Keros Therapeutics, Inc. (KROS) reported its fourth-quarter and full-year 2025 financial results and outlined recent business highlights, including progress across its hematology and muscle-focused pipeline.
For the fourth quarter of 2025, Keros reported a net loss of $23.5 million compared with a net loss of $46.0 million in the same quarter of 2024.
For the full year, the company recorded net income of $87.0 million, a turnaround from a net loss of $187.4 million in 2024. Total revenue for 2025 was $244.1 million, compared with $3.6 million in 2024, primarily reflecting license revenue related to Takeda.
The company's pipeline includes Rinvatercept (KER-065), and Elritercept (KER-050) each advancing through clinical development.
-Rinvatercept, a selective activin receptor ligand trap designed to inhibit myostatin and activin A, is being developed for Duchenne muscular dystrophy (DMD) and amyotrophic lateral sclerosis (ALS). A Phase 1 trial in healthy volunteers showed the drug was generally well tolerated.
Keros plans to initiate a Phase 2 trial in DMD in the second quarter of 2026 and to engage regulators on a Phase 2 trial in ALS in the second half of 2026.
- Elritercept is being advanced for cytopenias, including anemia and thrombocytopenia, in patients with myelodysplastic syndrome (MDS) and myelofibrosis (MF). Development costs for Elritercept have transitioned to Takeda under the licensing agreement, which contributed significantly to Keros' 2025 revenue.
The company also announced corporate updates, including the appointment of Charles Newton to its board of directors in March 2026 and the promotion of Esther Cho to Chief Legal Officer in February 2026.
Keros ended 2025 with cash and cash equivalents of $287.4 million at year-end, expected to fund operations into the first half of 2028.
KROS has traded between $9.12 and $22.55 over the past year. The stock closed yesterday's trading at $13.77, up 2.76%.
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