Keros Therapeutics (KROS)


Market Price (10/29/2026): $11.61 | Market Cap: $230.2 MilSector: Health Care | Industry: Biotechnology

Keros Therapeutics (KROS)


Market Price (10/29/2026): $11.61
Market Cap: $230.2 Mil
Sector: Health Care
Industry: Biotechnology

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -105%

Low stock price volatility
Vol 12M is 49%

Megatrend and thematic drivers
Megatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Targeted Therapies, Biopharmaceutical R&D, Show more.

Weak multi-year price returns
2Y Excs Rtn is -114%, 3Y Excs Rtn is -143%

Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -101 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -676%

Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -94%, Rev Chg QQuarterly Revenue Change % is null

Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 152%

Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -320%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -323%

Valuation getting more expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 134%

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -40%

Key risks
KROS key risks include [1] its heavy reliance on the successful clinical development and approval of its key product candidates, Show more.

0 Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -105%
1 Low stock price volatility
Vol 12M is 49%
2 Megatrend and thematic drivers
Megatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Targeted Therapies, Biopharmaceutical R&D, Show more.
3 Weak multi-year price returns
2Y Excs Rtn is -114%, 3Y Excs Rtn is -143%
4 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -101 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -676%
5 Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -94%, Rev Chg QQuarterly Revenue Change % is null
6 Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 152%
7 Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -320%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -323%
8 Valuation getting more expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 134%
9 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -40%
10 Key risks
KROS key risks include [1] its heavy reliance on the successful clinical development and approval of its key product candidates, Show more.

KROS in ETFs

Weight = KROS's share of each fund

VTI0.00%
IWM0.01%
IBB0.01%
IWN0.01%
VTWO0.01%
SCHA0.01%
VHT0.00%
DFAS0.00%
+4 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 10/28/2026

Keros Therapeutics (KROS) stock has gained about 10% since 6/30/2026 because of the following key factors:

1. Advancement of Lead Product Candidate, Rinvatercept, into Phase 2 Clinical Trial.

Keros Therapeutics announced on September 28, 2026, the first patient dosing in its Phase 2 clinical trial evaluating rinvatercept in patients with Duchenne muscular dystrophy (DMD). This represents a significant clinical milestone for their lead product candidate, building on prior Phase 1 results in healthy volunteers that demonstrated robust pharmacological activity, including increases in muscle mass and bone mineral density, and a decrease in fat mass.

2. Receipt of Development Milestone Payments from Partner Takeda.

The company received an additional development milestone payment from its partner Takeda on September 29, 2026. This followed an earlier anticipated development milestone payment from Takeda on July 30, 2026. These payments, with one source indicating a $20 million payment, provide non-dilutive funding and validate Keros' strategic partnerships.

Show more
Updated on 10/28/2026

Keros Therapeutics (KROS) stock has gained about 10% since 6/30/2026 because of the following key factors:

1. Advancement of Lead Product Candidate, Rinvatercept, into Phase 2 Clinical Trial.

Keros Therapeutics announced on September 28, 2026, the first patient dosing in its Phase 2 clinical trial evaluating rinvatercept in patients with Duchenne muscular dystrophy (DMD). This represents a significant clinical milestone for their lead product candidate, building on prior Phase 1 results in healthy volunteers that demonstrated robust pharmacological activity, including increases in muscle mass and bone mineral density, and a decrease in fat mass.

2. Receipt of Development Milestone Payments from Partner Takeda.

The company received an additional development milestone payment from its partner Takeda on September 29, 2026. This followed an earlier anticipated development milestone payment from Takeda on July 30, 2026. These payments, with one source indicating a $20 million payment, provide non-dilutive funding and validate Keros' strategic partnerships.

3. Improved Financial Outlook with Reduced Net Loss and Extended Cash Runway.

For fiscal Q2 2026 (ended June 30, 2026), Keros Therapeutics reported a net loss of $28.7 million, a decrease of $2.0 million compared to a net loss of $30.7 million in fiscal Q2 2025. This improvement was primarily driven by a $21.2 million reduction in research and development expenses, mainly due to the transition of elritercept-related expenses to Takeda and a corporate restructuring completed in 2025. The company reported $257.6 million in cash and cash equivalents as of June 30, 2026, which is expected to fund operations into the first half of fiscal year 2028.

4. Authorization of a $5 Million Share Repurchase Program.

Keros Therapeutics announced a $5 million share repurchase authorization on September 8, 2026. This move often signals management's confidence in the company's valuation and its commitment to returning value to shareholders.

