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Keros Therapeutics (KROS) Financials

Keros Therapeutics logo
$10.61 -0.03 (-0.28%)
Closing price 07/20/2026 04:00 PM Eastern
Extended Trading
$10.60 -0.01 (-0.09%)
As of 07/20/2026 07:34 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for Keros Therapeutics

Annual Income Statements for Keros Therapeutics

This table shows Keros Therapeutics' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 -12 -45 -59 -105 -153 -187 87
Consolidated Net Income / (Loss)		 -12 -45 -59 -105 -153 -187 87
Net Income / (Loss) Continuing Operations		 -12 -45 -59 -105 -153 -187 87
Total Pre-Tax Income 		-12 -46 -57 -105 -153 -187 92
Total Operating Income		 -11 -47 -56 -115 -170 -211 68
Total Gross Profit		 10 0.00 20 0.00 0.15 3.55 244
Total Revenue		 10 0.00 20 0.00 0.15 3.55 244
Operating Revenue		 10 0.00 20 0.00 0.15 3.55 244
Total Cost of Revenue		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Operating Expenses		 21 47 76 115 170 214 176
Selling, General & Admin Expense		 3.18 13 21 28 35 41 47
Research & Development Expense		 17 34 55 87 135 174 130
Total Other Income / (Expense), net		 -1.77 1.12 -0.36 10 17 24 24
Interest & Investment Income		 -0.01 2.46 0.03 11 15 23 25
Other Income / (Expense), net		 -1.77 -1.33 -0.38 -0.61 2.19 0.28 -0.54
Income Tax Expense		 0.00 -0.17 2.01 0.00 0.00 0.30 4.88
Basic Earnings per Share		 ($6.08) ($2.93) ($2.52) ($4.15) ($5.20) ($5.00) $2.34
Weighted Average Basic Shares Outstanding		 2.33M 15.51M 23.33M 25.24M 29.45M 37.44M 37.22M
Diluted Earnings per Share		 ($6.08) ($2.93) ($2.52) ($4.15) ($5.20) ($5.00) $2.30
Weighted Average Diluted Shares Outstanding		 2.33M 15.51M 23.33M 25.24M 29.45M 37.44M 37.86M
Weighted Average Basic & Diluted Shares Outstanding		 2.33M 15.51M 24.00M 28.54M 35.98M 40.56M 19.72M

Quarterly Income Statements for Keros Therapeutics

This table shows Keros Therapeutics' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 -39 -40 -43 -45 -53 -46 148 -31 -7.28 -23 -24
Consolidated Net Income / (Loss)		 -39 -40 -43 -45 -53 -46 148 -31 -7.28 -23 -24
Net Income / (Loss) Continuing Operations		 -39 -40 -43 -45 -53 -46 148 -31 -7.28 -23 -24
Total Pre-Tax Income 		-39 -40 -43 -45 -53 -46 158 -33 -8.70 -25 -24
Total Operating Income		 -43 -46 -48 -50 -59 -53 152 -40 -15 -29 -26
Total Gross Profit		 0.01 0.14 0.08 0.04 0.39 3.04 211 18 14 0.39 0.37
Total Revenue		 0.01 0.14 0.08 0.04 0.39 3.04 211 18 14 0.39 0.37
Operating Revenue		 0.01 0.14 0.08 0.04 0.39 3.04 211 18 14 0.39 0.37
Total Cost of Revenue		 0.00 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Total Operating Expenses		 43 47 49 50 59 56 59 58 30 30 26
Selling, General & Admin Expense		 9.15 9.11 10 9.96 9.82 11 10 14 10 12 10
Research & Development Expense		 34 37 38 41 49 46 49 44 20 18 16
Total Other Income / (Expense), net		 3.84 6.21 5.37 5.18 5.70 7.53 6.45 6.90 6.68 4.30 2.17
Interest & Investment Income		 3.91 3.76 5.81 5.38 5.79 7.76 6.79 7.12 6.93 4.02 2.34
Other Income / (Expense), net		 -0.07 2.46 -0.44 -0.20 -0.09 -0.23 -0.34 -0.22 -0.25 0.27 -0.17
Income Tax Expense		 - - 0.00 0.00 0.00 - 10 -2.22 -1.42 -1.51 0.00
Basic Earnings per Share		 ($1.33) ($1.34) ($1.21) ($1.25) ($1.41) ($1.13) $3.66 ($0.76) ($0.18) ($0.38) ($1.21)
Weighted Average Basic Shares Outstanding		 29.67M 29.45M 35.69M 36.10M 37.59M 37.44M 40.56M 40.61M 40.62M 37.22M 19.63M
Diluted Earnings per Share		 ($1.33) ($1.34) ($1.21) ($1.25) ($1.41) ($1.13) $3.62 ($0.76) ($0.18) ($0.38) ($1.21)
Weighted Average Diluted Shares Outstanding		 29.67M 29.45M 35.69M 36.10M 37.59M 37.44M 41.02M 40.61M 40.62M 37.86M 19.63M
Weighted Average Basic & Diluted Shares Outstanding		 29.96M 35.98M 36.08M 37.52M 40.51M 40.56M 40.62M 40.62M 30.47M 19.72M 19.79M

