Cellula capitale • Kairos Discovery
Equity crowdfunding
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.
Key project data
Target amount
1,5 MEUR
Equità
21%
Valuations
3,29 MEUR
Rendimenti potenziali
x20
Anno di uscita previsto
2030
Would AI invest?
63/100
1
100
Panoramica generata dall'intelligenza artificiale
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> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f0f4f8; border-bottom:#dce2e8; border-left:#c8cfd8; border-right:#dce2e8; border-top:#c8cfd8; vertical-align:top; width:180px"> <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> </td> <td style="background-color:#d9ebc2; border-bottom:1px solid #dce2e8; border-left:none; border-right:1px solid #c8cfd8; border-top:1px solid #c8cfd8; vertical-align:top; width:444px"> <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> </td> </tr> <tr> <td style="background-color:#f0f4f8; border-bottom:1px solid #dce2e8; border-left:1px solid #c8cfd8; border-right:1px solid #dce2e8; border-top:none; vertical-align:top; width:180px"> <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> </td> <td style="background-color:#faece7; border-bottom:1px solid #dce2e8; border-left:none; border-right:1px solid #c8cfd8; border-top:none; vertical-align:top; width:444px"> <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> </td> </tr> <tr> <td style="background-color:#f0f4f8; border-bottom:1px solid #c8cfd8; border-left:1px solid #c8cfd8; border-right:1px solid #dce2e8; border-top:none; vertical-align:top; width:180px"> <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> </td> <td style="background-color:#faece7; border-bottom:1px solid #c8cfd8; border-left:none; border-right:1px solid #c8cfd8; border-top:none; vertical-align:top; width:444px"> <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> </td> </tr> </tbody> </table> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>How to read the score</strong></span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#d9ebc2; border-bottom:#dce2e8; border-left:#c8cfd8; border-right:#dce2e8; border-top:#c8cfd8; vertical-align:top; width:160px"> <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> </td> <td style="border-bottom:1px solid #dce2e8; border-left:none; border-right:1px solid #c8cfd8; border-top:1px solid #c8cfd8; vertical-align:top; width:464px"> <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> </td> </tr> <tr> <td style="background-color:#faeeda; border-bottom:1px solid #dce2e8; border-left:1px solid #c8cfd8; border-right:1px solid #dce2e8; border-top:none; vertical-align:top; width:160px"> <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> </td> <td style="border-bottom:1px solid #dce2e8; border-left:none; border-right:1px solid #c8cfd8; border-top:none; vertical-align:top; width:464px"> <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> </td> </tr> <tr> <td style="background-color:#faece7; border-bottom:1px solid #dce2e8; border-left:1px solid #c8cfd8; border-right:1px solid #dce2e8; border-top:none; vertical-align:top; width:160px"> <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> </td> <td style="border-bottom:1px solid #dce2e8; border-left:none; border-right:1px solid #c8cfd8; border-top:none; vertical-align:top; width:464px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Meaningful preconditions missing or weakly evidenced</span></span></p> </td> </tr> <tr> <td style="background-color:#fcebeb; border-bottom:1px solid #dce2e8; border-left:1px solid #c8cfd8; border-right:1px solid #dce2e8; border-top:none; vertical-align:top; width:160px"> <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> </td> <td style="border-bottom:1px solid #dce2e8; border-left:none; border-right:1px solid #c8cfd8; border-top:none; vertical-align:top; width:464px"> <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> </td> </tr> <tr> <td style="background-color:#fcebeb; border-bottom:1px solid #c8cfd8; border-left:1px solid #c8cfd8; border-right:1px solid #dce2e8; border-top:none; vertical-align:top; width:160px"> <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> </td> <td style="border-bottom:1px solid #c8cfd8; border-left:none; border-right:1px solid #c8cfd8; border-top:none; vertical-align:top; width:464px"> <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> </td> </tr> </tbody> </table> <p> </p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f0f4f8; border-bottom:1px solid #c8cfd8; border-left:1px solid #c8cfd8; border-right:1px solid #c8cfd8; border-top:1px solid #c8cfd8; vertical-align:top; width:624px"> <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> </td> </tr> </tbody> </table> <p> </p> <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> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:#dce2e8; border-left:#c8cfd8; border-right:#dce2e8; border-top:#c8cfd8; vertical-align:top; width:312px"> <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> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #dce2e8; border-left:none; border-right:1px solid #c8cfd8; border-top:1px solid #c8cfd8; vertical-align:top; width:312px"> <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> </td> </tr> <tr> <td style="border-bottom:1px solid #c8cfd8; border-left:1px solid #c8cfd8; border-right:1px solid #dce2e8; border-top:none; vertical-align:top; width:312px"> <ul> <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> </ul> </td> <td style="border-bottom:1px solid #c8cfd8; border-left:none; border-right:1px solid #c8cfd8; border-top:none; vertical-align:top; width:312px"> <ul> <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> </ul> </td> </tr> </tbody> </table> <p> </p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #c8cfd8; border-left:1px solid #c8cfd8; border-right:1px solid #c8cfd8; border-top:1px solid #c8cfd8; vertical-align:top; width:624px"> <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 priority right to be paid back ahead of other shareholders ("Liquidation right: No"), while the campaign page lists "Preferential liquidation rights" among the rights attached. The official sheet is the document the platform is legally accountable for, so that is what we have taken as the position. The company's Articles of Association and shareholders' agreement, which would settle it, were not in the pack we reviewed — this is question 4 below.</span></span></span></p> </td> </tr> </tbody> </table> <p> </p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#e6f1fb; border-bottom:1px solid #c8cfd8; border-left:1px solid #c8cfd8; border-right:1px solid #c8cfd8; border-top:1px solid #c8cfd8; vertical-align:top; width:624px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">ℹ️ Information, not investment advice. </span></strong><span style="color:black">Capital at risk — you could lose the full amount invested. Full notes are at the end of this memo.</span></span></span></p> </td> </tr> </tbody> </table> <h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">🏢 What the company does</span></span></span></h1> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Kairos Discovery is a laboratory company in Lyon, France, founded in October 2022, working on a new cancer medicine. Its target is a protein inside cells called CK2, which the company reports is overproduced in many cancers and helps tumours survive treatment. Earlier medicines aimed at CK2 blocked only one spot on the protein; the company's approach blocks two spots at once, which it reports makes the medicine far more specific and switches the protein off more completely.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">It has no product on sale and no revenue, and it does not intend to sell medicines to patients itself. The plan is to take the lead compound, KDX-350, far enough through laboratory and animal testing that a large pharmaceutical company will pay for the rights to develop it. The company reports it has received a letter of interest from an international pharmaceutical company and is aiming to sign a licensing agreement from 2027. If that does not happen, the fallback plan is to raise more money, complete the safety studies regulators require, and start testing in humans by the end of 2028.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Money so far has come from business angels, a €1.2M round in May 2023, French government innovation grants, and loans from the state investment bank Bpifrance. Its accounts show no sales in any year, with income coming entirely from public grants and the French research tax credit.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">This round is for €850,000 in shares, part of a wider €1.5M package that also includes bank lending and further non-dilutive government funding. The company reports the money will pay for more animal studies, work on how the drug is absorbed and processed by the body, manufacturing and regulatory preparation, the hire of a chief operating officer, and patent costs. Its own breakdown of the full €1.5M also allocates €185,000 to repaying existing bank debt.</span></span></p> <h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">📈 The returns picture</span></span></span></h1> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:#dce2e8; border-left:#c8cfd8; border-right:#dce2e8; border-top:#c8cfd8; vertical-align:top; width:160px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">The target</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #dce2e8; border-left:none; border-right:1px solid #c8cfd8; border-top:1px solid #c8cfd8; vertical-align:top; width:464px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">20x over roughly 3.5–4.5 years (an exit in 2029–2030). This is the company's own plan, not our estimate — it appears on the campaign page as "Estimated return x20" and in the deck as "up to 20x return for current investors". For comparison, the standard expectation for a seed-stage company is about 10x over 5–7 years, so the company is aiming for double the usual return in a shorter time.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #dce2e8; border-left:1px solid #c8cfd8; border-right:1px solid #dce2e8; border-top:none; vertical-align:top; width:160px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">How the company plans to get there</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #dce2e8; border-left:none; border-right:1px solid #c8cfd8; border-top:none; vertical-align:top; width:464px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company sets out four steps of its own, each with a value it expects the business to be worth at that point:</span></span></p> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Now (mid-2026), €2.8M — patents in place, laboratory and animal proof of concept done, a pharmaceutical company has expressed formal interest.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Mid-2028, €12M–€15M — manufactured batches to medical standard, full safety testing complete, application filed to begin human trials.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">2029, €40M–€50M — safety confirmed in the first human study.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Clinical proof of concept, more than €200M — early signs the medicine works in patients, making the company an acquisition target.