Company: KROS
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001664710-25-000089
Chunk: 441

Company: Keros Therapeutics, Inc.
Filing Date: 2025-11-05
Form: 10-Q
Item: Item 2
Chunk 441
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 income taxes116,872 (141,327)Income tax (provision) benefit(6,397)— Net income (loss)$110,475 $(141,327)

Revenue

We recognized $205.4 million of license revenue related to the upfront payment and achievement of a development milestone under the Takeda Agreement and $38.1 million of service and other revenue related to the TSA for the nine months ended September 30, 2025, compared to zero for the nine months ended September 30, 2024. We recognized $0.2 million of service and other revenue related to the Hansoh Agreement for the nine months ended September 30, 2025, compared to $0.5 million for the nine months ended September 30, 2024. The increase in total revenue of $243.2 million was primarily due to the Takeda Agreement and the TSA. 

Research and Development Expenses 

The following table summarizes our research and development expenses for the nine months ended September 30, 2025 and 2024 (in thousands):

28

NINE MONTHS ENDED SEPTEMBER 30,INCREASE / (DECREASE)20252024KER-0654,293 12,225 (7,932)Elritercept37,872 33,161 4,711 Cibotercept11,185 20,820 (9,635)Preclinical and development fees5,425 10,322 (4,897)Personnel expenses (including stock-based compensation)39,634 40,659 (1,025)Professional fees4,846 3,749 1,097 Facilities and supplies6,981 5,235 1,746 Other expenses1,495 1,827 (332)$111,731 $127,998 $(16,267)

Research and development expenses were $111.7 million for the nine months ended September 30, 2025, compared to $128.0 million for the nine months ended September 30, 2024. The decrease of $16.3 million was primarily due to (i) a decrease of $7.9 million of KER-065-related expenses, primarily driven by a net decrease of $5.9 million in manufacturing and preclinical activities and a decrease of $2.0 million in clinical spend associated with our Phase 1 clinical trial; (ii) a decrease of $9.