Company: KROS
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001664710-25-000046
Chunk: 177

Company: Keros Therapeutics, Inc.
Filing Date: 2025-05-06
Form: 10-Q
Item: Item 8
Chunk 177
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2025, we may not offer and sell any ATM shares.

January 2024 Public Offering of Common Stock

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On January 8, 2024, we closed an underwritten public offering in which we issued and sold 4,025,000 shares of common stock, which included 525,000 shares of common stock issued and sold pursuant to the full exercise of the underwriters’ option to purchase additional shares, at a public offering price of $40.00 per share. The aggregate net proceeds to us from the public offering were approximately $151.1 million, after deducting underwriting discounts, commissions and offering expenses. 

We have incurred recurring operating losses each fiscal year since inception in 2015. Our ability to generate product revenue sufficient to achieve profitability will depend on the successful development and commercialization of one or more of our product candidates. Our net income, which was primarily driven by revenue related to our license agreement with Takeda, was $148.5 million for the three months ended March 31, 2025. As of March 31, 2025, we had an accumulated deficit of $420.3 million. We expect to continue to generate operating losses and negative operating cash flows for the foreseeable future in connection with our ongoing activities. As of March 31, 2025, we had cash and cash equivalents of $720.5 million.

Recent Significant Developments

In March 2025, we announced initial topline results from the Phase 1 clinical trial of KER-065 in healthy volunteers, as of a data cut-off date of February 6, 2025. Topline results from this ongoing trial were through the multiple ascending dose treatment period (Day 85). KER-065 was generally well-tolerated, with no major safety signals observed to date. No serious adverse events or dose-limiting toxicities reported. Additionally, we observed evidence for activin inhibition across tissues of interest, as KER-065 elicited:

•Increases in bone specific alkaline phosphate, a biomarker of bone formation, and decreases in C-Terminal Telopeptide, a biomarker of bone resorption;

•Increases in adiponectin, a biomarker of fat mobilization, and decreases in leptin, a biomarker of fat mass; and

•Changes in body composition, as demonstrated by increases in bone mineral density and muscle mass and decreases in fat mass, which in totality were consistent with activin inhibition.

We plan on engaging with regulatory