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.

28,3 %

35,7 %

15.45

— Keros Therapeutics, Inc.
	%
Clinical-stage product candidates	0% Protein therapeutics in human trials, including KER-065 and elritercept.
Discovery and preclinical programs	0% Earlier-stage programs such as cibotercept and related pipeline research.
Collaboration and license revenue	100% Upfront, milestone, and potential royalty income from partners such as Takeda.
Contracted manufacturing and supply chain services	0% CMO-based manufacturing, labeling, packaging, and distribution for clinical supply.

Keros does not sell approved commercial products; its current counterparties are pharmaceutical partners and clinical...

Pharmaceutical collaboration partnersprimary
Partners such as Takeda pay upfronts, milestones, and future royalties to access Keros assets and development rights.
Clinical trial patients and investigatorsprimary
Sites and patients participate in trials for KER-065, elritercept, and other programs to generate clinical data.
Future specialty-care patientsemerging
Patients with neuromuscular disease, MDS, or myelofibrosis would be the eventual users if products are approved.
Healthcare providers and payersemerging
Hospitals, specialists, and reimbursement systems would influence adoption and access after commercialization.

Keros is headquartered in Lexington, Massachusetts and operates as a U.S.-based development company...

•Headquartered in Lexington, Massachusetts, United States
•Takeda license covers worldwide rights outside mainland China, Hong Kong, and Macau
•No approved product sales yet, so geography is driven by trials and partnerships
•Clinical and preclinical supply is outsourced to CMOs
•Supply-chain concentration matters because there is no redundant supply arrangement

Keros is focused on advancing its clinical pipeline while using partnerships to fund development and broaden reach...

Advance KER-065 clinical developmentshort-term

The program is a key value driver and needs human data to support future partnering or approval.

Execute the Takeda collaboration for elriterceptshort-term

The deal provides non-dilutive capital and external development capacity while preserving royalty upside.

Prepare for eventual commercializationmedium-term

If any candidate is approved, Keros will need manufacturing, sales, and distribution capabilities.

Expand and defend intellectual propertymedium-term

Patent and know-how protection are central to exclusivity and partnering leverage in biotech.

Keros remains a development-stage biotech with no approved products, so its value depends on clinical success,...

critical

Clinical development failure

KER-065 and elritercept are still in clinical trials, so efficacy or safety setbacks could eliminate value.

Scope: KER-065, elritercept, and other pipeline assets
Materiality: high

high

Need for additional capital

The company has a limited operating history and expects substantial ongoing R&D spending.

Scope: Financing and dilution risk
Materiality: high

high

Manufacturing and supply-chain concentration

Clinical and future commercial supply depend on CMOs with no redundant supply arrangements in place.

Scope: Preclinical and clinical supply continuity
Materiality: medium

high

Competitive and regulatory pressure

Large biotech and pharma companies can outspend Keros and regulatory requirements may change.

Scope: Target indications and commercialization timing
Materiality: high

medium

Partner concentration and contract dependence

A meaningful portion of revenue is tied to the Takeda collaboration and its milestone/royalty path.

Scope: Collaboration revenue
Materiality: medium

Revenue recognition for collaboration and license agreements

Takeda upfront, service revenue, and future milestones

Stock-based compensation

Reported R&D and G&A expense

Clinical trial accruals and estimates

R&D expense and liabilities

Potential impairment and valuation judgments

Future balance sheet and earnings volatility

Keros Therapeutics, Inc.

Clinical development failure

Need for additional capital

Manufacturing and supply-chain concentration

Competitive and regulatory pressure

Partner concentration and contract dependence

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