Keros Therapeutics, Inc.
Financial highlights
| Metric | FY 12/31/25 | FY 12/31/24 | FY 12/31/23 | FY 12/31/22 | FY 12/31/21 |
|---|---|---|---|---|---|
| Income Statement | |||||
| Revenue | $244.1M | $3.5M | $151,000 | $0 | $20.1M |
| Research and development | $129.6M | $173.6M | $135.3M | $87.3M | $55.1M |
| Operating expenses | $176.5M | $214.4M | $170.1M | $114.8M | $76.5M |
| Operating income | $67.6M | -$210.8M | -$169.9M | -$114.8M | -$56.4M |
| Pretax income | $91.9M | -$187.1M | -$153.0M | -$104.7M | -$56.7M |
| Income tax expense | $4.9M | $300,000 | $0 | $0 | $2.0M |
| Net income | $87.0M | -$187.4M | -$153.0M | -$104.7M | -$58.7M |
| Balance Sheet | |||||
| Cash and equivalents | $287.4M | $559.9M | $331.1M | $279.0M | $230.0M |
| Current assets | $315.4M | $588.9M | $347.3M | $285.8M | $251.4M |
| Total assets | $338.0M | $615.9M | $370.0M | $306.8M | $255.3M |
| Current liabilities | $20.4M | $27.4M | $24.4M | $16.5M | $11.8M |
| Total liabilities | $34.9M | $44.3M | $37.8M | $29.4M | $12.1M |
| Stockholders' equity | $303.1M | $571.6M | $332.2M | $277.4M | $243.2M |
| Cash Flow Statement | |||||
| Cash from operations | $107.5M | -$160.9M | -$124.5M | -$70.1M | -$62.1M |
| Depreciation and amortization | $1.5M | $1.2M | $815,000 | $674,000 | $378,000 |
| Stock-based compensation | $28.7M | $34.9M | $28.8M | $18.7M | $11.7M |
| Capital expenditure | $1.6M | $1.9M | $2.5M | $1.2M | $1.0M |
| Free cash flow | $106.0M | -$162.8M | -$127.0M | -$71.3M | -$63.2M |
| Share repurchases | $375.0M | $0 | — | — | — |
Shares outstanding 19.8M · Free float 70.5%
Annual filing data through FY ended December 31, 2025; float as of July 14, 2026.