Keros Therapeutics, Inc. KROS
We are a clinical-stage biopharmaceutical company focused on developing and commercializing novel therapeutics to treat a wide range of patients with disorders that are linked to dysfunctional signaling of the transforming growth factor-beta, or TGF-ß, family of proteins. We are a leader in understanding the role of the TGF-ß family of proteins, which are master regulators of the growth, repair and maintenance of a number of tissues, including skeletal muscle, bone, adipose, heart tissue and blood. By leveraging this understanding, we have discovered and are developing protein therapeutics that have the potential to provide meaningful and potentially disease-modifying benefit to patients. Our lead product candidate, rinvatercept (KER-065), is being developed for the treatment of neuromuscular diseases. Our most advanced product candidate, elritercept (KER-050), is being developed for the treatment of low blood cell counts, or cytopenias, including anemia and thrombocytopenia, in patients with myelodysplastic syndromes, or MDS, and in patients with myelofibrosis. In December 2024, we entered into an exclusive license agreement with Takeda Pharmaceuticals U.S.A., Inc., or Takeda, to further develop, manufacture and commercialize elritercept worldwide outside of mainland China, Hong Kong and Macau, which became effective on January 16, 2025.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $244.1M | $3.5M | $151.0K | $0 | $20.1M | $0 | $10.0M | — |
| R&D | $129.6M | $173.6M | $135.3M | $87.3M | $55.1M | $33.9M | $17.4M | — |
| SG&A | $46.8M | $40.8M | $34.8M | $27.5M | $21.3M | $12.8M | $3.2M | — |
| Total operating expenses | $176.5M | $214.4M | $170.1M | $114.8M | $76.5M | $46.7M | $20.6M | — |
| Operating income | $67.6M | -$210.8M | -$169.9M | -$114.8M | -$56.4M | -$46.7M | -$10.6M | — |
| Pre-tax income | $91.9M | -$187.1M | -$153.0M | -$104.7M | -$56.7M | -$45.5M | -$12.3M | — |
| Income tax | $4.9M | $300.0K | $0 | $0 | $2.0M | $172.0K | $0 | — |
| Net income | $87.0M | -$187.4M | -$153.0M | -$104.7M | -$58.7M | -$45.4M | -$12.3M | — |
| EPS, basic | 2.34 | -5.00 | -5.20 | -4.15 | -2.52 | -2.93 | — | — |
| EPS, diluted | 2.30 | -5.00 | -5.20 | -4.15 | -2.52 | -2.93 | -6.08 | — |
| Shares, diluted (wtd. avg.) | 37.9M | 37.4M | 29.4M | 25.2M | 23.3M | 15.5M | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $287.4M | $559.9M | $332.4M | $279.0M | $231.4M | $266.0M | $7.1M | $23.4M |
| Receivables | $3.6M | $2.7M | $143.0K | $0 | $18.0M | $0 | — | — |
| Total current assets | $315.4M | $588.9M | $347.3M | $285.8M | $251.4M | $267.7M | $8.9M | — |
| Property, plant and equipment | $4.3M | $4.2M | $4.1M | $2.0M | $1.3M | $724.0K | $708.0K | — |
| Total assets | $338.0M | $615.9M | $370.0M | $306.8M | $255.3M | $269.4M | $11.0M | — |
| Accounts payable | $2.0M | $4.6M | $5.5M | $3.3M | $3.6M | $2.1M | $2.1M | — |
| Total current liabilities | $20.4M | $27.4M | $24.4M | $16.5M | $11.8M | $7.2M | $4.5M | — |
| Total liabilities | $34.9M | $44.3M | $37.8M | $29.4M | $12.1M | $7.7M | $10.5M | — |
| Retained earnings | -$481.8M | -$568.8M | -$381.4M | -$228.4M | -$123.8M | -$65.0M | -$19.6M | — |
| Total equity | $303.1M | $571.6M | $332.2M | $277.4M | $243.2M | $261.7M | -$19.4M | -$7.2M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $107.5M | -$160.9M | -$124.5M | -$70.1M | -$62.1M | -$36.9M | -$16.0M | — |
| Depreciation and amortisation | $1.5M | $1.2M | $815.0K | $674.0K | $378.0K | $278.0K | $208.0K | — |
| Stock-based compensation | $28.7M | $34.9M | $28.8M | $18.7M | $11.7M | $4.1M | $59.0K | — |
| Capital expenditure | $1.6M | $1.9M | $2.5M | $1.2M | $1.0M | $294.0K | $271.0K | — |
| Investing cash flow | -$1.6M | -$1.9M | -$2.5M | -$1.2M | -$1.0M | -$294.0K | -$271.0K | — |
| Financing cash flow | -$378.5M | $391.8M | $179.0M | $120.3M | $28.6M | $296.0M | $14.0K | — |
| Buybacks | $180.6M | $0 | — | — | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-046791.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | — | $10.0M | $0 | $20.1M | $0 | $151.0K | $3.5M | $244.1M |
| Gross profit | — | — | — | — | — | — | — | — |
| Net income | — | -$12.3M | -$45.4M | -$58.7M | -$104.7M | -$153.0M | -$187.4M | $87.0M |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Regulation FD disclosure Item 7.01
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Officer or director change Item 5.02
- Regulation FD disclosure Item 7.01
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Regulation FD disclosure Item 7.01
- Results announced Item 2.02
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Results announced Item 2.02
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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