KROS · Keros Therapeutics, Inc.

Keros Therapeutics reported a net loss of $23.7 million for the first quarter of 2026, a sharp reversal from the $148.5 million net income in the prior-year period, primarily driven by the absence of $195.4 million in license revenue from the Takeda agreement recognized in 2025 and a significant reduction in service revenue to $0.4 million. Research and development expenses decreased 67% to $16.1 million, reflecting the transition of elritercept development costs to partner Takeda following the license deal and the impact of a 2025 corporate restructuring that lowered overall spend. General and administrative expenses saw a modest decline to $10.1 million from $10.5 million, also tied to restructuring-related compensation cuts. CEO Jasbir S. Seehra emphasized pipeline progress as the top priority, highlighting Takeda's plan to initiate a Phase 3 trial for elritercept in anemia associated with myelofibrosis, expanding beyond myelodysplastic syndromes and signaling potential milestone value for Keros. Balance sheet remains solid with $281.5 million in cash and equivalents as of March 31, 2026, down slightly from $287.4 million at year-end 2025, providing runway into the first half of 2028 under current plans. No formal guidance was issued, but the cash position supports ongoing development of lead candidates rinvatercept for Duchenne muscular dystrophy and ALS, and elritercept for cytopenias.