</span></span></li> </ul> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The comparable sales the company itself puts forward are: Eli Lilly's purchase of Loxo Oncology for $8bn (2019); Bristol Myers Squibb's purchase of Turning Point Therapeutics for $4.1bn (2022); GSK's purchase of IDRx for up to $1.15bn (2025); Eli Lilly's purchase of Scorpion Therapeutics for about $2.5bn (2025); and Takeda's deal for Nimbus Therapeutics' TYK2 drug at $4bn upfront plus $2bn in later payments. One point of context the company does not make: none of these five was a laboratory-stage business like Kairos — all had reached human testing or beyond. The company also puts forward five licensing deals for laboratory-stage cancer drugs, with upfront payments of $3.5M (Redx/Jazz, 2019), $24M (Usynova/AstraZeneca, 2023), €10M (Aqilion/Merck, 2023) and up to $85M (Kymera/Gilead, 2025).</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #dce2e8; border-left:1px solid #c8cfd8; border-right:1px solid #dce2e8; border-top:none; vertical-align:top; width:160px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">What has to be true</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #dce2e8; border-left:none; border-right:1px solid #c8cfd8; border-top:none; vertical-align:top; width:464px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">For the 20x target to be reached without any allowance for future fundraising, the company would have to be sold, or its drug licensed, for about €82M — that is 20 times the €4.09M the whole company is worth at this round's share price. In practice the company must first get KDX-350 through the safety studies regulators require, file to begin human trials, and either sign the licensing deal it is aiming for in 2027 or raise a further €2M and then €8M–€10M to run the first trials itself.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #c8cfd8; border-left:1px solid #c8cfd8; border-right:1px solid #dce2e8; border-top:none; vertical-align:top; width:160px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">If reached — potential returns</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #c8cfd8; border-left:none; border-right:1px solid #c8cfd8; border-top:none; vertical-align:top; width:464px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Illustratively 5x–50x before fees and before future dilution.</strong> Method: the value the company would need to reach, divided by the €4.09M the whole business is worth at this round's price. The low end assumes a licensing deal at the median upfront payment for a laboratory-stage cancer drug, $22M — the median total value of such deals is $400M with royalties of 8%–12% (Ambrosia Ventures deal database, 2026). The high end uses the company's own stated target of more than €200M once early human results are in.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The €82M sale value the 20x target implies is comfortably within the range of recorded sales in this sector — every one of the five acquisitions the company cites was far larger, the smallest being GSK's purchase of IDRx at up to $1.15bn. It is, however, below the $400M median total value of a laboratory-stage cancer licensing deal, which is the route the company says it prefers.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Two things will reduce whatever you receive. The platform, Capital Cell, takes 8% of any profit once your original money has been returned, so a 20x before fees becomes about 18.5x after them. And: </span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><em>These figures do not include dilution from future fundraising rounds, which would reduce actual returns — see the dilution section.</em></span></span></p> </td> </tr> </tbody> </table> <h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">📊 Score breakdown</span></span></span></h1> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><em>Score = each category's score weighted by its importance; weights sum to 100%.</em></span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:#dce2e8; border-left:#c8cfd8; border-right:#dce2e8; border-top:#c8cfd8; vertical-align:top; width:147px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Category</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #dce2e8; border-left:none; border-right:1px solid #dce2e8; border-top:1px solid #c8cfd8; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Score</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #dce2e8; border-left:none; border-right:1px solid #dce2e8; border-top:1px solid #c8cfd8; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Weight</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #dce2e8; border-left:none; border-right:1px solid #c8cfd8; border-top:1px solid #c8cfd8; vertical-align:top; width:357px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Verdict & key reason</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #dce2e8; border-left:1px solid #c8cfd8; border-right:1px solid #dce2e8; border-top:none; vertical-align:top; width:147px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Team capability</strong></span></span></p> </td> <td style="background-color:#faeeda; border-bottom:1px solid #dce2e8; border-left:none; border-right:1px solid #dce2e8; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">82</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #dce2e8; border-left:none; border-right:1px solid #dce2e8; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">25%</span></span></p> </td> <td style="border-bottom:1px solid #dce2e8; border-left:none; border-right:1px solid #c8cfd8; border-top:none; vertical-align:top; width:357px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Good</strong> — The chairman took a comparable Lyon laboratory-stage cancer company to an acquisition by Eli Lilly in 2023; the founder is the named inventor on the patent and lead author of the peer-reviewed paper; the board includes a former chief executive of Transgene. The operating team is five full-time staff and the chief operating officer post is still unfilled.</span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #dce2e8; border-left:1px solid #c8cfd8; border-right:1px solid #dce2e8; border-top:none; vertical-align:top; width:147px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Technology risk</strong></span></span></p> </td> <td style="background-color:#fcebeb; border-bottom:1px solid #dce2e8; border-left:none; border-right:1px solid #dce2e8; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">45</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #dce2e8; border-left:none; border-right:1px solid #dce2e8; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">18%</span></span></p> </td> <td style="border-bottom:1px solid #dce2e8; border-left:none; border-right:1px solid #c8cfd8; border-top:none; vertical-align:top; width:357px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Weak</strong> — The bivalent approach itself is well evidenced and independently published, with a crystal structure in the public database and clean results across 413 enzymes. What is not evidenced is the compound actually being sold: the campaign names KDX-350 and links to a paper about KDX1381, and the two are reported with different strengths. No data on KDX-350 itself appears anywhere in the pack we reviewed.</span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #dce2e8; border-left:1px solid #c8cfd8; border-right:1px solid #dce2e8; border-top:none; vertical-align:top; width:147px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Market size</strong></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #dce2e8; border-left:none; border-right:1px solid #dce2e8; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">60</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #dce2e8; border-left:none; border-right:1px solid #dce2e8; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">15%</span></span></p> </td> <td style="border-bottom:1px solid #dce2e8; border-left:none; border-right:1px solid #c8cfd8; border-top:none; vertical-align:top; width:357px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Average</strong> — Bowel cancer and kidney cancer are genuinely large markets and the biology behind the target is confirmed by an independent 2019 scientific review. But five of the seven market figures the company relies on carry no source at all, including both of the market-size projections for its two chosen cancers.</span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #dce2e8; border-left:1px solid #c8cfd8; border-right:1px solid #dce2e8; border-top:none; vertical-align:top; width:147px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Business model</strong></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #dce2e8; border-left:none; border-right:1px solid #dce2e8; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">58</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #dce2e8; border-left:none; border-right:1px solid #dce2e8; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">10%</span></span></p> </td> <td style="border-bottom:1px solid #dce2e8; border-left:none; border-right:1px solid #c8cfd8; border-top:none; vertical-align:top; width:357px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Average</strong> — Licensing to a big pharmaceutical company is the standard route for an asset like this, and the company's assumed terms (€2.5M–€25M upfront, 8%–15% royalties) sit right on the industry medians. The weakness is the last step: the platform's own document treats an exclusive licence as a cash-out event, yet nothing in the pack explains how money from such a licence would reach shareholders.</span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #dce2e8; border-left:1px solid #c8cfd8; border-right:1px solid #dce2e8; border-top:none; vertical-align:top; width:147px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Competition</strong></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #dce2e8; border-left:none; border-right:1px solid #dce2e8; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">62</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #dce2e8; border-left:none; border-right:1px solid #dce2e8; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">10%</span></span></p> </td> <td style="border-bottom:1px solid #dce2e8; border-left:none; border-right:1px solid #c8cfd8; border-top:none; vertical-align:top; width:357px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Average</strong> — The published selectivity data is a real, measured point of difference against the leading rival. But that rival, Senhwa Biosciences' silmitasertib, is years ahead in human testing: in April 2025 it reported completed early-stage results in skin cancer with three partial responses and ten patients stable, and is actively seeking licensing partners of its own.</span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #dce2e8; border-left:1px solid #c8cfd8; border-right:1px solid #dce2e8; border-top:none; vertical-align:top; width:147px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Intellectual property</strong></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #dce2e8; border-left:none; border-right:1px solid #dce2e8; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">68</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #dce2e8; border-left:none; border-right:1px solid #dce2e8; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">10%</span></span></p> </td> <td style="border-bottom:1px solid #dce2e8; border-left:none; border-right:1px solid #c8cfd8; border-top:none; vertical-align:top; width:357px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Average</strong> — The core patent family exists, is confirmed in the US patent record, and its licence to Kairos is confirmed independently in the published paper. But it is licensed in, not owned, and the public record lists six co-owning public institutions rather than the single university named in the campaign — which could mean six sets of consent are needed to sub-license.