Keros Therapeutics

KROSNASDAQ

Keros develops small molecules that modulate TGF-beta signaling, specifically targeting ALK2 and ALK5 receptors to treat diseases of low blood cell counts and muscle loss.

Drafted with AI assistance from public sources and not individually reviewed by an editor; last updated 2026-09-09. Published by Blane Jackson, DDS, MBA. Educational analysis only. Read the editorial policy and disclosures.

Filing figures as of June 30, 2026 · text updated 2026-09-09 · where each field comes from

Rare & Orphan DiseasesHematologyMusculoskeletal Diseases

Key figures from SEC filings

KROS filings on EDGAR →

Cash & investments

$258M

at June 30, 2026 (10-Q)

Quarterly operating burn

$12.0M

average per quarter, Jan–Jun 2026

Cash runway

~65 months

$258M ÷ $12.0M per quarter

Shares outstanding

19.8M

cover page of the latest filing

Read from KROS's XBRL financial data; latest filing August 3, 2026; fetched 2026-09-28. Runway assumes the reported burn continues unchanged; burn usually rises as programs advance, so treat it as an upper bound. Revenue stage: Pre-revenue.

Upcoming catalysts

No upcoming catalyst for Keros Therapeutics has been confirmed against a primary source. Rather than estimate one, this section is left empty — check the company's investor relations page and ClinicalTrials.gov directly.

Pipeline

Drug	Indication	Phase	Expected data
KER-065	Duchenne Muscular Dystrophy	Phase 2	2027	▼
KER-012	Pulmonary Arterial Hypertension	Phase 2	Terminated	▼
KER-047	Iron Deficiency Anemia	Phase 2	Withdrawn	▼

What does Keros Therapeutics do?

Keros Therapeutics is a biotech company that is trying to develop new medicines for rare diseases, which are conditions that affect a small number of people. They are focusing on two main areas: diseases where the body doesn't make enough blood cells, and diseases that cause muscle loss. Their most advanced drug is called KER-065, which is being tested in patients with Duchenne Muscular Dystrophy, a severe genetic disease that causes muscle weakness and usually affects boys. KER-065 works by blocking certain signals in the body that tell muscles to waste away. This is different from other treatments like gene therapy, which aim to fix the underlying genetic problem. Keros has had some setbacks with other drugs, but they have a lot of money to keep going. For investors, the big question is whether KER-065 will work in clinical trials. If it does, it could be a big deal because there is a huge need for better treatments for DMD. But there are risks: the trials might fail, or other companies might come up with better treatments. Overall, Keros is a high-risk, high-reward investment opportunity.

What to watch

Monitor enrollment and any early data from the KER-065 Phase 2 trial in DMD.

Watch for any announcements about partnerships or licensing deals for KER-065.

Track cash burn and any secondary offerings to assess dilution risk.

Investment thesis

High Risk

Bull case

Keros has a promising pipeline targeting rare diseases with high unmet need. Its lead candidate, KER-065, for Duchenne Muscular Dystrophy, could address a significant market if successful. The company's platform targeting TGF-beta signaling is versatile and could yield multiple drugs. With a strong cash position and no debt, Keros is well-funded to advance its pipeline. The recent termination of KER-012 in PAH may actually be a positive, allowing focus on higher-potential programs. If KER-065 shows efficacy in Phase 2, it could become a standard of care, and the stock could multiply.

Bear case

Keros has faced setbacks with KER-012 and KER-047, raising concerns about the platform's viability. The DMD trial is still early, and competition from gene therapies like Elevidys may limit market share. The company is pre-revenue and will need to raise capital, potentially diluting shareholders. Regulatory hurdles for rare disease drugs are high, and reimbursement uncertainties could impact commercial success. The small patient population for DMD means even a successful launch may not generate blockbuster revenues. Additionally, the termination of KER-012 may indicate underlying safety issues with the platform.

Risk factors

⚠

Clinical trial failure: KER-065 may not show efficacy or safety in DMD.

⚠

Competition: Sarepta's Elevidys and other DMD therapies may dominate the market.

⚠

Regulatory uncertainty: FDA may require additional trials or have concerns about the mechanism.

⚠

Financial risk: Cash runway may be insufficient if trials are delayed, leading to dilution.

⚠

Platform risk: Setbacks in other programs may indicate broader issues with the technology.

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Cash against the next catalyst

Funded through this catalyst

Cash reaches roughly Q4 2031 on the disclosed figures, about 19 quarters past this Q1 2027 catalyst — the readout is funded without a raise.

Derived from $258M ÷ $12M per quarter, both self-reported.
Burn usually rises as a programme moves through late-stage trials, so this is an upper bound.

This is the arithmetic between two dates, not a forecast. Companies raise early from strength, delay programmes, partner, or borrow.

Sponsor's late-stage trial record

Keros Therapeutics has 3 Phase 2 or 3 studies on ClinicalTrials.gov: 2 stopped early, 1 ongoing.

Completed

Stopped early

Ongoing

Stopped early

NCT05927012Phase 2 · started 2023 · withdrawn
KER-047 in iron deficiency anemia · n=0
Reason given: Despite several attempts to recruit eligible participants and major protocol amendments to increase the recruitment rate, recruitment challenges remained. Therefore, the Sponsor has made the decision to terminate the KER047-IR-202 Study globally.
NCT05975905Phase 2 · started 2023 · terminated
Dose A KER-012 in pulmonary arterial hypertension · n=113
Reason given: The study was voluntarily terminated early, following a safety review and observation of pericardial effusions.

Counts cover interventional Phase 2 and Phase 3 studies registered under this sponsor name, retrieved 2026-09-28 from ClinicalTrials.gov API v2. Trials stop for many reasons — futility, safety, enrollment, funding, or a decision to back a different programme — and the registry often does not say which. This is the sponsor's record, not a prediction about any specific readout.