KROS

MKT CAP:$429M

Keros Therapeutics, Inc.

Market Cap

$429M

Healthcare·Biotechnology·🇺🇸 United States·NASDAQ

Healthcare·Biotechnology·🇺🇸·NASDAQ

Stock Price

$11.40-$7.14 (-38.51%)

Apr 24, 2026

Company Details

Keros Therapeutics, Inc., a clinical-stage biopharmaceutical company, focuses on the discovery, development, and commercialization of novel treatments for patients suffering from hematological and musculoskeletal disorders with high unmet m...

CEO

Jasbir S. Seehra

IPO Date

Apr 8, 2020

Website

www.kerostx.com

Key Metrics TTM

Revenue

$244M

+6775.0% YoY

Net Income

$87M

EPS (Diluted)

$2.30

Free Cash Flow

$106M

Revenue / Share

$6.45

Gross Margin

99.5%

Operating Margin

28.9%

Net Margin

35.7%

FCF Margin

43.4%

P/S

1.8x

P/E

4.9x

Earnings Reports

Q1 2026

May 5, 2026

PENDING

FY 2025

Mar 4, 2026

$244M+6775.0%EPS $2.30

Q4 2025

Mar 4, 2026

$385.0K-87.3%EPS -$0.38

Q3 2025

Nov 5, 2025

$14M+3575.8%EPS -$0.18

Q2 2025

Aug 6, 2025

$18M+49002.7%EPS -$0.76

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$0	$0	-$24M
Q2 22	$0	$0	-$31M
Q3 22	$0	$0	-$28M
Q4 22	$0	$0	-$32M
Q1 23	$0	$0	-$39M
Q2 23	$0	$0	-$41M
Q3 23	$8.0K	-$543.0K	-$43M
Q4 23	$143.0K	$143.0K	-$46M
Q1 24	$83.0K	$83.0K	-$48M
Q2 24	$37.0K	$37.0K	-$50M
Q3 24	$388.0K	$74.0K	-$59M
Q4 24	$3M	$3M	-$53M
Q1 25	$211M	$211M	$152M
Q2 25	$18M	$18M	-$40M
Q3 25	$14M	$14M	-$15M
Q4 25	$385.0K	-$15.0K	-$26M

Valuation

Quarter	P/S	P/E
Q1 22	62.7x	—
Q2 22	32.9x	—
Q3 22	53.9x	—
Q4 22	—	—
Q1 23	—	—
Q2 23	—	—
Q3 23	116062.6x	—
Q4 23	10221.1x	—
Q1 24	8611.8x	—
Q2 24	4756.1x	—
Q3 24	3220.4x	—
Q4 24	159.1x	—
Q1 25	1.9x	97.6x
Q2 25	2.3x	28.8x
Q3 25	2.6x	10.1x
Q4 25	3.4x	9.6x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$1M	-$2M
Q2 22	-$23M	-$23M
Q3 22	-$25M	-$25M
Q4 22	-$21M	-$22M
Q1 23	-$34M	-$35M
Q2 23	-$31M	-$31M
Q3 23	-$34M	-$35M
Q4 23	-$25M	-$26M
Q1 24	-$45M	-$46M
Q2 24	-$40M	-$40M
Q3 24	-$31M	-$31M
Q4 24	-$46M	-$46M
Q1 25	$161M	$161M
Q2 25	-$30M	-$30M
Q3 25	$3M	$3M
Q4 25	-$27M	-$27M

