Keros Therapeutics (KROS) Q2 2026 earnings summary

Executive summary

• Report covers the quarter ended June 30, 2026, for a clinical-stage biopharmaceutical company focused on TGF-β protein therapeutics targeting muscle, bone, and blood disorders.

• Lead candidates are rinvatercept (KER-065) for Duchenne muscular dystrophy (DMD) and ALS, and elritercept (KER-050) for cytopenias in MDS and myelofibrosis.

• Initiated Phase 2 clinical trial for rinvatercept in DMD, with initial data expected in H1 2027.

• Phase 1 trial of rinvatercept showed increases in muscle mass and bone mineral density, and decreased fat mass in healthy volunteers.

• No product sales to date; revenue is from licensing and collaboration agreements.

Financial highlights

• Q2 2026 revenue was $0, down from $18.2M in Q2 2025, due to prior period recognition of Takeda service revenue.

• Net loss for Q2 2026 was $28.7M, compared to $30.7M in Q2 2025.

• R&D expenses decreased to $22.3M from $43.5M year-over-year, mainly due to transition of elritercept expenses to Takeda and 2025 restructuring.

• General and administrative expenses fell to $8.6M from $14.5M year-over-year.

• Cash and cash equivalents were $257.6M as of June 30, 2026.

Outlook and guidance

• Cash runway expected into the first half of 2028 based on current operating assumptions.

• Initial data from the Phase 2 DMD trial for rinvatercept expected in H1 2027; Phase 2 ALS trial engagement with regulators planned for H2 2026.

• 25% of net cash proceeds from Takeda milestones to be distributed to stockholders.