KROS on Nasdaq
Keros Therapeutics, Inc.
Pharmaceutical preparations company, listed on Nasdaq (KROS). Summary from the record
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Last updated Oct 19, 2026.
Overview
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- TickerKROS on Nasdaq1
- IndustryPharmaceutical Preparations1
- HeadquartersLexington, Massachusetts1
- Business address1050 Waltham Street, Suite 302, Lexington, Ma 024212
- Filer categoryNon-accelerated filer, Smaller reporting company2
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We are a clinical-stage biopharmaceutical company focused on developing and commercializing novel therapeutics to treat a wide range of patients with disorders that are linked to dysfunctional signaling of the transforming growth factor-beta, or TGF-ß, family of proteins. We are a leader in understanding the role of the TGF-ß family of proteins, which are master regulators of the growth, repair and maintenance of a number of tissues, including skeletal muscle, bone, adipose, heart tissue and blood. By leveraging this understanding, we have discovered and are developing protein therapeutics that have the potential to provide meaningful and potentially disease-modifying benefit to patients. Our lead product candidate, rinvatercept (KER-065), is being developed for the treatment of neuromuscular diseases. Our most advanced product candidate, elritercept (KER-050), is being developed for the…3 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
27.7%Operating margin4
35.7%Net margin4
6775.0%Revenue growth, 20254
28.7%Return on equity4
$106.0MFree cash flow4
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Products and services
License brought in 50% of the revenue Keros Therapeutics, Inc. broke down this way in fiscal 2025.
Products and services by year
| Products and services | 2024 | 2025 |
|---|---|---|
| License | $3.0M | $205.4M |
| License Revenue | $0 | $205.4M |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Research and development53¢$129.6M
- Other costs9¢$22.5M
- Income tax2¢$4.9M
- Profit36¢$87.0M
Out of $244.1M in revenue.4
Where each dollar of operating cash went, fiscal 2025
- Capital spending0¢$1.6M
- Share buybacks100¢$375.0M
Out of $107.5M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.4
Financial statements
Every line of the income statement as filed: the last 2 fiscal years, latest first.4
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Total revenue | $244.1M | $3.5M |
| Research and development | -$129.6M | -$173.6M |
| General and administrative | -$46.8M | -$40.8M |
| Total operating expenses | -$176.5M | -$214.4M |
| INCOME (LOSS) FROM OPERATIONS | $67.6M | -$210.8M |
| Research and development incentive income | $0 | $1.2M |
| Dividend income | $24.9M | $23.5M |
| Other expense, net | -$539.0K | -$954.0K |
| Total other income, net | $24.3M | $23.8M |
| Income (loss) before income taxes | $91.9M | -$187.1M |
| Income tax provision | -$4.9M | -$300.0K |
| Net income (loss) | $87.0M | -$187.4M |
| Net income (loss) attributable to common stockholders - basic | $87.0M | -$187.4M |
| Net income (loss) attributable to common stockholders - diluted | $87.0M | -$187.4M |
| Weighted-average common stock outstanding - basic (in shares) | 37.2M shares | 37.4M shares |
| Weighted-average common stock outstanding - diluted (in shares) | 37.9M shares | 37.4M shares |
| Net income (loss) per share of common stock - basic (in dollars per share) | $2.34 | -$5.00 |
