• First patient dosed in Phase 2 clinical trial of rinvatercept in patients with Duchenne muscular dystrophy in September 2026
  • Nominated KER-206, a novel ligand trap designed to bind select TGF-β ligands to regulate bone remodeling, from nonclinical pipeline for further investigation
  • Cash runway expected into the second half of 2028  

LEXINGTON, Mass., Nov. 05, 2026 (GLOBE NEWSWIRE) — Keros Therapeutics, Inc. (“Keros” or the “Company”) (Nasdaq: KROS), 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 (“TGF-β”) family of proteins, today provided a business update and reported financial results for the quarter ended September 30, 2026.

“We are excited to continue advancing our pipeline across both clinical and nonclinical development, building on our understanding of TGF-β biology to develop potential new treatments for patients,” said Jasbir S. Seehra, Ph.D., President and Chief Executive Officer. “We remain focused on disciplined execution of our strategic priorities as we work to advance our programs and build on the potential of our pipeline.”

Recent Program Updates

  • Rinvatercept for the treatment of Duchenne muscular dystrophy (“DMD”): In September 2026, Keros announced the first patient was dosed in the Phase 2 clinical trial of rinvatercept in patients with DMD. Keros expects to announce initial data from this trial in the first half of 2027.
  • KER-206: In October 2026, Keros presented a nonclinical poster on a research version of KER-206, or RKER-206, at the American Society for Bone and Mineral Research 2026 Annual Meeting.
    • KER-206 is a nonclinical asset designed to bind select ligands from the TGF-β superfamily, including activin A, activin B, GDF8 and GDF11, which regulate bone remodeling through effects on differentiation and activity of bone-resorptive cells (osteoclasts) and bone-forming cells (osteoblasts). Through inhibition of these TGF-β ligands, the Company believes that KER-206 has the potential to increase bone mass and improve skeletal integrity in disorders characterized by pathological bone loss.

Third Quarter 2026 Financial Results

Keros reported net income of $14.2 million in the third quarter of 2026 as compared to a net loss of $7.3 million in the third quarter of 2025. The increase of approximately $21.4 million was primarily due to revenue recognized in 2026 related to Keros’ license agreement with Takeda.

Research and development expenses were $20.5 million for the third quarter of 2026 as compared to $19.5 million for the same period in 2025. The increase of $1.0 million was primarily due to the additional research and development efforts to support the advancement of Keros’ pipeline, partially offset by decreased elritercept-related research and development expenses as activities transitioned to Takeda during 2025.

General and administrative expenses were $6.7 million for the third quarter of 2026 as compared to $10.1 million for the same period in 2025. The decrease of $3.4 million was primarily due to a decrease in compensation costs and a decrease in professional fees.

Keros’ cash and cash equivalents as of September 30, 2026 was $259.5 million compared to $287.4 million as of December 31, 2025. Based on current operating assumptions, Keros expects that its cash and cash equivalents as of September 30, 2026 will enable Keros to fund its operating expenses and capital expenditure requirements into the second half of 2028.

About Keros Therapeutics, Inc.

Keros is 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 TGF-β family of proteins. Keros is a leader in understanding the role of the TGF-β 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, Keros has discovered and is developing protein therapeutics that have the potential to provide meaningful and potentially disease-modifying benefit to patients. Keros’ lead product candidate, rinvatercept, is being developed for the treatment of DMD and for the treatment of amyotrophic lateral sclerosis. Keros’ most advanced product candidate, elritercept, is being developed for the treatment of cytopenias, including anemia and thrombocytopenia, in patients with myelodysplastic syndrome and in patients with myelofibrosis.

Cautionary Note Regarding Forward-Looking Statements

Statements contained in this press release regarding matters that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Words such as “continue,” “expect,” “believe,” “will,” “may,” “potential,” or similar expressions are intended to identify forward-looking statements. Examples of these forward-looking statements include statements concerning: Keros’ expectations regarding its growth, strategy, progress and the advancement of its clinical and nonclinical pipeline; the development plans and potential therapeutic benefits of its product candidates; the design, objectives and timing of its clinical trials for rinvatercept; the potential of KER-206 to    increase bone mass and improve skeletal integrity in disorders characterized by pathological bone loss; and Keros’ expected cash runway and ability to fund its operating expenses and capital expenditure requirements. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties include, among others: Keros’ limited operating history and historical losses; Keros’ ability to raise additional funding to complete the development and any commercialization of its product candidates; Keros’ dependence on the success of its product candidates, rinvatercept and elritercept; that Keros may be delayed in initiating, enrolling or completing any clinical trials; competition from third parties that are developing products for similar uses; Keros’ ability to obtain, maintain and protect its intellectual property; and Keros’ dependence on third parties in connection with manufacturing, clinical trials and nonclinical studies.

