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Keros Therapeutics, Inc. (KROS) stock

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NASDAQ: KROS Nasdaq Biotechnology Next results ~November 4, 2026

C Fundamentals grade

Keros Therapeutics, Inc. is a US-listed company in the biotechnology industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$12

Growth cash-flow model

Base case. Range ~$12–$12. Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability.

Price vs value

No Buy/Hold/Sell rating is issued: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Keros Therapeutics, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders1 buying, 9 selling6 purchases and 12 sales by directors and officers, last 12 monthsInsider trades
  • Funds61 adding, 79 cuttingOf 37 active managers that changed their stake, 17 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Keros Therapeutics files

Where Keros Therapeutics stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $15m, down 93.6% on a year earlier, a steeper fall than the 84.6% decline a quarter earlier. That puts it 49 of 49 for growth among the biotechnology companies we cover. Free-cash-flow margin fell to -326.1% from 22.8% a year earlier. Operating margin narrowed to -682.3% from 0.1%. The diluted share count is down 31.6% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 2 of our 2 financial-health checks. Our revenue-to-maturity cash-flow model value is $2.08 a share, against a share price of $11.59.

Source: 10-Q filed August 3, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 4, 2026 (estimated)

Keros Therapeutics, Inc.'s trailing-twelve-month revenue fell 93.6% year on year, with a free-cash-flow margin of -326.1%. Where it stands out: change in share count of -31.6% ranks 1 of 156 biotechnology companies we cover. Where it lags: revenue growth of -93.6% ranks 163 of 172 biotechnology companies we cover.

Current signal Revenue growth decelerating: TTM revenue growth slowed to -93.6% (-9.0pp vs the prior quarter), the 5th consecutive quarterly slowdown.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Shrinking share count. Diluted shares fell 31.6% in a year, so each share owns more of the business.
  • Net cash. Cash exceeds long-term debt by $0.3bn.

Things to watch

  • Results due soon. Results are expected around 4 November; the share price can move sharply on the day.
  • Revenue shrinking. Revenue fell 93.6% over the last 12 months.
  • Growth slowing. The growth rate is 9.0 points lower than a quarter earlier.
  • Loss-making. Operating margin is -682.3%: costs exceed revenue.
  • Margins narrowing. Operating margin is down 682.5 points on a year ago.
  • Burning cash. Free cash flow was -326.1% of revenue over the last 12 months.

Latest results: FY2026 Q2

Filed August 3, 2026
Earnings per share
-$1.45 against an average estimate of -$1.24: missed by 16.8%
Share reaction
+1.8% in the first session after the results on August 3, 2026, against +3.3% for the S&P 500
Next report
November 4, 2026; average EPS estimate -$0.86

Keros Therapeutics' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+0.7%
  • 1 week-5.1%
  • 1 month-4.6%
  • This year-47.2%
  • 1 year-28.8%
  • 5 years-79.6%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$14.9M
Operating margin
-682.3%
Net margin
-559.2%
EPS (TTM, diluted)
$-3.05

Growth

Revenue growth
−93.6%
Change in growth rate
−9.0 pts
Share count change
−31.6%

Cash

Free cash flow (TTM)
-$48.5M
FCF margin
-326.1%
Stock pay % of revenue
153.8%

Earnings

Last results
August 3, 2026
Next results (est.)
November 4, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Announcement
  2. Announcement
  3. Announcement
  4. Announcement
  5. Results
  6. Announcement
  7. Leadership

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Keros Therapeutics, Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Valuation models

We value Keros Therapeutics, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 9.9%: the 10-year Treasury yield (4.9%) plus a beta of 1.1 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$12 ~$12–$12 Primary model, counts double
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. — Does not apply: no positive earnings in the latest twelve months
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: the model gives no positive value
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$2.1 ~$2.2–$8.1 Left out: out of range vs price (0.20x)
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. ~$1.7 ~$0.7–$1.7 Left out: out of range vs price (0.16x)
Combined value Weighted average of the models that apply: the primary model (growth cash-flow model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$12 ~$12–$12 1 model