| Net income (loss) per share of common stock - diluted (in dollars per share) | $2.30 | -$5.00 |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.4
| Period ending | 2025-12-31 | 2025-03-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|---|
| Cash and cash equivalents | $287.4M | $559.9M | ||
| Accounts receivable | $3.6M | $2.7M | ||
| Prepaid expenses and other current assets | $22.2M | $26.2M | ||
| Current income tax receivable | $2.2M | $0 | ||
| Total current assets | $315.4M | $588.9M | ||
| Operating lease right-of-use assets | $16.8M | $19.3M | ||
| Property and equipment, net | $4.3M | $4.2M | ||
| Restricted cash | $1.4M | $1.4M | ||
| Other long term assets | $0 | $2.1M | ||
| TOTAL ASSETS | $338.0M | $615.9M | ||
| Accounts payable | $2.0M | $4.6M | ||
| Current portion of operating lease liabilities | $2.4M | $2.0M | ||
| Accrued expenses and other current liabilities | $16.0M | $20.9M | ||
| Total current liabilities | $20.4M | $27.4M | ||
| Operating lease liabilities, net of current portion | $14.5M | $16.9M | ||
| Total liabilities | $34.9M | $44.3M | ||
| Preferred stock, par value of $0.0001 per share; 10,000,000 shares authorized as of December 31, 2025 and 2024; no shares issued and outstanding | $0 | $0 | ||
| Common stock, par value of $0.0001 per share; 200,000,000 shares authorized as of December 31, 2025 and December 31, 2024; 40,670,466 shares issued and 19,543,706 shares outstanding as of December 31, 2025 and 40,554,705 shares issued and outstanding as of December 31, 2024 | $4.0K | $4.0K | ||
| Treasury stock, at cost; 21,126,760 and no shares as of December 31, 2025 and December 31, 2024, respectively | -$384.6M | $0 | ||
| Additional paid-in capital | $1.2B | $1.1B | ||
| Accumulated deficit | -$481.8M | -$568.8M | ||
| Total stockholders equity | $303.1M | $571.6M | $332.2M | |
| TOTAL LIABILITIES AND STOCKHOLDERS EQUITY | $338.0M | $615.9M | ||
| Preferred stock, par value (in USD per share) | $0.00 | $0.00 | $0.00 | |
| Preferred stock, shares authorized (in shares) | 10.0M shares | 10.0M shares | ||
| Preferred stock, shares issued (in shares) | 0 shares | 0 shares | ||
| Preferred stock outstanding (in shares) | 0 shares | 0 shares | ||
| Common stock, par value (in USD per share) | $0.00 | $0.00 | ||
| Common stock, shares authorized (in shares) | 200.0M shares | 200.0M shares | ||
| Common stock, shares issued (in shares) | 40.7M shares | 40.6M shares | ||
| Common stock, shares outstanding (in shares) | 19.5M shares | 40.6M shares | ||
| Beginning balance (in shares) | 21.1M shares | 0 shares |
| Period ending | 2025-12-31 | 2025-03-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|---|
| Cash and cash equivalents | $287.4M | $559.9M | ||
| Accounts receivable | $3.6M | $2.7M | ||
| Prepaid expenses and other current assets | $22.2M | $26.2M | ||
| Current income tax receivable | $2.2M | $0 | ||
| Total current assets | $315.4M | $588.9M | ||
| Operating lease right-of-use assets | $16.8M | $19.3M | ||
| Property and equipment, net | $4.3M | $4.2M | ||
| Restricted cash | $1.4M | $1.4M | ||
| Other long term assets | $0 | $2.1M | ||
| TOTAL ASSETS | $338.0M | $615.9M | ||
| Accounts payable | $2.0M | $4.6M | ||
| Current portion of operating lease liabilities | $2.4M | $2.0M | ||
| Accrued expenses and other current liabilities | $16.0M | $20.9M | ||
| Total current liabilities | $20.4M | $27.4M | ||
| Operating lease liabilities, net of current portion | $14.5M | $16.9M | ||
| Total liabilities | $34.9M | $44.3M | ||
