Keros Therapeutics, Inc.KROS

Keros Therapeutics, Inc. Segments Disclosure

10-KFiled Mar 4, 20262 min read
SEGMENT REPORTING
The following table presents segment revenue and significant segment expenses (in thousands) for the years ended December 31, 2025 and 2024:
YEAR ENDED DECEMBER 31,
20252024
REVENUE:
Total segment revenue$244,061 $3,550 
LESS:
Rinvatercept program expenses(7,081)(16,090)
Elritercept program expenses(38,030)(44,319)
Cibotercept program expenses(12,562)(29,777)
Preclinical & development expenses(6,847)(12,008)
Compensation costs (excluding stock based compensation)(45,331)(48,084)
Other external costs(35,095)(26,708)
Other segment items3(12,101)(13,917)
Net income (loss)$87,014 $(187,353)
The Company manages operations on a consolidated basis as a single reportable and single operating segment focused on developing novel therapeutics. Segment revenue above is 100 percent attributed to the Company’s agreements with Takeda and Hansoh and is equal to consolidated total revenue. All revenues are derived in the United States where the agreements originated. The Company manages expenses on a program level. The significant expense categories outlined above align with the segment-level information that is regularly provided to the CODM to allocate resources, assess performance of the reportable segment, and make key operating decisions. On a quarterly basis, the CODM reviews financial information, including consolidated net income, clinical expenses by program, other company expenses and a long-range cash flow projection, to make resource decisions for the Company’s programs to achieve the approved corporate goals. No segment asset information is provided above as the CODM is focused on how expenses impact ending cash by period and overall cash runway. Any review of segment assets, which would focus on cash and cash equivalents, would be at the same level as the consolidated balance sheet. All long-lived assets are held in the United States.

Historical Timeline

Fiscal YearFiled
2025Mar 4, 2026Showing above
2024Feb 26, 2025

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

Other Available Disclosures

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