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Keros Therapeutics, Inc. with Biotechnology in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 202020212022202320242025Now
Share price$70.54$58.51$48.02$39.76$15.83$20.36$10.76
Market value$1.1bn$1.4bn$1.2bn$1.2bn$593m$771m$294m
+ Net debt (− = net cash)−$266m−$230m−$279m−$331m−$560m−$287m−$258m
Enterprise value$828m$1.1bn$933m$840m$33m$483m$36m
Multiples
Price / sales —67.9x—n/m166.9x3.2x19.8x
Price / earnings —————8.9x—
Price / free cash flow —————7.3x—
EV / EBITDA —————7.0x—

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 4, 2026, after the close. Analysts expect revenue of $14m and EPS of −$0.86 (range −$1.53 to −$0.56) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current −$5.22 −327% $16m −94%
Next −$6.62 −27% $14m −12%

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −0.1% on 90 days ago. In the last 30 days, 3 analysts raised Keros Therapeutics, Inc.'s forecast and 2 cut it.

Consensus EPS forecast Keros Therapeutics, Inc., last 90 days
−$8.00 −$6.00 −$4.00 −$2.00 $0.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: −$5.23 Current fiscal year, 60 days ago: −$5.19 Current fiscal year, 30 days ago: −$5.19 Current fiscal year, 7 days ago: −$5.14 Current fiscal year, Now: −$5.22 −$5.22 Next fiscal year, 90 days ago: −$6.22 Next fiscal year, 60 days ago: −$5.59 Next fiscal year, 30 days ago: −$5.59 Next fiscal year, 7 days ago: −$6.61 Next fiscal year, Now: −$6.62 −$6.62

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago −$5.23−$6.22
60 days ago −$5.19−$5.59
30 days ago −$5.19−$5.59
7 days ago −$5.14−$6.61
Now −$5.22−$6.62

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 −$1.24 −$1.45 −16.8%
Mar 2026 −$0.92 −$1.21 −31.5%
Dec 2025 −$0.45 −$0.86 −90.4%
Sept 2025 −$0.92 −$0.18 +80.5%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 3, 2026

No numeric guidance in Keros Therapeutics, Inc.'s latest earnings release (filed August 3, 2026). Some companies give their outlook only on the earnings call.

Analyst recommendations

7 analysts, Oct 2026
Buy457%
Hold343%
Sell00%

Monthly trend

  1. Oct 2026437
  2. Sep 2026437

Counts of recommendations published by analysts covering Keros Therapeutics, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
6.6%
of tradable shares
Days to cover
5.91
at average volume
Short interest, 1 month
−15%
to October 15, 2026
Held by institutions
95%
of shares
Held by insiders
4.0%
of shares
Employees
92
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −29.3%

$15.22 on October 31, 2025 to $10.76

ThenNowEffect
Revenue (last 12 months) $233m $15m −93.6%
P/S multiple 2.6x 19.8x +657.4%
Share count 40m 27m +46.1%

Biggest factor: revenue. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
KROS−17%−18%−17%−60%+29%−47%
Industry peers (median)−36%−57%−18%−28%−5%−26%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
KROS42%50%50%33%50%36%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
KROS−61%−61%−54%−78%−41%−51%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since April 8, 2020: 89% from December 17, 2020 to April 1, 2025. Getting back needed a 766% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$9.91 – $21.84
From 52-week high
−50.7%
vs 50-day average
−4.5%
vs 200-day average
−10.5%
Volatility (1 year)
50%
Beta vs S&P 500
1.09