| Preferred stock, par value of $0.0001 per share; 10,000,000 shares authorized as of December 31, 2025 and 2024; no shares issued and outstanding | $0 | $0 | ||
| Common stock, par value of $0.0001 per share; 200,000,000 shares authorized as of December 31, 2025 and December 31, 2024; 40,670,466 shares issued and 19,543,706 shares outstanding as of December 31, 2025 and 40,554,705 shares issued and outstanding as of December 31, 2024 | $4.0K | $4.0K | ||
| Treasury stock, at cost; 21,126,760 and no shares as of December 31, 2025 and December 31, 2024, respectively | -$384.6M | $0 | ||
| Additional paid-in capital | $1.2B | $1.1B | ||
| Accumulated deficit | -$481.8M | -$568.8M | ||
| Total stockholders equity | $303.1M | $571.6M | $332.2M | |
| TOTAL LIABILITIES AND STOCKHOLDERS EQUITY | $338.0M | $615.9M | ||
| Preferred stock, par value (in USD per share) | $0.00 | $0.00 | $0.00 | |
| Preferred stock, shares authorized (in shares) | 10.0M shares | 10.0M shares | ||
| Preferred stock, shares issued (in shares) | 0 shares | 0 shares | ||
| Preferred stock outstanding (in shares) | 0 shares | 0 shares | ||
| Common stock, par value (in USD per share) | $0.00 | $0.00 | ||
| Common stock, shares authorized (in shares) | 200.0M shares | 200.0M shares | ||
| Common stock, shares issued (in shares) | 40.7M shares | 40.6M shares | ||
| Common stock, shares outstanding (in shares) | 19.5M shares | 40.6M shares | ||
| Beginning balance (in shares) | 21.1M shares | 0 shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 2 fiscal years, latest first.4
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Net income (loss) | $87.0M | -$187.4M |
| Depreciation expense | $1.5M | $1.2M |
| Gain on disposal of fixed asset | -$13.0K | $0 |
| Stock-based compensation expense | $28.7M | $34.9M |
| Non-cash lease expense | $2.4M | $1.8M |
| Accounts receivable | -$825.0K | -$2.6M |
| Prepaid expenses and other current assets | $4.0M | -$10.2M |
| Current income tax receivable | -$2.2M | $0 |
| Other assets | $2.1M | -$4.0K |
| Accounts payable | -$3.0M | -$249.0K |
| Right-of-use assets and operating lease liabilities | -$2.0M | -$1.3M |
| Accrued expenses and other current liabilities | -$10.1M | $3.0M |
| Net cash provided by (used in) operating activities | $107.5M | -$160.9M |
| Purchase of property and equipment | -$1.6M | -$1.9M |
| Net cash used in investing activities | -$1.6M | -$1.9M |
| Payment of issuance costs | $0 | -$283.0K |
| Payment of issuance costs associated with issuance of common stock under the ATM agreement | $0 | -$171.0K |
| Proceeds from issuance of common stock under the employee stock purchase plan | $138.0K | $0 |
| Repurchase of treasury stock | -$375.0M | $0 |
| Payment of direct expenses associated with the treasury stock repurchase | -$3.9M | $0 |
| Short-swing profit settlement | $139.0K | $0 |
| Proceeds from exercise of stock options | $150.0K | $12.1M |
| Net cash provided by (used in) financing activities | -$378.5M | $391.8M |
| NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | -$272.5M | $229.0M |
| Cash paid for taxes | $7.1M | $0 |
| Property and equipment purchases in accounts payable and accrued expenses | $5.0K | $0 |
| Treasury stock repurchase costs in accounts payable and accrued expenses | $5.7M | $0 |
| Right-of-use assets obtained in exchange for operating lease obligation | $0 | $5.7M |
No quarter-by-quarter statement was filed.
Leadership
Who has led Keros Therapeutics, Inc., and when. Pick a name to see everywhere that person has worked.
