On December 3, 2024, the SEC instituted settled administrative and cease-and-desist proceedings against Kiromic BioPharma, Inc., stating: "This matter involves violations of the federal securities laws by Kiromic BioPharma, Inc., a publicly traded biotherapeutics company in Houston, Texas that aims to develop and commercialize cell therapies that focus on immuno-oncology. Approximately two weeks before Kiromic raised $40 million through a public offering of company stock on July 2, 2021 (the “Offering”), the U.S. Food and Drug Administration (“FDA”) notified Kiromic that it had placed clinical holds on two Investigational New Drug (“IND”) applications that Kiromic filed in May 2021. However, in public statements and reports filed with the Commission both before and after the Offering, Kiromic made materially false and misleading statements and omissions concerning the status of the FDA’s review of the INDs and the existence of the clinical holds. In addition, Kiromic and its officers made misstatements and omissions to investors on investor roadshow calls prior to the Offering. Kiromic’s conduct violated the antifraud and reporting provisions of the federal securities laws."

On December 3, 2024, the SEC announced that the "Commission today filed settled charges against Houston-based biotherapeutics company Kiromic BioPharma, Inc., its former CEO, Maurizio Chiriva-Internati, and its former chief financial officer, Tony Tontat, for failing to disclose material information about Kiromic's two cancer fighting drug candidates before, during, and after a July 2021 follow-on public offering that raised $40 million."