Company: KROS
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001664710-25-000046
Chunk: 146

Company: Keros Therapeutics, Inc.
Filing Date: 2025-05-06
Form: 10-Q
Item: Item 1
Chunk 146
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REVENUE:Service and other revenue$15,891 $83 License revenue195,355 — Total revenue211,246 83 OPERATING EXPENSES:Research and development(48,709)(38,258)General and administrative(10,497)(10,308)Total operating expenses(59,206)(48,566)INCOME (LOSS) FROM OPERATIONS152,040 (48,483)OTHER INCOME (EXPENSE), NETDividend income6,792 5,806 Other expense, net(338)(437)Total other income, net6,454 5,369 Income (loss) before income taxes158,494 (43,114)Income tax provision(10,043)— Net income (loss)$148,451 $(43,114)

Revenue

We recognized $195.4 million of license revenue and $15.8 million of service and other revenue related to the Takeda Agreement for the three months ended March 31, 2025, compared to zero for the three months ended March 31, 2024. We recognized $0.1 million of service and other revenue related to the Hansoh Agreement for the three months ended March 31, 2025, compared to $0.1 million for the three months ended March 31, 2024. The increase in total revenue of $211.2 million was primarily due to the Takeda Agreement.

Research and Development Expenses 

25

The following table summarizes our research and development expenses for the three months ended March 31, 2025 and 2024 (in thousands): 

THREE MONTHS ENDED MARCH 31,INCREASE / (DECREASE)20252024Cibotercept$5,908 $5,471 $437 KER-0651,517 4,364 (2,847)Elritercept18,895 8,584 10,311 Preclinical and development fees1,744 3,383 (1,639)Personnel expenses (including stock-based compensation)16,079 12,950 3,129 Professional fees1,390 1,265 125 Facilities and supplies2,688 1,708 980 Other expenses488 533 (45)$48,709 $38,258 $10,451 

Research and development expenses were $48.7 million for the three months ended