</span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #dce2e8; border-left:1px solid #c8cfd8; border-right:1px solid #dce2e8; border-top:none; vertical-align:top; width:147px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Regulatory & compliance</strong></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #dce2e8; border-left:none; border-right:1px solid #dce2e8; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">65</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #dce2e8; border-left:none; border-right:1px solid #dce2e8; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">7%</span></span></p> </td> <td style="border-bottom:1px solid #dce2e8; border-left:none; border-right:1px solid #c8cfd8; border-top:none; vertical-align:top; width:357px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Average</strong> — An actual French tax authority ruling is included in the pack, which is unusually solid documentation. By its own wording it covers the financial years ending December 2023, 2024 and 2025; this investment is made in 2026, and the enhanced status that carries the 50% income tax reduction for French investors rests on a certificate signed by the company's own president.</span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #dce2e8; border-left:1px solid #c8cfd8; border-right:1px solid #dce2e8; border-top:none; vertical-align:top; width:147px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Financial position</strong></span></span></p> </td> <td style="background-color:#fcebeb; border-bottom:1px solid #dce2e8; border-left:none; border-right:1px solid #dce2e8; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">42</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #dce2e8; border-left:none; border-right:1px solid #dce2e8; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">5%</span></span></p> </td> <td style="border-bottom:1px solid #dce2e8; border-left:none; border-right:1px solid #c8cfd8; border-top:none; vertical-align:top; width:357px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Weak</strong> — Three years of accounts, ratios and forecasts are disclosed, which is fuller than most campaigns of this size. What they show is tight: €101,060 of cash at 31 December 2025 against €597,709 of yearly costs, negative net worth of €350,571, €574,546 of debt, and a current ratio of 0.79 — meaning short-term bills exceed short-term assets.</span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #dce2e8; border-left:1px solid #c8cfd8; border-right:1px solid #dce2e8; border-top:none; vertical-align:top; width:147px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Product–market fit</strong></span></span></p> </td> <td style="background-color:#efefef; border-bottom:1px solid #dce2e8; border-left:none; border-right:1px solid #dce2e8; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">N/A</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #dce2e8; border-left:none; border-right:1px solid #dce2e8; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">—</span></span></p> </td> <td style="border-bottom:1px solid #dce2e8; border-left:none; border-right:1px solid #c8cfd8; border-top:none; vertical-align:top; width:357px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Not evaluable</strong> — A medicine that has never been given to a human being has no customers to fit yet. There is no evidence either way, so this is not scored. The nearest equivalent — a pharmaceutical company's expression of interest — is covered under Business model.</span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #dce2e8; border-left:1px solid #c8cfd8; border-right:1px solid #dce2e8; border-top:none; vertical-align:top; width:147px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Traction & growth</strong></span></span></p> </td> <td style="background-color:#efefef; border-bottom:1px solid #dce2e8; border-left:none; border-right:1px solid #dce2e8; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">N/A</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #dce2e8; border-left:none; border-right:1px solid #dce2e8; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">—</span></span></p> </td> <td style="border-bottom:1px solid #dce2e8; border-left:none; border-right:1px solid #c8cfd8; border-top:none; vertical-align:top; width:357px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Not evaluable</strong> — The company has no sales and does not expect any before a licensing deal. This is normal for the stage and is not treated as a mark against it. Scientific progress is scored under Technology risk instead.</span></span></p> </td> </tr> <tr> <td style="background-color:#d9ebc2; border-bottom:1px solid #c8cfd8; border-left:1px solid #c8cfd8; border-right:1px solid #dce2e8; border-top:none; vertical-align:top; width:147px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">AI Score</span></strong></span></span></p> </td> <td style="background-color:#d9ebc2; border-bottom:1px solid #c8cfd8; border-left:none; border-right:1px solid #dce2e8; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">63</span></strong></span></span></p> </td> <td style="background-color:#d9ebc2; border-bottom:1px solid #c8cfd8; border-left:none; border-right:1px solid #dce2e8; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">100%</span></strong></span></span></p> </td> <td style="background-color:#d9ebc2; border-bottom:1px solid #c8cfd8; border-left:none; border-right:1px solid #c8cfd8; border-top:none; vertical-align:top; width:357px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Average</span></strong><span style="color:black"> — Meaningful preconditions missing or weakly evidenced.</span></span></span></p> </td> </tr> </tbody> </table> <p> </p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><em>Two categories carry no evidence either way at this stage and are not scored. Their combined 40% has been redistributed to the areas that carry the equivalent evidence for a laboratory-stage medicine: technology risk, intellectual property, regulatory standing and financial position.</em></span></span></p> <h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">❓ Questions to ask before investing</span></span></span></h1> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #dce2e8; border-left:1px solid #c8cfd8; border-right:1px solid #c8cfd8; border-top:1px solid #c8cfd8; vertical-align:top; width:624px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">These are facts the company holds and can supply on request. They were not in the materials we reviewed — they may well exist in interviews, webinars or the company's data room. The score above is based on what <em>was</em> available — these questions are how you close the gap.</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #dce2e8; border-left:1px solid #c8cfd8; border-right:1px solid #c8cfd8; border-top:none; vertical-align:top; width:624px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">1. </span></strong><span style="color:black">Is KDX-350 the same compound as KDX1381 in your June 2025 Journal of Medicinal Chemistry paper? If not, how do the two differ, and can you show the strength, selectivity, oral absorption and tolerability data for KDX-350 itself?</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #dce2e8; border-left:1px solid #c8cfd8; border-right:1px solid #c8cfd8; border-top:none; vertical-align:top; width:624px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">2. </span></strong><span style="color:black">The published compound had only 8% of an oral dose reach the bloodstream, and the animal efficacy studies were dosed by injection rather than by mouth. What is the measured oral absorption of KDX-350, and in which animals and at what doses has swallowing the drug produced the tumour shrinkage you describe?</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #dce2e8; border-left:1px solid #c8cfd8; border-right:1px solid #c8cfd8; border-top:none; vertical-align:top; width:624px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">3. </span></strong><span style="color:black">If you sign the licensing deal you are aiming for in 2027, how does money from that deal reach me as a shareholder? Is there a dividend, a share buy-back, a payment through the Capital Cell holding vehicle, or does the cash simply stay in the company to fund the second programme?</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #dce2e8; border-left:1px solid #c8cfd8; border-right:1px solid #c8cfd8; border-top:none; vertical-align:top; width:624px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">4. </span></strong><span style="color:black">Your official Key Investment Information Sheet says there is no priority right to be repaid ahead of other shareholders; the campaign page lists "preferential liquidation rights". Which is correct, and can you send me the clause from the Articles of Association or shareholders' agreement that governs it?</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #dce2e8; border-left:1px solid #c8cfd8; border-right:1px solid #c8cfd8; border-top:none; vertical-align:top; width:624px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">5. </span></strong><span style="color:black">At what percentage of shares can a majority force everyone to sell, and which clause sets that level? Can you send me the current Articles of Association and the shareholders' agreement I would be bound by?</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #dce2e8; border-left:1px solid #c8cfd8; border-right:1px solid #c8cfd8; border-top:none; vertical-align:top; width:624px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">6. </span></strong><span style="color:black">Is KDX-350 covered by the patent family you license from Pulsalys and the Lyon public institutions, by the family you own outright, or by both? What royalty and milestone payments does Pulsalys receive if you license KDX-350 out, and on what grounds can that licence be ended?</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #dce2e8; border-left:1px solid #c8cfd8; border-right:1px solid #c8cfd8; border-top:none; vertical-align:top; width:624px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">7. </span></strong><span style="color:black">The US patent record lists six co-owning institutions for the core family, not only Université Claude Bernard Lyon 1. Do all six have to agree to a sub-licence or a sale, and is that agreement already secured in your contract?</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #dce2e8; border-left:1px solid #c8cfd8; border-right:1px solid #c8cfd8; border-top:none; vertical-align:top; width:624px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">8. </span></strong><span style="color:black">Your tax ruling covers the financial years ending December 2023, 2024 and 2025. Do you have a ruling or written confirmation covering 2026 — the year I would be investing — and specifically for the enhanced "JEI R" status rather than plain JEI?</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #dce2e8; border-left:1px solid #c8cfd8; border-right:1px solid #c8cfd8; border-top:none; vertical-align:top; width:624px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">9. </span></strong><span style="color:black">The 50% French income tax reduction requires me to hold the shares for five years, so until roughly mid-2031, but your stated exit window is 2029–2030. What happens to my tax relief if a sale happens inside that window?