Annual Cash Flow Statements for Keros Therapeutics

This table details how cash moves in and out of Keros Therapeutics' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 -16 259 -35 49 52 229 -273
Net Cash From Operating Activities		 -16 -37 -62 -70 -125 -161 108
Net Cash From Continuing Operating Activities		 -16 -37 -62 -70 -125 -160 107
Net Income / (Loss) Continuing Operations		 -12 -45 -59 -105 -153 -187 87
Consolidated Net Income / (Loss)		 -12 -45 -59 -105 -153 -187 87
Depreciation Expense		 0.21 0.28 0.38 0.67 0.82 1.23 1.51
Non-Cash Adjustments To Reconcile Net Income		 2.09 6.84 12 16 29 35 29
Changes in Operating Assets and Liabilities, net		 -5.96 1.35 -15 18 -3.03 -10 -10
Net Cash From Investing Activities		 -0.27 -0.29 -1.02 -1.24 -2.46 -1.93 -1.55
Net Cash From Continuing Investing Activities		 -0.27 -0.29 -1.02 -1.24 -2.46 -1.93 -1.56
Purchase of Property, Plant & Equipment		 -0.27 -0.29 -1.02 -1.24 -2.46 -1.93 -1.56
Net Cash From Financing Activities		 0.01 296 29 120 179 392 -378
Net Cash From Continuing Financing Activities		 0.01 296 29 120 179 392 -375
Repurchase of Common Equity		 0.00 -0.23 - -0.09 -0.09 -0.17 -375
Issuance of Common Equity		 0.00 243 28 120 176 380 0.14
Other Financing Activities, net		 0.01 -2.51 0.38 0.82 3.23 12 0.15
Cash Income Taxes Paid		 0.26 - - - - 0.00 7.15

Quarterly Cash Flow Statements for Keros Therapeutics

This table details how cash moves in and out of Keros Therapeutics' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 -34 43 111 -37 125 29 161 -30 3.26 -406 -5.92
Net Cash From Operating Activities		 -34 -25 -45 -40 -31 -46 161 -30 3.25 -27 -3.53
Net Cash From Continuing Operating Activities		 -34 -26 -44 -39 -30 -46 161 -29 1.99 -27 -3.53
Net Income / (Loss) Continuing Operations		 -39 -40 -43 -45 -53 -46 148 -31 -7.28 -23 -24
Consolidated Net Income / (Loss)		 -39 -40 -43 -45 -53 -46 148 -31 -7.28 -23 -24
Depreciation Expense		 0.21 0.25 0.28 0.31 0.31 0.33 0.34 0.37 0.40 0.40 0.40
Non-Cash Adjustments To Reconcile Net Income		 8.71 7.32 8.07 8.79 8.82 9.20 9.45 8.53 3.99 7.31 6.84
Changes in Operating Assets and Liabilities, net		 -4.17 6.75 -9.89 -3.66 13 -9.66 2.93 -7.96 6.06 -12 13
Net Cash From Investing Activities		 -0.55 -0.54 -0.95 -0.31 -0.39 -0.29 -0.57 -0.72 -0.13 -0.13 -0.07
Net Cash From Continuing Investing Activities		 -0.55 -0.54 -0.95 -0.31 -0.39 -0.29 -0.57 -0.72 -0.14 -0.13 -0.07
Purchase of Property, Plant & Equipment		 -0.55 -0.54 -0.95 -0.31 -0.39 -0.29 -0.57 -0.72 -0.14 -0.13 -0.07
Net Cash From Financing Activities		 0.28 69 157 3.53 156 76 0.00 0.02 0.14 -379 -2.32
Net Cash From Continuing Financing Activities		 0.28 69 157 3.56 156 76 0.00 0.02 0.14 -375 -2.32
Repurchase of Common Equity		 -0.03 -0.07 - - -0.13 - 0.00 - - -375 -2.32
Other Financing Activities, net		 0.31 0.80 5.72 2.97 1.01 2.45 0.00 0.02 0.00 0.13 0.01

Annual Balance Sheets for Keros Therapeutics

This table presents Keros Therapeutics' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 11 269 255 307 370 616 338
Total Current Assets		 8.93 268 251 286 347 589 315
Cash & Equivalents		 7.02 266 230 279 331 560 287
Accounts Receivable		 - - 18 0.00 0.14 2.74 3.57
Prepaid Expenses		 0.38 1.85 3.40 6.72 16 26 22
Current Deferred & Refundable Income Taxes		 - - - - - 0.00 2.25
Plant, Property, & Equipment, net		 0.71 0.72 1.34 2.02 4.13 4.24 4.30
Total Noncurrent Assets		 1.32 0.99 2.48 19 19 23 18
Other Noncurrent Operating Assets		 1.32 0.99 2.48 19 19 23 18
Total Liabilities & Shareholders' Equity		 11 269 255 307 370 616 338
Total Liabilities		 10 7.72 12 29 38 44 35
Total Current Liabilities		 4.49 7.18 12 17 24 27 20
Accounts Payable		 2.09 2.15 3.65 3.34 5.45 4.60 1.97
Accrued Expenses		 2.02 4.61 7.34 13 18 21 16
Other Current Liabilities		 0.38 0.42 0.86 0.46 1.01 1.98 2.41
Total Noncurrent Liabilities		 5.97 0.54 0.23 13 13 17 14
Other Noncurrent Operating Liabilities		 5.97 0.54 0.23 13 13 17 14
Total Equity & Noncontrolling Interests		 -19 262 243 277 332 572 303
Total Preferred & Common Equity		 -19 262 243 277 332 572 303
Preferred Stock		 - - - 0.00 0.00 0.00 0.00
Total Common Equity		 -19 262 243 277 332 572 303
Common Stock		 0.20 327 367 506 714 1,140 1,169
Retained Earnings		 -20 -65 -124 -228 -381 -569 -482
Treasury Stock		 - - - - - - -385

