This is a routine quarterly update for a pre-revenue clinical-stage biotech. The key catalyst to watch is the Phase 2 rinvatercept DMD data expected in H1 2027. Cash runway into H1 2028 provides ample time to reach that milestone without near-term financing risk. No material surprise vs expectations — the stock is likely to trade on pipeline news, not this quarter's financials.
Price Chart
Executive Summary
Keros Therapeutics reported Q2 2026 results with a net loss of $28.7M ($1.45/share), slightly narrower than the $30.7M loss in Q2 2025. The company initiated a Phase 2 trial for rinvatercept in Duchenne muscular dystrophy, with initial data expected in H1 2027. Cash runway extends into H1 2028, providing a long operational horizon for a clinical-stage biotech with no approved products.
Key Financial Metrics
Key Facts
- Net loss of $28.7M in Q2 2026 vs $30.7M loss in Q2 2025
- EPS of -$1.45 vs -$0.76 in Q2 2025 (wider loss per share due to lower share count)
- Revenue was $0 in Q2 2026 vs $18.2M in Q2 2025 (prior year included Takeda license revenue)
- Cash and equivalents $257.6M as of June 30, 2026, down from $287.4M at Dec 31, 2025
- Cash runway expected into first half of 2028
- Phase 2 DMD trial for rinvatercept initiated; initial data expected H1 2027
- R&D expenses fell to $22.3M from $43.5M due to elritercept transition to Takeda and restructuring
Financial Impact
Net loss of $28.7M; cash burn of ~$29.8M in H1 2026
Risk Factors
- No approved products or revenue stream
- Clinical trial failure risk for rinvatercept and elritercept
- Cash burn of ~$30M per half-year; eventual need for additional financing
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001664710-26-000048 |
| Document: kros-20260803.htm | 0001664710-26-000048 |
| Document: 0001664710-26-000048-index-headers.html | 0001664710-26-000048 |
| Document: 0001664710-26-000048-index.html | 0001664710-26-000048 |
| Document: 0001664710-26-000048.txt | 0001664710-26-000048 |
| 8-K Data (Synthetic) | 0001664710-26-000048 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 8, 2026 23d ago | 8-K | $11.31 $11.04 | ▼ −2.39% | ▼ −2.05% | $11.17 (−1.24%) |
Aug 20, 2026 6w ago | Insider Cluster | $10.95 $11.23 | ▲ +2.56% | ▲ +1.44% | $11.17 (+2.01%) |
Aug 3, 2026 8w ago | 8-K | $10.25 $10.64 | ▲ +3.80% | ▲ +3.90% | $11.17 (+8.98%) |
Aug 3, 2026 8w ago | Press Release | $10.25 $10.64 | ▲ +3.80% | ▲ +3.90% | $11.17 (+8.98%) |
Jul 30, 2026 9w ago | 8-K | $10.07 $11.15 | ▲ +10.72% | ▲ +7.21% | $11.17 (+10.92%) |
Jul 22, 2026 10w ago | 8-K | $10.14 $10.22 | ▲ +0.79% | ▲ +0.31% | $11.17 (+10.16%) |
Jun 17, 2026 15w ago | Insider Cluster | $10.65 $10.41 | ▼ −2.25% | ▼ −0.59% | $11.17 (+4.88%) |
Jun 8, 2026 16w ago | Insider Cluster | $10.07 $10.24 | ▲ +1.69% | ▼ −0.72% | $11.17 (+10.92%) |
May 14, 2026 20w ago | 8-K | $10.99 $11.22 | ▼ −2.09% | ▼ −2.81% | $11.17 (−1.64%) |
May 14, 2026 20w ago | Press Release | $10.99 $11.22 | ▼ −2.09% | ▼ −2.81% | $11.17 (−1.64%) |
US Market Status
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