Earnings summaries and quarterly performance for Keros Therapeutics.
Executive leadership at Keros Therapeutics.
Board of directors at Keros Therapeutics.
Research analysts covering Keros Therapeutics.
Recent press releases and 8-K filings for KROS.
Keros Therapeutics Reports Third Quarter 2025 Financial Results
KROS
Earnings
Guidance Update
New Projects/Investments
- Keros Therapeutics reported a net loss of $7.3 million in the third quarter of 2025, a significant decrease from a net loss of $53.0 million in the third quarter of 2024, largely due to revenue recognized related to its license agreement with Takeda Pharmaceuticals U.S.A., Inc..
- Research and development expenses decreased to $19.5 million for the third quarter of 2025 from $49.2 million for the same period in 2024, primarily due to the transition of elritercept-related research and development expenses to Takeda.
- The company's cash and cash equivalents were $693.5 million as of September 30, 2025, and Keros expects this, less $375.0 million of excess capital to be returned to stockholders, to fund operating expenses and capital expenditure requirements into the first half of 2028.
- Keros' partner Takeda plans to advance elritercept into a Phase 3 clinical trial, and Keros plans to initiate a Phase 2 clinical trial of KER-065 in patients with Duchenne muscular dystrophy.
Nov 5, 2025, 9:02 PM
Keros Therapeutics Commences Cash Tender Offer
KROS
Share Buyback
- Keros Therapeutics has initiated a cash tender offer to repurchase up to $194.4 million of its common stock at a price of $17.75 per share.
- This tender offer is part of the company's previously announced $375 million capital return program.
- The offer is scheduled to expire at 5:00 p.m. ET on November 18, 2025, unless extended or terminated.
Oct 20, 2025, 10:00 AM
Keros Therapeutics Announces $375 Million Capital Return Program and Board Resignations
KROS
Share Buyback
Board Change
Dividends
- Keros Therapeutics, Inc. announced a plan to return $375.0 million of excess capital to stockholders, which includes repurchasing 10,176,595 shares from ADAR1 Capital Management and Pontifax Venture Capital for approximately $181 million at a price of $17.75 per share. These initial repurchases are expected to close on or about October 15, 2025.
- Following these transactions, Keros intends to commence a tender offer for up to $194 million in additional shares at $17.75 per share by the end of October 2025.
- In connection with the repurchase agreements, Tomer Kariv and Ran Nussbaum resigned from the Board of Directors, effective October 15, 2025.
- The company also committed to distribute 25% of any net cash proceeds received on or before December 31, 2028, from its global license agreement with Takeda Pharmaceuticals U.S.A., Inc. to Keros stockholders.
Oct 15, 2025, 10:40 AM
Keros Therapeutics' Largest Stockholder Criticizes Board's Engagement and Capital Return Plan
KROS
Proxy Vote Outcomes
Dividends
Board Change
- ADAR1 Capital Management, the largest stockholder of Keros Therapeutics with approximately 13.3% of outstanding shares, sent an open letter on August 21, 2025, expressing disappointment with the Board's refusal to engage on the Company's strategy, capital allocation priorities, and Board refreshment.
- ADAR1 believes Keros is significantly undervalued and urges the company to promptly communicate a clear plan to return $375 million in excess capital, specifically through the declaration of a special dividend, following a June 9 announcement.
- ADAR1 has stated that if the Board continues to refuse engagement, it will seek to elect new directors at the next Annual Meeting.
Aug 21, 2025, 12:30 PM
Keros Therapeutics Announces First Patient Dosing in Phase 3 RENEW Clinical Trial
KROS
New Projects/Investments
- Keros Therapeutics, Inc. announced that the first patient was dosed in the Phase 3 RENEW clinical trial of elritercept for adults with transfusion-dependent anemia with very low, low, or intermediate risk myelodysplastic syndromes (MDS).
- The dosing of the first patient triggered a $10 million milestone payment to Keros under its global license agreement with Takeda.
- This agreement, which became effective on January 16, 2025, previously provided Keros with a $200 million upfront cash payment in February 2025, and Keros remains eligible for potential development, commercial, and sales milestones that could exceed $1.1 billion, along with tiered royalties on net sales.
Jul 17, 2025, 12:00 AM
Keros Therapeutics Announces TROPOS Data and Corporate Restructuring
KROS
Layoffs
- Announced TROPOS Phase 2 topline data for cibotercept in PAH, resulting in the decision to discontinue its development due to safety concerns including pericardial effusions.
- Initiated a corporate restructuring with an approximate 45% workforce reduction (reducing headcount to 85 employees) and targeted average annualized cost savings of $17 million.
May 29, 2025, 12:00 AM
Keros Therapeutics Faces Proxy Vote Recommendation
KROS
Board Change
Proxy Vote Outcomes
- ADAR1 Capital, holding approximately 13.3% of the company, urges the board to disclose strategic review results before the June 4, 2025 Annual Meeting.
- The independent advisory firm ISS has recommended that stockholders withhold votes from Dr. Mary Ann Gray and Dr. Alpna Seth due to significant governance concerns.
- ADAR1 also highlighted the board’s excessive cash balance relative to its clinical prospects, questioning its capital allocation strategy.
May 21, 2025, 12:00 PM
Keros Therapeutics: ADAR1 Calls for Business Restructuring
KROS
Proxy Vote Outcomes
Board Change
- ADAR1 Capital Management (holding approximately 13.3% of Keros’ shares) announced plans to withhold votes for directors Dr. Mary Ann Gray and Dr. Alpna Seth at the upcoming annual meeting on June 4, 2025, citing serious concerns over the company's strategic direction.
- The firm criticized the alarming clinical results of drug candidates KER-012 and KER-065 and recommended focusing on KER-050 (elritercept), which it projects could achieve peak sales exceeding $2 billion.
- ADAR1 urged a major restructuring, including reducing headcount by at least 70% and returning excess cash to shareholders, amidst evidence of consistent negative stock performance relative to proxy peers and major indices.
May 8, 2025, 6:10 PM
Keros Therapeutics Reports Q1 2025 Financial Results
KROS
Earnings
Revenue Acceleration/Inflection
- Net income reached $148.5 million in Q1 2025, a significant turnaround from a net loss in Q1 2024, driven by strong license revenue from Takeda and increased overall revenue.
- Total revenue for the quarter was approximately $211.2 million, with research and development expenses rising to $48.7 million and general and administrative expenses at $10.5 million.
- The company’s cash position improved to $720.5 million as of March 31, 2025, providing a funding runway into 2029.
May 6, 2025, 12:00 AM
Keros Therapeutics Enters Material Definitive Agreement with Pontifax
KROS
Board Change
- Material definitive agreement entered on April 17, 2025, with Pontifax funds, outlining key arrangements including board nominations and associated restrictions ([doc 2][doc 0]).
- Agreement specifies the nomination of board directors Mary Ann Gray, Ran Nussbaum, and Alpna Seth for the 2025 Annual Meeting, ensuring equal support for all nominees ([doc 1][doc 2]).
- The document also includes provisions imposing standstill and non-disparagement obligations to restrict certain shareholder activities until specified conditions are met ([doc 2][doc 3]).
Apr 18, 2025, 12:00 AM
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