Keros Therapeutics, Inc. (KROS) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 10, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 3, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the KROS SEC filings page.
Keros Therapeutics, Inc. (KROS) reported $14.9M in revenue over the twelve months to Jun 30, 2026, down 93.6% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 7 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
FY2025 shows reported profitability emerging from heavy development spending, while the balance sheet shrank after substantial capital was returned.
The important shift is cash conversion: FY2025 operating cash flow of$107.5M exceeded net income of$87.0M , after FY2024 operating cash flow of-$160.9M accompanied a net loss of$187.4M . That pairing indicates the FY2025 earnings reversal was accompanied by cash generation, rather than reflecting accounting profit alone.
The cost structure remained development-heavy: R&D was
A
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Keros Therapeutics, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Keros Therapeutics, Inc. held $287.4M in cash, cash equivalents and investments at the end of fiscal year 2025, and its operations generated $107.5M of cash that year. Cash Runway ranks emerging companies on the size of that balance against the outflow behind it, and Keros Therapeutics, Inc. scores 86/100 among other emerging companies.
Keros Therapeutics, Inc. had 20M shares outstanding at the end of fiscal year 2025, against 41M in fiscal year 2024. Dilution ranks emerging companies on how fast that count has grown over three years, where a slower rise is the better one, and Keros Therapeutics, Inc. scores 81/100 among other emerging companies.
Keros Therapeutics, Inc. spent $129.6M on research and development in fiscal year 2025, which was 73.5% of its operating costs that year. R&D Intensity ranks emerging companies on the share of operating costs that goes into research, and Keros Therapeutics, Inc. scores 93/100 among other emerging companies.
Keros Therapeutics, Inc. reported revenue of $243.9M in fiscal year 2025, against $3.5M in fiscal year 2024. Revenue Progress ranks emerging companies on the three-year path of that line, and Keros Therapeutics, Inc. scores 99/100 among other emerging companies.
Keros Therapeutics, Inc.'s operations generated $107.5M of cash in fiscal year 2025, against $160.9M used in fiscal year 2024. Burn Trend ranks emerging companies on which way that figure has moved over three years, and Keros Therapeutics, Inc. scores 94/100 among other emerging companies.
Keros Therapeutics, Inc.'s cash, cash equivalents and investments came to $287.4M at the end of fiscal year 2025, against $34.9M of total liabilities. Balance Sheet ranks emerging companies on that comparison, and Keros Therapeutics, Inc. scores 94/100 among other emerging companies.
Keros Therapeutics, Inc. scores 4.51, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($236.9M) relative to total liabilities ($34.9M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Keros Therapeutics, Inc. passes 6 of 7 computable financial strength tests (2 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Keros Therapeutics, Inc. generates $1.24 in operating cash flow ($107.5M OCF vs $87.0M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Key Financial Metrics
Earnings & Revenue
Keros Therapeutics, Inc. generated $0 in revenue in Q2 2026. This represents a decrease of 100.0% from the same quarter a year earlier. Against the prior quarter it is down 100.0%.
Keros Therapeutics, Inc.'s EBITDA was -$30.5M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 22.6% from the same quarter a year earlier. Against the prior quarter it is down 19.9%.
Keros Therapeutics, Inc. reported -$28.7M in net income in Q2 2026. This represents an increase of 6.5% from the same quarter a year earlier. Against the prior quarter it is down 21.1%.
Keros Therapeutics, Inc. earned -$1.45 per diluted share (EPS) in Q2 2026. Against the prior quarter it is down 19.8%.
Cash & Balance Sheet
Keros Therapeutics, Inc. recorded an outflow of $20.6M in free cash flow in Q2 2026, representing a cash shortfall after capex. This represents an increase of 32.2% from the same quarter a year earlier. Against the prior quarter it is down 471.2%.
Keros Therapeutics, Inc. held $257.6M in cash as of Q2 2026; long-term debt is not reported for that period.
Not reported for Q2 2026.
Margins & Returns
Keros Therapeutics, Inc.'s ROE was -10.9% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is down 6.6 percentage points from the same quarter a year earlier. Against the prior quarter it is down 2.6 percentage points.
Not reported for Q2 2026.
Not reported for Q2 2026.
