Kaos Capital is seeking immediate governance, financial and strategic changes at Capricor Therapeutics, Inc. (NASDAQ: CAPR), one day before the U.S. Food and Drug Administration is scheduled to act on deramiocel, the company's cell therapy for Duchenne muscular dystrophy-related cardiomyopathy. The Miami-based investment firm, which describes itself as a significant and growing shareholder, issued a formal letter on Aug. 21, 2026, requesting a board meeting, the nomination of two independent directors and a board-led M&A and Strategic Alternatives Committee chaired by a shareholder-backed director. Capricor held $237.9 million in cash, cash equivalents and marketable securities as of June 30, 2026, down approximately $80.2 million from year-end 2025, while first-half operating expenses reached $79.7 million, including $23.5 million in general and administrative costs, approximately double the comparable 2025 figure. Kaos wants a formal Cash Preservation Plan, independent reviews of legal and governance matters, and exploration of acquisitions, licensing deals and partnerships in areas including inflammation, fibrosis, tissue repair, targeted delivery and regenerative medicine. Capricor shares were down 8.92% at $6.22 at the time of publication, according to Benzinga Pro data. The campaign follows an FDA advisory panel vote of 9-3 against deramiocel in June; Capricor said the agency was willing to review an amendment containing 24-month Hope-3 data focused on upper-limb function, while Roth Capital expects the review could be extended by about three months. Kaos said it may seek shareholder support to elect its nominees, replace directors and potentially pursue changes to senior management if the board does not engage.