1 - Is the atmospheric intake valve opening? It could be sticky.
2 - It doesn't appear that the exhaust valve is opening much. A wide gap affects valve timing.
3 - Pull the plug and see if it is wet. If so, and you have a compressor, blow out the compression chamber and plug to dry them.
4 - Reset the carb needle to 1/2 turn open (I'm guessing for that engine). If no start, adjust carb needle 1/16 to 1/8 of a turn until you get ignition.
It's all about fuel, compression, and spark. It seems to have compression and for sure there is spark, so the culprit is fuel.