Quarterly Balance Sheets for Keros Therapeutics

This table presents Keros Therapeutics' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 384 356 326 486 455 579 785 757 743 312
Total Current Assets		 362 334 304 463 433 552 760 733 719 291
Cash & Equivalents		 351 322 288 442 406 531 721 690 693 281
Accounts Receivable		 - - - 0.23 0.00 0.39 17 16 3.49 0.40
Prepaid Expenses		 11 12 17 20 27 21 22 27 22 6.53
Current Deferred & Refundable Income Taxes		 - - - - - - - - - 2.25
Plant, Property, & Equipment, net		 2.93 3.09 3.36 4.43 4.29 4.37 4.47 4.84 4.56 3.96
Total Noncurrent Assets		 19 19 18 18 18 23 21 20 19 18
Other Noncurrent Operating Assets		 19 19 18 18 18 23 21 20 19 18
Total Liabilities & Shareholders' Equity		 384 356 326 486 455 579 785 757 743 312
Total Liabilities		 29 30 30 32 34 46 56 50 39 27
Total Current Liabilities		 15 16 17 19 21 29 39 35 24 13
Accounts Payable		 4.68 4.15 3.87 4.99 6.54 4.98 6.64 5.27 2.30 1.49
Accrued Expenses		 11 12 12 13 14 22 17 20 15 8.86
Other Current Liabilities		 0.00 0.00 0.61 1.05 1.10 1.86 2.10 2.23 2.32 2.50
Total Noncurrent Liabilities		 14 14 14 13 13 17 16 16 15 14
Other Noncurrent Operating Liabilities		 14 14 14 13 13 17 16 16 15 14
Total Equity & Noncontrolling Interests		 355 326 296 454 421 533 729 707 704 286
Total Preferred & Common Equity		 355 326 296 454 421 533 729 707 704 286
Preferred Stock		 - - - 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 355 326 296 454 421 533 729 707 704 286
Common Stock		 619 628 637 878 891 1,056 1,149 1,158 1,162 1,176
Retained Earnings		 -264 -302 -341 -425 -470 -523 -420 -451 -458 -505
Treasury Stock		 - - - - - - - - - -385

Annual Metrics And Ratios for Keros Therapeutics

This table displays calculated financial ratios and metrics derived from Keros Therapeutics' official financial filings.