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Stock Movement Drivers

Fundamental Drivers

The 8.5% change in KROS stock from 6/30/2026 to 10/28/2026 was primarily driven by a 141.9% change in the company's P/S Multiple.
(LTM values as of)630202610282026Change
Stock Price ($)10.7011.618.5%
Change Contribution By: 
Total Revenues ($ Mil)3315-54.8%
P/S Multiple6.315.3141.9%
Shares Outstanding (Mil)2020-0.9%
Cumulative Contribution8.5%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2026 to 10/28/2026
ReturnCorrelation
KROS8.5% 
Market (SPY)3.4%22.6%
Sector (XLV)13.3%24.3%

Fundamental Drivers

The 5.2% change in KROS stock from 3/31/2026 to 10/28/2026 was primarily driven by a 1149.5% change in the company's P/S Multiple.
(LTM values as of)331202610282026Change
Stock Price ($)11.0411.615.2%
Change Contribution By: 
Total Revenues ($ Mil)24415-93.8%
P/S Multiple1.215.31149.5%
Shares Outstanding (Mil)272036.8%
Cumulative Contribution5.2%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2026 to 10/28/2026
ReturnCorrelation
KROS5.2% 
Market (SPY)19.1%22.8%
Sector (XLV)23.1%23.5%

Fundamental Drivers

The -26.6% change in KROS stock from 9/30/2025 to 10/28/2026 was primarily driven by a -93.6% change in the company's Total Revenues ($ Mil).
(LTM values as of)930202510282026Change
Stock Price ($)15.8211.61-26.6%
Change Contribution By: 
Total Revenues ($ Mil)23315-93.6%
P/S Multiple2.815.3454.9%
Shares Outstanding (Mil)4120105.1%
Cumulative Contribution-26.6%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2025 to 10/28/2026
ReturnCorrelation
KROS-26.6% 
Market (SPY)16.9%27.9%
Sector (XLV)30.8%24.8%

Fundamental Drivers

The -63.6% change in KROS stock from 9/30/2023 to 10/28/2026 was primarily driven by a null change in the company's P/S Multiple.
(LTM values as of)930202310282026Change
Stock Price ($)31.8811.61-63.6%
Change Contribution By: 
Total Revenues ($ Mil)0159.2233720368547763E17%
P/S Multiple∞15.3 
Shares Outstanding (Mil)302049.5%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2023 to 10/28/2026
ReturnCorrelation
KROS-63.6% 
Market (SPY)86.9%15.5%
Sector (XLV)46.2%17.9%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
KROS Return-17%-18%-17%-60%29%-44%-84%
Peers Return-10%41%-16%39%-23%15%32%
S&P 500 Return27%-19%24%23%16%13%106%

Monthly Win Rates [3]
KROS Win Rate42%50%50%33%50%50% 
Peers Win Rate50%58%47%53%47%54% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
KROS Max Drawdown-61%-61%-54%-78%-41%-51% 
Peers Max Drawdown-39%-29%-37%-32%-53%-29% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: MRK, SRPT, UTHR, GERN, AGIO.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/28/2026 (YTD)

How Low Can It Go

EventKROSS&P 500
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-36.9%-9.5%
  % Gain to Breakeven58.4%10.5%
  Time to Breakeven69 days24 days
2023 SVB Regional Banking Crisis
  % Loss-29.7%-6.7%
  % Gain to Breakeven42.3%7.1%
  Time to Breakeven279 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-56.1%-24.5%
  % Gain to Breakeven128.0%32.4%
  Time to Breakeven598 days427 days

Compare to MRK, SRPT, UTHR, GERN, AGIO

In The Past

Keros Therapeutics's stock fell -10.0% during the 2025 US Tariff Shock. Such a loss loss requires a 11.1% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventKROSS&P 500
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-36.9%-9.5%
  % Gain to Breakeven58.4%10.5%
  Time to Breakeven69 days24 days
2023 SVB Regional Banking Crisis
  % Loss-29.7%-6.7%
  % Gain to Breakeven42.3%7.1%
  Time to Breakeven279 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-56.1%-24.5%
  % Gain to Breakeven128.0%32.4%
  Time to Breakeven598 days427 days

Compare to MRK, SRPT, UTHR, GERN, AGIO

In The Past

Keros Therapeutics's stock fell -10.0% during the 2025 US Tariff Shock. Such a loss loss requires a 11.1% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Keros Therapeutics (KROS)

Keros Therapeutics, Inc. is a clinical-stage biopharmaceutical company focused on discovering, developing, and commercializing novel treatments for patients with specific hematological (blood-related) and musculoskeletal disorders. The company aims to address medical conditions where existing therapies are inadequate, targeting areas of high unmet medical need.

The company's pipeline features several key product candidates. Its most advanced therapeutic, KER-050, is a protein therapeutic being developed to treat low blood cell counts, known as cytopenias, including anemia and thrombocytopenia. This treatment is intended for patients diagnosed with myelodysplastic syndromes and myelofibrosis. Keros is also advancing two small molecule candidates: KER-047, currently in Phase 1 clinical trials for the treatment of anemia, and KER-012, also in Phase 1, which aims to address disorders associated with bone loss, such as osteoporosis and osteogenesis imperfecta, as well as pulmonary arterial hypertension. These product candidates are designed to serve patients afflicted with these often debilitating and serious conditions.

