Keros Therapeutics (KROS) Q4 2025 earnings summary

Executive summary

• Refined strategic priorities in 2025, focusing on advancing rinvatercept for DMD and ALS clinical trials.

• Leadership changes included a new board member and promotion of the Chief Legal Officer.

Financial highlights

• Net loss of $23.5M for Q4 2025, improved from $46.0M loss in Q4 2024; net income of $87.0M for FY 2025 versus $187.4M loss in FY 2024, driven by license revenue from Takeda.

• Research and development expenses decreased to $17.9M in Q4 and $129.6M for FY 2025, mainly due to transition of elritercept expenses to Takeda.

• General and administrative expenses rose to $11.7M in Q4 and $46.8M for FY 2025, primarily from higher external costs.

• Cash and cash equivalents were $287.4M at year-end 2025, down from $559.9M at year-end 2024, mainly due to share repurchases and a cash tender offer.

Outlook and guidance

• Phase 2 clinical trial for rinvatercept in DMD expected to start in Q2 2026; regulatory engagement for ALS trial design planned for H2 2026.

• Cash runway expected to fund operations into the first half of 2028 based on current assumptions.