The Q1 results confirm Keros is now a pre-revenue clinical-stage biotech burning ~$6M/quarter. The stock will trade entirely on pipeline catalysts: the Phase 2 DMD trial start for rinvatercept (expected Q2 2026) and Takeda's Phase 3 plans for elritercept. Monitor for enrollment updates and regulatory feedback on the ALS trial design in H2 2026. The $281.5M cash position provides a multi-year runway, reducing near-term dilution risk.
Price Chart
Executive Summary
Keros Therapeutics reported Q1 2026 results with a net loss of $23.7M ($1.21/share) vs net income of $148.5M ($3.66/share) in Q1 2025, driven by the absence of the large Takeda license revenue recognized last year. Total revenue collapsed to $367K from $211.2M, reflecting the non-recurring nature of the 2025 milestone. Cash burn was modest ($5.9M QoQ), and the company maintains runway into H1 2028. The key positive is Takeda's plan to advance elritercept into a Phase 3 trial in myelofibrosis, but this is a partner-driven catalyst with no near-term revenue impact.
Key Financial Metrics
Key Facts
- Q1 2026 total revenue of $367K, down 99.8% from $211.2M in Q1 2025 due to the non-recurrence of Takeda license revenue
- Net loss of $23.7M ($1.21/share) vs net income of $148.5M ($3.66/share) in Q1 2025
- Cash and equivalents of $281.5M as of March 31, 2026, down from $287.4M at year-end 2025; runway into H1 2028
- R&D expenses fell to $16.1M from $48.7M, reflecting transition of elritercept costs to Takeda and 2025 restructuring
- Takeda plans to advance elritercept into a Phase 3 trial for anemia in myelofibrosis — a positive pipeline catalyst but partner-controlled
- Weighted-average diluted shares outstanding fell to 19.6M from 41.0M a year ago due to the 2025 share repurchase and tender offer
Financial Impact
Revenue decline of $210.9M YoY; net income swing of -$172.2M; cash burn of $5.9M in Q1
Risk Factors
- No near-term revenue stream — fully dependent on pipeline success and Takeda partnership execution
- Rinvatercept Phase 2 DMD trial initiation may slip from Q2 2026 guidance
- Takeda could deprioritize elritercept development, removing the primary value driver
- Significant share count reduction from 2025 buyback limits float and liquidity
- Historical model performance on KROS shows negative average alpha at T+20 (-5.17%)
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001664710-26-000029 |
| Document: kros-20260514.htm | 0001664710-26-000029 |
| Document: 0001664710-26-000029-index-headers.html | 0001664710-26-000029 |
| Document: 0001664710-26-000029-index.html | 0001664710-26-000029 |
| Document: 0001664710-26-000029.txt | 0001664710-26-000029 |
| 8-K Data (Synthetic) | 0001664710-26-000029 |
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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