Keros Therapeutics Reports Recent First Quarter 2026 Financial Results

Keros Therapeutics (Nasdaq: KROS) reported first quarter 2026 results and a key pipeline update.

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.

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

Argus May 14 session

-8.34% close to close Open Argus

Details

News Market Reaction – KROS

On May 14, the day this news came out, KROS closed 8.34% below the previous close.

Data tracked by StockTitan Argus for the May 14 session.

Key Figures

Net loss: $23.7M Net income: $148.5M R&D expenses: $16.1M +4 more

Net loss

$23.7M

First quarter 2026

Net income

$148.5M

First quarter 2025

R&D expenses

$16.1M

First quarter 2026 (vs. $48.7M in Q1 2025)

G&A expenses

$10.1M

First quarter 2026 (vs. $10.5M in Q1 2025)

Cash & equivalents

$281.5M

As of March 31, 2026

Cash & equivalents

$287.4M

As of December 31, 2025

Cash runway

Into first half of 2028

Based on current operating assumptions

Previous Earnings Reports

5 past events · Latest: Mar 04

Same Type 5 events

1. Mar 04

   Earnings and outlook

   24h Move

   -15.0%

   Q4 and 2025 results with Takeda-driven income and 2028 cash runway guidance.

2. Nov 05

   Quarterly earnings

   24h Move

   +3.3%

   Q3 2025 loss narrowed via Takeda revenue and reduced elritercept R&D spend.

3. Aug 06

   Quarterly earnings

   24h Move

   -7.3%

   Q2 2025 loss narrowed with strong cash, R&D still elevated amid pipeline work.

4. May 06

   Quarterly earnings

   24h Move

   -0.4%

   Q1 2025 swung to large net income and higher R&D on pipeline advances.

5. Feb 26

   Annual results

   24h Move

   +0.6%

   2024 losses offset by Takeda upfront, extending cash runway into 2029.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

transforming growth factor-beta, phase 3 clinical trial, myelofibrosis, myelodysplastic syndromes

4 terms

transforming growth factor-beta medical

"disorders that are linked to dysfunctional signaling of the transforming growth factor-beta"

Transforming growth factor-beta (TGF-β) is a naturally occurring signaling protein that helps control cell growth, inflammation and tissue repair, acting like a traffic cop that tells cells when to divide, change form or calm down. It matters to investors because drugs that block or boost TGF-β can treat cancers, fibrotic diseases and immune disorders, affecting clinical trial outcomes, regulatory risk and the commercial potential of biopharma assets.

phase 3 clinical trial medical

"Takeda plans to advance elritercept into a Phase 3 clinical trial to evaluate"

A phase 3 clinical trial is a large-scale study that tests a new medical treatment or drug to determine if it is safe and effective for widespread use. It often involves hundreds or thousands of participants and compares the new treatment to existing options or a placebo. For investors, the results of this phase are crucial, as successful outcomes can lead to regulatory approval and commercial success, while failures may halt development.

myelofibrosis medical

"Phase 3 clinical trial to evaluate elritercept as a treatment of anemia in myelofibrosis"

A bone marrow disorder in which healthy, spongy marrow is gradually replaced by scar tissue, like a garden soil turned to concrete so seeds can’t grow. That replacement reduces production of red and white blood cells and platelets, causing anemia, fatigue, infections and an enlarged spleen. Investors care because the condition creates demand for therapies, clinical trials and regulatory decisions that can materially affect drug sales and company valuations.

myelodysplastic syndromes medical

"broadening the indication opportunity beyond myelodysplastic syndromes"

Myelodysplastic syndromes are a group of disorders in which the bone marrow — the body’s blood cell factory — makes blood cells that are abnormal or too few, leading to anemia, infections, or bleeding and sometimes progressing to leukemia. Investors monitor them because demand for effective drugs, clinical trial results, and regulatory approvals can materially affect the revenues and valuations of healthcare companies and influence projected treatment costs and market opportunities.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

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 $23.7 million in the first quarter of 2026 as compared to a net income of $148.5 million in the first quarter of 2025. The decrease of $172.2 million was largely due to revenue recognized in 2025 related to Keros' license agreement with Takeda and decreased research and development efforts.

Research and development expenses were $16.1 million for the first quarter of 2026 as compared to $48.7 million for the same period in 2025. The decrease of $32.6 million was primarily due to the transition of elritercept-related research and development expenses to Takeda and the corporate restructuring that was completed in 2025.

General and administrative expenses were $10.1 million for the first quarter of 2026 as compared to $10.5 million for the same period in 2025. The decrease of $0.4 million was primarily due to a decrease in compensation costs in connection with the 2025 corporate restructuring.

Keros’ cash and cash equivalents as of March 31, 2026 was $281.5 million compared to $287.4 million as of December 31, 2025. Based on current operating assumptions, Keros expects that its cash and cash equivalents as of March 31, 2026 will enable Keros to fund its operating expenses and capital expenditure requirements into the first half of 2028.

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 $0.0001 per share; 10,000,000 shares authorized as of March 31, 2026 and December 31, 2025; no shares issued and outstanding	—			—
Series A junior participating preferred stock, par value of $0.0001 per share; 500,000 authorized as of March 31, 2026 and December 31, 2025; no shares issued and outstanding	—			—
Common stock, par value of $0.0001 per share; 200,000,000 shares authorized as of March 31, 2026 and December 31, 2025; 40,859,597 shares issued and 19,732,837 shares outstanding as of March 31, 2026 and 40,670,466 shares issued and 19,543,706 shares outstanding as of December 31, 2025	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

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Keros Therapeutics (KROS) first quarter 2026 earnings results?

Keros reported a net loss of $23.7 million for Q1 2026. According to Keros, this compares with net income of $148.5 million in Q1 2025, mainly due to 2025 Takeda license revenue and reduced research and development activity.

How did Keros Therapeutics (KROS) research and development expenses change in Q1 2026?

Keros reported Q1 2026 research and development expenses of $16.1 million. According to Keros, this decreased from $48.7 million in Q1 2025, primarily because elritercept-related costs transitioned to Takeda and due to a 2025 corporate restructuring.

What is Keros Therapeutics (KROS) cash runway following its Q1 2026 results?

Keros ended March 31, 2026 with $281.5 million in cash and cash equivalents. According to Keros, based on current operating assumptions, this is expected to fund operating expenses and capital expenditures into the first half of 2028.

What did Takeda decide about elritercept in partnership with Keros Therapeutics (KROS)?

Takeda plans to advance elritercept into a Phase 3 clinical trial for anemia in myelofibrosis. According to Keros, this expands the indication opportunity beyond myelodysplastic syndromes and represents a key development for the partnered program.

How did Keros Therapeutics (KROS) general and administrative expenses trend in Q1 2026?

Keros reported general and administrative expenses of $10.1 million for Q1 2026. According to Keros, this was slightly lower than $10.5 million in Q1 2025, mainly driven by reduced compensation costs following the 2025 corporate restructuring.

Why did Keros Therapeutics (KROS) swing from net income in Q1 2025 to a net loss in Q1 2026?

Keros moved from $148.5 million net income to a $23.7 million net loss year over year. According to Keros, the change mainly reflects 2025 revenue from its Takeda license agreement and decreased research and development efforts.

What were Keros Therapeutics (KROS) cash and cash equivalents as of March 31, 2026?

Keros reported cash and cash equivalents of $281.5 million at March 31, 2026. According to Keros, this compares with $287.4 million at December 31, 2025, and is expected to support operations into the first half of 2028.