Not reported for Q2 2026.
Capital Allocation
Keros Therapeutics, Inc. invested $22.3M in research and development in Q2 2026. This represents a decrease of 48.7% from the same quarter a year earlier. Against the prior quarter it is up 38.7%.
Keros Therapeutics, Inc. invested $155K in capex in Q2 2026, funding long-term assets and infrastructure. This represents a decrease of 78.5% from the same quarter a year earlier. Against the prior quarter it is up 112.3%.
Not reported for Q2 2026.
KROS Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $0-100.0% | $367K-99.8% | $380K-87.5% | $14.1M+3540.2% | $18.2M+49002.7% | $211.2M+254348.2% | $3.0M | $388K+4750.0% |
| R&D Expenses | $22.3M-48.7% | $16.1M-67.0% | $17.9M-60.7% | $19.5M-60.3% | $43.5M+7.4% | $48.7M+27.3% | $45.6M | $49.2M+44.2% |
| SG&A Expenses | $8.6M-40.6% | $10.1M-3.3% | $11.7M+10.1% | $10.1M+3.1% | $14.5M+45.4% | $10.5M+1.8% | $10.7M | $9.8M+7.3% |
| Operating Income | -$30.9M+22.3% | -$25.9M-117.0% | -$29.3M+45.0% | -$15.4M+73.8% | -$39.8M+21.1% | $152.0M+413.6% | -$53.3M | -$58.7M-35.5% |
| EBITDA | -$30.5M+22.6% | -$25.5M-116.7% | -$28.9M+45.4% | -$15.0M+74.3% | -$39.4M+21.3% | $152.4M+416.1% | -$52.9M | -$58.3M-35.5% |
| Income Tax | $0+100.0% | $0-100.0% | -$1.5M-604.7% | -$1.4M | -$2.2M | $10.0M | $300K | $0 |
| Net Income | -$28.7M+6.5% | -$23.7M-116.0% | -$23.5M+49.0% | -$7.3M+86.3% | -$30.7M+32.2% | $148.5M+444.3% | -$46.0M | -$53.0M-34.3% |
| EPS (Basic) | -$1.45-90.8% | -$1.21-133.1% | -$0.38+66.1% | -$0.18+87.2% | -$0.76+39.2% | $3.66+402.5% | -$1.12+16.4% | -$1.41-6.0% |
| EPS (Diluted) | -$1.45 | -$1.21 | -$0.38 | -$0.18+87.2% | -$0.76+39.2% | $3.62+399.2% | -$1.12+16.4% | -$1.41-6.0% |
| Diluted Shares (Avg) | 20M | 20M | N/A | 41M+8.1% | 41M+12.5% | 41M+15.0% | N/A | 38M+26.7% |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, Interest Expense.
KROS Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $287.6M-62.0% | $312.3M-60.2% | $338.0M-45.1% | $742.8M+28.2% | $757.2M+66.4% | $784.6M+61.5% | $615.9M+66.4% | $579.3M+77.6% |
| Current Assets | $266.9M-63.6% | $290.7M-61.7% | $315.4M-46.4% | $719.3M+30.3% | $732.8M+69.4% | $759.5M+64.0% | $588.9M+69.6% | $552.0M+81.3% |
| Cash & Equivalents | $257.6M-62.7% | $281.5M-60.9% | $287.4M-48.7% | $693.5M+30.7% | $690.2M+70.1% | $720.5M+62.9% | $559.9M+69.1% | $530.7M+84.3% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Accounts Receivable | $0-100.0% | $400K-97.7% | $3.6M+30.1% | $3.5M+800.0% | $15.8M+395300.0% | $17.3M+7550.9% | $2.7M+1817.5% | $388K |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $25.3M-49.9% | $26.7M-52.1% | $34.9M-21.3% | $39.2M-15.6% | $50.4M+47.9% | $55.7M+74.7% | $44.3M+17.2% | $46.4M+52.7% |
| Current Liabilities | $12.2M-65.0% | $12.9M-67.4% | $20.4M-25.6% | $24.1M-16.9% | $34.7M+63.4% | $39.4M+110.4% | $27.4M+12.6% | $29.0M+73.7% |
| Non-Current Liabilities | $13.1M-16.5% | $13.8M-15.3% | $14.5M-14.3% | $15.1M-13.3% | $15.7M+22.3% | $16.3M+24.0% | $16.9M+25.6% | $17.4M+27.2% |
| Total Equity | $262.3M-62.9% | $285.6M-60.8% | $303.1M-47.0% | $703.6M+32.0% | $706.7M+67.9% | $728.9M+60.6% | $571.6M+72.0% | $532.8M+80.1% |
| Retained Earnings | -$534.2M-18.4% | -$505.5M-20.3% | -$481.8M+15.3% | -$458.3M+12.3% | -$451.0M+4.0% | -$420.3M+1.0% | -$568.8M-49.1% | -$522.8M-53.2% |
Not reported in any period shown, so not listed: Inventory, Goodwill, Long-Term Debt.
