Keros Therapeutics Reports Recent First Quarter 2026 Financial Results
Rhea-AI Summary
Keros Therapeutics (Nasdaq: KROS) reported first quarter 2026 results and a key pipeline update. Net loss was $23.7 million, versus net income of $148.5 million a year earlier, mainly reflecting 2025 Takeda license revenue and lower research and development activity.
R&D expenses fell to $16.1 million from $48.7 million, and G&A expenses were $10.1 million versus $10.5 million. Cash and cash equivalents were $281.5 million, expected to fund operations into the first half of 2028. Partner Takeda plans a Phase 3 trial of elritercept in anemia in myelofibrosis.
AI-generated analysis. Not financial advice.
Positive
- Takeda plans Phase 3 trial of elritercept in myelofibrosis anemia
- R&D expenses reduced to $16.1M from $48.7M year over year
- G&A expenses slightly lower at $10.1M versus $10.5M prior year
- Cash balance of $281.5M as of March 31, 2026
- Cash runway expected to extend into first half of 2028
Negative
- Shift from $148.5M net income to $23.7M net loss year over year
- Cash and cash equivalents declined from $287.4M to $281.5M since year-end 2025
Market Reaction – KROS
Following this news, KROS has declined 12.76%, reflecting a significant negative market reaction. Our momentum scanner has triggered 25 alerts so far, indicating elevated trading interest and price volatility. The stock is currently trading at $10.46. This price movement has removed approximately $30M from the company's valuation.
Data tracked by StockTitan Argus (15 min delayed). Upgrade to Gold for real-time data.
Key Figures
Market Reality Check
Peers on Argus
KROS was up 2.92% while peers were mixed: ANAB (-3.71%), PVLA (-4.67%), BCAX (-5.55%), versus RIGL (+6.32%) and TYRA (+3.76%). This points to stock-specific factors over a broad biotech move.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Mar 04 | Earnings and outlook | Negative | -15.0% | Q4 and 2025 results with Takeda-driven income and 2028 cash runway guidance. |
| Nov 05 | Quarterly earnings | Positive | +3.3% | Q3 2025 loss narrowed via Takeda revenue and reduced elritercept R&D spend. |
| Aug 06 | Quarterly earnings | Negative | -7.3% | Q2 2025 loss narrowed with strong cash, R&D still elevated amid pipeline work. |
| May 06 | Quarterly earnings | Positive | -0.4% | Q1 2025 swung to large net income and higher R&D on pipeline advances. |
| Feb 26 | Annual results | Neutral | +0.6% | 2024 losses offset by Takeda upfront, extending cash runway into 2029. |
Earnings releases have often coincided with pressure on the stock, with an average move of -3.73% and several notably negative reactions despite sizeable license-related revenues and capital returns.
Over the past year, Keros’ earnings updates have highlighted large swings driven by its Takeda license, major capital returns, and a refocus on rinvatercept. Prior reports showed shifts from large net losses to substantial net income, R&D reductions as elritercept costs moved to Takeda, and cash positions that supported operations into the first half of 2028. Today’s Q1 2026 update continues that theme of post-licensing normalization, with lower expenses and a reaffirmed cash runway.
Historical Comparison
Past earnings for KROS often paired volatile bottom lines with strong cash and Takeda revenues, averaging a -3.73% move on the day after such reports.
Earnings updates trace a shift from heavy 2024 losses to Takeda-boosted 2025 income, large capital returns, and a streamlined focus on rinvatercept and KER-065 while maintaining a cash runway into 2028–2029.
Market Pulse Summary
This announcement highlights Keros’ transition from a one-time license windfall back to normalized operations, with Q1 2026 showing a $23.7M net loss versus $148.5M income a year earlier while R&D and G&A expenses decline. Cash and equivalents of $281.5M are expected to fund the company into the first half of 2028. Investors may watch future earnings for expense trends, Takeda milestones on elritercept, and progress of Keros’ internal pipeline.
Key Terms
transforming growth factor-beta medical
phase 3 clinical trial medical
myelofibrosis medical
myelodysplastic syndromes medical
AI-generated analysis. Not financial advice.
LEXINGTON, Mass., May 14, 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 reported financial results for the quarter ended March 31, 2026.
