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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% | - |
| 2024 | $4M | $-208M | $-187M | $-163M | -32.8% | 2251.0% | - |
| 2023 | $0M | $-152M | $-153M | $-127M | -46.1% | - | - |
| 2022 | $0M | $-104M | $-105M | $-71M | -37.7% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 0 | 0.15 | 3.55 | 244.06 |
| Operating Expense | 107.71 | 167.69 | 213.15 | 176.49 |
| Operating Income | -107.71 | -167.54 | -209.59 | 67.57 |
| EBITDA | -104 | -152.18 | -208.37 | 69.08 |
| EBIT | -104.68 | -152.99 | -209.59 | 67.57 |
| Pretax Income | -104.68 | -152.99 | -187.05 | 91.90 |
| Tax Provision | 0 | 0 | 0.30 | 4.88 |
| Net Income | -104.68 | -152.99 | -187.35 | 87.01 |
| Net Income Common Stockholders | -104.68 | -152.99 | -187.35 | 87.01 |
| Total Expenses | 107.71 | 167.69 | 213.15 | 176.49 |
| Interest Expense | 0 | 0 | 0 | 0 |
| Research And Development | 87.27 | 135.26 | 173.63 | 129.64 |
| Selling General And Administration | 27.52 | 34.83 | 40.75 | 46.85 |
| Normalized EBITDA | -107.65 | -166.93 | -231.86 | 44.21 |
| Normalized Income | -108.32 | -167.75 | -205.91 | 63.46 |
| Basic EPS | -4.15 | -5.20 | -5 | 0 |
| Diluted EPS | -4.15 | -5.20 | -5 | 0 |
| Tax Effect Of Unusual Items | 0 | 0 | 4.93 | 1.32 |
| Tax Rate For Calcs | 0 | 0 | 0.21 | 0.05 |
| Total Unusual Items | 3.64 | 14.76 | 23.50 | 24.87 |
| Total Unusual Items Excluding Goodwill | 3.64 | 14.76 | 23.50 | 24.87 |
| Net Income From Continuing Operation Net Minority Interest | -104.68 | -152.99 | -187.35 | 87.01 |
| Reconciled Depreciation | 0.67 | 0.81 | 1.23 | 1.51 |
| Net Interest Income | 0 | 0 | 0 | 0 |
| Net Income From Continuing And Discontinued Operation | -104.68 | -152.99 | -187.35 | 87.01 |
| Total Operating Income As Reported | -114.79 | -169.94 | -210.83 | 67.57 |
| Diluted Average Shares | 23.44 | 29.45 | 37.44 | 0 |
| Basic Average Shares | 23.44 | 29.45 | 37.44 | 0 |
| Diluted NI Availto Com Stockholders | -104.68 | -152.99 | -187.35 | 87.01 |
| Net Income Including Noncontrolling Interests | -104.68 | -152.99 | -187.35 | 87.01 |
| Net Income Continuous Operations | -104.68 | -152.99 | -187.35 | 87.01 |
| Other Income Expense | 3.03 | 14.55 | 22.54 | 24.33 |
| Other Non Operating Income Expenses | -0.61 | -0.21 | -0.95 | -0.54 |
| Gain On Sale Of Security | 3.64 | 14.76 | 23.50 | 24.87 |
| Net Non Operating Interest Income Expense | 0 | 0 | 0 | 0 |
| Interest Expense Non Operating | 0 | 0 | 0 | 0 |
| Other Operating Expenses | -7.08 | -2.40 | -1.24 | 0 |
| General And Administrative Expense | 27.52 | 34.83 | 40.75 | 46.85 |
| Other Gand A | 27.52 | 34.83 | 40.75 | 46.85 |
| Operating Revenue | 0 | 0.15 | 3.55 | 244.06 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Keros Therapeutics, Inc.this co. | KROS | $220M | 4.83↓ discount | 0.72 | 28.7% | -0.72 |
| Spok Holdings, Inc. | SPOK | $229M | 14.73 | 1.56 | 10.8% | 8.93 |
| Heron Therapeutics, Inc. | HRTX | $224M | - | 16.76 | -140.9% | -1425.96 |
| Voyager Therapeutics, Inc. | VYGR | $220M | - | 1.10 | -61.1% | -0.46 |
| Sight Sciences, Inc. | SGHT | $216M |
| - |
| 3.32 |
| -60.1% |
| -4.83 |
| LifeMD, Inc. | LFMD | $210M | - | 8.93 | 62.0% | -27.13 |
| Electromed, Inc. | ELMD | $208M | 24.37 | 4.57 | 17.4% | 15.06 |
| Utah Medical Products, Inc. | UTMD | $207M | 19.24 | 1.74 | 9.5% | 7.91 |
| OraSure Technologies, Inc. | OSUR | $205M | - | 0.61 | -20.2% | -0.32 |
| Peer Median | - | 19.24 | 2.53 | -5.4% | -0.39 | |