</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #dce2e8; border-left:1px solid #c8cfd8; border-right:1px solid #c8cfd8; border-top:none; vertical-align:top; width:624px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">10. </span></strong><span style="color:black">What was your cash balance at the end of last month, and what is your current monthly spend? Your last published accounts showed €101,060 at 31 December 2025 against yearly operating costs of €597,709.</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #dce2e8; border-left:1px solid #c8cfd8; border-right:1px solid #c8cfd8; border-top:none; vertical-align:top; width:624px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">11. </span></strong><span style="color:black">Your net worth was minus €350,571 at 31 December 2025, which is below half your share capital. Has the shareholder consultation French law requires in that situation been called, or is it scheduled with the approval of the 2025 accounts?</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #dce2e8; border-left:1px solid #c8cfd8; border-right:1px solid #c8cfd8; border-top:none; vertical-align:top; width:624px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">12. </span></strong><span style="color:black">The €1,467,000 spending plan is drawn against the full €1.5M round, of which €185,000 repays existing bank debt. What exactly does the €850,000 of shares alone pay for, and which activities are dropped if the €200,000 bank facility or the €300,000 Bpifrance advance does not arrive?</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #dce2e8; border-left:1px solid #c8cfd8; border-right:1px solid #c8cfd8; border-top:none; vertical-align:top; width:624px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">13. </span></strong><span style="color:black">You have said €2M+ secured (deck), over €3 million (campaign) and €1.5M pre-seed (website), while public records show a €1.2M round in 2023 plus €495,000 of competition grants. Can you give one reconciled figure, split between shares, loans and grants?</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #dce2e8; border-left:1px solid #c8cfd8; border-right:1px solid #c8cfd8; border-top:none; vertical-align:top; width:624px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">14. </span></strong><span style="color:black">Who is the pharmaceutical company that sent the letter of interest, or at least its size and where it is based? Is the letter exclusive, does it expire, and does it contain any indicative financial terms?</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #dce2e8; border-left:1px solid #c8cfd8; border-right:1px solid #c8cfd8; border-top:none; vertical-align:top; width:624px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">15. </span></strong><span style="color:black">If I invest after 5 August 2026 at €19.66 a share rather than €16.71, what percentage of the company do I own for €10,000, and how does that compare with the 21% headline figure?</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #dce2e8; border-left:1px solid #c8cfd8; border-right:1px solid #c8cfd8; border-top:none; vertical-align:top; width:624px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">16. </span></strong><span style="color:black">Does Capital Cell vote my shares at company meetings, or can I direct the vote myself? What happens to my voting rights if I do not sign the notarised authority before the round closes?</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #dce2e8; border-left:1px solid #c8cfd8; border-right:1px solid #c8cfd8; border-top:none; vertical-align:top; width:624px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">17. </span></strong><span style="color:black">You screened "nearly 600" cell lines with Pharmaron, but the published paper reports 64. Can you share the larger dataset, or a summary of it, and the genetic markers of response you say it produced?</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #dce2e8; border-left:1px solid #c8cfd8; border-right:1px solid #c8cfd8; border-top:none; vertical-align:top; width:624px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">18. </span></strong><span style="color:black">Where can I see the sources for your market figures — the $22bn bowel cancer and $7.3bn kidney cancer projections, and the claim that over 40% of cancer deal value since 2010 went to this class of drug?</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #dce2e8; border-left:1px solid #c8cfd8; border-right:1px solid #c8cfd8; border-top:none; vertical-align:top; width:624px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">19. </span></strong><span style="color:black">Are the founders subject to earning their shares over time, and what happens to their 68.3% pre-round holding if one of them leaves? What are the current founder salaries, and are there any loans or consulting payments between the company and its founders, board members or Pulsalys?</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #c8cfd8; border-left:1px solid #c8cfd8; border-right:1px solid #c8cfd8; border-top:none; vertical-align:top; width:624px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">20. </span></strong><span style="color:black">What are your safety-testing assumptions — which contract laboratory, which species, what cost and what timeline — and what happens to the 2028 regulatory filing date if the 2027 licensing deal does not materialise?</span></span></span></p> </td> </tr> </tbody> </table> <h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">📜 What you own</span></span></span></h1> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">You are buying ordinary shares in Kairos Discovery SAS — the same basic class of share the founders hold, with no special rights attached. Most investors will not hold them in their own name: they are pooled in a Dutch holding vehicle set up by the platform (a "special purpose vehicle", named Capital Cell Stichting Administratiekantoor). You can instead be entered directly on the company's share register, but only if you sign a notarised authority in favour of Capital Cell before the round closes; if you do not, your shares go into the pooled vehicle.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">You have the right to attend the company's shareholder meetings, and the platform has the right to attend and represent investors there. The company reports it will report to shareholders every three months. After this round the founders hold 51.4% of the shares in issue, so they can pass ordinary decisions on their own. If the company is sold, the official platform document records no priority right for anyone to be repaid ahead of you — but the campaign page says otherwise, and the documents that would settle it were not in the pack we reviewed. Full mechanics are in the reference section below.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><em>Everything below is reference detail for readers who want to go deeper.</em></span></span></p> <h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">🔍 Detailed review</span></span></span></h1> <h3><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="color:#1f4d78">Team capability</span></span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The people around this company are its strongest evidenced asset. Chairman Jean-Guillaume Lafay was chief executive of Mablink Bioscience, another Lyon cancer-drug company that agreed to be acquired by Eli Lilly in October 2023 while still at the laboratory stage, having raised about €31M — we confirmed this in the acquisition announcement and in coverage by its investors. Founder and chief executive Alexandre Bancet holds a doctorate in medicinal chemistry from the University of Lyon, is a named inventor on the core patent in the US patent record, and is the corresponding author of the 2025 journal paper.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The board adds Philippe Archinard, formerly chief executive of the listed French biotech Transgene, and Émilie Richard, an investment director at UI Investissement. Co-founder Isabelle Krimm is a long-standing CNRS structural biology researcher and co-supervised the founder's doctoral thesis. The company reports five full-time staff, with the aim of doubling by 2028.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:#dce2e8; border-left:#c8cfd8; border-right:#dce2e8; border-top:#c8cfd8; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">✅ Strengths</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #dce2e8; border-left:none; border-right:1px solid #c8cfd8; border-top:1px solid #c8cfd8; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ Concerns</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #c8cfd8; border-left:1px solid #c8cfd8; border-right:1px solid #dce2e8; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Chairman's previous company sold to Eli Lilly at laboratory stage — independently confirmed, and the closest possible precedent for what this company is attempting.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Founder is the named inventor on the patent and lead author of the peer-reviewed publication, not a manager brought in over someone else's science.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Board and advisers include a former listed-biotech chief executive, an early-stage investment director, and a CNRS research director in cell death and cancer.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Detailed biographies given for seven operational and scientific people and seven advisers.</span></span></li> </ul> </td> <td style="border-bottom:1px solid #c8cfd8; border-left:none; border-right:1px solid #c8cfd8; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Five full-time staff to carry a drug through safety testing and a regulatory filing; the chief operating officer post is planned for the third quarter of 2026 and not yet filled.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">No one on the operating team is described as having taken a medicine of their own through to a regulatory application at their own company.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The word "co-founder" is applied to at least seven different people across the campaign page, the platform document and the published paper, and the shareholder table does not break the 68.3% "Founders" block down by person.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Founder pay, share-earning arrangements and what happens if a founder leaves are not in the pack we reviewed — questions 19 below.</span></span></li> </ul> </td> </tr> </tbody> </table> <p> </p> <h3><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="color:#1f4d78">Technology risk</span></span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The scientific platform is genuinely well evidenced. A June 2025 paper in the Journal of Medicinal Chemistry, co-authored by company staff and academic collaborators, reports a compound that blocks the CK2 protein at two points at once, with the crystal structure of drug and target together deposited in the public Protein Data Bank. Screened against 413 human enzymes at 250 times its working concentration, only the intended target and its close twin were switched off. The company's deck reports tumour shrinkage across eight different animal models, with statistical significance and group sizes shown.