Metric 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 0.00 20,188,351.00 23,398,657.00 - - - 30,466,069.00
DEI Adjusted Shares Outstanding		 0.00 20,188,351.00 23,398,657.00 - - - 30,466,069.00
DEI Earnings Per Adjusted Shares Outstanding		 0.00 -2.25 -2.51 - - - 2.86
Growth Metrics		 - - - - - - -
Revenue Growth		 0.00% -100.00% 0.00% -100.00% 0.00% 2,250.99% 6,774.96%
EBITDA Growth		 0.00% -293.64% -17.08% -105.39% -44.15% -26.22% 133.03%
EBIT Growth		 0.00% -289.25% -18.27% -103.33% -45.36% -26.25% 131.84%
NOPAT Growth		 0.00% -341.70% -20.82% -103.63% -48.05% -24.06% 143.35%
Net Income Growth		 0.00% -267.71% -29.50% -78.20% -46.15% -22.46% 146.44%
EPS Growth		 0.00% 51.81% 13.99% -64.68% -25.30% 3.85% 146.00%
Operating Cash Flow Growth		 0.00% -130.62% -68.45% -12.73% -77.71% -29.20% 166.83%
Free Cash Flow Firm Growth		 0.00% 0.00% -62.00% -15.59% -85.45% -30.00% 137.87%
Invested Capital Growth		 0.00% 36.32% 416.05% -112.37% 165.60% 990.24% 35.23%
Revenue Q/Q Growth		 0.00% 0.00% 20,000.00% 0.00% 1,787.50% 445.31% -1.08%
EBITDA Q/Q Growth		 0.00% 0.00% 23.40% 0.00% -6.87% -4.59% 55.82%
EBIT Q/Q Growth		 0.00% 0.00% 22.54% 0.00% -7.91% -4.69% 57.55%
NOPAT Q/Q Growth		 0.00% 0.00% 22.94% 0.00% -9.32% -3.33% 62.04%
Net Income Q/Q Growth		 0.00% 0.00% 17.01% 0.00% -7.39% -3.19% 35.01%
EPS Q/Q Growth		 0.00% 0.00% -396.47% 0.00% -5.05% 4.03% 48.39%
Operating Cash Flow Q/Q Growth		 0.00% -7.25% -22.89% 0.00% -3.33% -14.64% 21.08%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 0.00% -2,184.78% -4.19% -15.41% 89.95%
Invested Capital Q/Q Growth		 0.00% 0.00% 557.40% 0.00% -86.59% 440.31% 55.49%
Profitability Metrics		 - - - - - - -
Gross Margin		 100.00% 0.00% 100.00% 0.00% 100.00% 100.00% 100.00%
EBITDA Margin		 -121.20% 0.00% -277.90% 0.00% -109,523.18% -5,879.94% 28.08%
Operating Margin		 -105.63% 0.00% -280.46% 0.00% -112,543.71% -5,938.96% 27.69%
EBIT Margin		 -123.28% 0.00% -282.37% 0.00% -111,090.73% -5,965.83% 27.46%
Profit (Net Income) Margin		 -123.36% 0.00% -292.26% 0.00% -101,319.21% -5,277.55% 35.65%
Tax Burden Percent		 100.00% 99.62% 103.54% 100.00% 100.00% 100.16% 94.69%
Interest Burden Percent		 100.06% 94.89% 99.96% 90.71% 91.20% 88.32% 137.10%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 5.31%
Return on Invested Capital (ROIC)		 0.00% 0.00% -879.16% 0.00% 0.00% -2,326.34% 468.04%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% -871.38% 0.00% 0.00% -2,317.42% 462.60%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 855.89% 0.00% 0.00% 2,284.88% -448.14%
Return on Equity (ROE)		 -2,492.12% -34.60% -23.27% -40.22% -50.19% -41.46% 19.90%
Cash Return on Invested Capital (CROIC)		 0.00% 0.00% -432.14% 0.00% -11,411.79% -2,492.73% 438.08%
Operating Return on Assets (OROA)		 -112.53% 0.00% -21.63% 0.00% -49.57% -42.96% 14.05%
Return on Assets (ROA)		 -112.61% 0.00% -22.39% 0.00% -45.21% -38.01% 18.24%
Return on Common Equity (ROCE)		 97,902.60% -31.97% -23.27% -40.22% -50.19% -41.46% 19.90%
Return on Equity Simple (ROE_SIMPLE)		 63.44% -17.33% -24.16% -37.73% -46.05% -32.78% 0.00%
Net Operating Profit after Tax (NOPAT)		 -7.39 -33 -39 -80 -119 -148 64
NOPAT Margin		 -73.94% 0.00% -196.32% 0.00% -78,780.60% -4,157.27% 26.21%
Net Nonoperating Expense Percent (NNEP)		 -70.40% -9.31% -7.78% -9.56% -11.15% -8.93% 5.44%
Return On Investment Capital (ROIC_SIMPLE)		 - - - -28.96% -35.81% -25.82% 21.11%
Cost of Revenue to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 31.84% 0.00% 106.12% 0.00% 23,068.87% 1,148.00% 19.20%
R&D to Revenue		 173.79% 0.00% 274.34% 0.00% 89,574.83% 4,890.96% 53.12%
Operating Expenses to Revenue		 205.63% 0.00% 380.46% 0.00% 112,643.71% 6,038.96% 72.31%
Earnings before Interest and Taxes (EBIT)		 -12 -48 -57 -115 -168 -212 67
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -12 -48 -56 -115 -165 -209 69
Valuation Ratios		 - - - - - - -
Price to Book Value (P/BV)		 0.00 5.44 5.63 4.46 3.59 1.12 2.05
Price to Tangible Book Value (P/TBV)		 0.00 5.44 5.63 4.46 3.59 1.12 2.05
Price to Revenue (P/Rev)		 9.60 0.00 68.11 0.00 7,888.64 180.63 2.54
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 7.13
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 14.03%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 86.74 0.00 806.79 7.00 21.18
Enterprise Value to Revenue (EV/Rev)		 10.89 0.00 56.67 0.00 5,695.62 22.90 1.36
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00 4.86
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 4.97
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 5.20
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00 3.10
