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KROS

Keros Therapeutics, Inc.

KROS

Keros Therapeutics, Inc. • NASDAQ
$17.48 ▼ -0.11% (-0.02)
Market Cap $708.61 M
52w High $72.37
52w Low $9.12
Dividend Yield 0%
P/E 11.21
Volume 509.36K
Outstanding Shares 40.54M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $14.262M ▼ $29.251M ▼ $-7.28M ▲ -51.045% ▲ $-0.18 ▲ $-8.309M ▲
Q2-2025 $18.168M ▼ $57.615M ▼ $-30.696M ▼ -168.956% ▼ $-0.76 ▼ $-32.548M ▼
Q1-2025 $211.246M ▲ $59.206M ▲ $148.451M ▲ 70.274% ▲ $3.66 ▲ $152.384M ▲
Q4-2024 $3.042M ▲ $55.964M ▼ $-46.026M ▲ -1.513K% ▲ $-1.14 ▲ $-29.142M ▲
Q3-2024 $388K $58.731M $-52.956M -13.648K% $-1.47 $-58.343M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $693.472M ▲ $742.783M ▼ $39.203M ▼ $703.58M ▼
Q2-2025 $690.215M ▼ $757.165M ▼ $50.431M ▼ $706.734M ▼
Q1-2025 $720.541M ▲ $784.561M ▲ $55.69M ▲ $728.871M ▲
Q4-2024 $559.931M ▲ $615.886M ▲ $44.333M ▼ $571.553M ▲
Q3-2024 $530.684M $579.271M $46.436M $532.835M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-7.28M ▲ $3.249M ▲ $-132K ▲ $140K ▲ $3.257M ▲ $3.117M ▲
Q2-2025 $-30.696M ▼ $-29.623M ▼ $-720K ▼ $17K ▲ $-30.326M ▼ $-30.343M ▼
Q1-2025 $148.451M ▲ $161.171M ▲ $-565K ▼ $4K ▼ $160.61M ▲ $160.606M ▲
Q4-2024 $-46.026M ▲ $-46.008M ▼ $-289K ▲ $75.544M ▼ $29.247M ▼ $-46.297M ▼
Q3-2024 $-52.956M $-30.5M $-386K $155.944M $125.058M $-30.886M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
License
License
 $0 ▲$200.00M ▲$0 ▼$10.00M ▲
Service Other
Service Other
 $0 ▲$20.00M ▲$20.00M ▲$0 ▼
Service
Service
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Keros is still a pure research-stage company, so it effectively has no product revenue. The income statement is dominated by R&D and related operating costs, which have been steadily increasing as the pipeline has expanded and trials have moved forward. Losses have grown over time, and per-share losses remain sizable, reflecting heavy investment ahead of any commercial returns. This pattern is typical for a clinical-stage biotech but means the business is entirely dependent on external funding and partnership income for now.

Balance Sheet

Balance Sheet The balance sheet is cash-heavy and only lightly leveraged, which is a key strength for a company without revenue. Cash and investments make up most of total assets, and debt is minimal. Shareholders’ equity has grown as the company has raised capital and benefited from the Takeda partnership, giving it a buffer to fund its trials. The flip side is that the asset base is almost entirely financial, with little in the way of tangible operating assets, reinforcing how early-stage the business still is.

Cash Flow

Cash Flow Cash flow is consistently negative, driven almost entirely by research and development and other operating costs. There is essentially no spending on physical assets, so cash burn is almost entirely tied to the pace of clinical work and headcount. This profile means Keros must manage its cash runway carefully and likely remain reliant on a mix of prior deal proceeds, any future milestones, and potentially capital markets if spending rises. Until a product is approved or more milestones are received, cash flow will likely remain meaningfully negative.

Competitive Edge

Competitive Edge Keros operates in a specialized niche of biotech, focusing on the TGF-beta superfamily to tackle difficult blood and muscle disorders. This scientific focus, combined with a portfolio of differentiated drug candidates, gives it a distinct position versus more generalist competitors. The global partnership with Takeda around elritercept adds validation and provides development and commercialization muscle that Keros on its own would not have. However, the company still faces intense competition from larger firms in hematology and rare diseases, and has no approved products yet, so its competitive position is promising but unproven in the marketplace.

Innovation and R&D

Innovation and R&D Innovation is the core of Keros’ story. The company is leveraging deep expertise in TGF-beta biology to design highly targeted therapies for diseases with limited options, such as certain anemias, myelofibrosis, and Duchenne muscular dystrophy. Its lead partnered asset, elritercept, uses a novel mechanism and is now being advanced by Takeda, while KER-065 and KER-047 pursue additional high-need areas. The decision to drop one program after safety issues and redeploy resources toward higher-conviction assets underscores both the risks of drug development and a willingness to adapt. Overall, the R&D engine appears focused, science-driven, and oriented toward rare, high-value indications, but outcomes remain highly uncertain until later-stage data arrive.

Summary

Keros is a classic clinical-stage biotech: no revenue yet, growing operating losses, and heavy dependence on R&D success and partnerships. Its financial footing is currently supported by a strong cash position and very low debt, but ongoing cash burn is significant and will need to be watched against the pace of development. Strategically, the company holds a differentiated scientific niche in TGF-beta modulation, with a pipeline aimed at serious unmet needs and strengthened by a major partnership with Takeda. The opportunity is meaningful if its programs succeed, but the risks are high, as with any early-stage biotech, with value hinging on clinical trial outcomes, regulatory decisions, and the ability to convert promising science into approved, competitive therapies.

NEWS

November 20, 2025 · 4:01 PM UTC

Keros Therapeutics Announces Final Results of Tender Offer

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November 19, 2025 · 6:00 AM UTC

Keros Therapeutics Announces Preliminary Results of Tender Offer

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November 5, 2025 · 4:01 PM UTC

Keros Therapeutics Reports Third Quarter 2025 Financial Results

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October 20, 2025 · 6:00 AM UTC

Keros Therapeutics Commences Issuer Tender Offer to Repurchase up to $194.4 Million Shares

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October 15, 2025 · 6:30 AM UTC

Keros Therapeutics Announces Plan for Return of $375 Million in Excess Capital

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