Keros Therapeutics (KROS) investor relations material

Portfolio and capital position

• Eleriscept, partnered with Takeda in 2024, is in three Phase III trials; Takeda is targeting a BLA filing in 2028–2029, with data expected around that timeframe.

• Takeda’s recent milestone payment, following $375 million returned in 2025, supports a cash runway into H2 2028.

• Tenetacept was deprioritized after a Phase II safety signal; it is no longer being pursued.

Rinvatercept in DMD

• Rinvatercept is intended to promote skeletal-muscle regeneration by inhibiting myostatin and activin A, rather than replacing dystrophin; the approach is designed to address muscle loss, inflammation, fibrosis and bone loss.

• The treatment could be used alongside glucocorticoids and other DMD therapies, including exon-skipping and gene therapies; management said increased muscle regeneration may support uptake of those treatments.

• The open-label Phase II DMD study has initiated; initial data are planned for H1 2027, beginning with safety and tissue-level changes, with functional measures expected to take longer to assess.

• Management expects a placebo-controlled trial to demonstrate functional benefit, assessed with measures including NSAA, timed tests and upper-body function; the open-label study is intended to inform safety, activity and recruitment.

ALS development rationale

• Rinvatercept is intended to strengthen innervated muscle and compensate for muscle affected by failing neuromuscular junctions, potentially delaying symptoms such as loss of ambulation or respiratory function; management said it would not change the disease’s eventual outcome.

• Regulatory discussions on a Phase II ALS trial design are planned for H2 2026, with trial initiation expected in 2027; management characterized 2027 as a year of data readouts and trial starts.