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
4 up, 8 down
typical move ±6.3%
After a week
5 up, 7 down
typical move ±7.2%
After a month
8 up, 4 down
typical move ±12.0%
Results releasedNext dayS&P 500 next day5 days21 days
August 3, 2026 +1.8% +3.3% +6.2% +9.9%
May 14, 2026 −12.4% −0.4% −6.4% −14.6%
March 4, 2026 −12.6% +0.1% −15.9% −10.4%
November 5, 2025 +4.0% −0.7% +12.3% +39.5%
October 15, 2025 −8.9% −0.2% +3.1% +14.6%
August 6, 2025 −7.2% +0.7% −3.0% +8.3%
May 6, 2025 −5.8% −0.4% −7.5% +3.8%
February 26, 2025 +1.0% −1.5% +7.0% +0.8%
November 6, 2024 +7.3% +3.3% +0.8% +11.9%
August 7, 2024 −8.9% +1.6% −11.1% +7.7%
May 8, 2024 −1.8% +0.6% −7.3% −17.0%
February 28, 2024 −3.6% +0.2% −5.8% −5.4%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Keros Therapeutics, Inc. in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Keros Therapeutics, Inc.
$0 $100M $200M $300M FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $8K Revenue (TTM), FY23 Q4: $151K Revenue (TTM), FY24 Q1: $234K Revenue (TTM), FY24 Q2: $271K Revenue (TTM), FY24 Q3: $651K Revenue (TTM), FY24 Q4: $3.6M Revenue (TTM), FY25 Q1: $214.7M Revenue (TTM), FY25 Q2: $232.8M Revenue (TTM), FY25 Q3: $246.5M Revenue (TTM), FY25 Q4: $243.9M Revenue (TTM), FY26 Q1: $33M Revenue (TTM), FY26 Q2: $14.9M $14.9M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $8K
FY23 Q4 $151K
FY24 Q1 $234K
FY24 Q2 $271K
FY24 Q3 $651K
FY24 Q4 $3.6M
FY25 Q1 $214.7M
FY25 Q2 $232.8M
FY25 Q3 $246.5M
FY25 Q4 $243.9M
FY26 Q1 $33M
FY26 Q2 $14.9M
Revenue growth, TTM YoY Keros Therapeutics, Inc.
-50000% 0% 50000% 100000% FY20 Q4 FY24 Q4 FY25 Q2 FY25 Q4 FY26 Q2 Revenue growth, TTM YoY, FY20 Q4: -100.0% Revenue growth, TTM YoY, FY24 Q3: 8037.5% Revenue growth, TTM YoY, FY24 Q4: 2251.0% Revenue growth, TTM YoY, FY25 Q1: 91634.6% Revenue growth, TTM YoY, FY25 Q2: 85800.4% Revenue growth, TTM YoY, FY25 Q3: 37768.8% Revenue growth, TTM YoY, FY25 Q4: 6769.4% Revenue growth, TTM YoY, FY26 Q1: -84.6% Revenue growth, TTM YoY, FY26 Q2: -93.6% -93.6%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY20 Q4 -100.0%
FY24 Q3 8037.5%
FY24 Q4 2251.0%
FY25 Q1 91634.6%
FY25 Q2 85800.4%
FY25 Q3 37768.8%
FY25 Q4 6769.4%
FY26 Q1 -84.6%
FY26 Q2 -93.6%
Operating margin (TTM) Keros Therapeutics, Inc.
-2000000% -1500000% -1000000% -500000% 0% 500000% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: -1943075.0% Operating margin (TTM), FY23 Q4: -112543.7% Operating margin (TTM), FY24 Q1: -76732.9% Operating margin (TTM), FY24 Q2: -69615.1% Operating margin (TTM), FY24 Q3: -31341.6% Operating margin (TTM), FY24 Q4: -5939.0% Operating margin (TTM), FY25 Q1: -4.8% Operating margin (TTM), FY25 Q2: 0.1% Operating margin (TTM), FY25 Q3: 17.7% Operating margin (TTM), FY25 Q4: 27.7% Operating margin (TTM), FY26 Q1: -334.0% Operating margin (TTM), FY26 Q2: -682.3% -682.3%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 -1943075.0%
FY23 Q4 -112543.7%
FY24 Q1 -76732.9%
FY24 Q2 -69615.1%
FY24 Q3 -31341.6%
FY24 Q4 -5939.0%
FY25 Q1 -4.8%
FY25 Q2 0.1%
FY25 Q3 17.7%
FY25 Q4 27.7%
FY26 Q1 -334.0%
FY26 Q2 -682.3%
FCF margin (TTM) Keros Therapeutics, Inc.
-2000000% -1500000% -1000000% -500000% 0% 500000% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: -1534575.0% FCF margin (TTM), FY23 Q4: -84087.4% FCF margin (TTM), FY24 Q1: -58624.4% FCF margin (TTM), FY24 Q2: -53929.5% FCF margin (TTM), FY24 Q3: -21889.9% FCF margin (TTM), FY24 Q4: -4585.9% FCF margin (TTM), FY25 Q1: 20.2% FCF margin (TTM), FY25 Q2: 22.8% FCF margin (TTM), FY25 Q3: 35.3% FCF margin (TTM), FY25 Q4: 43.4% FCF margin (TTM), FY26 Q1: -176.3% FCF margin (TTM), FY26 Q2: -326.1% -326.1%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 -1534575.0%
FY23 Q4 -84087.4%
FY24 Q1 -58624.4%
FY24 Q2 -53929.5%
FY24 Q3 -21889.9%
FY24 Q4 -4585.9%
FY25 Q1 20.2%
FY25 Q2 22.8%
FY25 Q3 35.3%
FY25 Q4 43.4%
FY26 Q1 -176.3%
FY26 Q2 -326.1%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Keros Therapeutics took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $244M
  2. Other income $24.3M · 10.0%
  3. Research and development $130M · 53.2%
  4. Selling, general and admin $46.8M · 19.2%
  5. Operating income $67.6M · 27.7%
  6. Income tax $4.9M · 2.0%
  7. Net income $87M · 35.7%

