Keros Therapeutics, Inc.
Keros Therapeutics is a clinical-stage biopharmaceutical company developing protein therapeutics for disorders driven by dysfunctional TGF-β family signaling. Its pipeline is centered on KER-065 for neuromuscular disease and elritercept for cytopenias such as anemia and thrombocytopenia in MDS and myelofibrosis.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueProtein therapeutics in human trials, including KER-065 and elritercept.
Earlier-stage programs such as cibotercept and related pipeline research.
Upfront, milestone, and potential royalty income from partners such as Takeda.
CMO-based manufacturing, labeling, packaging, and distribution for clinical supply.
Products
Reported · share of revenue- License84.1 %
- Services and other15.9 %
Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
Keros does not sell approved commercial products; its current counterparties are pharmaceutical partners and clinical trial participants. Revenue today comes from collaboration and licensing arrangements, most notably the Takeda license for elritercept outside mainland China, Hong Kong, and Macau. If approved in the future, its end customers would be patients with neuromuscular disorders, MDS, and myelofibrosis, with commercialization likely through partners or a self-built sales force.
Partners such as Takeda pay upfronts, milestones, and future royalties to access Keros assets and development rights.
Sites and patients participate in trials for KER-065, elritercept, and other programs to generate clinical data.
Patients with neuromuscular disease, MDS, or myelofibrosis would be the eventual users if products are approved.
Hospitals, specialists, and reimbursement systems would influence adoption and access after commercialization.
Strategy
Keros is focused on advancing its clinical pipeline while using partnerships to fund development and broaden reach. The Takeda agreement is strategically important because it monetizes elritercept ex-China while preserving upside through milestones and royalties. Near term, the company is prioritizing clinical execution, manufacturing readiness, and intellectual property protection ahead of any future commercialization.
The program is a key value driver and needs human data to support future partnering or approval.
The deal provides non-dilutive capital and external development capacity while preserving royalty upside.
If any candidate is approved, Keros will need manufacturing, sales, and distribution capabilities.
Patent and know-how protection are central to exclusivity and partnering leverage in biotech.
Geography
Keros is headquartered in Lexington, Massachusetts and operates as a U.S.-based development company. Its commercial geography is currently defined by licensing scope rather than product sales: Takeda has worldwide rights outside mainland China, Hong Kong, and Macau for elritercept. Manufacturing and clinical supply are outsourced to CMOs, so operational exposure is tied to third-party supply chains rather than owned plants.
Risks
Keros remains a development-stage biotech with no approved products, so its value depends on clinical success, regulatory outcomes, and access to capital. The company also relies on third-party manufacturers and a small number of collaboration agreements, which creates operational and counterparty concentration risk. Like other biotech firms, it faces binary trial risk, pricing/reimbursement uncertainty, and intense competition from larger companies with deeper resources.
- Clinical development failureImpact: CriticalLikelihood: High
KER-065 and elritercept are still in clinical trials, so efficacy or safety setbacks could eliminate value.
Exposure - Need for additional capitalImpact: HighLikelihood: High
The company has a limited operating history and expects substantial ongoing R&D spending.
Exposure: Financing and dilution risk
- Manufacturing and supply-chain concentrationImpact: HighLikelihood: Medium
Clinical and future commercial supply depend on CMOs with no redundant supply arrangements in place.
Exposure: Preclinical and clinical supply continuity
- Competitive and regulatory pressureImpact: HighLikelihood: Medium
Large biotech and pharma companies can outspend Keros and regulatory requirements may change.
Exposure: Target indications and commercialization timing
- Partner concentration and contract dependenceImpact: MediumLikelihood: Low
A meaningful portion of revenue is tied to the Takeda collaboration and its milestone/royalty path.
Exposure: Collaboration revenue
Accounting
Judgemental itemsRevenue comes from research collaborations and licensing, so performance obligations and milestone timing drive reported sales.
Impact: Takeda upfront, service revenue, and future milestones
Employee options and RSUs are a meaningful operating expense and depend on valuation assumptions.
Impact: Reported R&D and G&A expense
External trial and CMO costs require judgment on incurred but unbilled expenses.
Impact: R&D expense and liabilities
Any acquired or licensed rights would require ongoing assessment if development or commercialization prospects change.
Impact: Future balance sheet and earnings volatility
Similar listed companies
Publicly listed companies with a comparable business focus.
Kairos Pharma, LTD.
KAPA · Pharmaceutical Preparations
Kalaris Therapeutics, Inc.
KLRS · Biological Products, (No Diagnostic Substances)
Seres Therapeutics, Inc.
MCRB · Pharmaceutical Preparations
Cero Therapeutics Holdings, Inc.
CEROW · Biological Products, (No Diagnostic Substances)
Marker Therapeutics, Inc.
MRKR · Pharmaceutical Preparations
Karyopharm Therapeutics Inc.
KPTI · Pharmaceutical Preparations
Last updated: 24/09/2026