Keros Therapeutics Reports Recent Business Highlights and Fourth Quarter and Full Year 2025 Financial Results
Keros (Nasdaq: KROS) reported fourth-quarter 2025 net loss of $23.5M and full-year 2025 net income of $87.0M, driven largely by revenue from a license agreement with Takeda.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Summary
Keros (Nasdaq: KROS) reported fourth-quarter 2025 net loss of $23.5M and full-year 2025 net income of $87.0M, driven largely by revenue from a license agreement with Takeda. The company expects to start a Phase 2 trial of rinvatercept in DMD in Q2 2026 and to engage regulators on an ALS Phase 2 design in H2 2026. Cash and cash equivalents were $287.4M at year-end, with management saying this funding is expected to support operations into the first half of 2028.
Positive
- Net income of $87.0M for full-year 2025
- Phase 2 DMD trial expected to commence in Q2 2026
- Cash runway projected into the first half of 2028
- R&D expense decreased to $129.6M for 2025 from $173.6M
Negative
- Cash balance declined to $287.4M from $559.9M at year-end 2024
- General and administrative expenses rose to $46.8M in 2025
- Revenue concentration reliance on Takeda license drove 2025 profitability
Details
News Market Reaction – KROS
On Mar 5, the first trading day after this news, KROS closed 14.96% below the previous close.
Data tracked by StockTitan Argus for the Mar 5 session.
Key Figures
- Q4 2025 net loss
- $23.5M
- Fourth quarter 2025 net loss vs prior-year Q4 loss
- FY 2025 net income
- $87.0M
- Full year 2025 result vs FY 2024 net loss
- FY 2024 net loss
- $187.4M
- Full year 2024 net loss baseline for comparison
- FY 2025 R&D expenses
- $129.6M
- Research and development, year ended Dec 31, 2025
- FY 2024 R&D expenses
- $173.6M
- Research and development, year ended Dec 31, 2024
- FY 2025 G&A expenses
- $46.8M
- General and administrative, year ended Dec 31, 2025
- Cash & equivalents 12/31/2025
- $287.4M
- Cash and cash equivalents as of Dec 31, 2025
- Runway guidance
- into 1H 2028
- Expected funding of operating and capital needs based on 12/31/2025 cash
Previous Earnings Reports
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Smaller net loss, Takeda revenue, reduced R&D costs, strong cash and pipeline plans.
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Improved net loss, solid cash, capital return plan and KER-065 Phase 2 plans.
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Net income, stronger cash, KER-065 progress and upcoming TROPOS trial data.
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Large net losses but higher revenue, Takeda upfront and extended cash runway.
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Higher net loss with increased R&D but strong cash and trial enrollment progress.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
duchenne muscular dystrophy medical
amyotrophic lateral sclerosis medical
transforming growth factor-beta medical
cash tender offer financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
LEXINGTON, Mass., March 04, 2026 (GLOBE NEWSWIRE) -- Keros Therapeutics, Inc. (“Keros” or the “Company”) (Nasdaq: KROS), a clinical-stage biopharmaceutical company focused on developing and commercializing novel therapeutics to treat a wide range of patients with disorders that are linked to dysfunctional signaling of the transforming growth factor-beta (“TGF-ß”) family of proteins, today provided a business update and reported financial results for the fourth quarter and full year ended December 31, 2025.
“The previous year was an important period of transition for the Company, during which we sharpened our strategic priorities,” said Jasbir S. Seehra, Ph.D., President and Chief Executive Officer. “With that foundation in place, our attention is firmly on execution – advancing rinvatercept into a Phase 2 clinical trial in patients with Duchenne muscular dystrophy (“DMD”) and engaging regulators on the design of a Phase 2 clinical trial in patients with amyotrophic lateral sclerosis (“ALS”). With a strong foundation in place, our focus remains on bringing potential meaningful benefit to patients and creating long-term value for our stockholders.”
Recent Corporate Highlights:
- Board and leadership changes:
- In February 2026, Keros announced the appointment of Charles Newton to its board of directors, effective March 9, 2026. Concurrent with Mr. Newton joining Keros’ Board of Directors, Carl Gordon, Ph.D., C.F.A., will step down as a director of the Company.