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Imagine a younger, smaller Vertex Pharmaceuticals, but concentrating its efforts on creating new treatments for blood and bone disorders.

It's like an early-stage Amgen or Celgene, building a pipeline of novel drugs specifically for blood cell and bone conditions.

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  • KER-050: A lead protein therapeutic product candidate developed for the treatment of low blood cell counts (cytopenias), including anemia and thrombocytopenia, in patients with myelodysplastic syndromes and myelofibrosis.
  • KER-047: A small molecule product candidate currently in Phase 1 clinical trial for the treatment of anemia.
  • KER-012: A product candidate in Phase 1 clinical trial to treat disorders associated with bone loss (such as osteoporosis and osteogenesis imperfecta) and for the treatment of pulmonary arterial hypertension.
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AI Analysis | Feedback

Keros Therapeutics, Inc. (KROS) is a clinical-stage biopharmaceutical company. As described in the background, its product candidates (KER-050, KER-047, and KER-012) are currently in various stages of clinical trials (Phase 1 or being developed) and have not yet been commercialized.

Therefore, Keros Therapeutics does not currently have any commercialized products on the market and, consequently, does not have major customers in the traditional sense of companies or individuals purchasing its products.

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Jasbir Seehra, Ph.D. President, Chief Executive Officer, Treasurer, & Director

Dr. Jasbir Seehra has served as Keros Therapeutics' Chief Executive Officer and as a member of its board of directors since December 2015. He also assumed the additional role of President, effective August 18, 2025. Dr. Seehra is a co-founder of Keros Therapeutics. Prior to joining Keros, he was the Chief Scientific Officer at Ember Therapeutics and co-founded Acceleron Pharma, where he also served as Chief Scientific Officer. His earlier career includes serving as Vice President of Biological Chemistry at Wyeth and leading small molecule lead discovery efforts at Genetics Institute. Keros Therapeutics received Series B funding from venture capital firms, including Pontifax, which also co-founded and invested in Acceleron Pharma, indicating a pattern of involvement with companies backed by private equity/venture capital.

Keith Regnante, MBA Chief Financial Officer

Mr. Keith Regnante has served as Keros Therapeutics' Chief Financial Officer since February 2020. Before joining Keros, he was the Chief Financial Officer at Wave Life Sciences Ltd. from August 2016 to January 2020, a period marked by significant organizational growth, clinical pipeline advancements, and multiple capital raises. Prior to Wave, Mr. Regnante was Vice President of Finance at Shire Pharmaceuticals, where he oversaw finance for Research & Development. He also held various positions of increasing responsibility at Biogen, leading finance teams for Corporate Finance, R&D, and Business Development. Earlier in his career, he worked as a Consultant with The Boston Consulting Group. Mr. Regnante holds an MBA from MIT Sloan School of Management and a BA in Economics from Tufts University.

Lorena Lerner, Ph.D. Chief Scientific Officer

Dr. Lorena Lerner was promoted to Chief Scientific Officer of Keros Therapeutics, effective August 6, 2025, having previously served as Senior Vice President, Research.

Esther Cho, J.D. Chief Legal Officer & Secretary

Ms. Esther Cho serves as the Chief Legal Officer & Secretary for Keros Therapeutics. She is also identified as Senior Vice President & General Counsel.

John Oram Senior Vice President, Program and Portfolio Management

Mr. John Oram is the Senior Vice President, Program and Portfolio Management at Keros Therapeutics.

AI Analysis | Feedback

The key risks to Keros Therapeutics (KROS) primarily stem from its nature as a clinical-stage biopharmaceutical company heavily reliant on the successful development and regulatory approval of its limited pipeline of product candidates.

  1. Clinical Trial Failure and Regulatory Approval Risk: As a clinical-stage company, Keros Therapeutics' future success is fundamentally tied to its ability to successfully develop product candidates through various stages of clinical trials and gain regulatory approval. This risk was recently underscored by the complete discontinuation of KER-012 (cibotercept) for pulmonary arterial hypertension (PAH) in May 2025, due to dose-dependent safety issues, specifically pericardial effusions, observed in its Phase 2 trial. This significant setback led to a substantial drop in stock price and a workforce reduction. The uncertainties surrounding regulatory approvals for its remaining key product candidates, such as elritercept, introduce the potential for further delays or outright failures, which would adversely affect the company's valuation.
  2. Pipeline Concentration and Dependence on Key Product Candidates: Following the discontinuation of KER-012, Keros Therapeutics' value and future prospects have become heavily dependent on the success of its remaining lead candidates: elritercept (KER-050) and rinvatercept (KER-065). KER-050 is in Phase 3 for myelodysplastic syndromes (MDS) and Phase 2 for myelofibrosis, while KER-065 (rinvatercept) is in Phase 1 clinical trials for Duchenne Muscular Dystrophy and Amyotrophic Lateral Sclerosis. The early development stage of KER-065, in particular, carries a high rate of attrition. The failure of any one of these concentrated lead programs would have a severe impact on the company given its streamlined pipeline.
  3. Financial Sustainability and Funding Risk: Keros Therapeutics has a limited operating history and has historically reported net losses, indicating that it is not yet generating sustainable product revenue. While the company has reported a cash runway extending into the first half of 2028, the capital required for extensive research and development for clinical trials is substantial. There is an ongoing risk that Keros may need to raise additional funding to complete the development and commercialization of its product candidates. Furthermore, the company's revenue streams are largely tied to milestone payments and royalties from collaborative partnerships, meaning revenue visibility can be limited outside of these collaboration payments. Clinical setbacks could deplete cash reserves and make future funding rounds more challenging to secure.