Shares of revenue. Source: Keros Therapeutics's 10-K for FY2025, as filed with the SEC. Other income is income outside operations, such as investment gains.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 10 0 20 0 0 4 244 15
EBITDA −10 −46 −56 −114 −169 −210 69 −100
Operating income −11 −47 −56 −115 −170 −211 68 −101
Net income −12 −45 −59 −105 −153 −187 87 −83
Diluted EPS −$6.08 −$2.93 −$2.52 −$4.15 −$5.20 −$5.00 $2.30 −$3.05
Growth (year on year)
Revenue — −100.0% — −100.0% — +>999% +>999% −93.6%
Net income — — — — — — — −543.0%
Diluted EPS — — — — — — — −747.2%
Margins
EBITDA margin −103.5% — −278.6% — <−999% <−999% 28.3% −671.6%
Operating margin −105.6% — −280.5% — <−999% <−999% 27.7% −682.3%
Net margin −123.4% — −292.3% — <−999% <−999% 35.7% −559.2%
Free-cash-flow margin −162.7% — −314.3% — <−999% <−999% 43.4% −326.1%
Cash flow
Cash from operations −16 −37 −62 −70 −125 −161 108 −48
Capital spending 0 0 1 1 2 2 2 0
Free cash flow −16 −37 −63 −71 −127 −163 106 −48
Stock-based pay 0 4 12 19 29 35 29 23
Free cash flow after stock pay −16 −41 −75 −90 −156 −198 77 −71
Balance sheet
Cash 7 266 230 279 331 560 287 258
Total debt 0 0 0 0 0 0 0 0
Net debt (negative = net cash) −7 −266 −230 −279 −331 −560 −287 −258
Diluted shares 2m 16m 23m 25m 29m 37m 38m 27m
Returned to shareholders
Buybacks — — — — — 0 375 —
Total returned — — — — — 0 375 —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 2 checks passed · June 30, 2026
What it owns · $288m
Short-term assets $267mLonger-term assets $21m
What it owes, and who funded it · $288m
Short-term liabilities $12mLonger-term liabilities $13mShareholders' equity $262m
  • Short-term assets cover short-term liabilities $267m of assets due within a year against $12m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $267m short-term assets against $13m of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Keros Therapeutics, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
−31.6%
year over year
R&D spending
510.1%
of revenue

