Keros Therapeutics to Receive Additional Development Milestone Payment from Partner Takeda

The planned stockholder distribution depends on Keros receiving the expected milestone payment.

Rhea-AI Summary

Keros Therapeutics (KROS) expects a $20 million Takeda milestone payment after the first patient was dosed in the Phase 3 ELRiSE MF trial. The trial compares elritercept with placebo in patients with myelofibrosis and anemia who are receiving ruxolitinib. Keros expects to distribute 25% of the milestone payment’s net cash proceeds to stockholders after receiving it.

The Takeda license became effective January 16, 2025, and Keros received a $200 million upfront cash payment in February 2025. Under the agreement, Keros is eligible for development, commercial and sales milestones with the potential to exceed $1.1 billion, plus tiered royalties on net sales.

6 points · 1 major

PositiveiHow this balance works

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

0 major · 1 point

Hollow bars mark forward-looking points. How the balance works

Positive

• Major pointKeros received a $200 million upfront cash payment in February 2025. 89% of market cap
• Moderate point. Forward-looking: it has not happened yet and may not happen.Keros expects a $20 million development milestone payment after the first patient was dosed. 8.9% of market cap
• Moderate pointFirst-patient dosing has occurred in the Phase 3 ELRiSE MF trial.
• Moderate point. Forward-looking: it has not happened yet and may not happen.The Takeda license provides for milestones with the potential to exceed $1.1 billion.
• Minor point. Forward-looking: it has not happened yet and may not happen.Keros expects to distribute 25% of the milestone’s net cash proceeds to stockholders after receipt.
• Minor point. Forward-looking: it has not happened yet and may not happen.Keros is eligible for tiered royalties on net sales.

Negative

• Minor point. Forward-looking: it has not happened yet and may not happen.The planned stockholder distribution depends on Keros receiving the expected milestone payment.

Market Context

Keros' September 8 disclosure documented a prior $20 million Takeda milestone for elritercept after ...

Analysis

Keros' September 8 disclosure documented a prior $20 million Takeda milestone for elritercept after ELRiSE MDS dosing, providing a direct precedent under the same license for this additional ELRiSE MF-triggered payment.

Key Figures

Development milestone payment: $20 million Trial phase: Phase 3 Upfront license payment: $200 million +2 more

Development milestone payment

$20 million

Expected after first-patient dosing in the ELRiSE MF trial

Trial phase

Phase 3

ELRiSE MF trial of elritercept versus placebo

Upfront license payment

$200 million

Received in February 2025 under the Takeda license agreement

Potential milestone payments

Potential to exceed $1.1 billion

Development, commercial and sales milestones under the global license agreement

Net proceeds distribution

25%

Keros expects to distribute this share of net cash proceeds to stockholders

Historical Context

1 past event · Latest: Sep 08

1 event

1. Sep 08

   Milestone payment

   24h Move

   +1.3%

   Keros disclosed receipt of a Takeda milestone after first patient dosing in the ELRiSE MDS trial.

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

Key Terms

phase 3, double-blind, randomized trial, myelofibrosis, +1 more

5 terms

phase 3 medical

"ELRiSE MF is a Phase 3, multicenter, double-blind, randomized trial"

Phase 3 is the late-stage clinical testing step for a new drug or medical treatment, where the product is given to large groups of patients to confirm effectiveness, monitor side effects, and compare it to standard care. Successful Phase 3 results are often the final scientific hurdle before regulators decide on approval and market launch—like passing a final exam before graduation—and can sharply change a company's valuation and future revenue prospects.

double-blind medical

"a Phase 3, multicenter, double-blind, randomized trial"

A double-blind process means that neither the people conducting an activity nor the people involved know certain key details, such as who is receiving a treatment or a placebo. This approach helps prevent bias from influencing the results, making the outcome more trustworthy. For investors, it ensures that decisions or judgments are based on unbiased information rather than preconceived opinions or expectations.

randomized trial medical

"double-blind, randomized trial to compare the efficacy and safety"

A randomized trial is a study where participants are assigned by chance—like flipping a coin—to different treatments or to a comparison group so the results reflect the effect of the treatment rather than other factors. Investors care because these trials provide the most reliable evidence about whether a drug, device, or strategy works, and strong, clear results can change a company’s approval prospects, market size and risk profile quickly.

myelofibrosis medical

"patients with myelofibrosis (“MF”) and anemia"

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.

tiered royalties financial

"eligible to receive tiered royalties on net sales"

Tiered royalties are a payment structure where the percentage of earnings paid as royalties changes based on different levels of sales or production. For example, a company might pay a smaller percentage on initial sales and a higher percentage as sales increase beyond certain points. This system encourages higher sales by adjusting payments, making it important for investors to understand how revenue sharing may vary as a product or project grows.

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

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LEXINGTON, Mass., Sept. 29, 2026 (GLOBE NEWSWIRE) -- Keros Therapeutics, Inc. (“Keros”) (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 announced that it expects to receive a $20 million development milestone payment under the terms of the license agreement of elritercept with partner Takeda, following the dosing of the first patient in the ELRiSE MF clinical trial. ELRiSE MF is a Phase 3, multicenter, double-blind, randomized trial to compare the efficacy and safety of elritercept to placebo in patients with myelofibrosis (“MF”) and anemia on concurrent ruxolitinib therapy.

“The milestone marks another important step forward for the elritercept program,” said Jasbir S. Seehra, Ph.D., President and Chief Executive Officer of Keros. “We are grateful to our partner Takeda for their dedication to bringing this important potential new treatment to patients in need.”

Under the terms of the global license agreement with Takeda to further develop, manufacture and commercialize elritercept worldwide outside of mainland China, Hong Kong and Macau, which became effective on January 16, 2025, Keros received a $200 million upfront cash payment in February 2025, and is eligible to receive development, commercial and sales milestones with the potential to exceed $1.1 billion. Keros will also be eligible to receive tiered royalties on net sales.

Keros expects to distribute 25% of the net cash proceeds from this milestone payment to its stockholders following receipt of the payment.

About Elritercept

Elritercept is an engineered ligand trap comprised of a modified ligand-binding domain of the TGF-ß receptor known as activin receptor type IIA that is fused to the portion of the human antibody known as the Fc domain. Elritercept is being developed for the treatment of low blood cell counts, or cytopenias, including anemia and thrombocytopenia, in patients with myelodysplastic syndromes and in patients with MF.

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 syndromes and in patients with MF.

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 “expect,” “potential,” “will,” “eligible” or similar expressions are intended to identify forward-looking statements. Examples of these forward-looking statements include statements concerning: Keros’ expectations regarding the progress of the elritercept program; the expected milestone payment under the global license agreement with Takeda; the expected distribution of net proceeds from such milestone payment to Keros’ stockholders; and the other potential milestone and royalty payments under the global license agreement with Takeda. 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 August 3, 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

FAQ

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

What triggered Keros Therapeutics’ $20 million Takeda milestone payment?

The dosing of the first patient in the Phase 3 ELRiSE MF trial triggered Keros’ expectation of a $20 million development milestone payment under its elritercept license with Takeda.

How much of the Takeda milestone does Keros Therapeutics expect to distribute to stockholders?

Keros expects to distribute 25% of the milestone payment’s net cash proceeds to stockholders after it receives the payment.

Where does the Keros Therapeutics–Takeda elritercept license apply?

The license covers the development, manufacture and commercialization of elritercept worldwide outside mainland China, Hong Kong and Macau.