KROS Stock — Keros Therapeutics Inc.: Cash, EV, Pipeline

What they do

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.

Source: 10-K FY2025 via SEC EDGAR

Share price

$9.36

Market cap

$185.6M

Cash

$259.5M

Enterprise value

-$73.9M

Balance sheet

Cash	$259.5M
Debt	$0.0M
Net cash	$259.5M
Enterprise value	-$73.9M
Basic shares	19.6M shares
Fully diluted shares	26.5M shares
Fully diluted market cap	$248.2M
Cash per share	$13.22
Quarterly burn	$20.4M
Cash runway	12.6 quarters

Cash figures as of 2026-09-30. Database snapshot: 2026-11-07.

Share structure

Common

19.8M

Pre-funded warrants

0.0M

Options

4.1M

RSUs

0.7M

Warrants

0.0M

Converts

0.0M

Conv preferred

0.0M

ESPP reserve

1.8M

FDSO

26.5M

Cap table as of 2026-06-30.

Price history

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Next catalyst

rinvatercept · Est. Apr 1, 2027 · half midpoint · guided in 8 wks

Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
GUIDEDEst. Apr 1, 2027 in 8 wks half midpoint	rinvatercept rinvatercept Phase 2 in Duchenne muscular dystrophy	Phase 2	Duchenne muscular dystrophy	H1 2027
Aug 28 - Oct 9 in 34 mo	KER-065	Phase 2	Duchenne Muscular Dystrophy	—

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

rinvatercept

Phase 2 · Active Modality: ligand trap

Aliases KER-065

Target myostatin/GDF8, activin A

Partnerships Mass General Hospital (exclusive patent license with clinical/regulatory and commercial milestones and low- to mid-single-digit royalties)

Indications

Duchenne muscular dystrophy (DMD) (Phase 2)
Amyotrophic lateral sclerosis (ALS) (Phase 2)

Catalysts

— second half of 2026
— first half of 2027

Status note Lead product candidate. Phase 2 DMD trial initiated (initial topline results from Phase 1 in healthy volunteers announced March 2025); company plans to engage regulators on ALS Phase 2 design in second half 2026.

elritercept

Phase 3 · Active Modality: ligand trap

Aliases KER-050

Target ActRIIA ligands

Partnerships Takeda (exclusive license, December 2024, effective January 2025; $200M upfront; up to $80M development, $280M commercial, $740M sales milestones; tiered low-double-digit to high-teen royalties; excludes China/HK/Macau); Hansoh (exclusive license for mainland China, Hong Kong, Macau, December 2021; $18M net upfront; up to $23.5M development and $144M net-sales thresholds; tiered low-double-digit to high-teen royalties)

Indications

Anemia in lower-risk myelodysplastic syndromes (MDS) (Phase 3)
Cytopenias (anemia and thrombocytopenia) in myelofibrosis (Phase 2)

Status note Phase 3 RENEW trial in transfusion-dependent lower-risk MDS first patient dosed July 2025 ($10M Takeda milestone). Open-label Phase 3 ELRiSE MDS trial (vs epoetin alfa) first patient dosed July 2026 ($20M Takeda milestone; company expects to distribute 25% of net cash proceeds to stockholders).

Per-asset detail extracted from the 10-Q filed 2026-08-03. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	KER-065
Lead indication	Duchenne Muscular Dystrophy
Lead phase	Phase 2
Active trials	1

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT07704099	Phase 2	Not yet recruiting	Sponsor	KROS	—	Duchenne Muscular Dystrophy	—

Sponsor-matched active trials from ClinicalTrials.gov (1 as sponsor, 0 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 1 active trials for Keros Therapeutics, Inc. on ClinicalTrials.gov

Specialist fund holders

Tracked specialist funds: ADAR1 Capital Management, Aisling Capital, Ally Bridge Group, Avoro Capital Advisors, BVF Partners, Baker Bros. Advisors, Boxer Capital, Braidwell LP, Casdin Capital, Cormorant Asset Management, DAFNA Capital, Deerfield Management, EcoR1 Capital, Frazier Life Sciences, Great Point Partners, Ikarian Capital, Logos Global Management, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, RTW Investments, Sphera Biotech, Stonepine Capital, Tang Capital Partners, Vivo Capital.

Fund	Shares	Q/Q change	% of portfolio	Filing
OrbiMed Advisors	759,155	no change	0.15%	2026-08-14
ADAR1 Capital Management	246,818	+149,500	0.12%	2026-08-14

Specialist-fund positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

Latest news

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KROS — Keros Therapeutics Inc. ☆

What they do

Balance sheet

Share structure

Price history

Next catalyst

Upcoming catalysts

Pipeline assets

Pipeline

Active clinical trials

Specialist fund holders

Latest news

KROS — Keros Therapeutics Inc.