Competitors: side by side with peers

Closest by revenue in biotechnology
Last 12 months unless stated KROS ALEC LCTX PRQR CTMX CELU Median
Revenue, last 12 months $15m $14m $13m $18m $18m $19m $56m
Revenue growth, last 12 months −93.6% −82.9% 19.9% −12.1% −87.0% −58.1% 12.6%
Revenue growth, 3-year average — −48.6% 7.5% — −38.7% 7.2% 13.7%
Revenue growth, latest quarter −100.0% −57.8% −61.3% — −92.4% −5.3% 10.2%
Gross margin — — 97.2% — — 19.2% 82.9%
Operating margin −682.3% −912.4% −205.2% −273.1% −476.2% −264.3% −189.4%
Operating margin, 3-year average <−999% −472.3% −313.9% — −146.9% −204.2% −363.5%
Net margin −559.2% −850.1% −246.6% −265.2% −435.2% −245.7% −169.8%
Cash from operations / revenue −322.7% <−999% −182.0% −331.9% −450.3% −47.8% −168.0%
Free-cash-flow margin −326.1% <−999% −186.4% −338.3% −450.7% −80.1% −162.4%
Free-cash-flow margin, 3-year average <−999% −600.8% −253.2% — −192.6% −50.3% −310.0%
Stock pay / revenue 153.8% 120.9% 38.8% 25.2% 55.4% 66.5% 20.0%
Change in share count −31.6% 9.7% 11.9% 22.4% 88.7% 24.7% 8.2%

Median of all 184 companies we cover in biotechnology. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

184 biotechnology companies
Measure Company Peer median Rank
Revenue growth Growth -93.6% 12.6% 163 of 172
Change in growth rate Growth -9.0pp -0.1pp 113 of 172
Operating margin Profitability -682.3% -189.4% 129 of 175
Net margin Profitability -559.2% -157.3% 128 of 180
Free-cash-flow margin Cash generation -326.1% -145.4% 117 of 176
Stock pay as % of revenue Cash generation 153.8% 19.2% 150 of 179
Change in share count Balance sheet -31.6% 7.9% 1 of 156

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue YoY
Licenses $205M ▲ 6745.2%
License Revenue $205M —
Other services $38.7M ▲ 6937.5%
Services $38.5M —

These categories overlap or exclude eliminations, so shares aren't shown.

From Keros Therapeutics, Inc.'s 10-K filed March 4, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$214M
Institutions reporting
131
Shares held vs prior quarter
▲ 7.4%
Positions opened / closed
15 / 29