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The difficulty is which compound this evidence belongs to. The campaign and the deck sell KDX-350; the paper they link to describes KDX1381. The published compound is reported at CK2 strength of 17 nanomolar against the 9 quoted for KDX-350, and — importantly — only 8% of an oral dose reached the bloodstream, which is why the paper's own efficacy studies were dosed by injection and why its authors describe the absorption profile as a limitation. If KDX-350 is a later, improved compound, that is entirely normal drug development; the point is that no document in the pack we reviewed says so, and no data on KDX-350 itself is provided.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:#dce2e8; border-left:#c8cfd8; border-right:#dce2e8; border-top:#c8cfd8; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">✅ Strengths</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #dce2e8; border-left:none; border-right:1px solid #c8cfd8; border-top:1px solid #c8cfd8; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ Concerns</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #c8cfd8; border-left:1px solid #c8cfd8; border-right:1px solid #dce2e8; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Peer-reviewed publication in a leading chemistry journal, with a crystal structure deposited publicly — anyone can check the structural claim.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Selectivity measured against 413 enzymes with only the intended target inhibited; this is the specific weakness of the leading rival drug and the company's clearest measured advantage.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Tumour shrinkage reported across eight animal models in bowel, kidney and liver cancer, alone and combined with existing treatments, with two animals tumour-free 160 days after treatment in one study.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Animal work carried out under a named French government-approved protocol, confirmed in the publication.</span></span></li> </ul> </td> <td style="border-bottom:1px solid #c8cfd8; border-left:none; border-right:1px solid #c8cfd8; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The compound named in the offer, KDX-350, is not the compound in the publication the campaign cites as its evidence.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The published compound's oral absorption of 8% sits awkwardly with the description of KDX-350 as an oral medicine; the pack does not reconcile the two.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The screening scale is reported three different ways: 64 cell lines in the paper, "nearly 600" on the campaign page, "over 590" in the deck.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Safety testing to regulatory standard has not begun and is scheduled only after the 2027 decision point; no contract laboratory is named.</span></span></li> </ul> </td> </tr> </tbody> </table> <p> </p> <h3><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="color:#1f4d78">Intellectual property</span></span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">There are two patent families. The first, covering the indole chemical series, is confirmed in the US patent record and its licence to Kairos is confirmed independently in the published paper's conflict-of-interest statement. A 2020 priority date supports the company's claim of protection beyond 2040. The second family, on a related chemical series and stated to be wholly owned by Kairos, was filed in Europe in August 2025 — European applications only become public about eighteen months after filing, so this one genuinely cannot appear in any database yet and its invisibility means nothing.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Two things qualify the picture. The core family is licensed in rather than owned, so the economics of any licensing deal depend on terms with Pulsalys that are not in the pack we reviewed. And the US record lists six co-owning public institutions — Centre Léon Bérard, Université Claude Bernard Lyon 1, the French atomic energy commission, INSERM, the École Normale Supérieure de Lyon and CNRS — rather than the single university the campaign names.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:#dce2e8; border-left:#c8cfd8; border-right:#dce2e8; border-top:#c8cfd8; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">✅ Strengths</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #dce2e8; border-left:none; border-right:1px solid #c8cfd8; border-top:1px solid #c8cfd8; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ Concerns</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #c8cfd8; border-left:1px solid #c8cfd8; border-right:1px solid #dce2e8; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Core patent family confirmed in the public patent record with the founder and co-founder named as inventors.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The licence to Kairos is confirmed by an independent source — the published paper's conflict-of-interest statement — not only by the company.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">National applications filed across Europe, North America and Asia since 2023; protection to beyond 2040 is consistent with the priority date.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">A second family, wholly owned, filed August 2025 with an international filing planned for mid-2026.</span></span></li> </ul> </td> <td style="border-bottom:1px solid #c8cfd8; border-left:none; border-right:1px solid #c8cfd8; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The family covering the lead compound is licensed, not owned — so part of the value of any deal flows to the licensor.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Six co-owning public institutions are on the record, not the one named in the campaign; sub-licensing may require several sets of consent.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The royalty, milestone and termination terms of the Pulsalys licence are not in the pack we reviewed — question 6 below.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Which of the two families actually covers KDX-350 is not stated anywhere, and it matters: one is licensed in and one is owned.</span></span></li> </ul> </td> </tr> </tbody> </table> <p> </p> <h3><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="color:#1f4d78">Market size</span></span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The underlying market is real and large. Roughly a hundred medicines of this general class have been approved in twenty years, with sales projected to pass $90bn by 2029 growing at 7–9% a year — the company names Business Research Insights as the source. The role of the CK2 protein in helping tumours resist treatment is confirmed by an independent 2019 scientific review supplied in the pack.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The specific market figures the company leans on are another matter. The $22bn bowel cancer projection, the $7.3bn kidney cancer projection, the claim that over 40% of cancer deal value since 2010 went to this drug class, and the two cancer incidence figures all appear with no source named anywhere in the materials, and we could not locate them.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:#dce2e8; border-left:#c8cfd8; border-right:#dce2e8; border-top:#c8cfd8; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">✅ Strengths</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #dce2e8; border-left:none; border-right:1px solid #c8cfd8; border-top:1px solid #c8cfd8; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ Concerns</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #c8cfd8; border-left:1px solid #c8cfd8; border-right:1px solid #dce2e8; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Two of the seven market claims carry a named source (Business Research Insights; Sinkala, Scientific Reports, 2023).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The biology of the target is confirmed by an independent peer-reviewed review, not only by the company.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Bowel cancer and kidney cancer are both large, well-documented indications with clear unmet need in resistant disease.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The target protein is implicated across roughly ten cancer types, which supports the company's stated expansion path.</span></span></li> </ul> </td> <td style="border-bottom:1px solid #c8cfd8; border-left:none; border-right:1px solid #c8cfd8; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Five of the seven market figures relied on carry no source, including both headline market-size projections for the company's two chosen cancers.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The market sized is for approved medicines of this class generally, not for the specific niche this drug would enter.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company's own indication focus has shifted since 2022, when its founder publicly described pancreatic and brain cancer as the targets.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">No estimate is given of the addressable patient population for the genetic markers of response the company says it has identified.</span></span></li> </ul> </td> </tr> </tbody> </table> <p> </p> <h3><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="color:#1f4d78">Business model</span></span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The plan is to license the medicine to a large pharmaceutical company rather than develop it to market. That is the standard route for an asset of this kind, and the company's assumed terms are consistent with industry medians: it assumes €2.5M–€25M upfront at laboratory stage against a sector median of $22M, and royalties of 8%–15% against a sector median of 8%–12% (Ambrosia Ventures deal database, 2026). The company reports a letter of interest from an international pharmaceutical company whose strategic committee reviewed the approach.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The gap is at the end of the chain. The platform's own Key Investment Information Sheet defines an exclusive licence of the main intellectual property as a cash-out event. But a licence puts money into the company, not into shareholders' hands, and nothing in the pack we reviewed describes how it would be passed on — while the stated plan is to reinvest partnership revenue into a second programme.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:#dce2e8; border-left:#c8cfd8; border-right:#dce2e8; border-top:#c8cfd8; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">✅ Strengths</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #dce2e8; border-left:none; border-right:1px solid #c8cfd8; border-top:1px solid #c8cfd8; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ Concerns</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #c8cfd8; border-left:1px solid #c8cfd8; border-right:1px solid #dce2e8; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Licensing to pharma is the standard, well-trodden route for a laboratory-stage cancer drug, and the company's stated economics sit on the industry medians rather than above them.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Five comparable laboratory-stage licensing deals are set out in full, with upfront payments from $3.5M to $85M.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">A letter of interest from a pharmaceutical company is reported, with strategic committee review — the company reports this; it is not a claim that can be checked publicly.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The financial plan deliberately excludes any licensing income, so the forecasts do not depend on the deal happening.