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 5.56
Leverage & Solvency		 - - - - - - -
Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Financial Leverage		 -14.18 -1.04 -0.98 -0.98 -1.00 -0.99 -0.97
Leverage Ratio		 22.13 1.07 1.04 1.08 1.11 1.09 1.09
Compound Leverage Factor		 22.15 1.01 1.04 0.98 1.01 0.96 1.50
Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 4,028.48% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 -3,928.48% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Altman Z-Score		 0.68 110.89 67.81 24.05 17.01 7.35 11.10
Noncontrolling Interest Sharing Ratio		 4,028.48% 7.60% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - -
Current Ratio		 1.99 37.27 21.23 17.27 14.25 21.45 15.45
Quick Ratio		 1.56 37.01 20.94 16.86 13.59 20.50 14.25
Cash Flow Metrics		 - - - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 -35 -57 -66 -122 -158 60
Operating Cash Flow to CapEx		 -5,903.32% -12,548.98% -6,069.14% -5,645.61% -5,053.08% -8,330.86% 6,909.06%
Free Cash Flow to Firm to Interest Expense		 0.00 -5,838.32 -14,187.03 -65,596.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 -6,149.00 -15,537.00 -70,062.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 -6,198.00 -15,793.00 -71,303.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - -
Asset Turnover		 0.91 0.00 0.08 0.00 0.00 0.01 0.51
Accounts Receivable Turnover		 0.00 0.00 0.00 0.00 0.00 2.46 77.37
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 14.12 0.00 19.52 0.00 0.05 0.85 57.20
Accounts Payable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Sales Outstanding (DSO)		 0.00 0.00 0.00 0.00 0.00 148.31 4.72
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Cash Conversion Cycle (CCC)		 0.00 0.00 0.00 0.00 0.00 148.31 4.72
Capital & Investment Metrics		 - - - - - - -
Invested Capital		 -6.53 -4.16 13 -1.63 1.07 12 16
Invested Capital Turnover		 -1.53 0.00 4.48 0.00 -0.54 0.56 17.85
Increase / (Decrease) in Invested Capital		 0.00 2.37 17 -15 2.69 11 4.10
Enterprise Value (EV)		 109 1,158 1,139 958 860 81 333
Market Capitalization		 96 1,424 1,369 1,237 1,191 641 620
Book Value per Share		 ($8.36) $12.96 $10.39 $10.99 $11.09 $14.11 $9.95
Tangible Book Value per Share		 ($8.36) $12.96 $10.39 $10.99 $11.09 $14.11 $9.95
Total Capital		 0.50 262 243 277 332 572 303
Total Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Long-Term Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt		 -7.02 -266 -230 -279 -331 -560 -287
Capital Expenditures (CapEx)		 0.27 0.29 1.02 1.24 2.46 1.93 1.56
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -2.58 -5.33 9.55 -9.83 -8.23 1.51 7.61
Debt-free Net Working Capital (DFNWC)		 4.44 261 240 269 323 561 295
Net Working Capital (NWC)		 4.44 261 240 269 323 561 295
Net Nonoperating Expense (NNE)		 4.94 13 19 24 34 40 -23
Net Nonoperating Obligations (NNO)		 -7.02 -266 -230 -279 -331 -560 -287
Total Depreciation and Amortization (D&A)		 0.21 0.28 0.90 0.67 2.37 3.05 1.51
Debt-free, Cash-free Net Working Capital to Revenue		 -25.79% 0.00% 47.52% 0.00% -5,448.34% 42.59% 3.12%
Debt-free Net Working Capital to Revenue		 44.41% 0.00% 1,192.01% 0.00% 213,854.30% 15,815.30% 120.88%
Net Working Capital to Revenue		 44.41% 0.00% 1,192.01% 0.00% 213,854.30% 15,815.30% 120.88%
Earnings Adjustments		 - - - - - - -
Adjusted Basic Earnings per Share		 $0.00 ($2.93) ($2.52) ($4.15) ($5.20) ($5.00) $2.34
Adjusted Weighted Average Basic Shares Outstanding		 0.00 23.27M 23.33M 25.24M 29.45M 37.44M 37.22M
Adjusted Diluted Earnings per Share		 $0.00 ($2.93) ($2.52) ($4.15) ($5.20) ($5.00) $2.30
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 23.27M 23.33M 25.24M 29.45M 37.44M 37.86M
Adjusted Basic & Diluted Earnings per Share		 $0.00 ($2.93) $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 15.51M 24.00M 28.54M 35.98M 40.56M 19.72M
Normalized Net Operating Profit after Tax (NOPAT)		 -7.39 -33 -39 -80 -119 -148 64
Normalized NOPAT Margin		 -73.94% 0.00% -196.32% 0.00% -78,780.60% -4,157.27% 26.21%
Pre Tax Income Margin		 -123.36% 0.00% -282.25% 0.00% -101,319.21% -5,269.10% 37.65%
Debt Service Ratios		 - - - - - - -
EBIT to Interest Expense		 0.00 -7,997.83 -14,189.00 -115,403.00 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 -5,443.32 -9,865.28 -80,353.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 -8,046.83 -14,445.00 -116,644.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 -5,492.32 -10,121.28 -81,594.00 0.00 0.00 0.00
Payout Ratios		 - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% -0.50% 0.00% -0.08% -0.06% -0.09% 430.97%

