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.

• 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.

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.

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.

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.

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.

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.

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.