Chief executive
Chief financial officer
Chief operating officer
2025
- Chief executive officerJasbir Seehra Apr 7, 2020 to now12
- Chief financial officerKeith Regnante Apr 7, 2020 to now13
- Chief operating officerChristopher Rovaldi Feb 3, 2022 to now14
Board members and other officers (18)
- Corp. Controller & VP, FinanceAnnita Tanini Aug 13, 2026 to now15
- Chief Science OfficerLorena Raquel Lerner Aug 15, 2025 to now16
- Chief Medical OfficerYung H. Chyung Nov 8, 2024 to now17
- Chief Medical OfficerClaudia Ordonez Apr 7, 2020 to Jun 15, 202118
- Chief Scientific OfficerJennifer Lachey Apr 7, 2020 to Jul 19, 202219
- Board memberCharles W. Newton Mar 11, 2026 to now20
- Board memberAnne Prener Jul 6, 2026 to now21
- Board memberJean Jacques Bienaime Jun 5, 2024 to now22
- Board memberAlpna Seth May 3, 2023 to now23
- Board memberAlon Lazarus Apr 7, 2020 to Apr 13, 202024
- Board memberCarl L. Gordon Apr 7, 2020 to now25
- Board memberJasbir Seehra Apr 7, 2020 to now12
- Board memberJulius Knowles Apr 7, 2020 to now26
- Board memberNima Farzan Apr 7, 2020 to now27
- Board memberRan Nussbaum Apr 7, 2020 to now28
- Board memberTomer Kariv Apr 7, 2020 to now29
- Board memberMary Ann Gray Dec 21, 2020 to now30
- General counselEsther Cho Aug 15, 2025 to now31
Timeline
- Apr 7, 2020New chief executive Jasbir Seehra becomes CEO12
Filings
370 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 118 major events, 137 insider forms, 44 large holders, 51 other. The latest 20:
- Sep 29, 20268-K EDGAR
- Sep 28, 20268-K EDGAR
- Sep 16, 2026EFFECT EDGAR
- Sep 11, 2026DEL AM EDGAR
- Sep 10, 2026S-3 EDGAR
- Sep 8, 20268-K EDGAR
- Aug 20, 20264 EDGAR
- Aug 20, 20264 EDGAR
- Aug 20, 20264 EDGAR
- Aug 20, 20264 EDGAR
- Aug 19, 20264 EDGAR
- Aug 18, 2026144 EDGAR
- Aug 13, 20263 EDGAR
- Aug 3, 20268-K EDGAR
- Aug 3, 202610-Q EDGAR
- Aug 3, 20268-K EDGAR
- Jul 30, 20268-K EDGAR
- Jul 29, 2026SCHEDULE 13G/A EDGAR
- Jul 22, 20268-K EDGAR
- Jul 17, 2026SCHEDULE 13G EDGAR
The 370 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Insider trades
59 open-market trades by officers, directors and large owners since October 2021: 7 buys and 52 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Aug 18, 2026 | Tanini AnnitaCorp. Controller & VP, Finance | Sale | 1,224 | $10.29 | $12.6K | Form 4 |
| Aug 18, 2026 | Cho EstherChief Legal Officer | Sale | 4,485 | $10.29 | $46.2K | Form 4 |
| Aug 18, 2026 | Lerner Lorena RaquelChief Scientific Officer | Sale | 3,568 | $10.29 | $36.7K | Form 4 |
| Aug 18, 2026 | Newton Charles W.Director | Sale | 551 | $10.30 | $5.7K | Form 4 |
| Aug 17, 2026 | BIENAIME JEAN JACQUESDirector | Buy | 1,000 | $10.27 | $10.3K | Form 4 |
| Jul 15, 2026 | BIENAIME JEAN JACQUESDirector | Buy | 1,000 | $10.61 | $10.6K | Form 4 |
| Jun 15, 2026 | BIENAIME JEAN JACQUESDirector | Buy | 1,000 | $10.19 | $10.2K | Form 4 |
| Jun 11, 2026 | Newton Charles W.Director | Sale | 550 | $10.04 | $5.5K | Form 4 |
| Jun 4, 2026 | Knowles JuliusDirector | Sale | 2,625 | $10.73 | $28.2K | Form 4 |
| Jun 4, 2026 | Farzan NimaDirector | Sale | 2,625 | $10.73 | $28.2K | Form 4 |
| Jun 4, 2026 | Seth AlpnaDirector | Sale | 2,625 | $10.72 | $28.1K | Form 4 |
| May 15, 2026 | BIENAIME JEAN JACQUESDirector | Buy | 1,000 | $10.58 | $10.6K | Form 4 |
| Apr 15, 2026 | BIENAIME JEAN JACQUESDirector | Buy | 1,000 | $11.70 | $11.7K | Form 4 |
| Mar 9, 2026 | BIENAIME JEAN JACQUESDirector | Buy | 2,000 | $11.21 | $22.4K | Form 4 |
| Feb 19, 2026 | Seehra JasbirCHIEF EXECUTIVE OFFICER | Sale | 7,015 | $16.17 | $113.4K | Form 4 |
| Feb 18, 2026 | Cho EstherChief Legal Officer | Sale | 4,745 | $16.35 | $77.6K | Form 4 |
| Feb 18, 2026 | Lerner Lorena RaquelChief Scientific Officer | Sale | 3,873 | $16.35 | $63.3K | Form 4 |
| Feb 18, 2026 | Regnante KeithCHIEF FINANCIAL OFFICER | Sale | 4,739 | $16.35 | $77.5K | Form 4 |
| Oct 15, 2025 | Pontifax (China) IV L.P.10% owner | Sale | 4,787,331 | $17.75 | $85.0M | Form 4 |
| Oct 15, 2025 | Schneeberger Daniel10% owner | Sale | 5,389,264 | $17.75 | $95.7M | Form 4 |
All 59 trades can be filtered by person here when JavaScript is on.