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Keros Therapeutics (KROS) develops novel treatments for hematological and musculoskeletal disorders. The addressable markets for its main product candidates are detailed below:

KER-050

KER-050 is being developed for the treatment of low blood cell counts (cytopenias), including anemia and thrombocytopenia in patients with myelodysplastic syndromes (MDS) and myelofibrosis (MF).

  • Myelodysplastic Syndromes (MDS) Treatment Market:
    • The global market for Myelodysplastic Syndromes treatment was valued at approximately USD 2.87 billion in 2023 and is projected to reach USD 5.48 billion by 2032, exhibiting a Compound Annual Growth Rate (CAGR) of 8.4%.
    • Another estimate places the global market at USD 3.6 billion in 2025, anticipated to grow to USD 6.3 billion by 2035 with a CAGR of 5.9%.
    • North America held the largest market share, accounting for 40% of the global MDS treatment market in 2023.
  • Myelofibrosis (MF) Treatment Market:
    • The global myelofibrosis treatment market size was estimated at USD 1.2 billion in 2025 and is expected to reach USD 2.75 billion by 2032, with a CAGR of 12.3%.
    • Another report indicates the global market was valued at approximately USD 833.7 million in 2025 and is projected to reach USD 1.42 billion by 2035, with a CAGR of 5.5%.
    • North America holds a dominant share of approximately 40% of the market.

KER-047

KER-047 is being developed for the treatment of anemia.

  • Anemia Treatment Market:
    • The global anemia treatment market is estimated to be valued at USD 12.45 billion in 2025 and is projected to reach USD 22.08 billion by 2035, registering a CAGR of 5.9%.
    • North America dominates the global market with a high share in 2024.
  • Iron Deficiency Anemia (a specific type of anemia) Therapy Market:
    • The global iron deficiency anemia therapy market size was calculated at USD 5.24 billion in 2024 and is projected to reach around USD 10.94 billion by 2034, expanding at a CAGR of 7.64% between 2025 and 2034.
    • North America dominated the global iron deficiency anemia therapy market with a 37% share in 2024.

KER-012

KER-012 is in Phase 1 clinical trial to treat disorders associated with bone loss, such as osteoporosis and osteogenesis imperfecta, and for the treatment of pulmonary arterial hypertension.

  • Osteoporosis Treatment Market:
    • The global osteoporosis treatment market size was valued at USD 15.73 billion in 2024 and is expected to reach USD 20.99 billion by 2032, growing at a CAGR of 4.83% over the forecast period of 2025-2032.
    • North America dominated the osteoporosis treatment market with a 40.1% market share in 2024.
  • Osteogenesis Imperfecta (OI) Treatment Market:
    • The global osteogenesis imperfecta treatment market was valued at USD 757.91 million in 2024, estimated to reach USD 776.10 million in 2025, and is projected to reach USD 938 million by 2033, growing at a CAGR of 2.40%.
    • North America dominates the osteogenesis imperfecta treatment market, holding the largest revenue share of 52.5% in 2024.
  • Pulmonary Arterial Hypertension (PAH) Treatment Market:
    • The 7 Major Markets (7MM) PAH market was worth approximately USD 7 billion in 2024.
    • The U.S. had the largest Pulmonary Arterial Hypertension Market Size within the 7MM with approximately USD 6 billion in 2024.
    • The global pulmonary arterial hypertension drugs market size was calculated at USD 8.04 billion in 2024 and is projected to reach around USD 12.38 billion by 2034, expanding at a CAGR of 4.44% between 2025 and 2034.
    • North America held the largest revenue share of 41% in 2024.

AI Analysis | Feedback

Keros Therapeutics, Inc. (KROS) is a clinical-stage biopharmaceutical company focused on developing novel treatments for hematological and musculoskeletal disorders. The company's future revenue growth over the next 2-3 years is primarily expected to be driven by the advancement of its pipeline programs and strategic partnerships.

