Company: KROS
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001664710-25-000018
Chunk: 200

Company: Keros Therapeutics, Inc.
Filing Date: 2025-02-26
Form: 10-K
Item: Item 8
Chunk 200
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:YEAR ENDED DECEMBER 31,202420232022Income at U.S. statutory rate21.0 %21.0 %21.0 %State taxes8.8 1.2 5.2 Stock compensation(0.6)(0.6)(2.8)Other permanent differences(1.3)(3.0)(1.4)Research and development credits1.2 3.0 2.5 Impact of foreign operations(0.1)(0.1)(0.3)Foreign withholding taxes(0.2)— — Other(3.2)3.0 (3.3)Tax credits1.2 0.8 3.2 Change in valuation allowance(27.0)(25.3)(24.1)Effective tax rate(0.2)%— %— %

F-19

The net deferred income tax asset balance as of December 31, 2024 and 2023 related to the following (in thousands):YEAR ENDED DECEMBER 31,20242023Net operating loss carryforwards$45,084 $36,245 Research and development tax credits16,184 14,134 Capitalized research and development expenses78,413 36,363 Stock-based compensation7,558 10,794 Operating lease liability5,068 3,457 Accrued expenses2,626 1,774 Intangibles— — Other$269 $285 Total deferred tax assets$155,202 $103,052 Valuation allowance(150,037)(99,390)Net deferred tax assets$5,165 $3,662 Deferred tax liabilityOperating lease right-of-use asset(5,165)(3,662)Net deferred tax assets$— $— As of December 31, 2024, the Company had U.S. federal and state net operating loss (“NOL”) carryforwards of $160.3 million and $180.9 million, respectively. Of the $160.3 million in federal NOLs, $0.2 million will expire in 2035 and the remaining $160.1 million can be carried forward indefinitely. The state NOL carryforwards begin to expire in 2039.As of December 31, 2024, the Company had U.S. federal and state research and development tax credit carryforwards of