These and other risks are described more fully in Keros’ filings with the Securities and Exchange Commission (“SEC”), including the “Risk Factors” section of the Company’s Quarterly Report on Form 10-Q, filed with the SEC on August 3, 2026, and its other documents subsequently filed with or furnished to the SEC. All forward-looking statements contained in this press release speak only as of the date on which they were made. Except to the extent required by law, Keros undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.

Investor Contact:

Justin Frantz
jfrantz@kerostx.com
617-221-6042

KEROS THERAPEUTICS, INC.
Condensed Consolidated Statements of Operations
(In thousands, except share and per share data)
(Unaudited)
       
  THREE MONTHS ENDED
SEPTEMBER 30,		   NINE MONTHS ENDED
SEPTEMBER 30,
  2026       2025       2026       2025  
REVENUE:              
Service and other revenue $  9     $  4,262     $  376     $  38,321  
License revenue    40,000        10,000        40,000        205,355  
Total revenue    40,009        14,262        40,376        243,676  
OPERATING EXPENSES:              
Research and development    (20,491 )      (19,519 )      (58,919 )      (111,731 )
General and administrative    (6,700 )      (10,127 )      (25,453 )      (35,106 )
Total operating expenses    (27,191 )      (29,646 )      (84,372 )      (146,837 )
INCOME (LOSS) FROM OPERATIONS    12,818        (15,384 )      (43,996 )      96,839  
OTHER INCOME (EXPENSE), NET              
Interest income, net    55        —        55        —  
Dividend income    2,220        6,933        6,842        20,845  
Other expense, net    (168 )      (253 )      (394 )      (812 )
Total other income, net    2,107        6,680        6,503        20,033  
Income (loss) before income taxes    14,925        (8,704 )      (37,493 )      116,872  
Income tax (provision) benefit    (772 )      1,424        (772 )      (6,397 )
Net income (loss) $  14,153     $  (7,280 )   $  (38,265 )   $  110,475  
               
Net income (loss) attributable to common stockholders—basic and diluted $  14,153     $  (7,280 )   $  (38,265 )   $  110,475  
               
Weighted-average shares of common stock outstanding — basic    19,886,097        40,623,364        19,773,047        40,598,777   
Weighted-average shares of common stock outstanding — diluted    20,341,140        40,623,364        19,773,047        41,202,371   
               
Net income (loss) per share of common stock — basic $  0.71     $  (0.18 )   $  (1.94 )   $  2.72  
Net income (loss) per share of common stock — diluted $  0.70     $  (0.18 )   $  (1.94 )   $  2.68  

KEROS THERAPEUTICS, INC.
Condensed Consolidated Balance Sheets
(In thousands, except share and per share data)
(Unaudited)
       
  SEPTEMBER 30,
2026		   DECEMBER 31,
2025
ASSETS      
CURRENT ASSETS:      
Cash and cash equivalents $  259,464     $  287,415  
Accounts receivable    20,000        3,567  
Prepaid expenses and other current assets    5,920        22,202  
Current income tax receivable    2,250        2,250  
Total current assets    287,634        315,434  
Operating lease right-of-use assets    14,887        16,841  
Property and equipment, net    3,390        4,297  
Restricted cash    1,449        1,449  
Other long-term assets    11        —  
TOTAL ASSETS $  307,371     $  338,021  
LIABILITIES AND STOCKHOLDERS’ EQUITY      
CURRENT LIABILITIES:      
Accounts payable $  3,787     $  1,967  
Current portion of operating lease liabilities    2,695        2,408  
Accrued expenses and other current liabilities    8,761        16,039  
Current tax liability    615        —  
Total current liabilities    15,858        20,414  
Operating lease liabilities, net of current portion    12,415        14,475  
Total liabilities    28,273        34,889  
STOCKHOLDERS’ EQUITY:      
Preferred stock, par value of $0.0001 per share; 10,000,000 shares authorized as of September
30, 2026 and December 31, 2025; no shares issued and outstanding		    —        —  
Series A junior participating preferred stock, par value of $0.0001 per share; 500,000 authorized
as of September 30, 2026 and December 31, 2025; no shares issued and outstanding		    —        —  
Common stock, par value of $0.0001 per share; 200,000,000 shares authorized as of
September 30, 2026 and December 31, 2025; 41,103,773 shares issued and 19,830,671 shares outstanding as of
September 30, 2026 and 40,670,466 shares issued and 19,543,706 shares outstanding as of December 31, 2025		    4        4  
Treasury stock, at cost; 21,273,102 shares as of September 30, 2026 and 21,126,760 shares as of December 31, 2025    (386,211 )      (384,558 )
Additional paid-in capital    1,185,335        1,169,451  
Accumulated deficit    (520,030 )      (481,765 )
Total stockholders’ equity    279,098        303,132  
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $  307,371     $  338,021  


Primary Logo

Media gallery

About The Author
Keros Therapeutics, Inc.