Company: KROS
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001664710-25-000018
Chunk: 12

Company: Keros Therapeutics, Inc.
Filing Date: 2025-02-26
Form: 10-K
Item: Item 7
Chunk 12
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 consisted of service and other revenue substantially related to the Tech Transfer Agreement and Supply Agreement and license revenue related to the Hansoh Agreement. Our revenue for the year ended December 31, 2023 consisted of service and other revenue related to the Tech Transfer Agreement. We did not recognize any revenue for the year ended December 31, 2022. 

Research and Development Expenses 

The following table summarizes our research and development expenses for the years ended December 31, 2024, 2023, and 2022 (in thousands): 

YEAR ENDED DECEMBER 31,$ CHANGE2024202320222024 vs 20232023 vs 2022Cibotercept$29,777 $20,931 $12,433 $8,846 $8,498 KER-06516,090 5,962 6,010 10,128 (48)Elritercept44,319 41,249 24,492 3,070 16,757 Preclinical and development fees12,008 12,420 9,221 (412)3,199 Personnel expenses (including stock-based compensation)55,946 43,408 27,683 12,538 15,725 Professional fees5,083 3,298 3,844 1,785 (546)Facilities and supplies7,832 6,135 2,546 1,697 3,589 Other expenses2,574 1,855 1,036 719 819 $173,629 $135,258 $87,265 $38,371 $47,993 

Research and development expenses were $173.6 million for the year ended December 31, 2024, compared to $135.3 million for the year ended December 31, 2023. The increase of $38.4 million was primarily due to an increase in program-related costs, including (i) an $8.8 million increase of cibotercept-related expenses, which was driven by a $7.1 million increase in clinical spend associated with our Phase 2 clinical trial and a $1.7 million increase in manufacturing costs; (ii) a $10.1 million increase in KER-065-related expenses, primarily driven by a net increase of $5.8 million in manufacturing and preclinical activities and an increase of $4.3 million in clinical spend