Quarterly Metrics And Ratios for Keros Therapeutics

This table displays calculated financial ratios and metrics derived from Keros Therapeutics' official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 - - - - - - 40,562,047.00 40,615,414.00 40,615,414.00 30,466,069.00 19,717,533.00
DEI Adjusted Shares Outstanding		 - - - - - - 40,562,047.00 40,615,414.00 40,615,414.00 30,466,069.00 19,717,533.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - 3.66 -0.76 -0.18 -0.77 -1.20
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 0.00% 0.00% 0.00% 0.00% 4,750.00% 2,027.27% 254,413.25% 49,002.70% 3,575.77% -87.34% -99.83%
EBITDA Growth		 -57.99% -36.39% -26.38% -22.07% -35.23% -21.10% 414.77% 21.83% 73.66% 44.30% -116.86%
EBIT Growth		 -59.28% -37.67% -25.73% -22.04% -35.53% -21.56% 410.10% 20.93% 73.38% 44.50% -117.17%
NOPAT Growth		 -54.70% -45.35% -24.73% -22.02% -35.53% -14.64% 519.61% 21.06% 73.77% 45.04% -112.72%
Net Income Growth		 -67.77% -35.42% -20.42% -20.67% -34.27% -14.37% 444.32% 32.17% 86.25% 49.03% -115.97%
EPS Growth		 -44.57% -22.94% 3.97% 1.57% -6.02% 15.67% 399.17% 39.20% 87.23% 66.37% -133.43%
Operating Cash Flow Growth		 -38.13% -18.73% -30.16% -29.09% 10.25% -80.71% 461.69% 25.57% 110.65% 40.68% -102.19%
Free Cash Flow Firm Growth		 -70.32% -362.37% -36.16% -18.55% 7.80% -35.85% 447.55% 36.40% 46.90% 48.61% -109.56%
Invested Capital Growth		 0.00% 165.60% 223.60% 255.53% -72.94% 990.24% -27.59% 9.74% 369.92% 35.23% -50.38%
Revenue Q/Q Growth		 0.00% 1,687.50% -41.96% -55.42% 948.65% 684.02% 6,844.31% -91.40% -21.50% -97.30% -4.68%
EBITDA Q/Q Growth		 -4.52% -1.45% -2.07% -3.48% -15.78% 9.15% 396.15% -125.60% 60.99% -87.62% 10.34%
EBIT Q/Q Growth		 -4.47% -1.50% -2.12% -3.51% -16.02% 8.96% 390.37% -126.39% 60.94% -85.44% 10.19%
NOPAT Q/Q Growth		 -4.70% -7.34% -4.37% -4.03% -16.29% 9.21% 482.01% -119.57% 61.36% -90.26% 11.59%
Net Income Q/Q Growth		 -5.16% -2.04% -7.13% -4.97% -17.01% 13.09% 422.54% -120.68% 76.28% -222.27% -1.05%
EPS Q/Q Growth		 -4.72% -0.75% 9.70% -3.31% -12.80% 19.86% 420.35% -120.99% 76.32% -111.11% -218.42%
Operating Cash Flow Q/Q Growth		 -10.22% 25.08% -75.03% 10.68% 23.37% -50.85% 450.31% -118.38% 110.97% -940.01% 87.07%
Free Cash Flow Firm Q/Q Growth		 1.71% 7.94% -18.97% -10.12% 23.55% -35.65% 404.35% -120.15% 36.17% -31.28% 43.39%
Invested Capital Q/Q Growth		 87.74% -86.59% 979.17% 30.85% -85.71% 440.31% -28.33% 98.31% -38.81% 55.49% -73.70%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
EBITDA Margin		 -534,950.00% -30,361.54% -58,197.59% -135,089.19% -14,915.46% -1,728.44% 71.98% -215.06% -106.87% -7,427.79% -6,986.38%
Operating Margin		 -541,000.00% -32,486.01% -58,413.25% -136,321.62% -15,117.78% -1,750.62% 71.97% -219.16% -107.87% -7,602.60% -7,050.95%
EBIT Margin		 -541,837.50% -30,768.53% -58,939.76% -136,851.35% -15,141.49% -1,758.15% 71.81% -220.38% -109.64% -7,531.69% -7,096.19%
Profit (Net Income) Margin		 -493,000.00% -28,141.96% -51,944.58% -122,316.22% -13,648.45% -1,513.02% 70.27% -168.96% -51.04% -6,093.77% -6,459.95%
Tax Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.66% 93.66% 93.25% 83.64% 93.94% 100.00%
Interest Burden Percent		 90.99% 91.46% 88.13% 89.38% 90.14% 85.50% 104.48% 82.22% 55.66% 86.13% 91.03%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 6.34% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 -762.26% 0.00% -1,270.75% -2,681.62% -1,364.19% -685.73% 1,459.55% -2,262.83% -3,039.22% -95,017.98% -26,281.85%
ROIC Less NNEP Spread (ROIC-NNEP)		 -755.91% 0.00% -1,268.44% -2,678.89% -1,361.29% -683.77% 1,458.51% -2,262.32% -3,039.79% -95,017.28% -26,280.73%
Return on Net Nonoperating Assets (RNNOA)		 735.60% 0.00% 1,244.82% 2,609.74% 1,344.69% 674.17% -1,434.05% 2,198.98% 3,009.65% 92,047.43% 25,957.87%
Return on Equity (ROE)		 -26.66% -50.19% -25.92% -71.88% -19.50% -11.56% 25.50% -63.86% -29.57% -2,970.54% -323.97%
Cash Return on Invested Capital (CROIC)		 -2,937.76% -11,411.79% -1,774.85% -1,481.61% -2,713.38% -2,492.73% 1.92% -7.91% 514.32% 438.08% -1,172.22%
Operating Return on Assets (OROA)		 -26.57% -13.73% -31.70% -91.42% -21.77% -12.66% 24.27% -84.66% -40.92% -3,854.03% -429.35%
Return on Assets (ROA)		 -24.18% -12.56% -27.93% -81.71% -19.62% -10.90% 23.75% -64.91% -19.05% -3,118.23% -390.85%
Return on Common Equity (ROCE)		 -26.66% -50.19% -25.92% -71.88% -19.50% -11.56% 25.50% -63.86% -29.57% -2,970.54% -323.97%
Return on Equity Simple (ROE_SIMPLE)		 -48.16% 0.00% -35.31% -39.93% -34.08% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -30 -33 -34 -35 -41 -37 142 -28 -11 -20 -18
NOPAT Margin		 -378,700.00% -22,740.21% -40,889.28% -95,425.14% -10,582.45% -1,225.44% 67.41% -153.41% -75.51% -5,321.82% -4,935.67%
Net Nonoperating Expense Percent (NNEP)		 -6.35% -2.53% -2.31% -2.73% -2.91% -1.96% 1.04% -0.52% 0.57% -0.70% -1.12%
Return On Investment Capital (ROIC_SIMPLE)		 - -9.79% - - - -6.52% 19.54% -3.94% -1.53% -6.76% -6.34%
Cost of Revenue to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 114,350.00% 6,367.13% 12,419.28% 26,921.62% 2,530.93% 350.59% 4.97% 79.71% 71.01% 3,050.13% 2,764.85%
R&D to Revenue		 426,750.00% 26,218.88% 46,093.98% 109,500.00% 12,686.86% 1,500.03% 23.06% 239.45% 136.86% 4,652.47% 4,386.10%
Operating Expenses to Revenue		 541,100.00% 32,586.01% 58,513.25% 136,421.62% 15,217.78% 1,850.62% 28.03% 319.16% 207.87% 7,702.60% 7,150.95%
Earnings before Interest and Taxes (EBIT)		 -43 -44 -49 -51 -59 -53 152 -40 -16 -29 -26
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -43 -43 -48 -50 -58 -53 152 -39 -15 -29 -26
