelf registration statement on Form S-3 (SEC File No. 333-292686), which was declared effective
on January 23, 2026. Pursuant to the ATM Agreement, the Placement Agent is entitled to a placement agent fee of 3.0% of the gross sale
price of shares sold under the ATM.