Keros Therapeutics, Inc.

Listed Company

KROSCIK 0001664710NasdaqNon-AcceleratedSmaller ReportingPharmaceutical PreparationsFY ends Dec 31

Period

FY 2025

Revenue

$244.06M

Net Income

$87.01M

Total Assets

$338.02M

Equity

$303.13M

Shares Out

19.72M

Op. Cash Flow

$107.50M

Business

Keros Therapeutics, Inc. is a clinical-stage biopharmaceutical company developing engineered protein therapeutics that modulate signaling of the TGF-ß family to treat disorders of blood, bone, muscle, adipose and heart tissue. Its lead product candidates include elritercept for cytopenias in myelodysplastic syndromes and myelofibrosis, cibotercept for pulmonary arterial hypertension and cardiovascular disorders, and KER-065 for neuromuscular diseases such as Duchenne muscular dystrophy. The company operates organized franchises for pulmonary/cardiovascular, neuromuscular and hematology programs alongside discovery and preclinical pipelines. It pursues global development and commercialization through internal programs, third-party contract manufacturers and strategic collaborations and licensing arrangements with regional partners.

Summary from filing dated 2025-02-26

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenue	244	4	151,000	0	20
Research and development	−130	−174	−135	−87	−55
General and administrative	−47	−41	−35	−28	−21
Total operating expenses	−176	−214	−170	−115	−76
INCOME (LOSS) FROM OPERATIONS	68	−211	−170	−115	−56
Research and development incentive income	0	1	2	7	0
Dividend income	25	23	15	4	27,000
Other expense, net	−539,000	−954,000	−206,000	−613,000	−383,000
Total other income, net	24	24	17	10	−360,000
Income (loss) before income taxes	92	−187	−153	−105	−57
Income tax provision	−5	−300,000	0	0	−2
Net income (loss)	87	−187	−153	−105	−59
Net income (loss) attributable to common stockholders - basic	87	−187	−153	−105	−59
Net income (loss) attributable to common stockholders - diluted	87	−187	−153	−105	−59
Weighted-average common stock outstanding - basic (in shares)	37	37	29	25	23
Weighted-average common stock outstanding - diluted (in shares)	38	37	29	25	23
Net income (loss) per share of common stock - basic (in dollars per share)	2.34	−5	−5.2	−4.15	−2.52
Net income (loss) per share of common stock - diluted (in dollars per share)	2.3	−5	−5.2	−4.15	−2.52

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	287	560	331	279	230
Accounts receivable	4	3	143,000	0	18
Prepaid expenses and other current assets	22	26	16	7	3
Current income tax receivable	2	0	—	—	—
Total current assets	315	589	347	286	251
Operating lease right-of-use assets	17	19	15	16	1
Property and equipment, net	4	4	4	2	1
Restricted cash	1	1	1	1	1
Other long term assets	0	2	2	2	82,000
TOTAL ASSETS	338	616	370	307	255
Accounts payable	2	5	5	3	4
Current portion of operating lease liabilities	2	2	1	455,000	862,000
Accrued expenses and other current liabilities	16	21	18	13	7
Total current liabilities	20	27	24	17	12
Operating lease liabilities, net of current portion	14	17	13	13	231,000
Total liabilities	35	44	38	29	12
COMMITMENTS AND CONTINGENCIES (Note 14)	—	—	—	—	—
Preferred stock, par value of $0.0001 per share; 10,000,000 shares authorized as of December 31, 2025 and 2024; no shares issued and outstanding	0	0	0	0	0
Common stock, par value of $0.0001 per share; 200,000,000 shares authorized as of December 31, 2025 and December 31, 2024; 40,670,466 shares issued and 19,543,706 shares outstanding as of December 31, 2025 and 40,554,705 shares issued and outstanding as of December 31, 2024	4,000	4,000	3,000	2,000	2,000
Treasury stock, at cost; 21,126,760 and no shares as of December 31, 2025 and December 31, 2024, respectively	−385	0	—	—	—
Additional paid-in capital	1,169	1,140	714	506	367
Accumulated deficit	−482	−569	−381	−228	−124
Total stockholders equity	303	572	332	277	243
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY	338	616	370	307	255

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation expense	2	1	815,000	674,000	378,000
Gain on disposal of fixed asset	−13,000	0	4,000	12,000	46,000
Stock-based compensation expense	29	35	29	19	12
Non-cash lease expense	2	2	2	941,000	520,000
Accounts receivable	−825,000	−3	−143,000	18	−18
Prepaid expenses and other current assets	4	−10	−9	−3	−2
Current income tax receivable	−2	0	—	—	—
Other assets	2	−4,000	−478,000	−2	0
Accounts payable	−3	−249,000	2	−408,000	1
Right-of-use assets and operating lease liabilities	−2	−1	384,000	−4	−597,000
Accrued expenses and other current liabilities	−10	3	5	5	3
Net cash provided by (used in) operating activities	108	−161	−125	−70	−62
Purchase of property and equipment	−2	−2	−2	−1	−1
Net cash used in investing activities	−2	−2	−2	−1	−1
Payment of issuance costs	0	−283,000	0	0	0
Payment of issuance costs associated with issuance of common stock under the ATM agreement	0	−171,000	−94,000	−87,000	—
Proceeds from issuance of common stock under the employee stock purchase plan	138,000	0	—	—	—
Repurchase of treasury stock	−375	0	—	—	—
Payment of direct expenses associated with the treasury stock repurchase	−4	0	—	—	—
Short-swing profit settlement	139,000	0	—	—	—
Proceeds from exercise of stock options	150,000	12	3	818,000	379,000
Net cash provided by (used in) financing activities	−378	392	179	120	29
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	−273	229	52	49	−35
Cash paid for taxes	7	0	—	—	—
Property and equipment purchases in accounts payable and accrued expenses	5,000	0	599,000	75,000	11,000
Treasury stock repurchase costs in accounts payable and accrued expenses	6	0	—	—	—
Right-of-use assets obtained in exchange for operating lease obligation	0	6	1	15	0

Filings

Filing historySign up free to browse every 10-K, 10-Q, 8-K, and proxy this filer has submitted to the SEC.Sign up free · Upgrade to Pro

Material Events

Material EventsTrack every 8-K filing and material event — AI-summarized, timelined, and alertable.Sign up free · Upgrade to Pro

Insiders

Insider ActivitySee executive buy/sell windows and insider trade activity over rolling 30/90/365-day windows.Sign up free · Upgrade to Pro

Institutional Holders

Institutional HoldersSee which funds hold this stock and track position changes quarter over quarter.Sign up free · Upgrade to Pro