Keros Therapeutics KROS

Keros Therapeutics reported $40.01 million revenue for Q3 2026

Form
10-Q
Filed
Importance
Major
  1. Revenue: $40.01 million for the three months ended Sep 30, 2026
  2. Net income: $14.15 million for the three months ended Sep 30, 2026
  3. Diluted EPS: $0.70 for the three months ended Sep 30, 2026
  4. Cash and equivalents: $259.46 million at Sep 30, 2026

Written from the 10-Q on EDGAR. AI can make mistakes. Check the filing.

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What changed since last quarter

2 new risk factors · 4 removed

Compared with the 10-Q for the period ended Jun 30, 2026.

Key numbers from the XBRL in this filing and the previous one.
This filingPreviousChange vs prior 10-Q
Revenue$40.01M$0—
Operating income and margin$12.82M−$30.94M+141%
Net income$14.15M−$28.71M+149%
Operating cash flow$3.39M−$20.42M+117%
Cash$259.46M$257.61M+0.7%
New risk factors (2)
  • We or our collaborators, as applicable, are developing rinvatercept for the treatment of DMD and for the treatment of ALS, and elritercept for the treatment of cytopenias, including anemia and thrombocytopenia, in patients with MDS and myelofibrosis, both of which we anticipate will be regulated as biological…
  • In addition, several companies are developing gene therapies to treat DMD, including REGENXBIO Inc. and Solid Biosciences Inc. RNA-targeted treatments that are in clinical and nonclinical development are also being pursued by several companies, including Avidity Biosciences, Inc. (which was acquired by Novartis AG in…
Removed risk factors (4)
  • The biopharmaceutical industry is characterized by intense competition and rapid innovation. Our competitors may be able to develop other compounds or drugs that are able to achieve similar or better results. Our potential competitors include major multinational pharmaceutical companies, established biotechnology…
  • In markets outside of the United States, reimbursement and healthcare payment systems vary significantly by country, and many countries have instituted price ceilings on specific products and therapies. For example, the EU provides options for EU
  • As is common in the biotechnology and pharmaceutical industries, we employ individuals who were previously employed at universities or other biopharmaceutical or pharmaceutical companies, including our competitors or potential competitors.
  • It is possible that patent filings we may choose to in-license in the future may be subject to the Bayh-Dole Act. In particular, under the Bayh-Dole Act, the federal government retains a "nonexclusive, nontransferable, irrevocable, paid-up license" for its own benefit to inventions produced with its financial…

The reading, claim by claim

  1. The financial statements show that as of September 30, 2026, Keros had $259,464 thousand in cash and cash equivalents.
  2. Its total assets were $307,371 thousand, and total liabilities were $28,273 thousand.
  3. The company reported a net income of $14,153 thousand for the three months ended September 30, 2026.

3 of 3 claims matched the filing text.

For perspective, checked against its own source

From the 10-Q for the quarter ended June 30, 2026

  • In its 10-Q for the quarter ended June 30, 2026, Keros reported revenue of $0 and a net loss of $28.7 million.
  • This represents a 100.0% decrease in revenue compared to the same period the previous year.

From the filing

Item 6. Exhibits

Item 6. Exhibits

Signature s

1

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts contained in this Quarterly Report on Form 10-Q are forward-looking statements, including statements about:

▪ the timing of announcement of data from our ongoing Phase 2 clinical trial of our lead product candidate, rinvatercept (KER-065), in patients with Duchenne muscular dystrophy;

▪ the timing of engagement with regulators on the planned Phase 2 clinical trial of rinvatercept in patients with amyotrophic lateral sclerosis;

▪ plans of Takeda Pharmaceuticals U.S.A., Inc., or Takeda, related to the development of elritercept (KER-050) in patients with myelodysplastic syndromes and in patients with myelofibrosis;

▪ risks associated with public health crises, which may adversely impact our business, nonclinical studies and clinical trials;

▪ our ability to receive the required regulatory approvals and clearances to successfully market and sell our products, if approved in the United States and certain other countries;

▪ our ability to successfully advance our pipeline of additional product candidates;

▪ our ability to develop sales and marketing capabilities;

▪ the rate and degree of market acceptance of any products we are able to commercialize;

▪ the effects of increased competition as well as innovations by new and existing competitors in our market;

▪ our ability to obtain funding for our operations;

▪ the sufficiency of our existing capital resources;

▪ our ability to establish and maintain collaborations;

▪ our ability to effectively manage our anticipated growth;

▪ our ability to maintain, protect and enhance our intellectual property rights and proprietary technologies;

▪ our ability to operate our business without infringing the intellectual property rights and proprietary technology of third parties;

▪ costs associated with defending intellectual property infringement, product liability and other claims;

▪ regulatory developments in the United States, Australia, New Zealand, Georgia, Europe, the United Kingdom and other foreign countries;

▪ our ability to attract and retain qualified employees;

▪ statements regarding future revenue, hiring plans, expenses, capital expenditures, capital requirements and stock performance; and

▪ the future trading prices of our common stock and the impact of securities analysts' reports on these prices.

