Keros Therapeutics (KROS) Guggenheim Securities Inaugural Healthcare Innovation Conference summary

Program pipeline and scientific focus

• Focused on the TGF-beta pathway, with three clinical-stage candidates: elritercept (KER-050) for hematology, cibotercept (KER-012) for pulmonary arterial hypertension (PAH), and KER-065 for muscle and metabolic disorders.

• Elritercept targets all stages of erythropoiesis and thrombopoiesis, showing broad activity in MDS and MF, including high transfusion burden patients.

• Cibotercept aims to address limitations of sotatercept in PAH by offering similar efficacy with a better safety profile, notably without hemoglobin increases and associated bleeding risks.

• KER-065 is in phase one, targeting increased muscle mass and reduced fat mass, with data expected in Q1 2025.

• The company is exploring additional indications for its assets, including fibrotic lung diseases and neuromuscular disorders.

Clinical development and data highlights

• Cibotercept's phase two trial in PAH was fully enrolled faster than expected, reflecting strong interest.

• Key efficacy measure for PAH is the six-minute walk test; cibotercept may show similar efficacy to sotatercept but with improved safety.

• Elritercept has demonstrated higher and more durable response rates in high transfusion burden MDS patients compared to luspatercept.

• Elritercept also reduces fatigue, addressing a key quality-of-life issue seen with luspatercept.

• Upcoming ASH presentations will focus on durability of response, quality of life, and new data in non-transfused patients and myelofibrosis.

Strategic outlook and commercialization plans

• Plans to commercialize hematology and PAH assets independently, while seeking partners for obesity and potentially other indications.

• Partnership opportunities are being considered for broader indications and to bring in capital for pipeline development.

• The company maintains a vision to be a commercial entity but recognizes the need for partnerships in areas requiring large-scale studies.

• Decision points for partnering or commercialization will be informed by upcoming data readouts in MDS, MF, and PAH over the next six months.

• Neuromuscular indications for KER-065 are seen as a potential area for independent commercialization.