Capital Expenditures

Quarter	CapEx
Q1 22	$147.0K
Q2 22	$567.0K
Q3 22	$176.0K
Q4 22	$351.0K
Q1 23	$1M
Q2 23	$311.0K
Q3 23	$550.0K
Q4 23	$541.0K
Q1 24	$946.0K
Q2 24	$310.0K
Q3 24	$386.0K
Q4 24	$289.0K
Q1 25	$565.0K
Q2 25	$720.0K
Q3 25	$132.0K
Q4 25	$134.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	—	+53.0%
Q2 22	-100.0%	+96.5%
Q3 22	—	+38.5%
Q4 22	-100.0%	+28.5%
Q1 23	—	+61.1%
Q2 23	—	+34.5%
Q3 23	—	+54.7%
Q4 23	—	+45.8%
Q1 24	—	+24.9%
Q2 24	—	+22.1%
Q3 24	+4750.0%	+36.4%
Q4 24	+2027.3%	+20.8%
Q1 25	+254413.3%	+21.9%
Q2 25	+49002.7%	+14.9%
Q3 25	+3575.8%	-49.8%
Q4 25	-87.3%	-52.7%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$0	—
Q2 22	$5M	—
Q3 22	$5M	—
Q4 22	$5M	—
Q1 23	$6M	—
Q2 23	$0	—
Q3 23	$0	0.0%
Q4 23	$7M	5121.7%
Q1 24	$8M	9722.9%
Q2 24	$9M	23743.2%
Q3 24	$9M	2272.4%
Q4 24	$9M	302.4%
Q1 25	$9M	4.2%
Q2 25	$9M	47.0%
Q3 25	$4M	27.9%
Q4 25	$7M	1897.4%

OpEx Breakdown

Quarter	R&D	G&A	SG&A
Q1 22	$18M	$6M	—
Q2 22	$23M	$7M	—
Q3 22	$21M	$7M	—
Q4 22	$25M	$7M	—
Q1 23	$31M	$8M	—
Q2 23	$33M	$9M	—
Q3 23	$34M	—	$9M
Q4 23	$37M	$9M	—
Q1 24	$38M	$10M	—
Q2 24	$41M	$10M	—
Q3 24	$49M	$10M	—
Q4 24	$46M	$11M	—
Q1 25	$49M	$10M	—
Q2 25	$44M	$14M	—
Q3 25	$20M	$10M	—
Q4 25	$18M	$12M	—

Revenue Segments

Quarter	License	Service, Other	Service
Q1 22	$18M	—	—
Q2 22	$144M	—	—
Q3 22	$144M	—	—
Q1 23	$144M	—	—
Q2 23	$144M	—	—
Q1 24	—	$83.0K	—
Q2 24	—	$37.0K	—
Q3 24	—	—	$400.0K
Q1 25	$195M	$16M	—
Q2 25	—	$18M	—
Q3 25	$10M	$4M	—
Q4 25	—	$385.0K	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$229M	$0	$229M
Q2 22	$216M	$0	$216M
Q3 22	$239M	$0	$239M
Q4 22	$279M	$0	$279M
Q1 23	$351M	$0	$351M
Q2 23	$322M	$0	$322M
Q3 23	$288M	$0	$288M
Q4 23	$331M	$0	$331M
Q1 24	$442M	$0	$442M
Q2 24	$406M	$0	$406M
Q3 24	$531M	$0	$531M
Q4 24	$560M	$0	$560M
Q1 25	$721M	$0	$721M
Q2 25	$690M	$0	$690M
Q3 25	$693M	$0	$693M
Q4 25	$287M	$0	$287M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	24M	+2.4%	+3.3%
Q2 22	24M	+0.3%	+3.2%
Q3 22	26M	+6.2%	+9.4%
Q4 22	27M	+7.0%	+16.6%
Q1 23	28M	+3.8%	+18.2%
Q2 23	30M	+4.3%	+23.1%
Q3 23	30M	+0.2%	+16.1%
Q4 23	30M	+1.5%	+10.2%
Q1 24	29M	-2.3%	+3.8%
Q2 24	36M	+22.6%	+22.0%
Q3 24	36M	-0.0%	+21.7%
Q4 24	40M	+11.7%	+33.9%
Q1 25	41M	+1.7%	+39.3%
Q2 25	41M	-1.0%	+12.5%
Q3 25	41M	+0.0%	+12.5%
Q4 25	38M	-6.8%	-6.1%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$0	60
Q2 22	$0	60
Q3 22	$0	60
Q4 22	$0	105
Q1 23	$0	105
Q2 23	$0	105
Q3 23	$76	105
Q4 23	$1.4K	105
Q1 24	$790	105
Q2 24	$352	105
Q3 24	$3.7K	105
Q4 24	$18.0K	169
Q1 25	$1M	169
Q2 25	$107.5K	169
Q3 25	$84.4K	169
Q4 25	$12	33K

Revenue / Employee