From Forms 4 filed with the SEC.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- BlackRockSCHEDULE 13G/A, 2 filings Apr 7, 2026 to Jul 29, 202632
- BlackRock Portfolio Management LLCSCHEDULE 13G, 1 filing Jul 17, 202633
- Nantahala Capital Management, LLCSCHEDULE 13G, 1 filing May 15, 202634
- VANGUARD GROUP INCSCHEDULE 13G/A, 3 filings Apr 30, 2025 to Mar 27, 202635
- D. E. SHAW & CO, L.P.SCHEDULE 13G/A, 2 filings Oct 27, 2025 to Feb 17, 202636
- ExodusPoint Capital Management, LPSCHEDULE 13G/A, 2 filings Nov 18, 2025 to Feb 17, 202637
- Madison Avenue Partners, LPSCHEDULE 13G/A, 2 filings May 14, 2025 to Feb 17, 202638
- TANG CAPITAL MANAGEMENT LLCSCHEDULE 13G/A, 2 filings Oct 22, 2025 to Feb 17, 202639
- Pontifax Management 4 G.P. (2015) Ltd.SCHEDULE 13D/A, 2 filings Apr 18, 2025 to Oct 16, 202540
- ADAR1 Capital Management, LLCSCHEDULE 13D/A, 6 filings Apr 11, 2025 to Oct 15, 202541
- JPMorgan ChaseSCHEDULE 13G/A, 2 filings May 2, 2025 to May 5, 202542
- ALKEON CAPITAL MANAGEMENT LLCSCHEDULE 13G, 3 filings Feb 13, 2023 to Feb 14, 202543
- FMR LLCSCHEDULE 13G/A, 4 filings Feb 9, 2022 to Feb 7, 202544
- ORBIMED ADVISORS LLCSC 13D/A, 2 filings Nov 7, 2022 to Dec 13, 202345
- Deep Track Capital, LPSC 13G/A, 3 filings Dec 30, 2021 to Feb 14, 202346
- Moshe ArkinSC 13G/A, 3 filings Apr 11, 2022 to Feb 2, 202347
- Foresite Capital Fund IV, L.P.SC 13G/A, 1 filing Feb 11, 202248
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
13F reports cover disclosed long positions in U.S. stocks only.
Sources
The numbers on this page point here. Each one links to the record it came from.
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- 20SEC EDGARCharles W. Newton, Board member
- 21SEC EDGARAnne Prener, Board member
- 22SEC EDGARJean Jacques Bienaime, Board member
- 23SEC EDGARAlpna Seth, Board member
- 24SEC EDGARAlon Lazarus, Board member
- 25SEC EDGARCarl L. Gordon, Board member
- 26SEC EDGARJulius Knowles, Board member
- 27SEC EDGARNima Farzan, Board member
- 28SEC EDGARRan Nussbaum, Board member
- 29SEC EDGARTomer Kariv, Board member
- 30SEC EDGARMary Ann Gray, Board member
- 31SEC EDGAREsther Cho, General counsel
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