“Continuing to progress our pipeline remains our top priority, setting the stage for future catalysts and growth opportunities,” said Jasbir S. Seehra, Ph.D., President and Chief Executive Officer. “In addition, we are excited that our partner, Takeda Pharmaceuticals U.S.A., Inc. (“Takeda”), plans to advance elritercept into a Phase 3 clinical trial to evaluate elritercept as a treatment of anemia in myelofibrosis, broadening the indication opportunity beyond myelodysplastic syndromes.”
First Quarter 2026 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 March 31, 2026 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 Duchenne muscular dystrophy and for the treatment of amyotrophic lateral sclerosis. 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 “continue”, “expect”, “plan”, “look forward to”, “will”, “potential” 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 and elritercept; Takeda’s plans to advance elritercept into a Phase 3 clinical trial to evaluate elritercept as a treatment of anemia in myelofibrosis; 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 Annual Report on Form 10-K, filed with the SEC on March 4, 2026, and its other documents subsequently filed with or furnished to the SEC. 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
| KEROS THERAPEUTICS, INC. Condensed Consolidated Statements of Operations (In thousands, except share and per share data) (Unaudited) | |||||||
| THREE MONTHS ENDED MARCH 31, | |||||||
| 2026 | 2025 | ||||||
| REVENUE: | |||||||
| Service and other revenue | 367 | 15,891 | |||||
| License revenue | — | 195,355 | |||||
| Total revenue | 367 | 211,246 | |||||
| OPERATING EXPENSES: | |||||||
| Research and development | (16,097 | ) | (48,709 | ) | |||
| General and administrative | (10,147 | ) | (10,497 | ) | |||
| Total operating expenses | (26,244 | ) | (59,206 | ) | |||
| INCOME (LOSS) FROM OPERATIONS | (25,877 | ) | 152,040 | ||||
| OTHER INCOME (EXPENSE), NET | |||||||
| Dividend income | 2,335 | 6,792 | |||||
| Other expense, net | (166 | ) | (338 | ) | |||
| Total other income, net | 2,169 | 6,454 | |||||
| Income (loss) before income taxes | (23,708 | ) | 158,494 | ||||
| Income tax provision | — | (10,043 | ) | ||||
| Net income (loss) | $ | (23,708 | ) | $ | 148,451 | ||
| Net income (loss) attributable to common stockholders—basic and diluted | $ | (23,708 | ) | $ | 148,451 | ||
| Weighted-average shares of common stock outstanding — basic | 19,629,906 | 40,559,355 | |||||
| Weighted-average shares of common stock outstanding — diluted | 19,629,906 | 41,021,325 | |||||
| Net income (loss) per share of common stock — basic | $ | (1.21 | ) | $ | 3.66 | ||
| Net income (loss) per share of common stock — diluted | $ | (1.21 | ) | $ | 3.62 | ||
| KEROS THERAPEUTICS, INC. Condensed Consolidated Balance Sheets (In thousands, except share and per share data) (Unaudited) | |||||
| MARCH 31, 2026 | DECEMBER 31, 2025 | ||||
| ASSETS | |||||
| CURRENT ASSETS: | |||||
| Cash and cash equivalents | 281,497 | 287,415 | |||
| Accounts receivable | 400 | 3,567 | |||
| Prepaid expenses and other current assets | 6,530 | 22,202 | |||
| Current income tax receivable | 2,250 | 2,250 | |||
| Total current assets | 290,677 | 315,434 | |||
| Operating lease right-of-use assets | 16,205 | 16,841 | |||
| Property and equipment, net | 3,962 | 4,297 | |||
| Restricted cash | 1,449 | 1,449 | |||
| TOTAL ASSETS | 312,293 | 338,021 | |||
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||
| CURRENT LIABILITIES: | |||||
| Accounts payable | 1,493 | 1,967 | |||
| Current portion of operating lease liabilities | 2,501 | 2,408 | |||
| Accrued expenses and other current liabilities | 8,859 | 16,039 | |||
| Total current liabilities | 12,853 | 20,414 | |||
| Operating lease liabilities, net of current portion | 13,810 | 14,475 | |||
| Total liabilities | 26,663 | 34,889 | |||
| 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 shares as of March 31, 2026 and December 31, 2025 | (384,558 | ) | (384,558 | ) | |
| Additional paid-in capital | 1,175,657 | 1,169,451 | |||
| Accumulated deficit | (505,473 | ) | (481,765 | ) | |
| Total stockholders' equity | 285,630 | 303,132 | |||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 312,293 | 338,021 | |||