KROS Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$20.4M+31.1% | -$3.5M-102.2% | -$27.3M+40.7% | $3.2M+110.7% | -$29.6M+25.6% | $161.2M+461.7% | -$46.0M-80.7% | -$30.5M+10.2% |
| Depreciation & Amortization | $402K+8.6% | $403K+17.2% | $400K+20.5% | $395K+25.8% | $370K+20.9% | $344K+24.2% | $332K+34.4% | $314K+49.5% |
| Stock-Based Compensation | $5.4M-37.1% | $6.2M-30.1% | N/A | $4.0M-54.8% | $8.5M-2.8% | $8.9M+9.8% | N/A | $8.8M+1.2% |
| Capital Expenditures | $155K-78.5% | $73K-87.1% | $134K-53.6% | $132K-65.8% | $720K+132.3% | $565K-40.3% | $289K-46.6% | $386K-29.8% |
| Free Cash Flow | -$20.6M+32.2% | -$3.6M-102.2% | -$27.4M+40.8% | $3.1M+110.1% | -$30.3M+24.4% | $160.6M+452.9% | -$46.3M-78.1% | -$30.9M+10.6% |
| Investing Cash Flow | -$155K+78.5% | -$73K+87.1% | -$134K+53.6% | -$132K+65.8% | -$720K-132.3% | -$565K+40.3% | -$289K+46.6% | -$386K+29.8% |
| Financing Cash Flow | -$3.3M-19600.0% | -$2.3M-58000.0% | -$378.6M-601.2% | $140K-99.9% | $17K-99.5% | $4K-100.0% | $75.5M+9.1% | $155.9M+54809.9% |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
KROS Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | N/A | -7051.0% | -7702.6% | -108.9% | -219.2% | 72.0% | -1750.6% | -15117.8% |
| Net Margin | N/A | -6460.0% | -6173.9% | -51.5% | -169.0% | 70.3% | -1513.0% | -13648.4% |
| Return on Equity | -10.9%-6.6pp | -8.3%-28.7pp | -7.7%+0.3pp | -1.0%+8.9pp | -4.3%+6.4pp | 20.4%+29.9pp | -8.1% | -9.9%+3.4pp |
| Return on Assets | -10.0%-5.9pp | -7.6%-26.5pp | -6.9%+0.5pp | -1.0%+8.2pp | -4.0%+5.9pp | 18.9%+27.8pp | -7.5% | -9.1%+2.9pp |
| Current Ratio | 21.96+0.8x | 22.62+3.3x | 15.45-6.0x | 29.86+10.8x | 21.11+0.7x | 19.29-5.5x | 21.45+7.2x | 19.03+0.8x |
| Debt-to-Equity | 0.100.0x | 0.090.0x | 0.120.0x | 0.060.0x | 0.070.0x | 0.080.0x | 0.080.0x | 0.090.0x |
| Asset Turnover | 0.000.0x | 0.00-0.3x | 0.000.0x | 0.020.0x | 0.020.0x | 0.27+0.3x | 0.00 | 0.000.0x |
| FCF Margin | N/A | -981.5% | -7217.4% | 22.1% | -167.0% | 76.0% | -1521.9% | -7960.3% |
Not reported in any period shown, so not listed: Gross Margin.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Keros Therapeutics, Inc. KROS | FY2025 | $243.9M | $87.0M | 35.7% | $236.9M | 91/100 |
| AnaptysBio, Inc. ANAB | FY2025 | $234.6M | -$13.2M | -5.6% | $1.4B | 80/100 |
| Palvella Therapeutics, Inc. PVLA | FY2025 | N/A | -$41.7M | N/A | $2.0B | — |
| Rigel Pharmaceuticals Inc. (New) RIGL | FY2025 | $294.3M | $367.0M | N/A | $916.8M | 62/100 |
| Tyra Biosciences, Inc. TYRA | FY2025 | N/A | -$119.9M | N/A | $1.4B | — |
| Bicara Therapeutics Inc. BCAX | FY2025 | N/A | -$137.9M | N/A | $1.2B | — |
Where Keros Therapeutics, Inc. Ranks
Frequently Asked Questions
What is Keros Therapeutics, Inc.'s annual revenue?