In some cases, you can identify forward-looking statements by the words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "objective," "ongoing," "plan," "predict," "project," "potential," "should," "will," or "would," or the negative of these terms, or other comparable terminology intended to identify statements about the future. These statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from the information expressed or implied by these forward-looking statements.

In addition, statements that "we believe" and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this report, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely upon these statements.

You should read the section titled "Risk Factors" set forth in Part II, Item 1A of this Quarterly Report on Form 10-Q for a discussion of important factors that may cause our actual results to differ materially from those expressed or implied by our forward-looking statements. Moreover, we operate in an evolving environment. New risk factors and uncertainties may emerge

2 from time to time, and it is not possible for management to predict all risk factors and uncertainties. As a result of these factors, we cannot assure you that the forward-looking statements in this Quarterly Report on Form 10-Q will prove to be accurate. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise.

You should read this Quarterly Report on Form 10-Q completely and with the understanding that our actual future results may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements.

SPECIAL NOTE REGARDING COMPANY REFERENCES

Throughout this Quarterly Report on Form 10-Q, "Keros," the "Company," "we," "us" and "our" refer to Keros Therapeutics, Inc. and its subsidiaries.

SPECIAL NOTE REGARDING TRADEMARKS

All trademarks, trade names and service marks appearing in this Quarterly Report on Form 10-Q are the property of their respective owners.

3

SUMMARY OF SELECTED RISKS ASSOCIATED WITH OUR BUSINESS

Our business faces significant risks and uncertainties. If any of the following risks are realized, our business, financial condition and results of operations could be materially and adversely affected. You should carefully review and consider the full discussion of our risk factors in the section titled "Risk Factors" in Part II, Item 1A of this Quarterly Report on Form 10-Q. Some of the more significant risks include the following:

• We have a limited operating history, have incurred net losses in almost every year since our inception and anticipate that we will continue to incur net losses in the future.

• We will need subs

Item 1. FINANCIAL STATEMENTS (unaudited)

Item 1. FINANCIAL STATEMENTS (unaudited)

KEROS THERAPEUTICS, INC.

Condensed Consolidated Balance Sheets

(In thousands, except share and per share data)

(Unaudited)

SEPTEMBER 30, 2026 DECEMBER 31,

2025

ASSETS

CURRENT ASSETS:

Cash and cash equivalents $ 259,4641 $ 287,415 Accounts receivable 20,000 3,567

Prepaid expenses and other current assets 5,920 22,202

Current income tax receivable 2,250 2,250 Total current assets 287,634 315,434

Operating lease right-of-use assets 14,887 16,841

Property and equipment, net 3,390 4,297 Restricted cash 1,449 1,449

Other long-term assets 11 —

TOTAL ASSETS $ 307,3712 $ 338,021 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES:

Accounts payable $ 3,787 $ 1,967

Current portion of operating lease liabilities 2,695 2,408

Accrued expenses and other current liabilities 8,761 16,039

Current tax liability 615 —

Total current liabilities 15,858 20,414

Operating lease liabilities, net of current portion 12,415 14,475

Total liabilities 28,2732 34,889 STOCKHOLDERS' EQUITY: Preferred stock, par value of $ 0.0001 per share; 10,000,000 shares authorized as of September 30, 2026 and December 31, 2025; no shares issued and outstanding

— —

Series A junior participating preferred stock, par value of $ 0.0001 per share; 500,000 shares authorized as of September 30, 2026 and December 31, 2025; no shares issued and outstanding

— —

Common stock, par value of $ 0.0001 per share; 200,000,000 shares authorized as of September 30, 2026 and December 31, 2025; 41,103,773 shares issued and 19,830,671 shares outstanding as of September 30, 2026 and 40,670,466 shares issued and 19,543,706 shares outstanding as of December 31, 2025 4 4 Treasury stock, at cost; 21,273,102 shares as of September 30, 2026 and 21,126,760 shares as of December 31, 2025 ( 386,211 ) ( 384,558 ) Additional paid-in capital 1,185,335 1,169,451 Accumulated deficit ( 520,030 ) ( 481,765 ) Total stockholders' equity 279,098 303,132

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

$ 307,371 $ 338,021

See notes to condensed consolidated financial statements.

5

KEROS THERAPEUTICS, INC.

