I just picked up my first FZR, a '90 FZR600, for $400. It's missing one side fairing, but is otherwise complete and in decent shape. Has a title, too

Now, the issue: It turns over, but won't start. It begins to catch, but can't quite get convinced to fire. Rolling on some throttle seems to make it less willing.
It has spark on all four cylinders, and the plugs are new. The battery is fully charged. It has a new stator and a new finned reg/rec. The airfilter is clean and open. The fuel pump cuts on, and it has clear fuel lines, so I can see that the carbs are being fed.
So, my thought, my hope, I guess, is bad gas. I'll try soon with fresh gas from an external tank and see where I get.
My question is, if it isn't fresh gas, is there anything to look for before dirty carbs or a dropped valve? It certainly SOUNDS like a bike that has decent compression, but I know better than to rely on that.
Any ideas?