Keros Therapeutics, Inc.
KROS evidence brief
What we can confirm
- BioSniper Score:
- 7.4 / 10
- Market Cap:
- $221.7M
- Lead Asset:
- elritercept (KER-050) (Phase 3)
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 is a clinical-stage biopharmaceutical company developing protein therapeutics targeting TGF-ß signaling disorders, with lead candidates rinvatercept (KER-065) for neuromuscular diseases and elritercept for cytopenias.
Key risk: No approved products
BioSniper Score
Based on 4 of 6 signals
Financial data as of Jun 30, 2026.
Tracking 3 pipeline candidates · 4 clinical trials for Keros Therapeutics, Inc..
Keros Therapeutics is a clinical-stage biopharmaceutical company developing protein therapeutics targeting TGF-ß signaling disorders, with lead candidates rinvatercept (KER-065) for neuromuscular diseases and elritercept for cytopenias.
- Lead product candidate rinvatercept (KER-065) is in Phase 2 for Duchenne muscular dystrophy and being explored for amyotrophic lateral sclerosis [sec · filed 2026-09-10].
- Most advanced product candidate elritercept is in Phase 3 trials for lower-risk MDS and myelofibrosis [sec_mda · as of 2026-08-03].
- In December 2024, Keros entered an exclusive license agreement with Takeda for elritercept outside mainland China, Hong Kong, and Macau [sec · filed 2026-09-10].
- Cash & equivalents were $257.6M as of 2026-06-30, with no revenue and a net loss of $28.7M [sec].
- First patient dosed in Phase 2 DMD trial in September 2026, with initial data expected in first half of 2027 [news · published 2026-09-28].
What works
- Strong cash position of $257.6M as of 2026-06-30 provides runway for ongoing clinical programs [sec].
- Elritercept has advanced to Phase 3 trials, indicating regulatory and clinical progress [sec_mda · as of 2026-08-03].
- Partnership with Takeda for elritercept provides development and commercialization support and milestone payments [sec · filed 2026-09-10].
What to weigh
- No revenue generated as of 2026-06-30, with a net loss of $28.7M, reflecting pre-commercial stage [sec].
- Both lead candidates are in early-to-mid stage trials, with no approved products and inherent clinical risk [sec · filed 2026-09-10].
- Dependence on successful Phase 2 and Phase 3 outcomes for rinvatercept and elritercept, with no guarantee of approval [sec_mda · as of 2026-08-03].
From the filings
Quoted directly from source documents.
Keros is a clinical-stage biopharmaceutical company focused on TGF-ß signaling disorders.
“We are a clinical-stage biopharmaceutical company focused on developing and commercializing novel therapeutics to treat a wide range of patients with disorders that are linked to dysfunctional signaling of the transforming growth factor-beta, or TGF-ß, family of proteins.”
SEC filings · September 10, 2026
Rinvatercept is being developed for DMD and ALS.
“Our lead product candidate, rinvatercept, is being developed for the treatment of Duchenne muscular dystrophy and for the treatment of amyotrophic lateral sclerosis.”
SEC filings · September 10, 2026
Elritercept is being developed for cytopenias in MDS and myelofibrosis.
“Our most advanced product candidate, elritercept, is being developed for the treatment of low blood cell counts, or cytopenias, including anemia and thrombocytopenia, in patients with myelodysplastic syndromes and in patients with myelofibrosis.”
SEC filings · September 10, 2026
Catalyst timeline
- 2023-10-17 · Phase 2 start for KER-012 in pulmonary arterial hypertension (TROPOS Study) — A randomized, double-blind, placebo-controlled study evaluating KER-012 in adult participants with PAH.
- 2026-09-25 · Phase 2 start for KER-065 in Duchenne muscular dystrophy — A multicenter, open-label study evaluating safety and efficacy of KER-065 in participants with DMD.
Risks & what to watch (4)›
Key risks
- No approved products — Keros has no marketed products; all candidates are in clinical trials, with no guarantee of regulatory approval [sec · filed 2026-09-10].
- Negative net income — Net loss of $28.7M as of 2026-06-30 with zero revenue, indicating ongoing cash burn [sec].
- Clinical trial failure risk — Phase 2 and Phase 3 trials for rinvatercept and elritercept may fail to meet endpoints, jeopardizing pipeline [sec_mda · as of 2026-08-03].
- Dependence on Takeda partnership — Elritercept's global commercialization relies on Takeda; any partnership issues could impact development [sec · filed 2026-09-10].
What to watch
- Initial data from Phase 2 DMD trial expected in first half of 2027 [news · published 2026-09-28].
- Phase 3 RENEW and ELRiSE MDS trials for elritercept, with first patients dosed in July 2025 and July 2026 respectively [sec_mda · as of 2026-08-03].
- Regulatory engagement for Phase 2 ALS trial design in second half of 2026 [sec_mda · as of 2026-08-03].
- Milestone payments from Takeda triggered by clinical progress, e.g., $10M milestone from first Phase 3 patient dosing [sec_mda · as of 2026-08-03].
Sources: Catalysts · News · SEC filings · SEC MD&A · Generated October 11, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 4 of 6 signals · derived from public data
Cash runway data unavailable
D/E 0.10 · 0% dilution
Lead: Phase 3
3 candidates
No upcoming catalysts tracked
4 buys · 8 sells (180d)
Pipeline
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
150
Total value held
$201.6M
| Holder | Shares | Value |
|---|---|---|
| blackrock, inc. | 2,411,793 | $26.6M |
| nantahala capital management, llc | 1,360,419 | $15.0M |
| vanguard capital management llc | 831,421 | $9.2M |
| orbimed advisors llc | 759,155 | $8.4M |
| qube research & technologies ltd | 724,926 | $8.0M |
| 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 |
| madison avenue partners, lp | 626,583 | $6.9M |
Showing top 10 of 150 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 is a clinical-stage biopharmaceutical company developing protein therapeutics targeting TGF-ß signaling disorders, with lead candidates rinvatercept (KER-065) for neuromuscular diseases and elritercept for cytopenias.
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.
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.
What therapeutic areas does Keros Therapeutics, Inc. focus on?
Keros Therapeutics, Inc. develops therapies across Oncology, Rare Disease, Neurology, Cardiovascular, Metabolic, Respiratory, Hematology.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.