</span></span></li> </ul> </td> <td style="border-bottom:1px solid #c8cfd8; border-left:none; border-right:1px solid #c8cfd8; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">How money from a licensing deal would reach shareholders is not described anywhere in the pack we reviewed — the single most consequential gap for the return path.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The stated plan is to reinvest partnership revenue in a second programme; who decides that is not set out.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The counterparty, scope, exclusivity and expiry of the letter of interest are not disclosed, and no letter or redacted version is in the pack.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The same upfront and milestone ranges are quoted in dollars in the deck and in euros on the campaign page.</span></span></li> </ul> </td> </tr> </tbody> </table> <p> </p> <h3><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="color:#1f4d78">Competition</span></span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The competitive position has a clear measured strength and a clear structural weakness. The strength is selectivity: the leading rival, silmitasertib from Senhwa Biosciences of Taiwan, blocks 34 enzymes at 90% or more according to the company's comparison, against one for the bivalent approach — and the 413-enzyme screen behind that claim is published and checkable.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The weakness is timing. Silmitasertib has been in development since 2010 and is in human testing. In April 2025 Senhwa reported completed early-stage results in advanced skin cancer, with three patients achieving partial response and ten stable, two of them progression-free beyond 21 months, and stated it was actively pursuing regional licensing partners. A rival with human data is a materially different competitor from a rival with animal data, whatever the selectivity comparison shows. The bivalent approach itself also has academic precedent in published compounds from Cambridge and Cologne groups, so it is the chemical series that is proprietary, not the concept.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:#dce2e8; border-left:#c8cfd8; border-right:#dce2e8; border-top:#c8cfd8; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">✅ Strengths</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #dce2e8; border-left:none; border-right:1px solid #c8cfd8; border-top:1px solid #c8cfd8; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ Concerns</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #c8cfd8; border-left:1px solid #c8cfd8; border-right:1px solid #dce2e8; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Published, independently checkable selectivity data against 413 enzymes — a measured advantage over the leading rival's known weakness.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company reports its compound triggered cancer cell death that silmitasertib did not produce at equivalent doses, and blocked regrowth for over 15 days after the drug was washed out.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Four large pharmaceutical companies are named as having explored the target, which supports the view that the target itself is taken seriously.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">No approved medicine exists against this target, so the field is open.</span></span></li> </ul> </td> <td style="border-bottom:1px solid #c8cfd8; border-left:none; border-right:1px solid #c8cfd8; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The leading rival is years ahead in human testing and reported partial responses in patients in April 2025 — this is positive evidence of a real competitive threat, not an absence.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">That rival is itself seeking licensing partners, which puts it in competition for the same pharmaceutical counterparties.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The two-point binding concept has academic precedent published by other groups; only the specific chemical series is proprietary.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Whether AstraZeneca, Apollo Therapeutics and Bristol Myers Squibb currently run active programmes on this target could not be confirmed from public sources — question 20 area.</span></span></li> </ul> </td> </tr> </tbody> </table> <p> </p> <h3><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="color:#1f4d78">Regulatory & compliance</span></span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The pack includes an actual ruling from the French tax authority, dated 29 June 2023, confirming the company qualifies for young innovative company status. That is unusually solid documentation for a crowdfunding listing, and the research tax credit figures in the accounts reconcile to it exactly.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Two things qualify it. The ruling states in terms that it covers the financial years ending 31 December 2023, 2024 and 2025 — this investment is made in 2026, and no current-year confirmation is in the pack we reviewed. And the enhanced "rupture" status that carries the headline 50% French income tax reduction is asserted in a certificate signed by the company's own president in May 2026, not in the tax authority ruling. Separately, the tax reduction requires shares to be held five years, to roughly mid-2031, while the company's stated exit window is 2029–2030.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:#dce2e8; border-left:#c8cfd8; border-right:#dce2e8; border-top:#c8cfd8; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">✅ Strengths</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #dce2e8; border-left:none; border-right:1px solid #c8cfd8; border-top:1px solid #c8cfd8; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ Concerns</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #c8cfd8; border-left:1px solid #c8cfd8; border-right:1px solid #dce2e8; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">A genuine tax authority ruling is in the pack, with the researcher, capital-ownership and R&D-spend tests all addressed.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Research tax credits of €83,433, €94,833 and €75,231 reconcile exactly between the certificate and the accounts.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Statutory auditor BM&A appointed since December 2022, confirmed in the official legal gazette; 2023 and 2024 accounts reviewed.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Animal research conducted under a named, government-approved French protocol, confirmed in the published paper.</span></span></li> </ul> </td> <td style="border-bottom:1px solid #c8cfd8; border-left:none; border-right:1px solid #c8cfd8; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The tax ruling covers 2023–2025 by its own wording; the investment year, 2026, is not covered by any document in the pack we reviewed.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The enhanced status underpinning the 50% investor tax reduction rests on a certificate signed by the company's own president.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The ruling itself states that the status is not permanent and that the tax authority retains its ordinary right of inspection.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The five-year holding period required for the tax relief runs past the company's own stated exit window.</span></span></li> </ul> </td> </tr> </tbody> </table> <p> </p> <h3><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="color:#1f4d78">Financial position</span></span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The disclosure here is better than most campaigns of this size: three years of accounts, a nineteen-line ratio sheet and three years of forecasts, with 2023 and 2024 reviewed by the statutory auditor. What it discloses is a tight position. At 31 December 2025 the company held €101,060 of cash against €597,709 of annual operating costs — about two months. Net worth was minus €350,571, debt stood at €574,546, and short-term bills exceeded short-term assets (a current ratio of 0.79).</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company's stated position is that negative net worth is normal for a research-stage biotech and that this round restores it mechanically, which is arithmetically correct. Two figures do not line up: the forecast opens 2026 with €165,000 of cash where the accounts show €101,060, and the note listing four loan facilities totals €657,494 against a balance sheet figure of €574,546.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:#dce2e8; border-left:#c8cfd8; border-right:#dce2e8; border-top:#c8cfd8; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">✅ Strengths</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #dce2e8; border-left:none; border-right:1px solid #c8cfd8; border-top:1px solid #c8cfd8; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ Concerns</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #c8cfd8; border-left:1px solid #c8cfd8; border-right:1px solid #dce2e8; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Three years of full accounts, ratios and forecasts disclosed, with notes — fuller than typical for this format.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">2023 and 2024 accounts reviewed by an independent statutory auditor; 2025 disclosed as unaudited rather than presented as final.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Research tax credit and grant income reconcile precisely across the documents.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company reports all loan repayments have been met on schedule, and the round would restore positive net worth.</span></span></li> </ul> </td> <td style="border-bottom:1px solid #c8cfd8; border-left:none; border-right:1px solid #c8cfd8; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">About two months of cash cover at the last balance sheet date, with loan principal repayments beginning in the third quarter of 2026.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Negative net worth of €350,571 is below half the share capital, the point at which French law requires a formal shareholder consultation; the pack does not say whether this has been called.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The 2026 forecast opens with €165,000 of cash against €101,060 in the accounts, unexplained.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The loan note totals €657,494 against a balance sheet debt figure of €574,546, and the pack does not reconcile them.</span></span></li> </ul> </td> </tr> </tbody> </table> <p> </p> <h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">💶 Valuation detail</span></span></span></h1> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:#dce2e8; border-left:#c8cfd8; border-right:#dce2e8; border-top:#c8cfd8; vertical-align:top; width:167px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Pre-money valuation</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #dce2e8; border-left:none; border-right:1px solid #c8cfd8; border-top:1px solid #c8cfd8; vertical-align:top; width:457px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">€3,294,117.65 per the official Key Investment Information Sheet. Three different figures circulate: the campaign page also shows €3,047,059 at a 7.5% discount, and the deck shows €2.8M. They are the same company at three different share prices — €19.66 as standard, €18.18 for investments of €5,000 or more or made before 5 August 2026, and €16.71 for investments committed before 21 July 2026. Multiply the 167,593 existing shares by each price and you get each of the three headline figures.