- Esther Cho, J.D., Senior Vice President, General Counsel, was promoted to Chief Legal Officer, effective February 24, 2026.
Selected Anticipated Program Milestones:
- Rinvatercept for the treatment of DMD and for the treatment of ALS:
- The Company expects to commence a Phase 2 clinical trial of rinvatercept in patients with DMD in the second quarter of 2026.
- The Company plans to engage regulators on the design of a Phase 2 clinical trial of rinvatercept in patients with ALS in the second half of 2026.
2025 Financial Results
Keros reported a net loss of
Research and development expenses were
General and administrative expenses were
Keros’ cash and cash equivalents as of December 31, 2025 was
About Keros Therapeutics, Inc.
Keros is a clinical-stage biopharmaceutical company focused on developing and commercializing novel therapeutics to treat a wide range of patients with disorders that are linked to dysfunctional signaling of the TGF-ß family of proteins. Keros is a leader in understanding the role of the TGF-ß family of proteins, which are master regulators of the growth, repair and maintenance of a number of tissues, including skeletal muscle, bone, adipose, heart tissue and blood. By leveraging this understanding, Keros has discovered and is developing protein therapeutics that have the potential to provide meaningful and potentially disease-modifying benefit to patients. Keros’ lead product candidate, rinvatercept, is being developed for the treatment of DMD and for the treatment of ALS. Keros’ most advanced product candidate, elritercept, is being developed for the treatment of cytopenias, including anemia and thrombocytopenia, in patients with myelodysplastic syndrome and in patients with myelofibrosis.
Cautionary Note Regarding Forward-Looking Statements
Statements contained in this press release regarding matters that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Words such as “anticipates,” “believes,” “continue,” “expects,” “enable,” “potential” and “will” or similar expressions are intended to identify forward-looking statements. Examples of these forward-looking statements include statements concerning: Keros’ expectations regarding its growth, strategy, progress and the design, objectives and timing of its clinical trials for rinvatercept, including its regulatory plans; and Keros’ expected cash runway. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties include, among others: Keros’ limited operating history and historical losses; Keros’ ability to raise additional funding to complete the development and any commercialization of its product candidates; Keros’ dependence on the success of its product candidates, rinvatercept and elritercept; that Keros may be delayed in initiating, enrolling or completing any clinical trials; competition from third parties that are developing products for similar uses; Keros’ ability to obtain, maintain and protect its intellectual property; and Keros’ dependence on third parties in connection with manufacturing, clinical trials and preclinical studies.
These and other risks are described more fully in Keros’ filings with the Securities and Exchange Commission (“SEC”), including the “Risk Factors” section of the Company’s Quarterly Report on Form 10-Q, filed with the SEC on November 5, 2025, and its other documents subsequently filed with or furnished to the SEC, including the Company’s Annual Report on Form 10-K as of and for the year ended December 31, 2025. All forward-looking statements contained in this press release speak only as of the date on which they were made. Except to the extent required by law, Keros undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.
