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

Pipeline overview and scientific focus

• Focused on the TGF-beta pathway, with three clinical-stage candidates targeting hematology, pulmonary arterial hypertension (PAH), and muscle/obesity indications.

• Elritercept (KER-050) leads in hematology for MDS and myelofibrosis, cibotercept (KER-012) targets PAH, and KER-065 is in phase one for obesity and neuromuscular diseases.

• The biology of the pathway translates well from preclinical to human studies, supporting broad therapeutic potential.

Cibotercept (KER-012) in PAH: competitive landscape and differentiation

• Cibotercept aims to improve on sotatercept by offering similar efficacy with a better safety profile, notably avoiding hemoglobin increases and related adverse events.

• Phase two trial enrollment exceeded expectations, reflecting strong interest and perceived opportunity.

• Safety concerns with sotatercept, such as bleeding events and telangiectasias, have become more prominent, increasing demand for safer alternatives.

• Efficacy will be measured by six-minute walk test and PVR, with safety judged by placebo-adjusted bleeding event rates.

• Expansion into additional indications like Group 3 PAH and fibrotic lung diseases is under consideration, pending capital and partnership opportunities.

Elritercept (KER-050) in hematology: clinical data and competitive positioning

• Demonstrates activity across all stages of erythropoiesis and thrombopoiesis, with strong response rates in high transfusion burden MDS patients compared to luspatercept.

• Shows more durable responses, with over half of patients on treatment for more than a year.

• Reduces patient fatigue, addressing a key limitation of luspatercept, and improves quality of life metrics.

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

• Plans to engage regulators in 2025 for broader myelofibrosis treatment indications.