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #dce2e8; border-left:1px solid #c8cfd8; border-right:1px solid #dce2e8; border-top:none; vertical-align:top; width:167px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Post-money valuation</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #dce2e8; border-left:none; border-right:1px solid #c8cfd8; border-top:none; vertical-align:top; width:457px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Not stated in the pack we reviewed. It is derivable: on the company's own shareholder table, which assumes the €16.71 price for all new shares, the whole company after this round is worth €4,090,608 counting all shares and share options.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #dce2e8; border-left:1px solid #c8cfd8; border-right:1px solid #dce2e8; border-top:none; vertical-align:top; width:167px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Instrument</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #dce2e8; border-left:none; border-right:1px solid #c8cfd8; border-top:none; vertical-align:top; width:457px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Ordinary shares — the plain type of share, with no special rights, the same class the founders hold. Held either through a Dutch pooling vehicle set up by the platform (a "special purpose vehicle") or directly on the share register if you sign a notarised authority before the round closes.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #dce2e8; border-left:1px solid #c8cfd8; border-right:1px solid #dce2e8; border-top:none; vertical-align:top; width:167px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Ownership % offered</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #dce2e8; border-left:none; border-right:1px solid #c8cfd8; border-top:none; vertical-align:top; width:457px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">21% per the campaign page. The shareholder table shows this round's investors holding 23.9% of shares in issue and 20.8% counting all share options — consistent with the headline. One caveat: that calculation assumes the €16.71 early price for everyone. Someone investing at €19.66 receives 15% fewer shares for the same money, and the pack does not state what percentage that buys.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #dce2e8; border-left:1px solid #c8cfd8; border-right:1px solid #dce2e8; border-top:none; vertical-align:top; width:167px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">How the valuation was set</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #dce2e8; border-left:none; border-right:1px solid #c8cfd8; border-top:none; vertical-align:top; width:457px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Methodology not in the pack we reviewed. There is no discounted cash flow, no risk-adjusted valuation of the drug programme, no bridge from comparable transactions and no third-party valuation opinion in any document supplied.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #dce2e8; border-left:1px solid #c8cfd8; border-right:1px solid #dce2e8; border-top:none; vertical-align:top; width:167px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">External benchmarks</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #dce2e8; border-left:none; border-right:1px solid #c8cfd8; border-top:none; vertical-align:top; width:457px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">European median pre-money at pre-seed and seed: €5.0M in Q3 2025, €3.1M in 2024, €3.6M longer-term (PitchBook-derived analysis, November 2025).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Typical European bands: €2M–€4M at pre-seed, €4M–€12M at seed (Startkeel benchmarks, 2026).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">European early-stage median pre-money across all sectors: $6.54M, 2020–2025 (Equidam, Q3 2025).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Healthcare and biotech seed rounds: median size $4M–$5M, among the largest by sector (Pitchwise, 2026).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company's own previous round: €1.2M, announced 2 May 2023.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">No French laboratory-stage cancer company seed round with a published valuation was found to compare against directly.</span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #dce2e8; border-left:1px solid #c8cfd8; border-right:1px solid #dce2e8; border-top:none; vertical-align:top; width:167px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Valuation fairness (1–5)</span></strong></span></span></p> </td> <td style="background-color:#d9ebc2; border-bottom:1px solid #dce2e8; border-left:none; border-right:1px solid #c8cfd8; border-top:none; vertical-align:top; width:457px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">5 / 5 — Supported. </span></strong><span style="color:black">At €2.8M–€3.3M the entry price sits below the European early-stage median on all three of the independent measures located (€5.0M, €3.6M and $6.54M), below the typical €4M–€12M seed band, and inside the €2M–€4M pre-seed band. This is a judgement about price only. It says nothing about whether the business will succeed — that is the separate AI Score above.</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #c8cfd8; border-left:1px solid #c8cfd8; border-right:1px solid #dce2e8; border-top:none; vertical-align:top; width:167px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Notable terms</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #c8cfd8; border-left:none; border-right:1px solid #c8cfd8; border-top:none; vertical-align:top; width:457px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">A three-tier price discount applies, non-cumulative, with the most favourable applying. A staff share option pool of 24,480 options — 10% of the company counting all options — is created as part of this round. Pulsalys, the technology transfer body that is also a 10% shareholder, is converting a €32,494 loan it made to the company into 1,859 shares at the same €16.71 price. The platform takes 8% of any profit after your original money is returned, and 8% from the seller on any secondary sale.</span></span></p> </td> </tr> </tbody> </table> <h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">🚩 Red flags & integrity checks</span></span></span></h1> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:#dce2e8; border-left:#c8cfd8; border-right:#dce2e8; border-top:#c8cfd8; vertical-align:top; width:47px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">1</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #dce2e8; border-left:none; border-right:1px solid #c8cfd8; border-top:1px solid #c8cfd8; vertical-align:top; width:577px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Missing critical data</strong> — Several items that exist in the company's own documents were not in the pack we reviewed: the Articles of Association and shareholders' agreement, which would settle the priority-repayment question and the level at which a majority can force a sale; the terms of the patent licence from Pulsalys; how money from a licensing deal would reach shareholders; any data on KDX-350 itself as distinct from the published compound; a current-year tax confirmation for 2026; and sources for five of the seven market figures relied on. Each appears as a question above.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #dce2e8; border-left:1px solid #c8cfd8; border-right:1px solid #dce2e8; border-top:none; vertical-align:top; width:47px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">2</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #dce2e8; border-left:none; border-right:1px solid #c8cfd8; border-top:none; vertical-align:top; width:577px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Internal inconsistencies</strong> — Fifteen were identified. The most consequential: the compound named in the offer (KDX-350) is not the compound in the publication cited as its evidence (KDX1381), with different reported strengths. The platform sheet says there is no priority repayment right, the campaign page says there is. Total money raised to date is given as "€2M+" in the deck, "over €3 million" on the campaign page and "€1.5M pre-seed" on the company website, against a public record of €1.2M plus €495,000 of grants. The 2026 forecast opens with €165,000 of cash where the accounts show €101,060. The loan note totals €657,494 against a balance sheet figure of €574,546. The 2027 raise is €3M in the deck and €2M on the campaign page and in the forecast.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #dce2e8; border-left:1px solid #c8cfd8; border-right:1px solid #dce2e8; border-top:none; vertical-align:top; width:47px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">3</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #dce2e8; border-left:none; border-right:1px solid #c8cfd8; border-top:none; vertical-align:top; width:577px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>External discrepancies</strong> — One. The campaign states KDX-350 is "supported by published preclinical data" and links to Marlhoux et al., Journal of Medicinal Chemistry 2025 (DOI 10.1021/acs.jmedchem.5c00695). That paper, which we retrieved from the publisher, characterises a compound designated KDX1381, reporting CK2 strength of 17 nanomolar against the 9 quoted for KDX-350, oral absorption of 8%, and efficacy studies dosed by injection rather than by mouth. The publication supports the two-point binding approach and the chemical series; it does not, on its face, support the specific compound named in the offer. A second, smaller point: the campaign says the core patent family is "held by Claude Bernard University Lyon 1", while the US patent record (US20230278983A1) lists six co-owning institutions.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #dce2e8; border-left:1px solid #c8cfd8; border-right:1px solid #dce2e8; border-top:none; vertical-align:top; width:47px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">4</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #dce2e8; border-left:none; border-right:1px solid #c8cfd8; border-top:none; vertical-align:top; width:577px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Negative public information</strong> — <em>None found in public registries or news searches.</em> The French company registry records no insolvency or collective proceedings, no litigation was found, and all located press coverage is neutral or positive. Three relationships are worth knowing about, none of them adverse and all ordinary for a French university spin-out: a board member is an investment director at UI Investissement, which invested in the chairman's previous company; Pulsalys is simultaneously the incubator, a 10% shareholder, the patent licensor, a lender converting its loan in this round, and represented on the board by an observer; and the core patent is co-owned by the public institutions that host the company's research.