Condensed Consolidated Statements of Operations

(In thousands, except share and per share data)

(Unaudited)

THREE MONTHS ENDED SEPTEMBER 30, NINE MONTHS ENDED SEPTEMBER 30,

2026 2025 2026 2025 REVENUE: Service and other revenue $ 9 $ 4,262 $ 376 $ 38,321 License revenue 40,000 10,000 40,000 205,355 Total revenue 40,009 14,262 40,376 243,676 OPERATING EXPENSES: Research and development ( 20,491 ) ( 19,519 ) ( 58,919 ) ( 111,731 ) General and administrative ( 6,700 ) ( 10,127 ) ( 25,453 ) ( 35,106 ) Total operating expenses ( 27,191 ) ( 29,646 ) ( 84,372 ) ( 146,837 ) INCOME (LOSS) FROM OPERATIONS 12,818 ( 15,384 ) ( 43,996 ) 96,839 OTHER INCOME (EXPENSE), NET Interest income, net 55 — 55 — Dividend income 2,220 6,933 6,842 20,845 Other expense, net ( 168 ) ( 253 ) ( 394 ) ( 812 ) Total other income, net 2,107 6,680 6,503 20,033 Income (loss) before income taxes 14,925 ( 8,704 ) ( 37,493 ) 116,872 Income tax (provision) benefit ( 772 ) 1,424 ( 772 ) ( 6,397 ) Net income (loss) $ 14,1533 $ ( 7,280 ) $ ( 38,265 ) $ 110,475 Net income (loss) attributable to common stockholders — basic and diluted (Note 9) $ 14,153 $ ( 7,280 ) $ ( 38,265 ) $ 110,475 Weighted-average shares of common stock outstanding — basic 19,886,097 40,623,364 19,773,047 40,598,777 Weighted-average shares of common stock outstanding — diluted 20,341,140 40,623,364 19,773,047 41,202,371 Net income (loss) per share of common stock — basic $ 0.71 $ ( 0.18 ) $ ( 1.94 ) $ 2.72 Net income (loss) per share of common stock — diluted $ 0.70 $ ( 0.18 ) $ ( 1.94 ) $ 2.68

See notes to condensed consolidated financial statements.

6

KEROS THERAPEUTICS, INC.

Condensed Consolidated Statements of Stockholders' Equity

(In thousands, except share and per share data)

(Unaudited)

COMMON STOCK $ 0.0001 PAR VALUE TREASURY STOCK ADDITIONAL PAID-IN

CAPITAL ACCUMULATED DEFICIT TOTAL STOCKHOLDERS' EQUITY SHARES AMOUNT SHARES AMOUNT

As of December 31, 2025 40,670,466 $ 4 ( 21,126,760 ) $ ( 384,558 ) $ 1,169,451 $ ( 481,765 ) $ 303,132 Exercise of common stock options 15,304 — — — 7 — 7

Vesting of restricted stock 173,827 — — — — — —

Stock-based compensation — — — — 6,199 — 6,199 Net income (loss) — — — — — ( 23,708 ) ( 23,708 ) As of March 31, 2026 40,859,597 $ 4 ( 21,126,760 ) $ ( 384,558 ) $ 1,175,657 $ ( 505,473 ) $ 285,630 Exercise of common stock options 67,000 — — — 23 — 23

Vesting of restricted stock 27,351 — — — — — —

Stock-based compensation — — — — 5,377 — 5,377 Net income (loss) — — — — — ( 28,710 ) ( 28,710 ) As of June 30, 2026 40,953,948 $ 4 ( 21,126,760 ) $ ( 384,558 ) $ 1,181,057 $ ( 534,183 ) $ 262,320 Issuance of common stock under the employee stock purchase plan 7,712 — — — 73 — 73 Exercise of common stock options 4,000 — — — 2 — 2

Vesting of restricted stock 138,113 — — — — — —

Repurchase of treasury stock, including commissions of $ 3 thousand

— — ( 146,342 ) ( 1,653 ) — — ( 1,653 ) Stock-based compensation — — — — 4,203 — 4,203 Net income (loss) — — — — — 14,153 14,153 As of September 30, 2026 41,103,773 $ 4 ( 21,273,102 ) $ ( 386,211 ) $ 1,185,335 $ ( 520,030 ) $ 279,098

COMMON STOCK $ 0.0001 PAR VALUE TREASURY STOCK ADDITIONAL PAID-IN

CAPITAL ACCUMULATED DEFICIT TOTAL STOCKHOLDERS' EQUITY SHARES AMOUNT SHARES AMOUNT

As of December 31, 2024 40,554,705 $ 4 — $ — $ 1,140,328 $ ( 568,779 ) $ 571,553 Exercise of common stock options 7,342 — — — 4 — 4 Stock-based compensation — — — — 8,863 — 8,863 Net income (loss) — — — — — 148,451 148,451 As of March 31, 2025 40,562,047 $ 4 — $ — $ 1,149,195 $ ( 420,328 ) $ 728,871 Exercise of common stock options 53,367 — — — 17 — 17 Stock-based compensation — — — — 8,542 — 8,542 Net income (loss) — — — — — ( 30,696 ) ( 30,696 ) As of June 30, 2025 40,615,414 $ 4 — $ — $ 1,157,754 $ ( 451,024 ) $ 706,734 Issuance of common stock under the employee stock purchase plan 11,806 — — — 138 — 138 Exercise of common stock options 4,944 — — — 2 — 2

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Data on this page was fetched . The filing on SEC.gov is the record.