maybe a silly question but have you tried bleeding the cooling system?
There's a bleed screw on the right side of the Engine where the coolant hose goes into the head iirc. There's a massive air pocket if it isn't bled correctly which will cause the bike to overheat very quickly and make sure the rad cap is the high point when filling so you'll want the bike stood upright when filling.
To answer your question from that pic the Thermostat does look closed.
I would Bleed the cooling system then run the bike up if the rad isn't getting hot and you're sure the system is bled correctly then its likely the thermostat or less likely coolant pump failure or blockage in the system
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