Keros Therapeutics, Inc. Stock Price, News & Analysis

Keros Therapeutics (Nasdaq: KROS) announced preliminary results of a cash tender offer that expired on November 18, 2025 to repurchase up to 10,950,165 shares at $17.75 per share for an aggregate purchase price of approximately $194.4 million. The tender concludes the company’s $375 million capital return program.

Approximately 16,659,732 shares were validly tendered (plus 1,186,829 via guaranteed delivery). Keros expects to accept 10,950,165 shares on a pro rata basis, representing about 35.91% of outstanding common stock as of November 18, 2025. Final counts are subject to Depositary confirmation.

Keros Therapeutics (Nasdaq: KROS) reported third quarter 2025 results on November 5, 2025. The company posted a net loss of $7.3 million in Q3 2025 versus a net loss of $53.0 million in Q3 2024, driven largely by revenue recognized under its license agreement with Takeda and a shift of elritercept R&D costs to Takeda.

R&D expenses were $19.5 million in Q3 2025 versus $49.2 million a year earlier. G&A expenses were $10.1 million versus $9.8 million. Cash and cash equivalents totaled $693.5 million as of September 30, 2025. The board has determined to return $375.0 million of excess capital to stockholders; after that amount, management expects cash to fund operations into the first half of 2028. Takeda plans to advance elritercept into a Phase 3 first-line MDS trial, and Keros plans to initiate a Phase 2 trial of KER-065 in Duchenne muscular dystrophy.

Keros Therapeutics (Nasdaq: KROS) commenced a cash tender offer on Oct 20, 2025 to repurchase up to $194.4 million of its common stock at $17.75 per share, part of a previously announced $375 million capital return program. The company expects to fund the tender offer from existing cash and cash equivalents.

The offer is scheduled to expire at 5:00 p.m. ET on Nov 18, 2025, unless extended or terminated. The company and its board made no recommendation to shareholders; full terms are filed with the SEC.

Keros Therapeutics (Nasdaq: KROS) announced agreements to repurchase all shares held by ADAR1 Capital Management and Pontifax at $17.75 per share, for an aggregate purchase price of approximately $181 million, expected to close on October 15, 2025.

As part of a previously announced $375 million capital return program, Keros intends to commence a tender offer by the end of October 2025 to repurchase up to $194 million of additional shares at $17.75 per share, funded from existing cash and cash equivalents.

The company also plans to distribute 25% of any net cash proceeds received on or before December 31, 2028 from its global license agreement with Takeda to stockholders. Two directors, Ran Nussbaum and Tomer Kariv, resigned effective immediately.

Keros Therapeutics (NASDAQ: KROS) presented additional clinical data from its Phase 1 trial of KER-065 at the American Society of Bone and Mineral Research 2025 Annual Meeting. The trial, conducted in healthy male volunteers, demonstrated that KER-065, a modified activin receptor ligand trap, was generally well-tolerated with no serious adverse events related to treatment.

The study showed promising results for bone health, with sustained improvements in bone mineral density (BMD) through Day 141, particularly in whole body and lumbar spine measurements. The data supports KER-065's potential development for treating Duchenne muscular dystrophy and bone disorders, where bone loss occurs due to muscle weakness and corticosteroid use.

Keros Therapeutics (NASDAQ:KROS), a clinical-stage biopharmaceutical company specializing in TGF-ß family protein signaling disorders, has announced its participation in two upcoming healthcare conferences.

CEO Jasbir S. Seehra will present at the 2025 Wells Fargo Healthcare Conference on September 4 at 2:15 p.m. ET in a fireside chat format, and at the H.C. Wainwright 27th Annual Global Investment Conference on September 9 at 12:00 p.m. ET as a corporate presentation. Replays will be available on the company's investor relations website for 90 days after each event.

ADAR1 Capital Management, Keros Therapeutics' (NASDAQ: KROS) largest shareholder with a 13.3% stake, has issued an open letter to the company's Board expressing frustration over their refusal to engage in discussions about strategy and governance.

The letter criticizes the Board's lack of progress on their June 9 announcement to return $375 million in excess capital to shareholders and urges for a special dividend. ADAR1 believes Keros is significantly undervalued, citing the company's cash balance and the Takeda partnership for elritercept as key value drivers.

ADAR1 threatens to seek new director elections at the next Annual Meeting if the Board continues to refuse engagement, while warning against making strategic changes without major stockholder input.

Keros Therapeutics (Nasdaq: KROS) has received Orphan Drug designation from the FDA for KER-065, its investigational therapy for Duchenne muscular dystrophy (DMD). This milestone comes as the company prepares to advance KER-065 into Phase 2 clinical trials for DMD patients.

The Orphan Drug designation provides significant benefits, including tax credits for clinical testing, potential FDA fee waivers, and seven years of market exclusivity upon approval. This designation is granted to therapies targeting rare diseases affecting fewer than 200,000 people in the United States.

Keros Therapeutics (NASDAQ:KROS) announced a major strategic realignment to focus exclusively on advancing KER-065, their lead clinical program for Duchenne muscular dystrophy (DMD). The company is discontinuing development of cibotercept (KER-012), following its previously terminated Phase 2 TROPOS trial in pulmonary arterial hypertension.

Significant leadership changes include CEO Jasbir S. Seehra, Ph.D. assuming the additional role of President, while stepping down as Board Chair. Jean-Jacques Bienaimé has been appointed as the new Board Chair, and Lorena Lerner, Ph.D. has been promoted to Chief Scientific Officer. The company plans to initiate a Phase 2 clinical trial of KER-065 in DMD patients in Q1 2026, following positive Phase 1 results in healthy volunteers.