Keros Therapeutics, Inc.
KROS evidence brief
What we can confirm
What it means
What to watch
Prepared research question
What matters most for KROS—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · KROS
Keros Therapeutics, Inc. is a clinical-stage biopharmaceutical company focused on developing novel treatments for hematological and musculoskeletal disorders, with a lead product candidate in Phase 2 trials and a cash runway into the first half of 2028.
Key risk: No approved products or revenue
BioSniper Score
Based on 6 of 6 signals
Market Cap
$218.7M
Cash Runway
38.4 moLead Asset
elritercept (KER-050) (Phase 3)Next Catalyst
Phase2_Start · Sep 14, 2026Financial data as of Jun 30, 2026.
Tracking 3 pipeline candidates · 4 clinical trials · 1 catalyst for Keros Therapeutics, Inc..
Keros Therapeutics, Inc. is a clinical-stage biopharmaceutical company focused on developing novel treatments for hematological and musculoskeletal disorders, with a lead product candidate in Phase 2 trials and a cash runway into the first half of 2028.
- Cash and cash equivalents of $259.1M as of 2026-06-30 [sec].
- Net loss of $28.7M for the quarter ended 2026-06-30 [sec].
- Lead product candidate invatercept is in clinical development for hematological disorders [sec_mda · as of 2026-08-03].
- Phase 2 study of KER-065 for musculoskeletal conditions is scheduled to start on 2026-09-14 [catalyst].
- Company expects existing cash to fund operations into the first half of 2028 [sec_mda · as of 2026-08-03].
What works
- Cash position of $259.1M as of 2026-06-30 provides a runway into the first half of 2028, supporting ongoing clinical development [sec_mda · as of 2026-08-03].
- Multiple product candidates in clinical trials, including invatercept and KER-065, targeting large unmet medical needs in hematology and musculoskeletal diseases [sec_mda · as of 2026-08-03].
- Recent equity offering raised approximately $194.4 million, strengthening the balance sheet [sec_mda · as of 2026-08-03].
What to weigh
- No approved products or revenue from product sales; company has incurred significant net losses ($28.7M in Q2 2026) and expects to continue incurring substantial expenses [sec_mda · as of 2026-08-03].
- Clinical development is capital-intensive and subject to delays; the company will need substantial additional funding to complete development and commercialization [sec_mda · as of 2026-03-04].
- One Phase 2 trial (NCT05975905) was terminated, indicating potential clinical or operational challenges [catalyst].
From the filings
Quoted directly from source documents.
Cash runway into first half of 2028
“we believe that our existing cash and cash equivalents will be sufficient to fund our projected liquidity requirements into the first half of 2028.”
SEC MD&A · August 3, 2026
Catalyst timeline
- 2026-09-14 · Phase 2 Start: KER-065 — A multicenter, open-label Phase 2 study evaluating safety and efficacy of KER-065 in participants with musculoskeletal conditions.
Risks & what to watch (4)›
Key risks
- No approved products or revenue — Company has no approved products and no revenue from product sales; relies on external financing [sec_mda · as of 2026-08-03].
- Substantial additional funding needed — Will require significant capital to complete clinical development and commercialization; funding may not be available on acceptable terms [sec_mda · as of 2026-03-04].
- Clinical trial delays and failures — One Phase 2 trial terminated; delays due to public health crises, geopolitical tensions, or other factors could increase costs [sec_mda · as of 2026-08-03].
- Dependence on key product candidates — Business is highly dependent on success of invatercept and KER-065; failure of either could materially harm prospects [sec_mda · as of 2026-08-03].
What to watch
- Initiation and enrollment of the Phase 2 study for KER-065 starting 2026-09-14 [catalyst].
- Clinical data readouts from ongoing Phase 2 trials of invatercept (NCT06017609) [catalyst].
- Future financing events, as the company will need additional capital beyond current runway [sec_mda · as of 2026-03-04].
Sources: Catalysts · SEC MD&A · Generated August 24, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 6 of 6 signals · derived from public data
38.4 months
D/E 0.10 · 0% dilution
Lead: Phase 3
3 candidates
1 upcoming, next in ~15d
6 buys · 8 sells (180d)
Runway
Catalysts
Pipeline
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
147
Total value held
$184.8M
| Holder | Shares | Value |
|---|---|---|
| blackrock, inc. | 2,411,793 | $26.6M |
| vanguard capital management llc | 1,662,842 | $18.4M |
| orbimed advisors llc | 759,155 | $8.4M |
| jacobs levy equity management, inc | 706,071 | $7.8M |
| federated hermes, inc. | 689,229 | $7.6M |
| vanguard portfolio management llc | 682,043 | $7.5M |
| geode capital management, llc | 681,460 | $7.5M |
| arrowstreet capital, limited partnership | 590,249 | $6.5M |
| state street corp | 561,730 | $6.2M |
| citadel advisors llc | 553,766 | $6.1M |
Showing top 10 of 147 institutional holders of Keros Therapeutics, Inc.. Open the full 13F history after sign-in.
Short Interest
as of May 21, 2026- % of float
- 8.2%
- Days to cover
- 4.1
- Shares short
- 1,415,972
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
KROS short interestGovernance
Frequently asked questions
What is the AI investment thesis for Keros Therapeutics, Inc.?
Keros Therapeutics, Inc. is a clinical-stage biopharmaceutical company focused on developing novel treatments for hematological and musculoskeletal disorders, with a lead product candidate in Phase 2 trials and a cash runway into the first half of 2028.
What is Keros Therapeutics, Inc.'s lead drug candidate?
Keros Therapeutics, Inc.'s most advanced tracked candidate is elritercept (KER-050) (Phase 3) for Anemia and thrombocytopenia in patients with myelodysplastic syndromes (lower-risk MDS); myelofibrosis-associated cytopenias.
What is Keros Therapeutics, Inc.'s next catalyst?
Keros Therapeutics, Inc.'s next tracked catalyst is a Phase2_Start event — "Phase 2 Start: A Multicenter, Phase 2, Open-Label Study Evaluating the Safety and Efficacy of KER-065 in Participan" — expected September 14, 2026.
Who is the CEO of Keros Therapeutics, Inc.?
Dr. Jasbir S. Seehra Ph.D. is the chief executive officer of Keros Therapeutics, Inc. (KROS).
Where is Keros Therapeutics, Inc. headquartered?
Keros Therapeutics, Inc. (KROS) is headquartered in Lexington, MA, United States.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.