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #dce2e8; border-left:1px solid #c8cfd8; border-right:1px solid #dce2e8; border-top:none; vertical-align:top; width:47px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">5</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #dce2e8; border-left:none; border-right:1px solid #c8cfd8; border-top:none; vertical-align:top; width:577px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Prior fundraises</strong> — The company raised €1.2M announced on 2 May 2023, from health-sector business angels including Health Angels Rhône-Alpes and 33 Californie, individual investors, Bpifrance and grants — confirmed by Pulsalys, the Lyon Cancer Research Centre and the angel network. It also received €405,000 in i-PhD and i-Lab competition grants plus a €90,000 French Tech grant, recorded in the tax ruling. That round was raised to fund preclinical development of the first candidate over twelve months. Against that stated purpose: a peer-reviewed publication in June 2025 with a crystal structure deposited publicly, animal efficacy across multiple models, a second patent family filed in August 2025 and a second programme at first-hit stage. What has changed since 2022 is the intended cancers — the founder publicly described pancreatic and brain cancer as the targets in September 2022; the current focus is bowel and kidney cancer.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #c8cfd8; border-left:1px solid #c8cfd8; border-right:1px solid #dce2e8; border-top:none; vertical-align:top; width:47px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">6</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #c8cfd8; border-left:none; border-right:1px solid #c8cfd8; border-top:none; vertical-align:top; width:577px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Valuation reasonableness</strong> — At €2.8M–€3.3M before this round the price is below the European early-stage median pre-money of €5.0M in Q3 2025 and €3.6M longer-term (PitchBook-derived, November 2025), below the typical €4M–€12M seed band and inside the €2M–€4M pre-seed band (Startkeel, 2026), and below the €6.54M European early-stage median (Equidam, Q3 2025). The company's own next milestone valuation of €12M–€15M by mid-2028 implies a 3.6 to 5.4 times step-up in roughly two years; its €200M+ target at clinical proof of concept implies about 71 times the current price before any dilution.</span></span></p> </td> </tr> </tbody> </table> <h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">📜 Instrument & investor terms — full mechanics</span></span></span></h1> <h3><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="color:#1f4d78">What you own — in full</span></span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">You buy ordinary shares in Kairos Discovery SAS, a French simplified joint-stock company. Ordinary shares are the plain type: no guaranteed dividend, no priority if the company is wound up, and the same class the founders hold. Most investors will hold them indirectly, through a Dutch holding vehicle the platform has set up called Capital Cell Stichting Administratiekantoor, based in Amsterdam. You can instead be entered directly on the company's own share register, but only by signing a notarised authority (a "power of attorney") in favour of Capital Cell before the round closes; anyone who does not do so is placed in the pooled vehicle, with the same rights as the other investors in it.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">On voting: the platform documents say investors have the right to attend the company's shareholder meeting and that Capital Cell has the right to attend and represent them there. Whether you can direct how your shares are voted, or whether the platform votes the pooled block as one, is not stated in the pack we reviewed — question 16 above. After this round the founders hold 51.4% of the shares in issue, which means they can carry ordinary shareholder decisions without any other shareholder's agreement. The company reports it will report to shareholders every three months.</span></span></p> <h3><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="color:#1f4d78">Dilution — how your share can shrink</span></span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Dilution means your slice of the company gets smaller when new shares are issued to someone else. The company is explicit that it plans two further rounds: about €2M in September 2027 (only if the licensing deal has not happened) and €8M–€10M in November 2028 to pay for the first human trials. The deck's timeline gives slightly different figures — €3M and €10M — which is one of the inconsistencies noted above.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">A worked example, using the company's own numbers. Suppose you invest €10,000 at €16.71 a share. You buy 598 shares out of 244,800 counting all share options, so you own 0.244% of the company. If the company then raises €2M in 2027 at its own stated €12M–€15M valuation, and €9M in 2028, your slice would fall to roughly 0.15%–0.17% — a reduction of around 30% to 40% — before any further increase in the staff option pool. This is illustrative arithmetic on the company's own stated plans, not a forecast. The company's own campaign text is consistent with dilution of about this order: it describes the return as "6x to 8x after accounting for dilutions" in one scenario against "14x to 18x" before them.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The platform documents record that anti-dilution rights — protection that gives you extra shares if a later round is priced below this one — do attach to this investment. The formula, the trigger and which other share classes also hold such protection are not in the pack we reviewed. Whether crowdfund investors have the right to join future rounds to maintain their percentage ("pre-emption") is also not stated. A staff share option pool of 24,480 options, 10% of the company counting all options, is created as part of this round; whether it will be topped up again before the 2027 round is not stated.</span></span></p> <h3><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="color:#1f4d78">If the company is sold or wound down</span></span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The order of payment in a French company is the same as elsewhere: lenders and other creditors are paid first, then any shareholders holding a priority right to be repaid ahead of others (a "liquidation preference"), then whatever remains is split among ordinary shareholders in proportion to their holdings. On the official Key Investment Information Sheet, no priority right exists here — the entry reads "Liquidation right: No" — which would mean everything left after creditors is split in proportion to shareholding, with no special split to record. The campaign page contradicts this by listing "preferential liquidation rights" among the attached rights. The document that would settle it, the shareholders' agreement, was not in the pack we reviewed. It is question 4 above.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Two rights that matter in a sale are both present. A "drag-along" right lets a majority of shareholders force everyone else, including you, to sell on the same terms — you cannot hold out. The percentage of shares needed to trigger it is not stated anywhere in the pack we reviewed; for context, the founders alone hold 51.4% after this round. A "tag-along" right works in your favour: if a major shareholder sells, you have the right to join the sale on the same terms rather than be left behind with a new controlling owner.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">There is no lock-up period stated as a contractual term. The five-year holding requirement mentioned on the campaign page is a condition of the French income tax relief, not a restriction on selling. In practice, though, selling early is difficult: the platform operates a bulletin board for secondary sales, but only with the company's prior approval, and the platform's own documents note that the shareholders' agreement will contain clauses restricting the right to sell. Any secondary sale carries an 8% commission from the seller. The platform's own risk warnings state plainly that you may not be able to sell when you wish.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">One point specific to this company. The platform document defines an exclusive licence of the main intellectual property to a third party as a cash-out event. That is exactly what the company is aiming for in 2027. But a licence puts money into the company's bank account; it does not automatically put money into shareholders' hands the way a share sale does. Nothing in the pack we reviewed explains the mechanism — question 3 above, and the most important question on the list after the compound identity.</span></span></p> <h3><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="color:#1f4d78">Terms not in the pack we reviewed</span></span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">These exist in the company's shareholder documents and could have been disclosed. Unlike operating figures such as monthly cash burn, these are written terms — a genuine gap. Each also appears as a question above.</span></span></p> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The Articles of Association and the shareholders' agreement in full</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Whether a priority right to be repaid ahead of other shareholders exists (the two platform documents disagree)</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The percentage of shares at which a majority can force everyone to sell</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The anti-dilution formula, and which share classes hold that protection</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Whether crowdfund investors can join future rounds to protect their percentage</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Founder share-earning arrangements and what happens if a founder leaves</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Whether you can direct the vote on your own shares, or the platform votes the pooled block</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The strike price and vesting terms of the 24,480 staff share options</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Whether the company pays a placement fee to the platform, and whether it comes out of the money raised</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">How proceeds of a licensing deal would be distributed to shareholders</span></span></li> </ul> <p> </p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#e6f1fb; border-bottom:1px solid #c8cfd8; border-left:1px solid #c8cfd8; border-right:1px solid #c8cfd8; border-top:1px solid #c8cfd8; vertical-align:top; width:624px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">ℹ️ This is not investment advice.</span></strong><span style="color:black"> The purpose of this overview is to help potential investors preselect crowdfunding projects quickly. Before investing, the final selected project should be reviewed in detail based on the information provided by the company on the respective crowdfunding platform, and you may want to seek independent professional advice.</span></span></span><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><em><span style="color:black">Memo generated by AI from public information and platform-disclosed company materials. Investors must perform their own due diligence. Past fundraising or operational performance does not guarantee future results. Crowdfunding investments are illiquid, high-risk, and capital loss is possible.</span></em></span></span></p> </td> </tr> </tbody> </table> <p> </p>
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Platform offering this project
Cellula capitale ES
Risk Level
Alta
Return Level
Molto alta
Risk Return Level
Good
Investimento minimo
EUR 100
Finanziato
EUR 144,0M
