Keros Therapeutics, Inc. reported fourth quarter and full year 2025 financial results, including a net loss of $23.5 million for Q4 and net income of $87.0 million for the year, driven by $244.1 million in total revenue primarily from a license agreement with Takeda. The company highlighted upcoming Phase 2 trials for rinvatercept in DMD and ALS, board changes, and cash position of $287.4 million as of December 31, 2025, funding into first half of 2028.
Key takeaways
Net loss of $23.5 million in Q4 2025 vs $46.0 million in Q4 2024; net income of $87.0 million for full year 2025 vs net loss of $187.4 million in 2024
Total revenue of $244.1 million for 2025, including $205.4 million license revenue from Takeda
R&D expenses decreased to $17.9 million in Q4 and $129.6 million for 2025 from $45.6 million and $173.6 million in 2024
Cash and cash equivalents of $287.4 million as of December 31, 2025, down from $559.9 million in 2024 due to share repurchase and tender offer
Phase 2 trial of rinvatercept in DMD to commence Q2 2026; regulator engagement for ALS Phase 2 in H2 2026
Charles Newton appointed to board effective March 9, 2026; Carl Gordon steps down; Esther Cho promoted to Chief Legal Officer effective February 24, 2026