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 3.20 3.59 5.25 3.92 4.09 1.12 0.57 0.77 0.91 2.05 0.76
Price to Tangible Book Value (P/TBV)		 3.20 3.59 5.25 3.92 4.09 1.12 0.57 0.77 0.91 2.05 0.76
Price to Revenue (P/Rev)		 118,207.82 7,888.64 10,179.70 6,084.99 3,347.02 180.63 1.93 2.33 2.60 2.54 6.56
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 98.13 28.88 9.97 7.13 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 1.02% 3.46% 10.03% 14.03% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 82.75 806.79 168.60 82.59 766.26 7.00 0.00 0.00 0.00 21.18 0.00
Enterprise Value to Revenue (EV/Rev)		 82,221.20 5,695.62 8,288.92 4,587.35 2,531.83 22.90 0.00 0.00 0.00 1.36 0.00
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 4.86 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 4.97 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 5.20 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 3.10 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 5.56 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Financial Leverage		 -0.97 -1.00 -0.98 -0.97 -0.99 -0.99 -0.98 -0.97 -0.99 -0.97 -0.99
Leverage Ratio		 1.10 1.11 1.08 1.09 1.09 1.09 1.07 1.08 1.07 1.09 1.08
Compound Leverage Factor		 1.00 1.02 0.95 0.97 0.99 0.93 1.12 0.88 0.60 0.94 0.98
Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Altman Z-Score		 17.82 18.11 44.39 28.28 27.64 8.20 5.72 6.86 10.36 10.16 3.53
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 18.23 14.25 24.74 20.37 19.03 21.45 19.29 21.11 29.86 15.45 22.62
Quick Ratio		 17.24 13.59 23.65 19.10 18.31 20.50 18.74 20.34 28.93 14.25 21.93
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -38 -35 -42 -46 -35 -48 146 -29 -19 -25 -14
Operating Cash Flow to CapEx		 -6,178.55% -4,705.92% -4,710.36% -12,839.03% -7,901.55% -15,919.72% 28,525.84% -4,114.31% 2,371.53% -20,367.16% -4,834.25%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.00 0.00 0.00 0.00 0.00 0.01 0.34 0.38 0.37 0.51 0.06
Accounts Receivable Turnover		 0.00 0.00 0.00 0.00 0.00 2.46 24.51 29.44 127.17 77.37 3.75
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 0.00 0.05 0.06 0.07 0.17 0.85 48.21 51.02 55.26 57.20 7.87
Accounts Payable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Sales Outstanding (DSO)		 0.00 0.00 0.00 0.00 0.00 148.31 14.89 12.40 2.87 4.72 97.30
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Cash Conversion Cycle (CCC)		 0.00 0.00 0.00 0.00 0.00 148.31 14.89 12.40 2.87 4.72 97.30
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 7.95 1.07 12 15 2.15 12 8.33 17 10 16 4.13
Invested Capital Turnover		 0.00 -0.54 0.03 0.03 0.13 0.56 21.65 14.75 40.25 17.85 5.32
Increase / (Decrease) in Invested Capital		 7.95 2.69 7.95 11 -5.80 11 -3.17 1.47 7.96 4.10 -4.20
Enterprise Value (EV)		 658 860 1,940 1,243 1,648 81 -307 -148 -51 333 -64
Market Capitalization		 946 1,191 2,382 1,649 2,179 641 413 542 643 620 218
Book Value per Share		 $9.97 $11.09 $12.62 $11.66 $14.20 $14.11 $17.97 $17.40 $17.32 $9.95 $14.49
Tangible Book Value per Share		 $9.97 $11.09 $12.62 $11.66 $14.20 $14.11 $17.97 $17.40 $17.32 $9.95 $14.49
Total Capital		 296 332 454 421 533 572 729 707 704 303 286
Total Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Long-Term Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt		 -288 -331 -442 -406 -531 -560 -721 -690 -693 -287 -281
Capital Expenditures (CapEx)		 0.55 0.54 0.95 0.31 0.39 0.29 0.57 0.72 0.14 0.13 0.07
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -0.16 -8.23 1.97 5.61 -7.65 1.51 -0.41 7.89 1.74 7.61 -3.67
Debt-free Net Working Capital (DFNWC)		 288 323 444 411 523 561 720 698 695 295 278
Net Working Capital (NWC)		 288 323 444 411 523 561 720 698 695 295 278
Net Nonoperating Expense (NNE)		 9.14 7.72 9.18 9.95 12 8.75 -6.05 2.82 -3.49 2.97 5.59
Net Nonoperating Obligations (NNO)		 -288 -331 -442 -406 -531 -560 -721 -690 -693 -287 -281
Total Depreciation and Amortization (D&A)		 0.55 0.58 0.62 0.65 0.88 0.90 0.34 0.97 0.40 0.40 0.40
Debt-free, Cash-free Net Working Capital to Revenue		 -1,987.50% -5,448.34% 839.74% 2,068.63% -1,174.35% 42.59% -0.19% 3.39% 0.71% 3.12% -11.07%
Debt-free Net Working Capital to Revenue		 3,596,675.00% 213,854.30% 189,917.95% 151,833.58% 80,343.93% 15,815.30% 335.39% 299.81% 281.79% 120.88% 837.27%
Net Working Capital to Revenue		 3,596,675.00% 213,854.30% 189,917.95% 151,833.58% 80,343.93% 15,815.30% 335.39% 299.81% 281.79% 120.88% 837.27%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($1.33) ($1.34) ($1.21) ($1.25) ($1.41) ($1.13) $3.66 ($0.76) ($0.18) ($0.38) ($1.21)
Adjusted Weighted Average Basic Shares Outstanding		 29.67M 29.45M 35.69M 36.10M 37.59M 37.44M 40.56M 40.61M 40.62M 37.22M 19.63M
Adjusted Diluted Earnings per Share		 ($1.33) ($1.34) ($1.21) ($1.25) ($1.41) ($1.13) $3.62 ($0.76) ($0.18) ($0.38) ($1.21)
Adjusted Weighted Average Diluted Shares Outstanding		 29.67M 29.45M 35.69M 36.10M 37.59M 37.44M 41.02M 40.61M 40.62M 37.86M 19.63M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 29.96M 35.98M 36.08M 37.52M 40.51M 40.56M 40.62M 40.62M 30.47M 19.72M 19.79M
Normalized Net Operating Profit after Tax (NOPAT)		 -30 -33 -34 -35 -41 -37 142 -28 -11 -20 -18
Normalized NOPAT Margin		 -378,700.00% -22,740.21% -40,889.28% -95,425.14% -10,582.45% -1,225.44% 67.41% -153.41% -75.51% -5,321.82% -4,935.67%
Pre Tax Income Margin		 -493,000.00% -28,141.96% -51,944.58% -122,316.22% -13,648.45% -1,503.16% 75.03% -181.19% -61.03% -6,487.01% -6,459.95%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% -0.06% 0.00% 0.00% 0.00% -0.09% 0.00% 0.69% 0.00% 430.97% -443.15%

