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Keros Therapeutics (KROS) investor relations material
Keros Therapeutics Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Achieved $243.7M in revenue for the nine months ended September 30, 2025, driven by a $200M upfront payment and $10M milestone from a global license agreement with Takeda for elritercept, plus $38.1M in transition services revenue from Takeda.
Reported net income of $110.5M for the nine months ended September 30, 2025, compared to a net loss of $141.3M in the prior year period, primarily due to the Takeda agreement.
Net loss for Q3 2025 was $7.3M, a significant improvement from $53.0M net loss in Q3 2024, mainly due to license revenue from Takeda.
Announced a plan to return $375M of excess capital to stockholders, including $180.6M in share repurchases and a $194.4M issuer tender offer.
Takeda plans to advance elritercept into a Phase 3 clinical trial for myelodysplastic syndromes; internal pipeline progressing toward Phase 2 trial of KER-065 for Duchenne muscular dystrophy.
Financial highlights
Total revenue for Q3 2025 was $14.3M, up from $0.4M in Q3 2024, mainly from a $10M Takeda milestone and $4.1M in transition services.
Research and development expenses decreased to $19.5M in Q3 2025 from $49.2M in Q3 2024, reflecting the transition of elritercept activities to Takeda and workforce reduction.
General and administrative expenses were $10.1M in Q3 2025, up slightly from $9.8M in Q3 2024.
Cash and cash equivalents were $693.5M as of September 30, 2025, up from $559.9M at year-end 2024.
Total stockholders' equity increased to $703.6M as of September 30, 2025.
Outlook and guidance
Existing cash, less $375M to be returned to stockholders, is expected to fund operations into the first half of 2028.
Phase 2 clinical trial of KER-065 in Duchenne muscular dystrophy planned for Q1 2026.
Elritercept Phase 3 RENEW trial in lower-risk MDS underway, with Takeda responsible for further development and commercialization outside China.
Elritercept Phase 3 trial initiation timing?
Rationale for $375M capital return
KER-065 Phase 2 trial design details?
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Next Keros Therapeutics earnings date
Q4 202527 Feb, 2026
Next Keros Therapeutics earnings date
Q4 202527 Feb, 2026
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Frequently asked questions
Keros Therapeutics Inc. is a clinical-stage biopharmaceutical company engaged in the discovery, development, and commercialization of novel treatments aimed at addressing unmet medical needs in hematological, pulmonary, and cardiovascular disorders. By leveraging cutting-edge science, Keros is focused on creating therapies that have the potential to significantly improve patient outcomes. The company's research and development efforts are grounded in the transformative potential of TGF-β (transforming growth factor-beta) science. It is headquartered in Lexington, Massachusetts, and its shares are listed on the NASDAQ.
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