Kairos Discovery

A Lyon-based biotech developing KDX-350, an oral bivalent CK2 inhibitor for colorectal and clear-cell renal cancer, to license to a pharmaceutical partner from 2027.

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Key project data

Target amount

0,85M EUR

Equidad

21%

Valuations

3,29M EUR

Rendimiento potencial

20x

Año previsto de salida

2030

Fecha de finalización

2026-09-20

Would AI invest?

63/100

100

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Resumen generado por IA

This overview is generated using artificial intelligence based on information available on the platform’s project page and publicly accessible data. It is provided for informational purposes only and does not constitute investment advice, financial guidance, risk assessment, or project scoring. Platforms and project owners are not involved in the creation, review, or endorsement of this content.

AI project overview

Condensed summary based on project data

<p><span style="font-size:28pt"><span style='font-family:"Times New Roman",serif'>Kairos Discovery — Crowdfunding Investor Memo</span></span></p>
<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'><em>A French laboratory company designing an experimental cancer medicine that it plans to sell or license to a large pharmaceutical company rather than sell to patients itself.</em></span></span></p>
<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'><strong>Sector: </strong>Biotechnology (preclinical oncology)<strong>  ·  Stage: </strong>Seed (preclinical)<strong>  ·  HQ: </strong>Lyon, France<strong>  ·  Raise: </strong>€850,000 target (maximum €1,500,000)</span></span></p>
<h1><span style="font-size:16pt"><span style='font-family:"Times New Roman",serif'><span style="color:#2e74b5">Snapshot</span></span></span></h1>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'><strong><span style="color:black">1 · Is the price fair? 💶</span></strong></span></span></p>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'><strong><span style="color:black">5 / 5 </span></strong><span style="color:black">— Supported. At €2.8M–€3.3M before this round, the price is below every European early-stage benchmark we located: a median of €5.0M in Q3 2025 and €3.6M over the longer term (PitchBook-derived data, November 2025), a typical seed range of €4M–€12M (Startkeel, 2026), and a European early-stage median of $6.54M for 2020–2025 (Equidam, Q3 2025).</span></span></span></p>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'><strong><span style="color:black">2 · Can they reach an exit stage? ⭐</span></strong></span></span></p>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'><strong><span style="color:black">AI SCORE 63 / 100 — Average</span></strong></span></span></p>
<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'><span style="color:black">The strongest evidence is the people and the science: the chairman led a comparable Lyon company to an acquisition by Eli Lilly in 2023, and the underlying research is published in a peer-reviewed chemistry journal with a crystal structure deposited in a public database. The biggest gap is that the medicine being offered here, KDX-350, is not the compound described in that publication, and no data on KDX-350 itself is in the pack we reviewed.</span></span></span></p>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'><strong><span style="color:black">3 · If they do, what could it pay? 🎯</span></strong></span></span></p>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'><strong><span style="color:black">Target 20x over 3.5–4.5 years</span></strong><span style="color:black"> (the company's own plan; the standard expectation for a seed-stage company is about 10x over 5–7 years).</span></span></span></p>
<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'><span style="color:black">If reached, illustratively <strong>5x–50x</strong> before fees and before future dilution. Method: the required sale value divided by the €4.09M value of the whole company at this round's price. The low end is a licensing deal at the median upfront payment for a preclinical cancer drug, $22M (Ambrosia Ventures deal database, 2026); the high end is the company's own stated target of more than €200M once the medicine has shown early results in patients.</span></span></span></p>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'><strong>How to read the score</strong></span></span></p>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'><strong><span style="color:black">85–100 · Excellent</span></strong></span></span></p>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'>All key preconditions for reaching an exit stage are evidenced and strong — rare at this stage</span></span></p>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'><strong><span style="color:black">70–84 · Good</span></strong></span></span></p>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'>Preconditions largely in place, with specific gaps — named in the questions section</span></span></p>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'><strong><span style="color:black">50–69 · Average</span></strong></span></span></p>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'>Meaningful preconditions missing or weakly evidenced</span></span></p>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'><strong><span style="color:black">30–49 · Weak</span></strong></span></span></p>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'>Several core preconditions absent, or the evidence points against them</span></span></p>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'><strong><span