Here are 3-5 expected drivers of future revenue growth for Keros Therapeutics:

  1. Milestone Payments from Takeda Collaboration for Elritercept (KER-050): A significant portion of Keros's 2025 revenue stemmed from a licensing agreement with Takeda Pharmaceuticals U.S.A., Inc. for elritercept (KER-050), a lead protein therapeutic product candidate for low blood cell counts. As Takeda advances KER-050 to Phase 3 in first-line Myelodysplastic Syndromes (MDS), Keros is expected to receive subsequent milestone payments, which will contribute to future revenue.
  2. Clinical Advancement of Rinvatercept (KER-065) in Duchenne Muscular Dystrophy (DMD): Keros's lead in-house product candidate, rinvatercept (KER-065), is expected to commence a Phase 2 clinical trial for the treatment of Duchenne muscular dystrophy (DMD) in the second quarter of 2026. Positive progress and initial data from this trial, potentially available in 2027, could increase the asset's value and lead to future licensing opportunities or eventual commercialization, although commercial sales are likely beyond the 2-3 year timeframe.
  3. Clinical Advancement of Rinvatercept (KER-065) in Amyotrophic Lateral Sclerosis (ALS): Keros plans to engage with regulators regarding the design of a Phase 2 trial for rinvatercept in patients with amyotrophic lateral sclerosis (ALS) in the second half of 2026. Successful progression through regulatory discussions and into clinical trials would further validate the pipeline and could attract future partnerships or development funding.
  4. Progress of Other Pipeline Candidates: Keros is also advancing other product candidates, including KER-012 for disorders associated with bone loss and pulmonary arterial hypertension, which is in Phase 1 clinical trials. Further advancement of KER-012 and other preclinical development candidates, such as KER-047 for anemia and cibotercept programs, could lead to new collaborations or in-house development that drives future revenue streams.

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Share Repurchases

  • Keros Therapeutics announced a $375 million capital return program in October 2025.
  • The company repurchased approximately $181 million of shares from ADAR1 Capital Management and Pontifax Venture Capital at $17.75 per share, with transactions expected to close on October 15, 2025.
  • Keros commenced a tender offer on October 20, 2025, to repurchase up to $194 million of its common stock at $17.75 per share, which concluded on November 18, 2025, resulting in the purchase of approximately 10.95 million shares for an aggregate of $194.4 million.

Share Issuance

  • The number of shares outstanding for Keros Therapeutics increased from 29.66 million in 2023 to 40.33 million in 2024, and 40.62 million in 2025.
  • Additional paid-in capital increased from $1,140,328 (likely in thousands) in 2024 to $1,169,451 (likely in thousands) in 2025, indicating equity-related transactions.

Inbound Investments

  • Keros Therapeutics received a $200 million upfront payment from its global license agreement with Takeda Pharmaceuticals U.S.A., Inc.
  • The collaboration with Takeda for elritercept also led to a significant reduction in Keros's research and development expenses as related costs were transitioned to Takeda.
  • Total revenue for 2025 reached $244.1 million, largely driven by licensing revenue from the Takeda agreement.

Capital Expenditures

  • Keros Therapeutics reported capital expenditures of $134K in Q4 2025.
  • The company expects its cash and cash equivalents of $287.4 million as of December 31, 2025, to fund operating expenses and capital expenditure requirements into the first half of 2028.
  • As of September 30, 2025, after accounting for a $375 million capital return to stockholders, Keros anticipated its remaining cash to cover operating and capital expenditure needs into the first half of 2028.

Peer Outperformance in Biotechnology

KROS has outperformed 56% of its 364 Biotechnology peers over 5Y. Biotechnology ranks 9th of 10 industries in Health Care by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Biotechnology constituents that KROS has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
49%
of 453 industry peers · -23.5% return
3Y
36%
of 398 industry peers · -58.0% return
5Y
56%
of 364 industry peers · -72.5% return
No Biotechnology peer with a comparable growth profile has beaten KROS by more than 20pp over 5Y.
Median price return by industry across the Health Care sector, ranked by 5Y. Biotechnology is KROS's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Health Care Distributors 6 8.6%52.6%97.9% CAH 468% · MCK 380% · COR 183%
Health Care Services 20 40.1%49.1%16.2% HIMS 271% · RDNT 137% · DGX 86%
Health Care Facilities 25 1.3%24.8%0.5% THC 274% · NHC 254% · EHC 152%
Managed Health Care 8 26.0%-1.0%-4.3% OSCR 78% · HQY 54% · ELV 3%
Health Care Equipment 50 -3.3%13.8%-18.1% UFPT 358% · GKOS 297% · PLSE 160%
Pharmaceuticals 61 -16.2%9.8%-32.5% LQDA 1113% · KNSA 770% · LLY 432%
Health Care Supplies 11 19.3%1.8%-38.4% LNTH 337% · HAE 76% · MMSI 36%
Life Sciences Tools & Services 107 -7.5%8.2%-65.2% NTRA 262% · AXGN 226% · MEDP 215%
Biotechnology ← 365 -22.5%-17.6%-80.0% DNTH 1140% · ELVN 1127% · TRVI 1107%
Health Care Technology 21 -30.9%-55.8%-82.1% VEEV 1% · DOCS -51%
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

