Keros Therapeutics Inc (NASDAQ: KROS) is a clinical-stage biopharmaceutical company developing treatments targeting the TGF-beta protein superfamily pathway. The company generates no product revenue, funding operations through equity financing while advancing its pipeline of drug candidates. As of the 10-K filed 2026-03-04, Keros had committed approximately $1.6 million under contract manufacturing agreements expected to be paid through 2029. Its lead product candidates include rinvatercept and elritercept, both in clinical development. The company has an accumulated deficit reflected on its December 31, 2025 balance sheet and relies on external capital to fund research and development activities. Keros is incorporated in Delaware and headquartered in the United States. No product revenue, partnership revenue, or licensing revenue figures were disclosed in the available filing excerpts.

Revenue model

Pre-revenue clinical-stage company. No product sales or disclosed licensing or collaboration revenue as of the 10-K filed 2026-03-04. Operations funded through equity capital markets.

Products and services

Pipeline drug candidates rinvatercept and elritercept, both in clinical development as of the 10-K filed 2026-03-04. No approved or commercialized products disclosed in the filing excerpts.

Customers and end markets

No commercial customers as of the 10-K filed 2026-03-04. End markets, if products reach approval, would include patients and payers in the U.S. healthcare system, subject to ACA and Medicaid reimbursement frameworks.

Value-chain role

Drug developer relying on contract research organizations and contract manufacturing organizations for clinical trial execution, process development, raw material procurement, and manufacturing services.

Geographic exposure

Primarily United States-based operations, with data privacy obligations extending to the European Economic Area and United Kingdom based on cross-border data transfer disclosures in the 10-K filed 2026-03-04.

Source: SEC 10-K, filed 2026-03-04

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