style="color:black">1–29 · Critical</span></strong></span></span></p>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'>Fundamental preconditions are not visible in the evidence</span></span></p>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'><strong><span style="color:black">What we could check. </span></strong><span style="color:black">We checked 33 of the company's claims against public sources. The company registration, its 2023 fundraise, the chairman's previous sale of a business to Eli Lilly, the patent family, the peer-reviewed publication and the French tax ruling all check out against public records. The figures for the medicine itself (KDX-350), the letter of interest from a pharmaceutical company, the current cash position and most of the market-size numbers rest on the company's own materials — see the questions section.</span></span></span></p>
<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'><strong><span style="color:black">Your money is locked in. </span></strong><span style="color:black">Crowdfunding shares normally cannot be sold early — expect your money to be tied up for several years, until the company is sold or a similar event happens.</span></span></span></p>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'><strong>Three answers, one honest note. </strong>The fairness score says whether the entry price is supported by the sector benchmarks we could find. The AI Score is our read on whether the company has the building blocks in place to reach a point where a sale or licensing deal can happen — it audits readiness on the evidence disclosed. It is not a measure of how likely success is, and even companies with every building block in place fail more often than they succeed, which is why this kind of investing only works as a small part of a spread-out portfolio. The returns range is an illustration built from named industry benchmarks, not a forecast. Where something was not in the pack we reviewed, it did not lower any score — it appears in the questions list instead, so you can ask the company directly before you invest. The listing was reviewed by a licensed crowdfunding platform before it went live. Nothing here is a recommendation.</span></span></p>
<h1><span style="font-size:16pt"><span style='font-family:"Times New Roman",serif'><span style="color:#2e74b5">At a glance</span></span></span></h1>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'><strong><span style="color:black">✅ Three reasons to look closer</span></strong></span></span></p>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'><strong><span style="color:black">⚠️ Three reasons for caution</span></strong></span></span></p>
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<li><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'>Chairman Jean-Guillaume Lafay led Mablink Bioscience, another Lyon cancer-drug company, to an agreement to be acquired by Eli Lilly in October 2023 — while it was still at the laboratory stage, having raised about €31M. Confirmed in the acquisition announcement of 18 October 2023.</span></span></li>
<li><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'>The underlying science is published and independently checkable: a June 2025 paper in the Journal of Medicinal Chemistry, with the crystal structure of the drug bound to its target deposited in the public Protein Data Bank (entry 9HPH), and selectivity tested against 413 different human enzymes with only the intended target switched off.</span></span></li>
<li><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'>The price is low against every benchmark we found. The company is valued at €2.8M–€3.3M before this round, against a European early-stage median of €5.0M (Q3 2025) and a typical seed range of €4M–€12M.</span></span></li>
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<li><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'>The medicine being offered is called KDX-350, but the paper the campaign links to describes a different compound, KDX1381. The published one is reported at half the strength quoted for KDX-350, and only 8% of an oral dose reached the bloodstream — so the animal studies were done by injection, not by mouth. Nothing in the pack explains the relationship between the two.</span></span></li>
<li><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'>The company had €101,060 of cash at 31 December 2025 against €597,709 of yearly running costs — about two months' worth. It owed €574,546, with loan repayments starting in the third quarter of 2026, and its accounts showed negative net worth of €350,571.</span></span></li>
<li><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'>The licensing deal the company is aiming for in 2027 is itself listed as a cash-out event in the platform's own document, but nothing in the pack we reviewed says how money from such a deal would actually reach shareholders.</span></span></li>
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<p> </p>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'><strong><span style="color:black">Deal terms. </span></strong><span style="color:black">No terms were identified in the reviewed documents that would prevent a crowdfund investor from sharing in the upside. Full mechanics are at the end of this memo.</span></span></span></p>
<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'><span style="color:black">One point to check: the two platform documents disagree on a single right. The official Key Investment Information Sheet states there is no prio…</span></span></span></p></td></tr></tbody></table>

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