Keros Therapeutics Reports Significant Revenue Decline and Net Loss in Q1 2026

Keros Therapeutics, Inc. reported a significant decline in financial performance for the first quarter of 2026, with total revenue of $367,000, a stark decrease from $211.2 million in the same period of 2025. This drop was primarily attributed to the absence of license revenue, which had previously included a substantial $195.4 million from the Takeda Agreement. The company recorded a net loss of $23.7 million for the quarter, compared to a net income of $148.5 million in the prior year, reflecting the impact of the one-time revenue from the Takeda Agreement in 2025.

Operating expenses also decreased significantly, totaling $26.2 million for the first quarter of 2026, down from $59.2 million in the same quarter of 2025. This reduction was largely due to a $32.6 million decrease in research and development expenses, which fell to $16.1 million, driven by reduced spending on the elritercept program as activities transitioned to Takeda. General and administrative expenses remained relatively stable, totaling $10.1 million, compared to $10.5 million in the previous year.

Keros Therapeutics continues to focus on advancing its clinical pipeline, particularly its lead product candidate, rinvatercept (KER-065), which is being developed for Duchenne muscular dystrophy and amyotrophic lateral sclerosis. The company plans to initiate a Phase 2 clinical trial for rinvatercept in DMD in the third quarter of 2026 and engage with regulators regarding a Phase 2 trial for ALS in the second half of 2026. Additionally, the company’s most advanced candidate, elritercept (KER-050), is in a Phase 3 clinical trial for myelodysplastic syndromes, with a milestone payment of $10 million received upon the first patient dosing.

As of March 31, 2026, Keros had cash and cash equivalents of $281.5 million, a decrease from $287.4 million at the end of 2025. The company anticipates that its existing cash will be sufficient to fund operations into the first half of 2028, although it acknowledges the need for additional funding to support ongoing research and development activities. Keros has not generated revenue from product sales to date and relies on equity financing and licensing agreements to fund its operations. The company remains cautious about potential economic challenges, including inflation and rising interest rates, which could impact its financial position and operational capabilities.