Investor Contact:
Justin Frantz
jfrantz@kerostx.com
617-221-6042
Media Contact:
Mahmoud Siddig / Adam Pollack / Brooks Hussey
Joele Frank, Wilkinson Brimmer Katcher
(212) 355-4449
| KEROS THERAPEUTICS, INC. Consolidated Statements of Operations (In thousands, except share and per share data) (Unaudited) | ||||||||||||||||
| THREE MONTHS ENDED DECEMBER 31, | YEAR ENDED DECEMBER 31, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| REVENUE: | ||||||||||||||||
| Service and other revenue | 385 | 42 | 38,706 | 550 | ||||||||||||
| License revenue | — | 3,000 | 205,355 | 3,000 | ||||||||||||
| Total revenue | 385 | 3,042 | 244,061 | 3,550 | ||||||||||||
| OPERATING EXPENSES: | ||||||||||||||||
| Research and development | (17,912 | ) | (45,631 | ) | (129,643 | ) | (173,629 | ) | ||||||||
| General and administrative | (11,743 | ) | (10,665 | ) | (46,849 | ) | (40,754 | ) | ||||||||
| Total operating expenses | (29,655 | ) | (56,296 | ) | (176,492 | ) | (214,383 | ) | ||||||||
| INCOME (LOSS) FROM OPERATIONS | (29,270 | ) | (53,254 | ) | 67,569 | (210,833 | ) | |||||||||
| OTHER INCOME (EXPENSE), NET: | ||||||||||||||||
| Research and development incentive income | — | 1,238 | — | 1,238 | ||||||||||||
| Dividend income | 4,022 | 6,519 | 24,867 | 23,496 | ||||||||||||
| Other income (expense), net | 273 | (229 | ) | (539 | ) | (954 | ) | |||||||||
| Total other income, net | 4,295 | 7,528 | 24,328 | 23,780 | ||||||||||||
| Income (loss) before income taxes | (24,975 | ) | (45,726 | ) | 91,897 | (187,053 | ) | |||||||||
| Income tax provision | 1,514 | (300 | ) | (4,883 | ) | (300 | ) | |||||||||
| Net income (loss) | $ | (23,461 | ) | $ | (46,026 | ) | $ | 87,014 | $ | (187,353 | ) | |||||
| Net income (loss) attributable to common stockholders—basic and diluted | $ | (23,461 | ) | $ | (46,026 | ) | $ | 87,014 | $ | (187,353 | ) | |||||
| Weighted-average common stock outstanding—basic | 27,198,653 | 40,337,720 | 37,221,211 | 37,437,652 | ||||||||||||
| Weighted-average common stock outstanding—diluted | 27,198,653 | 40,337,720 | 37,859,106 | 37,437,652 | ||||||||||||
| Net income (loss) per share of common stock — basic | $ | (0.86 | ) | $ | (1.14 | ) | $ | 2.34 | $ | (5.00 | ) | |||||
| Net income (loss) per share of common stock — diluted | $ | (0.86 | ) | $ | (1.14 | ) | $ | 2.30 | $ | (5.00 | ) | |||||
| KEROS THERAPEUTICS, INC. Consolidated Balance Sheets (In thousands, except share and per share data) (Unaudited) | |||||||
| DECEMBER 31, | |||||||
| 2025 | 2024 | ||||||
| ASSETS | |||||||
| CURRENT ASSETS: | |||||||
| Cash and cash equivalents | $ | 287,415 | $ | 559,931 | |||
| Accounts receivable | 3,567 | 2,742 | |||||
| Prepaid expenses and other current assets | 22,202 | 26,220 | |||||
| Current income tax receivable | 2,250 | — | |||||
| Total current assets | 315,434 | 588,893 | |||||
| Operating lease right-of-use assets | 16,841 | 19,251 | |||||
| Property and equipment, net | 4,297 | 4,237 | |||||
| Restricted cash | 1,449 | 1,449 | |||||
| Other long term assets | — | 2,056 | |||||
| TOTAL ASSETS | $ | 338,021 | $ | 615,886 | |||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
| CURRENT LIABILITIES: | |||||||
| Accounts payable | $ | 1,967 | $ | 4,602 | |||
| Current portion of operating lease liabilities | 2,408 | 1,978 | |||||
| Accrued expenses and other current liabilities | 16,039 | 20,870 | |||||
| Total current liabilities | 20,414 | 27,450 | |||||
| Operating lease liabilities, net of current portion | 14,475 | 16,883 | |||||
| Total liabilities | 34,889 | 44,333 | |||||
| COMMITMENTS AND CONTINGENCIES | |||||||
| STOCKHOLDERS’ EQUITY: | |||||||
| Preferred stock, par value of | — | — | |||||
| Series A junior participating preferred stock, par value of | — | — | |||||
| Common stock, par value of | 4 | 4 | |||||
| Treasury stock, at cost; 21,126,760 and no shares as of December 31, 2025 and December 31, 2024, respectively | (384,558 | ) | — | ||||
| Additional paid-in capital | 1,169,451 | 1,140,328 | |||||
| Accumulated deficit | (481,765 | ) | (568,779 | ) | |||
| Total stockholders’ equity | 303,132 | 571,553 | |||||
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 338,021 | $ | 615,886 | |||
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