Keros Therapeutics(NASDAQ) KROS

Keros makes medicines for people with rare muscle and blood diseases. These drugs help the body fix and grow tissues like muscle. They focus on helping patients who have very few treatment options.

Medicines for Muscle and Blood

• Elritercept: Treatment candidate for low blood cell counts in patients with bone marrow cancers.
• Rinvatercept: Engineered protein designed to increase muscle strength and size in patients with wasting diseases.
• KER-012: Research drug for treating high blood pressure in the lungs and bone loss conditions.
• KER-047: Small molecule drug candidate being tested for its ability to treat certain types of anemia.

Major Partners and Global Deals

• Partnered with Takeda Pharmaceuticals in January 2025 to develop and sell elritercept globally.
• Received a $200 million upfront payment from Takeda Pharmaceuticals in February 2025.
• Signed a license deal with Hansoh in December 2021 for rights in mainland China and Hong Kong.
• Licensed core technology from The General Hospital Corporation in 2016 to build their drug pipeline.

Master Regulators of Human Tissue

Keros leads in understanding proteins that control how the body repairs muscle, bone, and blood. Their specialized approach uses animal models that closely match human biology to predict success.

Tracking the Recovery Path

• Revenue was $385,000 in Q4 2025, down 87.3% from the previous year.
• Operating income was -$26.2 million in Q4 2025, showing a 50.8% improvement from Q4 2024.
• Net income reached -$23.5 million in Q4 2025, which narrowed and improved by 49% year-over-year.
• Free cash flow hit -$27.4 million in Q4 2025, which narrowed and improved by 40.8% year-over-year.

From Lab to Global Trials

Keros is evolving into a clinical developer through major global partnerships and focused protein research. Its ability to target specific growth proteins allows it to address multiple rare diseases simultaneously.