KROSMRKSRPTUTHRGERNAGIOMedian
NameKeros Th.Merck Sarepta .United T.Geron Agios Ph. 
Mkt Price11.61144.0019.35585.540.9938.2628.80
Mkt Cap0.2355.72.024.90.72.32.2
Rev LTM1566,5691,9743,154205981,089
Op Inc LTM-1016,985-621,403-35-459-49
FCF LTM-4816,063751,088-115-39013
FCF 3Y Avg-4714,644-3021,012-167-378-107
CFO LTM-4819,9671111,685-114-36132
CFO 3Y Avg-4618,397-1951,387-167-358-106

Growth & Margins

KROSMRKSRPTUTHRGERNAGIOMedian
NameKeros Th.Merck Sarepta .United T.Geron Agios Ph. 
Rev Chg LTM-93.6%4.6%-20.4%2.5%24.4%140.6%3.6%
Rev Chg 3Y Avg-4.5%31.5%14.7%4,035.6%75.5%31.5%
Rev Chg Q-100.0%5.1%-34.3%-1.9%17.2%259.3%1.6%
QoQ Delta Rev Chg LTM-54.8%1.2%-9.6%-0.5%4.3%48.9%0.4%
Op Inc Chg LTM-6,646.3%-64.8%-6,578.0%-8.9%54.4%0.5%-36.8%
Op Inc Chg 3Y Avg-2,194.0%36.7%-2,191.0%9.7%29.9%-7.2%1.3%
Op Mgn LTM-675.8%10.5%-3.2%44.5%-17.2%-466.8%-10.2%
Op Mgn 3Y Avg-23,134.9%22.4%-0.2%47.6%-5,541.4%-963.3%-481.7%
QoQ Delta Op Mgn LTM-343.3%-9.2%-3.2%-1.5%0.6%253.2%-2.4%
CFO/Rev LTM-319.7%30.0%5.6%53.4%-55.9%-366.7%-25.1%
CFO/Rev 3Y Avg-17,786.5%28.6%-10.9%46.7%-5,092.6%-779.8%-395.4%
FCF/Rev LTM-322.9%24.1%3.8%34.5%-56.1%-396.8%-26.2%
FCF/Rev 3Y Avg-18,076.6%22.8%-16.5%34.3%-5,118.8%-820.0%-418.3%

Valuation

KROSMRKSRPTUTHRGERNAGIOMedian
NameKeros Th.Merck Sarepta .United T.Geron Agios Ph. 
Mkt Cap0.2355.72.024.90.72.32.2
P/S15.35.31.07.93.323.16.6
P/Op Inc-2.350.9-32.817.8-18.8-5.0-3.6
P/EBIT-2.346.3-34.415.7-17.8-5.0-3.6
P/E-2.8112.1-14.919.0-9.8-5.5-4.1
P/CFO-4.817.818.414.8-5.8-6.35.0
Total Yield-36.2%3.3%-6.7%5.2%-10.4%-18.1%-8.6%
Dividend Yield0.0%2.4%0.0%0.0%0.0%0.0%0.0%
FCF Yield 3Y Avg-7.3%5.6%-8.9%6.4%-13.5%-16.9%-8.1%
D/E0.10.20.50.00.20.00.1
Net D/E-1.10.10.1-0.1-0.3-0.3-0.2

Returns

KROSMRKSRPTUTHRGERNAGIOMedian
NameKeros Th.Merck Sarepta .United T.Geron Agios Ph. 
1M Rtn2.9%-3.2%2.9%20.6%-20.8%14.5%2.9%
3M Rtn16.4%11.1%24.6%11.6%-29.3%9.3%11.4%
6M Rtn4.6%31.5%-6.4%2.5%-34.4%36.4%3.6%
12M Rtn-23.5%70.3%-20.1%41.0%-22.7%-11.9%-16.0%
3Y Rtn-58.0%53.5%-81.9%167.1%-44.7%91.6%4.4%
1M Excs Rtn2.8%-4.5%2.9%20.7%-21.1%13.9%2.8%
3M Excs Rtn9.5%7.4%20.2%7.2%-30.3%12.7%8.4%
6M Excs Rtn-3.9%22.8%-14.9%-6.0%-43.1%27.8%-4.9%
12M Excs Rtn-35.4%55.5%-30.3%26.5%-35.6%-23.9%-27.1%
3Y Excs Rtn-142.9%-32.8%-166.4%77.7%-129.6%-1.4%-81.2%

Comparison Analyses

null

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Single segment244400 
License revenue    20
Service and other revenue    0
Total24440020