Financials Breakdown Chart

Key Financial Trends

Keros Therapeutics’ latest quarter shows a company with a very strong cash position, but continued heavy operating losses and a much smaller revenue base than a year ago.

For Q1 2026, Keros reported just $367,000 in revenue and a net loss of $23.7 million, or -$1.21 per share. Operating expenses remained elevated at $26.2 million, driven by $16.1 million of R&D and $10.1 million of SG&A. While the company still had $281.5 million in cash and equivalents at quarter-end, that was down sharply from $693.5 million at the end of Q3 2025, reflecting the impact of the large capital return and ongoing losses.

  • Keros ended Q1 2026 with a still-substantial $281.5 million in cash and equivalents, giving it liquidity to keep funding operations.
  • The balance sheet remains debt-light, with only $26.7 million in total liabilities versus $285.6 million in equity.
  • Q1 2026 operating cash burn was relatively limited at -$3.5 million in operating cash flow, much better than the large cash outflows seen in some prior quarters.
  • The company generated $2.3 million of interest and investment income in Q1 2026, helping offset some of the operating loss.
  • Revenue remains small and volatile, with quarterly revenue of only $367,000 in Q1 2026 after $385,000 in Q4 2025 and $14.3 million in Q3 2025.
  • R&D spending stayed elevated at $16.1 million, suggesting the company is still investing heavily in its pipeline rather than moving toward near-term profitability.
  • The company continued to use cash for share repurchases in Q1 2026, spending about $2.3 million on buybacks.
  • Keros remains unprofitable, posting a $23.7 million net loss in Q1 2026 after a $23.5 million loss in Q3 2025 and a $23.5 million loss in Q2 2025.
  • Revenue has collapsed from the unusually large $211.2 million reported in Q1 2025, showing that the company’s topline can be highly irregular.
  • Cash declined dramatically from $693.5 million at Q3 2025 to $281.5 million at Q1 2026, underscoring how quickly capital can be deployed or returned to shareholders.

Looking at the longer trend, Keros’ financial picture changed materially over the past year. In early 2025, the company reported a large one-time revenue and earnings spike, but that has not carried through to 2026. Since then, revenue has normalized back to very low levels while losses have remained persistent. The positive takeaway is that the company still has a large cash cushion and no meaningful debt burden. The negative takeaway is that it is still operating at a loss and depends on its pipeline and financing strategy to support future growth.

Bottom line: Keros Therapeutics currently looks like a well-capitalized biotech with enough cash to operate, but investors should expect continued losses and lumpy financial results until the business produces more durable revenue growth or reaches a major clinical/commercial milestone.

07/21/26 04:58 AM ETAI Generated. May Contain Errors.

Keros Therapeutics Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Keros Therapeutics' fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Keros Therapeutics' net income appears to be on an upward trend, with a most recent value of $87.01 million in 2025, falling from -$12.34 million in 2019. The previous period was -$187.35 million in 2024. Find out what analysts predict for Keros Therapeutics in the coming months.

Keros Therapeutics' total operating income in 2025 was $67.57 million, based on the following breakdown:
  • Total Gross Profit: $244.06 million
  • Total Operating Expenses: $176.49 million

Over the last 6 years, Keros Therapeutics' total revenue changed from $10 million in 2019 to $244.06 million in 2025, a change of 2,340.6%.

Keros Therapeutics' total liabilities were at $34.89 million at the end of 2025, a 21.3% decrease from 2024, and a 233.5% increase since 2019.

In the past 6 years, Keros Therapeutics' cash and equivalents has ranged from $7.02 million in 2019 to $559.93 million in 2024, and is currently $287.42 million as of their latest financial filing in 2025.

Over the last 6 years, Keros Therapeutics' book value per share changed from -8.36 in 2019 to 9.95 in 2025, a change of -219.1%.


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Financial statements for NASDAQ:KROS last updated on 7/2/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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