Keros Therapeutics reports Q3 2026 financial results

Item 2.02 Results of Operations and Financial Condition.

On November 5, 2026, Keros Therapeutics, Inc. (the "Company") issued a press release announcing its recent business highlights and financial results for the quarter ended September 30, 2026.¹ A copy of the press release is furnished hereto as Exhibit 99.1 and is incorporated herein by reference.

The information in this Item 2.02, including Exhibit 99.1 attached hereto, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act")² or otherwise subject to the liabilities of that section. The information contained in this Item 2.02 and in the accompanying exhibit is not incorporated by reference in any filing of the Company under the Securities Act of 1933, as amended (the "Securities Act"), or the Exchange Act, whether made before or after the date hereof, regardless of any general incorporation language in such filing, except as shall be expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit

No. Description

99.1

Press Release dated November 5 , 2026.

104 Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

KEROS THERAPEUTICS, INC.

By: /s/ Jasbir Seehra

Jasbir Seehra, Ph.D.

Chief Executive Officer

Dated: November 5, 2026

Keros Therapeutics Reports Recent Business Highlights and Third Quarter 2026 Financial Results

• First patient dosed in Phase 2 clinical trial of rinvatercept in patients with Duchenne muscular dystrophy in September 2026⁷

• Nominated KER-206, a novel ligand trap designed to bind select TGF-β ligands to regulate bone remodeling, from nonclinical pipeline for further investigation⁸

• Cash runway expected into the second half of 2028

LEXINGTON, Mass., November 5, 2026 (GLOBE NEWSWIRE) -- Keros Therapeutics, Inc. ("Keros" or the "Company") (Nasdaq: KROS), a clinical-stage biopharmaceutical company focused on developing and commercializing novel therapeutics to treat a wide range of patients with disorders that are linked to dysfunctional signaling of the transforming growth factor-beta ("TGF-β") family of proteins, today provided a business update and reported financial results for the quarter ended September 30, 2026.

"We are excited to continue advancing our pipeline across both clinical and nonclinical development, building on our understanding of TGF-β biology to develop potential new treatments for patients," said Jasbir S. Seehra, Ph.D., President and Chief Executive Officer. "We remain focused on disciplined execution of our strategic priorities as we work to advance our programs and build on the potential of our pipeline."

Recent Program Updates

• Rinvatercept for the treatment of Duchenne muscular dystrophy ("DMD"): In September 2026, Keros announced the first patient was dosed in the Phase 2 clinical trial of rinvatercept in patients with DMD. Keros expects to announce initial data from this trial in the first half of 2027.

• KER-206: In October 2026, Keros presented a nonclinical poster on a research version of KER-206, or RKER-206, at the American Society for Bone and Mineral Research 2026 Annual Meeting.

◦ KER-206 is a nonclinical asset designed to bind select ligands from the TGF-β superfamily, including activin A, activin B, GDF8 and GDF11, which regulate bone remodeling through effects on differentiation and activity of bone-resorptive cells (osteoclasts) and bone-forming cells (osteoblasts). Through inhibition of these TGF-β ligands, the Company believes that KER-206 has the potential to increase bone mass and improve skeletal integrity in disorders characterized by pathological bone loss.

Third Quarter 2026 Financial Results

Keros reported net income of $14.2 million in the third quarter of 2026 as compared to a net loss of $7.3 million in the third quarter of 2025.³ The increase of approximately $21.4 million was primarily due to revenue recognized in 2026 related to Keros' license agreement with Takeda.

Research and development expenses were $20.5 million for the third quarter of 2026⁴ as compared to $19.5 million for the same period in 2025. The increase of $1.0 million was primarily due to the additional research and development efforts to support the advancement of Keros' pipeline, partially offset by decreased elritercept-related research and development expenses as activities transitioned to Takeda during 2025.

General and administrative expenses were $6.7 million for the third quarter of 2026⁴ as compared to $10.1 million for the same period in 2025. The decrease of $3.4 million was primarily due to a decrease in compensation costs and a decrease in professional fees.

Keros' cash and cash equivalents as of September 30, 2026 was $259.5 million⁵ compared to $287.4 million as of December 31, 2025. Based on current operating assumptions, Keros expects that its cash and cash equivalents as of September 30, 2026 will enable Keros to fund its operating expenses and capital expenditure requirements into the second half of 2028.⁶

About Keros Therapeutics, Inc.

Keros is a clinical-stage biopharmaceutical company focused on developing and commercializing novel therapeutics to treat a wide range of patients with disorders that are linked to dysfunctional signaling of the TGF-β family of proteins. Keros is a leader in understanding the role of the TGF-β family of proteins, which are master regulators of the growth, repair and maintenance of a number of tissues, including skeletal muscle, bone, adipose, heart tissue and blood. By leveraging this understanding, Keros has discovered and is developing protein therapeutics that have the potential to provide meaningful and potentially disease-modifying benefit to patients. Keros' lead product candidate, rinvatercept, is being developed for the treatment of DMD and for the treatment of amyotrophic lateral sclerosis. Keros' most advanced product candidate, elritercept, is being developed for the treatment of cytopenias, including anemia and thrombocytopenia, in patients with myelodysplastic syndrome and in patients with myelofibrosis.

Cautionary Note Regarding Forward-Looking Statements

Statements contained in this press release regarding matters that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Words such as "continue," "expect," "believe," "will," "may," "potential," or similar expressions are intended to identify forward-looking statements. Examples of these forward-looking statements include statements concerning: Keros' expectations regarding its growth, strategy, progress and the advancement of its clinical and nonclinical pipeline; the development