Price Behavior

Price Behavior
Market Price$11.61 
Market Cap ($ Bil)0.2 
First Trading Date04/08/2020 
Distance from 52W High-46.8% 
   50 Days200 Days
DMA Price$11.26$12.15
DMA Trendupdown
Distance from DMA3.1%-4.4%
 3M1YR
Volatility45.9%49.4%
Downside Capture140.34164.17
Upside Capture178.75110.06
Correlation (S&P 500)22.2%28.5%
KROS Betas & Captures as of 9/30/2026

 1M2M3M6M1Y3Y
Beta1.511.221.010.921.100.69
Up Beta2.16-0.220.651.051.140.67
Down Beta2.820.280.910.460.890.20
Up Capture152%217%125%82%78%47%
Bmk +ve Days6162766132424
Stock +ve Days10213062119380
Down Capture79%119%100%116%128%108%
Bmk -ve Days16263760120328
Stock -ve Days12213464132365

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with KROS
KROS-22.8%49.4%-0.36-
Sector ETF (XLV)24.5%16.3%1.1525.7%
Equity (SPY)13.7%12.7%0.7227.4%
Gold (GLD)1.8%28.3%0.0515.7%
Commodities (DBC)48.4%20.6%1.80-21.7%
Real Estate (VNQ)2.8%13.9%-0.0517.9%
Bitcoin (BTCUSD)-29.4%43.4%-0.6814.6%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with KROS
KROS-21.2%66.0%0.01-
Sector ETF (XLV)8.3%15.2%0.3423.3%
Equity (SPY)12.7%17.1%0.5628.0%
Gold (GLD)17.5%18.9%0.7410.7%
Commodities (DBC)9.1%19.5%0.35-2.9%
Real Estate (VNQ)0.6%18.9%-0.0824.6%
Bitcoin (BTCUSD)4.1%51.6%0.2620.7%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with KROS
KROS-5.3%68.5%0.24-
Sector ETF (XLV)11.7%16.7%0.5721.0%
Equity (SPY)15.5%17.9%0.7327.1%
Gold (GLD)12.0%16.4%0.6010.6%
Commodities (DBC)8.2%18.1%0.371.6%
Real Estate (VNQ)5.0%20.7%0.2021.3%
Bitcoin (BTCUSD)62.3%66.2%1.0215.9%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date10152026
Short Interest: Shares Quantity1.1 Mil
Short Interest: % Change Since 9302026-1.1%
Average Daily Volume0.2 Mil
Days-to-Cover Short Interest6.5 days
Basic Shares Quantity19.8 Mil
Short % of Basic Shares5.7%

Earnings Returns History

Updated 9/28/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/3/20261.4%5.7%9.5%
5/14/2026-8.3%-8.4%-15.3%
3/4/2026-15.0%-18.2%-12.9%
11/5/20253.3%11.6%36.2%
8/6/2025-7.3%-3.1%8.2%
5/6/2025-0.4%-2.1%9.8%
2/26/20250.6%6.7%0.5%
11/6/20241.1%-5.1%5.3%
...
SUMMARY STATS   
# Positive9614
# Negative14179
Median Positive1.7%12.8%9.1%
Median Negative-2.7%-7.4%-13.9%
Max Positive27.7%42.9%36.2%
Max Negative-15.0%-25.4%-36.5%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/3/20261.4%5.7%9.5%
5/14/2026-8.3%-8.4%-15.3%
3/4/2026-15.0%-18.2%-12.9%
11/5/20253.3%11.6%36.2%
8/6/2025-7.3%-3.1%8.2%
5/6/2025-0.4%-2.1%9.8%
2/26/20250.6%6.7%0.5%
11/6/20241.1%-5.1%5.3%
8/7/2024-2.2%-4.5%15.7%
5/8/2024-0.7%-10.0%-17.0%
2/28/2024-0.8%-3.1%-2.7%
11/6/2023-0.8%-7.4%1.5%
8/7/2023-1.7%-12.9%-13.9%
5/4/2023-3.1%-1.5%8.7%
3/3/2023-12.0%-25.4%-27.4%
11/3/20221.7%-14.4%3.2%
8/4/202212.8%14.0%8.8%
5/5/2022-7.2%-22.9%-36.5%
3/9/20220.9%-0.5%24.2%
11/4/202127.7%42.9%30.3%
8/5/20212.8%-1.0%-6.1%
5/6/2021-2.3%-14.8%-6.9%
11/10/2020-4.7%17.9%35.9%
SUMMARY STATS   
# Positive9614
# Negative14179
Median Positive1.7%12.8%9.1%
Median Negative-2.7%-7.4%-13.9%
Max Positive27.7%42.9%36.2%
Max Negative-15.0%-25.4%-36.5%

