Keros Therapeutics Inc
kerostx.comWhat Do They Do?
Develops protein therapeutics for patients with neuromuscular diseases, low blood cell counts, and related disorders.
10-K for FY2025, filed Mar 4, 2026We are a clinical-stage biopharmaceutical company focused on developing and commercializing novel therapeutics to treat a wide range of…View ↗
Rinvatercept is designed to bind to and inhibit TGF-ß ligands, including myostatin (GDF8) and activin A, which are negative regulators of…View ↗
Elritercept is an engineered ligand trap comprised of a modified ligand-binding domain of the TGF-ß receptor known as activin receptor type…View ↗
How Do They Make Money?
Partners pay for rights to develop, make and sell the company’s drug candidates through upfront fees and development, regulatory and sales milestone payments; the company may also receive royalties when licensed products are sold. It also bills partners for research, development and other services as those services are provided.
10-K for FY2025, filed Mar 4, 2026 8-K, filed Jul 30, 2026F-11 development services in connection with such arrangements. The terms of these arrangements typically include payment of one or more of…View ↗
Pursuant to the Hansoh Agreement, the Company received a net one-time $18.0 million upfront license payment in January 2022. In addition to…View ↗
The Company will recognize development milestone payments as revenue at the point in time when it is determined that it is probable such…View ↗
In connection with the Hansoh Agreement, the Company entered into a manufacturing technology transfer agreement (the “Tech Transfer…View ↗
In connection with the Hansoh Agreement, the Company entered into a clinical product supply agreement (the “Supply Agreement”) with Hansoh…View ↗
Under the terms of the global license agreement with Takeda to further develop, manufacture and commercialize elritercept worldwide outside…View ↗
-
10-K for FY2025, filed Mar 4, 2026
FY2025 revenue by product or service ↗
$243.9M
-
10-K for FY2025, filed Mar 4, 2026
$243.9M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
License revenue
|
84% |
License revenue, FY2025
$205.4M Sources
|
|
|
Service revenue
Recurring
10-K for FY2025, filed Mar 4, 2026 |
16% |
Service revenue, FY2025
$38.5M Sources
|
Recurring |
Who Are Their Customers?
Pharmaceutical partners license drug candidates for development and commercialization; the company also supplies clinical trial materials and provides development and transition services to those partners.
10-K for FY2025, filed Mar 4, 2026In December 2021, the Company entered into a license agreement with Hansoh (the “Hansoh Agreement”). Under the Hansoh Agreement, the…View ↗
In connection with the Hansoh Agreement, Hansoh will purchase clinical trial supply of elritercept from the Company, and the parties will…View ↗
In connection with the Hansoh Agreement, the Company entered into a clinical product supply agreement (the “Supply Agreement”) with Hansoh…View ↗
On December 3, 2024, the Company entered into a license agreement with Takeda, which became effective on January 16, 2025. Under the terms…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 36 cents of every revenue dollar as net income in FY2025 and turned 43 cents into free cash flow.
10-K for FY2025, filed Mar 4, 2026
$67.6MView ↗
10-K for FY2025, filed Mar 4, 2026
$87MView ↗
10-K for FY2025, filed Mar 4, 2026
$106MView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Aug 3, 2026
−$28.7MView ↗
- ▼ −6% (Loss)
- vs −$30.7M in Q2 FY2025
-
Sep 8, 2026
Takeda milestone payment followed by a share repurchase authorization
After receiving a development milestone payment, the board authorized repurchases of common stock.
Sources
8-K, filed Sep 8, 2026
On September 8, 2026, Keros Therapeutics, Inc., a Delaware corporation (the “Company”), issued a press release announcing that the board of…View ↗
-
Jul 30, 2026
Takeda milestone payment followed first patient dosing in an elritercept trial
The payment followed first-patient dosing in the Phase 3 ELRiSE MDS trial.
Sources
8-K, filed Jul 30, 2026
On July 30, 2026, Keros Therapeutics, Inc. (the “Company”) issued a press release announcing that it will receive a $20 million development…View ↗
-
Jul 22, 2026
The CFO resigned, and the corporate controller became interim finance officer
The company began searching for a new CFO.
Sources
8-K, filed Jul 22, 2026
On July 17, 2026, Keith Regnante resigned from his role as Chief Financial Officer of Keros Therapeutics, Inc. (the “Company”), effective…View ↗
-
Mar 9, 2026
Keros agreed to help design a Phase 2 trial of rinvatercept in ALS
Sources
8-K, filed Mar 9, 2026
On March 9, 2026, Keros Therapeutics, Inc. (the “Company”) issued a press release announcing that it has entered into an agreement with the…View ↗
Growing. Revenue grew 12.1x in 4 years, from $20.1M in FY2021 to $243.9M in FY2025, about 87% a year.
Broader disease focus
The earlier report centered its pipeline on blood, pulmonary and cardiovascular disorders, including functional iron deficiency and pulmonary arterial hypertension. The latest report also describes programs for neuromuscular diseases, including Duchenne muscular dystrophy and amyotrophic lateral sclerosis.
10-K for FY2022, filed Mar 3, 2023 10-K for FY2025, filed Mar 4, 2026We are a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of novel treatments for…View ↗
KER-047 is designed to selectively and potently inhibit activin receptor-like kinase-2, or ALK2, a TGF-ß receptor. Excessive ALK2 signaling…View ↗
KER-012 is designed to bind to and inhibit the signaling of TGF-ß ligands that stimulate smooth muscle hypertrophy and fibrosis, including…View ↗
Pipeline focus
The earlier report described programs for functional iron deficiency and pulmonary and cardiovascular disorders. The latest report instead emphasizes treatments for neuromuscular diseases and low blood cell counts.
10-K for FY2022, filed Mar 3, 2023 10-K for FY2025, filed Mar 4, 2026We are a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of novel treatments for…View ↗
KER-047 is designed to selectively and potently inhibit activin receptor-like kinase-2, or ALK2, a TGF-ß receptor. Excessive ALK2 signaling…View ↗
KER-012 is designed to bind to and inhibit the signaling of TGF-ß ligands that stimulate smooth muscle hypertrophy and fibrosis, including…View ↗
We are a clinical-stage biopharmaceutical company focused on developing and commercializing novel therapeutics to treat a wide range of…View ↗
Rinvatercept is designed to bind to and inhibit TGF-ß ligands, including myostatin (GDF8) and activin A, which are negative regulators of…View ↗
Elritercept is an engineered ligand trap comprised of a modified ligand-binding domain of the TGF-ß receptor known as activin receptor type…View ↗
Who Do They Compete With?
Competes with PTC Therapeutics, Catalyst Pharmaceuticals, Sarepta Therapeutics, Nippon Shinyaku, REGENXBIO, Solid Biosciences, Avidity Biosciences, Wave Life Sciences, Dyne Therapeutics, Edgewise Therapeutics, Satellos Bioscience, Otsuka Pharmaceutical, Novartis, Genervon Biopharmaceuticals, Kyntra Bio, Astellas Pharma, Merck, Bristol-Myers Squibb, Disc Medicine, and Geron
10-K for FY2025, filed Mar 4, 2026Currently, patients with DMD are treated with corticosteroids to manage the inflammatory component of the disease. EMFLAZA (deflazacort) is…View ↗
Loading...
