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Keros Therapeutics, Inc., a clinical-stage biopharmaceutical company, develops and commercializes novel therapeutics to treat patients with disorders linked to dysfunctional signaling of the transforming growth factor-beta family of proteins in the United States. It develops rinvatercept, which acts as a ligand trap and inhibits the biological effects of myostatin and activin A in Phase 1 clinical trials for Duchenne Muscular Dystrophy and Amyotrophic Lateral Sclerosis; and elritercept to target TGF-ß signaling pathways to address diseases that arise from ineffective hematopoiesis in Phase 3 clinical trials for Myelodysplastic Syndromes and Phase 2 clinical trials for Myelofibrosis. The company has collaboration and license agreements with Hansoh (Shanghai) Healthtech Co., Ltd. to develop, manufacture, and commercialize elritercept and licensed products containing elritercept; and Takeda Pharmaceuticals U.S.A., Inc. to develop, manufacture, and commercialize elritercept and certain derivative compounds. Keros Therapeutics, Inc. was incorporated in 2015 and is headquartered in Lexington, Massachusetts.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $244M | $69M | $87M | $106M | 28.7% | 6775.0% | -146.4% |
| 2024 | $4M | $-208M | $-187M | $-163M | -32.8% | 2251.0% | 22.5% |
| 2023 | $0M | $-152M | $-153M | $-127M | -46.1% | - | 46.2% |
| 2022 | $0M | $-104M | $-105M | $-71M | -37.7% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 0 | 0.15 | 3.55 | 244.06 |
| Operating Revenue | - | 0 | 0.15 | 3.55 | 244.06 |
| Operating Expense | - | 107.71 | 167.69 | 213.14 | 176.49 |
| Research And Development | - | 87.26 | 135.26 | 173.63 | 129.64 |
| Selling General And Administration | - | 27.52 | 34.83 | 40.75 | 46.85 |
| Total Expenses | - | 107.71 | 167.69 | 213.14 | 176.49 |
| Operating Income | - | -107.71 | -167.54 | -209.60 | 67.57 |
| Total Operating Income As Reported | - | -114.79 | -169.94 | -210.83 | 67.57 |
| EBITDA | - | -104 | -152.18 | -208.37 | 69.08 |
| Normalized EBITDA | - | -107.65 | -166.93 | -231.86 | 44.21 |
| EBIT | - | -104.68 | -152.99 | -209.60 | 67.57 |
| Interest Expense | 0 | 0 | 0 | 0 | - |
| Net Interest Income | 0 | 0 | 0 | 0 | - |
| Other Non Operating Income Expenses | - | -0.61 | -0.21 | -0.95 | -0.54 |
| Other Income Expense | - | 3.03 | 14.55 | 22.54 | 24.33 |
| Interest Expense Non Operating | 0 | 0 | 0 | 0 | - |
| Net Non Operating Interest Income Expense | 0 | 0 | 0 | 0 | - |
| Pretax Income | - | -104.68 | -152.99 | -187.05 | 91.90 |
| Tax Provision | - | 0 | 0 | 0.30 | 4.88 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 4.93 | 1.32 |
| Net Income Continuous Operations | - | -104.68 | -152.99 | -187.35 | 87.01 |
| Net Income From Continuing And Discontinued Operation | - | -104.68 | -152.99 | -187.35 | 87.01 |
| Net Income From Continuing Operation Net Minority Interest | - | -104.68 | -152.99 | -187.35 | 87.01 |
| Net Income | - | -104.68 | -152.99 | -187.35 | 87.01 |
| Net Income Common Stockholders | - | -104.68 | -152.99 | -187.35 | 87.01 |
| Net Income Including Noncontrolling Interests | - | -104.68 | -152.99 | -187.35 | 87.01 |
| Normalized Income | - | -108.32 | -167.75 | -205.91 | 63.46 |
| Diluted NI Availto Com Stockholders | - | -104.68 | -152.99 | -187.35 | 87.01 |
| Basic Average Shares | - | 23.44 | 29.45 | 37.44 | 37.22 |
| Diluted Average Shares | - | 23.44 | 29.45 | 37.44 | 37.86 |
| Reconciled Depreciation | - | 0.67 | 0.82 | 1.23 | 1.51 |
| Total Unusual Items | - | 3.64 | 14.76 | 23.50 | 24.87 |
| Total Unusual Items Excluding Goodwill | - | 3.64 | 14.76 | 23.50 | 24.87 |
| Gain On Sale Of Security | - | 3.64 | 14.76 | 23.50 | 24.87 |
| General And Administrative Expense | - | 27.52 | 34.83 | 40.75 | 46.85 |
| Other Gand A | - | 27.52 | 34.83 | 40.75 | 46.85 |
| Other Operating Expenses | - | -7.08 | -2.40 | -1.24 | - |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Keros Therapeutics, Inc.this co. | KROS | $213M | 2.45 | 0.70 | 28.7% | -0.83 |
| Foghorn Therapeutics Inc. | FHTX | $220M | -2.96 | -2.02 | 68.5% | -2.28 |
| Inhibikase Therapeutics, Inc. | IKT | $219M | -4.54 | 1.27 | -27.9% | -1.50 |
| Voyager Therapeutics, Inc. | VYGR | $219M | -1.83 | 1.12 | -61.1% | -1.49 |
| Utah Medical Products, Inc. | UTMD |
| - |
| - |
| - |
| - |
| - |
| $216M |
| 19.17 |
| 1.82 |
| 9.5% |
| 9.09 |
| Pro-Dex, Inc. | PDEX | $214M | 23.83 | 5.84 | 24.5% | 16.29 |
| RxSight, Inc. | RXST | $211M | -5.42 | 0.77 | -14.1% | -5.68 |
| Atrium Therapeutics, Inc. | RNA | $210M | -2.74 | 1.02 | -37.0% | 0.73 |
| Accendra Health, Inc. | ACH | $203M | -0.18 | -0.44 | 238.8% | 9.29 |
| Peer Median | - | -2.29 | 1.07 | -2.3% | -0.38 | |