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202608/03/202610-Q
03/31/202605/14/202610-Q
12/31/202503/04/202610-K
09/30/202511/05/202510-Q
06/30/202508/06/202510-Q
03/31/202505/06/202510-Q
12/31/202402/26/202510-K
09/30/202411/06/202410-Q
06/30/202408/07/202410-Q
03/31/202405/08/202410-Q
12/31/202302/28/202410-K
09/30/202311/06/202310-Q
06/30/202308/07/202310-Q
03/31/202305/04/202310-Q
12/31/202203/03/202310-K
09/30/202211/03/202210-Q
Collapse to Preview
Report DateFiling DateFiling
06/30/202608/03/202610-Q
03/31/202605/14/202610-Q
12/31/202503/04/202610-K
09/30/202511/05/202510-Q
06/30/202508/06/202510-Q
03/31/202505/06/202510-Q
12/31/202402/26/202510-K
09/30/202411/06/202410-Q
06/30/202408/07/202410-Q
03/31/202405/08/202410-Q
12/31/202302/28/202410-K
09/30/202311/06/202310-Q
06/30/202308/07/202310-Q
03/31/202305/04/202310-Q
12/31/202203/03/202310-K
09/30/202211/03/202210-Q
06/30/202208/04/202210-Q
03/31/202205/05/202210-Q
12/31/202103/09/202210-K
09/30/202111/04/202110-Q
06/30/202108/05/202110-Q
03/31/202105/06/202110-Q
12/31/202003/25/202110-K
09/30/202011/10/202010-Q
06/30/202008/13/202010-Q
03/31/202005/22/202010-Q
12/31/201904/08/2020424B4

Recent Forward Guidance

Updated 10/26/2026

Latest: Q2 2026 Earnings Reported 8/3/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2028 Cash RunwayReported      


Prior: Q1 2026 Earnings Reported 5/14/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2028 Cash RunwayReported     Affirmed

Q4 2025 Earnings Reported 3/4/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2028 Cash RunwayReported     AffirmedGuidance: 0 for 2028

Q3 2025 Earnings Reported 11/5/2025

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2028 Cash RunwayReported 2028 0 AffirmedGuidance: 2028 for 2028

Insider Activity

Updated 8/19/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Bienaime, Jean JacquesDirectBuy819202610.271,00010,270201,210Form
2Bienaime, Jean JacquesDirectBuy717202610.611,00010,610197,261Form
3Bienaime, Jean JacquesDirectBuy617202610.191,00010,190179,262Form
4Newton, Charles WDirectSell615202610.045505,522127,157Form
5Seth, AlpnaDirectSell608202610.722,62528,140104,702Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Bienaime, Jean JacquesDirectBuy819202610.271,00010,270201,210Form
2Bienaime, Jean JacquesDirectBuy717202610.611,00010,610197,261Form
3Bienaime, Jean JacquesDirectBuy617202610.191,00010,190179,262Form
4Newton, Charles WDirectSell615202610.045505,522127,157Form
5Seth, AlpnaDirectSell608202610.722,62528,140104,702Form
6Knowles, JuliusDirectSell608202610.732,62528,166117,579Form
7Farzan, NimaDirectSell608202610.732,62528,166104,800Form
8Bienaime, Jean JacquesDirectBuy519202610.581,00010,58099,981Form
9Bienaime, Jean JacquesDirectBuy417202611.701,00011,70098,865Form
10Bienaime, Jean JacquesDirectBuy311202611.212,00022,42083,514Form
11Seehra, JasbirCHIEF EXECUTIVE OFFICERDirectSell220202616.177,015113,4336,236,898Form
12Cho, EstherSVP, General CounselDirectSell220202616.354,74577,581649,994Form
13Lerner, Lorena RaquelChief Science OfficerDirectSell220202616.353,87363,324508,926Form
14Regnante, KeithCHIEF FINANCIAL OFFICERDirectSell220202616.354,73977,483641,917Form
15Pontifax, Management 4 GP (2015) LtdPontifax (Israel) IV, L.P.Sell1017202517.752,284,612  Form
16Pontifax, Management 4 GP (2015) LtdPontifax (Cayman) IV, L.P.Sell1017202517.751,121,045  Form
17Pontifax, Management 4 GP (2015) LtdPontifax (China) IV, L.P.Sell1017202517.751,226,412  Form
18Pontifax, Management 4 GP (2015) LtdPontifax Late Stage Fund, L.P.Sell1017202517.75155,262  Form
19Adar1, Capital Management, LlcADAR1 Partners, LPSell1015202517.754,391,237  Form
20Adar1, Capital Management, LlcADAR1 SPVI, LPSell1015202517.75254,669  Form
21Adar1, Capital Management, LlcSpearhead Insurance Solutions IDF, LLCSell1015202517.75743,358  Form

Investor Activity (13F)

Updated Oct 29, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Madison Avenue Partners, LP$6.9 Mil0.3%27TRIM -23.9%13F
Active Manager
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Madison Avenue Partners, LP$6.9 Mil0.3%27TRIM -23.9%13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Madison Avenue Partners, LP$6.9 Mil0.3%27TRIM -23.9%13F
Core Cache Last Updated: 10/28/2026