**Keros Therapeutics Reports Profitable Year Driven by Takeda Licensing Agreement**
Keros Therapeutics, Inc., a clinical-stage biopharmaceutical company, announced a net income of $87.0 million for the fiscal year ended December 31, 2025, a significant turnaround from the $187.4 million net loss reported for the previous fiscal year. This profitability was primarily attributed to a $200.0 million upfront payment and a $10.0 million milestone payment received under an exclusive licensing agreement with Takeda Pharmaceuticals U.S.A., Inc. for elritercept, a product candidate targeting cytopenias in patients with myelodysplastic syndromes (MDS) and myelofibrosis. The company's total revenue for 2025 reached $244.1 million, including $205.4 million in license revenue and $38.7 million in service revenue, compared to $3.6 million in revenue for 2024.
Despite the profitable year, Keros Therapeutics continues to invest heavily in research and development. Research and development expenses for 2025 totaled $129.6 million, a decrease from $173.6 million in 2024. This decrease was primarily due to reduced spending on the cibotercept program following its deprioritization, as well as a transition of clinical activities for elritercept to Takeda. General and administrative expenses increased to $46.8 million in 2025 from $40.8 million in 2024, driven by higher professional fees. As of December 31, 2025, Keros Therapeutics had 78 full-time employees, with 59 dedicated to research and development.
Key operational developments included the initiation of a global Phase 3 clinical trial for elritercept in patients with lower-risk MDS, triggering the $10.0 million milestone payment from Takeda. The company also expects to commence a Phase 2 clinical trial of rinvatercept in patients with Duchenne muscular dystrophy (DMD) in the second quarter of 2026 and plans to engage regulators on the design of a Phase 2 clinical trial of rinvatercept in patients with amyotrophic lateral sclerosis (ALS) in the second half of 2026. The company also completed a corporate restructuring in May 2025, which included a reduction in force of approximately 45% of its employee base, expected to yield annualized cost savings of approximately $17 million.
Looking ahead, Keros Therapeutics anticipates continued investment in its pipeline, particularly in the clinical development of rinvatercept and elritercept. The company expects to incur significant expenses related to these clinical trials and may seek additional funding through various means, including equity offerings, debt financings, and strategic collaborations. As of December 31, 2025, Keros Therapeutics held $287.4 million in cash and cash equivalents, which the company believes will be sufficient to fund operations into the first half of 2028. The company's long-term success depends on the successful development and commercialization of its product candidates, as well as its ability to manage expenses and secure additional funding as needed.
About Keros Therapeutics, Inc.
Keros Therapeutics is a clinical-stage biopharmaceutical company developing novel TGF-β pathway therapeutics for disorders affecting blood, bone, muscle, and cardiovascular tissues. Its key products target pulmonary arterial hypertension, neuromuscular diseases, and hematologic conditions like MDS and myelofibrosis. The company's approach leverages proprietary protein therapeutics to modulate tissue growth, repair, and maintenance, aiming to address unmet medical needs with potentially disease-modifying treatments.
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