Keros Therapeutics, Inc. (KROS) reported $243.9M in total revenue for fiscal year 2025. This represents a 6769.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Keros Therapeutics, Inc.'s revenue growing?
Keros Therapeutics, Inc. (KROS) revenue grew by 6769.4% year-over-year, from $3.5M to $243.9M in fiscal year 2025.
Is Keros Therapeutics, Inc. profitable?
Yes, Keros Therapeutics, Inc. (KROS) reported a net income of $87.0M in fiscal year 2025, with a net profit margin of 35.7%.
What is Keros Therapeutics, Inc.'s EBITDA?
Keros Therapeutics, Inc. (KROS) had EBITDA of $69.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Keros Therapeutics, Inc.'s operating margin?
Keros Therapeutics, Inc. (KROS) had an operating margin of 27.7% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Keros Therapeutics, Inc.'s net profit margin?
Keros Therapeutics, Inc. (KROS) had a net profit margin of 35.7% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Keros Therapeutics, Inc.'s return on equity (ROE)?
Keros Therapeutics, Inc. (KROS) has a return on equity of 28.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Keros Therapeutics, Inc.'s free cash flow?
Keros Therapeutics, Inc. (KROS) generated $106.0M in free cash flow during fiscal year 2025. This represents a 165.1% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Keros Therapeutics, Inc.'s operating cash flow?
Keros Therapeutics, Inc. (KROS) generated $107.5M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Keros Therapeutics, Inc.'s total assets?
Keros Therapeutics, Inc. (KROS) had $338.0M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Keros Therapeutics, Inc.'s capital expenditures?
Keros Therapeutics, Inc. (KROS) invested $1.6M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Keros Therapeutics, Inc. spend on research and development?
Keros Therapeutics, Inc. (KROS) invested $129.6M in research and development during fiscal year 2025.
What is Keros Therapeutics, Inc.'s current ratio?
Keros Therapeutics, Inc. (KROS) had a current ratio of 15.45 as of fiscal year 2025, which is generally considered healthy.
What is Keros Therapeutics, Inc.'s debt-to-equity ratio?
Keros Therapeutics, Inc. (KROS) had a debt-to-equity ratio of 0.12 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Keros Therapeutics, Inc.'s return on assets (ROA)?
Keros Therapeutics, Inc. (KROS) had a return on assets of 25.7% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Keros Therapeutics, Inc.'s P/E ratio?
Keros Therapeutics, Inc. (KROS) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to June 30, 2026). The market capitalization is $236.9M as of Oct 10, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Keros Therapeutics, Inc.'s price-to-sales ratio?
Keros Therapeutics, Inc. (KROS) trades at 15.9x sales, its market capitalization divided by revenue of $14.9M revenue, trailing 12 months to June 30, 2026. The market capitalization is $236.9M as of Oct 10, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Keros Therapeutics, Inc.'s Altman Z-Score?
Keros Therapeutics, Inc. (KROS) has an Altman Z-Score of 4.51, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Keros Therapeutics, Inc.'s Piotroski F-Score?
Keros Therapeutics, Inc. (KROS) has a Piotroski F-Score of 6 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Keros Therapeutics, Inc.'s earnings high quality?
Keros Therapeutics, Inc. (KROS) has an earnings quality ratio of 1.24x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Keros Therapeutics, Inc.?
Keros Therapeutics, Inc. (KROS) scores 91 out of 100 on our Financial Health Score, indicating strong standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.