Kaos Capital Ltd., a Miami-based activist investment firm, has issued an open letter to shareholders of Capricor Therapeutics, Inc. (NASDAQ: CAPR), demanding a board meeting, two new independent director nominations, and a formal cash preservation plan.

In the letter, Kaos Capital cited Capricor's cash, cash equivalents, and marketable securities of $237.9 million as of June 30, 2026, down approximately $80.2 million from year-end 2025. The firm also pointed to $79.7 million in total operating expenses during the first half of 2026, including $23.5 million in general and administrative expenses, which it said was approximately double the comparable 2025 figure.

Kaos Capital is requesting that Capricor's board confirm a meeting in writing within five business days and convene it within 15 business days. The firm says the agenda should address cash preservation, board composition, strategic acquisitions and partnerships, and the resolution of pending legal matters.

The firm intends to nominate two independent director candidates with experience in biotechnology transactions and public-company governance. It is also calling for the creation of a board-level M&A and Strategic Alternatives Committee, to be chaired by a shareholder-backed director.

Capricor faces several disclosed legal matters, including securities and derivative actions, a Section 220 books-and-records demand, a patent action, and a 2026 securities class action filed against the company and certain officers. Kaos Capital described these as allegations and proceedings and stated it makes no accusation of wrongdoing against any individual.

Kaos Capital said that if the board does not confirm and convene the requested meeting on the stated timeline, it will seek shareholder support to elect its nominees and potentially pursue changes to senior management. The letter was signed by Adam Arviv, Chief Executive Officer of Kaos Capital.