Keros Therapeutics
Develops protein therapeutics for neuromuscular disease and blood-cell disorders.
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Profile
Develops protein therapeutics tied to TGF-beta family signaling, with rinvatercept focused on Duchenne muscular dystrophy and ALS and elritercept advanced through Takeda and Hansoh collaborations. Revenue is collaboration-based rather than commercial product sales, and the business depends on clinical progress, partner execution, and regulatory engagement.
Develops clinical-stage protein therapeutics for diseases linked to dysfunctional TGF-beta family signaling. The current pipeline is centered on rinvatercept, the lead candidate for Duchenne muscular dystrophy and ALS, and elritercept, the most advanced candidate for cytopenias in myelodysplastic syndrome and myelofibrosis.
Operates from Lexington, Massachusetts with a single reportable segment and no commercial product sales identified in current filings. Revenue is tied to Takeda and Hansoh collaboration arrangements, with elritercept rights split by territory and rinvatercept retained as the strategic focus.
Execution now reflects a narrower, data-driven portfolio after cibotercept was discontinued and the company completed a restructuring. The business depends on clinical trial results, partner-led elritercept development, and regulatory paths for neuromuscular indications.
Company facts
Key statistics
Year to date −40.4% · Average volume (30d) 203.1K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Target |
|---|---|---|---|---|---|
| Aug 4, 2026 | Wells Fargo | Reiterate | Overweight | $18 | |
| Aug 4, 2026 | H.C. Wainwright | Reiterate | Buy | $20 | |
| Aug 4, 2026 | Leerink Partners | Reiterate | Outperform | $23 | |
| Jun 10, 2025 | B of A Securities | Downgrade | Buy | Neutral | |
| Jan 21, 2025 | Cantor Fitzgerald | Downgrade | Overweight | Neutral |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 3, 2026Q2 FY26 | −$1.34 | −$1.45 | −8.2% | $807.1K | — | — | +1.38% |
| May 14, 2026Q1 FY26 | −$0.92 | −$1.21 | −31.5% | $1.9M | $367.0K | −81.0% | −4.46% |
| Mar 4, 2026Q4 FY25 | −$0.49 | −$0.86 | −75.5% | $3.7M | $385.0K | −89.5% | −14.96% |
| Nov 5, 2025Q3 FY25 | −$1.11 | −$0.18 | +83.8% | $3.7M | $14.3M | +289.4% | +3.32% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $211.2M | $18.2M | $14.3M | $385.0K | $367.0K | $0 | |
| Gross profit | $211.2M | $17.8M | $13.9M | $385.0K | −$36.0K | $0 | |
| Operating income | $152.0M | −$39.8M | −$15.4M | −$29.3M | −$25.9M | −$30.9M | |
| Net income | $148.5M | −$30.7M | −$7.3M | −$23.5M | −$23.7M | −$28.7M | |
| Diluted EPS | $3.62 | −$0.76 | −$0.18 | −$0.38 | −$1.21 | −$1.45 | |
| Gross margin | 100.0% | 98.0% | 97.2% | 100.0% | -9.8% | — | |
| Operating margin | 72.0% | -219.2% | -107.9% | -7,602.6% | -7,051.0% | — |
Fiscal years (4-quarter sums)FY21 $20.1M · FY22 $0 · FY23 $151.0K · FY24 $3.6M · FY25 $244.1M
Revenue by product · Q1 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $257.6M · Total debt $15.7M · Total assets $287.6M · Shareholders' equity $262.3M
Dividends
No dividends on record.
Ownership
Shares outstanding 32.00M · Float 29.53M · 92.3% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 1.99M | 10.10% | 13G | Apr 7, 2026 |
| Nantahala Capital Management, LLC | 1.36M | 6.90% | 13G | May 15, 2026 |
| Vanguard Capital Management LLC | 831.4K | 2.60% | 13F | May 15, 2026 |
| Orbimed Advisors LLC | 759.2K | 2.37% | 13F | May 15, 2026 |
| Qube Research & Technologies Ltd | 724.9K | 2.27% | 13F | May 15, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 18, 2026 | Charles W. Newton | director | −551 | $10.30 |
| Aug 18, 2026 | Esther Cho | officer: Chief Legal Officer | −4,485 | $10.29 |
| Aug 18, 2026 | Lorena Raquel Lerner | officer: Chief Scientific Officer | −3,568 | $10.29 |
| Aug 18, 2026 | Annita Tanini | officer: Corp. Controller & VP, Finance | −1,224 | $10.29 |
| Aug 17, 2026 | Jean Jacques Bienaime | director | +1,000 | $10.27 |
Peers
- Bristol-Myers Squibb
Approved activin-ligand-trap anemia therapy in MDS and MF
- Sarepta Therapeutics
Commercial Duchenne portfolio and broad neuromuscular pipeline
- Edgewise Therapeutics
Late-stage muscle-damage program in DMD and Becker dystrophy
- GSK (ADR)
Approved MF-anemia therapy with JAK1/2 and ACVR1 activity
- Geron
Commercial LR-MDS anemia therapy and Phase 3 MF program
- Dyne Therapeutics
Exon-51 DMD program moving toward accelerated approval
- Scholar Rock
Myostatin platform spanning SMA and rare neuromuscular disease
- Biogen
Approved genetically targeted ALS therapy and confirmatory trial
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Keros Therapeutics | $11.03 | −0.18% | $352.9M | — | — | 23.5 | −99.8% |
| Bristol-Myers Squibb | $66.60 | +0.05% | $136.00B | 14.7 | 10.5 | 2.8 | +5.7% |
| Sarepta Therapeutics | $21.05 | +0.98% | $2.20B | — | 26.3 | 1.1 | −34.3% |
| Edgewise Therapeutics | $42.76 | −0.04% | $4.60B | — | — | — | — |
| GSK (ADR) | $50.57 | −0.51% | $101.82B | 15.8 | 9.2 | 2.2 | +2.7% |
| Geron | $1.51 | +0.33% | $968.7M | — | 107.7 | 4.7 | +17.2% |
| Dyne Therapeutics | $25.07 | −0.04% | $4.68B | — | — | — | — |
| Scholar Rock | $57.80 | 0.00% | $6.93B | — | — | — | — |
| Biogen | $218.19 | −0.14% | $32.28B | 38.7 | 16.5 | 3.2 | +3.4% |
| Median | 15.8 | 16.5 | 2.8 | +3.4% |