Top buyers and sellers, Q2 2026: 61 institutions bought and 79 sold ; the biggest buyer was Nantahala Capital Management, LLC (+1.5M shares) and the biggest seller Arrowstreet Capital, Limited Partnership (−357K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Nantahala Capital Management, LLC $30.2M 2.8M 14.1% ▲ 107.4%
Blackrock, Inc. $29.9M 2.8M 14.0% ▲ 15.9%
AQR Capital Management LLC $10.4M 968K 4.8% ▲ 138.1%
Vanguard Capital Management LLC $8.9M 834K 4.2% ▲ 0.3%
Orbimed Advisors LLC $8.1M 759K 3.8% 0.0%
Federated Hermes, Inc. $7.5M 700K 3.5% ▲ 1.6%
Vanguard Portfolio Management LLC $7M 653K 3.3% ▼ 4.3%
Mackenzie Financial Corp $6.7M 628K 3.1% ▲ 312.2%
Madison Avenue Partners, LP $6.7M 627K 3.1% 0.0%
Qube Research & Technologies Ltd $6.5M 609K 3.0% ▼ 16.0%
Jacobs Levy Equity Management, Inc $6.5M 605K 3.0% ▼ 14.3%
State Street Corp $5.8M 541K 2.7% ▼ 3.7%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Keros Therapeutics, Inc.'s complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $75,770 6 trades by 1 insider, last 12 months Insider sales History → $522,950 12 trades by 9 insiders · 18% under pre-set plans
Net ▼ $447,180 net selling
Insider Date Trade Shares Price Value
Newton Charles W. Director August 18, 2026 Sell pre-set plan 551 $10.30 $5,675
Cho Esther Chief Legal Officer August 18, 2026 Sell 4,485 $10.29 $46,151
Lerner Lorena Raquel Chief Scientific Officer August 18, 2026 Sell 3,568 $10.29 $36,715
Tanini Annita Corp. Controller & VP, Finance August 18, 2026 Sell 1,224 $10.29 $12,595
Bienaime Jean Jacques Director August 17, 2026 Buy pre-set plan 1,000 $10.27 $10,270
Bienaime Jean Jacques Director July 15, 2026 Buy pre-set plan 1,000 $10.61 $10,610
Bienaime Jean Jacques Director June 15, 2026 Buy pre-set plan 1,000 $10.19 $10,190
Newton Charles W. Director June 11, 2026 Sell pre-set plan 550 $10.04 $5,522
Seth Alpna Director June 4, 2026 Sell pre-set plan 2,625 $10.72 $28,140
Knowles Julius Director June 4, 2026 Sell pre-set plan 2,625 $10.73 $28,166
Farzan Nima Director June 4, 2026 Sell pre-set plan 2,625 $10.73 $28,166
Bienaime Jean Jacques Director May 15, 2026 Buy pre-set plan 1,000 $10.58 $10,580

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around November 4, 2026 estimated from the company's past filing pattern, not announced

  • August 3, 2026
  • May 14, 2026
  • March 4, 2026
  • November 5, 2025
  • October 15, 2025
  • August 6, 2025

Recent SEC filings

Data status

When each part of this page on Keros Therapeutics, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Keros Therapeutics, Inc. in brief

What does Keros Therapeutics, Inc. do?
Keros Therapeutics, Inc. is a US-listed company in the biotechnology industry. Its financial year ends in December.
What is Keros Therapeutics, Inc.'s stock ticker?
Keros Therapeutics, Inc. trades under the ticker KROS on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Keros Therapeutics, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Keros Therapeutics, Inc. reported revenue of $14.9M, 93.6% lower than a year earlier, according to its SEC filings.
What is Keros Therapeutics, Inc.'s free cash flow?
Keros Therapeutics, Inc.'s free-cash-flow margin is -326.1% of revenue over the trailing twelve months, ranking 117 of the 176 biotechnology companies we cover.
Who are Keros Therapeutics, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Nantahala Capital Management, LLC, Blackrock, Inc. and AQR Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Keros Therapeutics, Inc.'s market cap?
On November 2, 2026, Keros Therapeutics, Inc.'s market capitalisation was about $294M and net debt of -$258M. Market figures come from third-party market data and may be delayed.
Who are Keros Therapeutics, Inc.'s competitors?
In our Biotechnology peer group, the companies closest to Keros Therapeutics, Inc. are Alector, Inc., Lineage Cell Therapeutics, Inc., Proqr Therapeutics N.V., Cytomx Therapeutics, Inc. and Celularity Inc. The side-by-side comparison below sets their revenue, margins and growth against Keros Therapeutics, Inc.'s.
Are insiders buying or selling Keros Therapeutics, Inc. stock?
Over the last 12 months, Keros Therapeutics, Inc.'s directors and officers reported 6 open-market purchases and 12 sales on Form 4. The insider trading page charts every trade.
When is Keros Therapeutics, Inc.'s next earnings date?
Around November 4, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Keros Therapeutics, Inc. announces its own schedule.