Company: KROS
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001664710-25-000046
Chunk: 318

Company: Keros Therapeutics, Inc.
Filing Date: 2025-05-06
Form: 10-Q
Item: Item 2
Chunk 318
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.6 million in preclinical pipeline and development activities. We expect research and development expenses to fluctuate from quarter to quarter depending on the timing of clinical trial activities, clinical manufacturing and other development activities. We expect that elritercept-related expenses will decrease once transitioned to Takeda.

General and Administrative Expenses 

General and administrative expenses were $10.5 million for the three months ended March 31, 2025, compared to $10.3 million for the three months ended March 31, 2024. The increase of approximately $0.2 million was primarily due to (i) a net increase of $0.5 million in professional fees, insurance, facilities, supplies and other expenses to support the growth of our business, partially offset by a decrease of $0.3 million in personnel expenses, which includes a decrease of $0.6 million of stock-based compensation costs. 

Total Other Income, Net

Total other income, net was $6.5 million for the three months ended March 31, 2025, compared to $5.4 million for the three months ended March 31, 2024. The increase of $1.1 million was driven by an increase of $1.0 million in dividend income and a decrease of $0.1 million in other expense, net.

Income Tax Provision

Income tax provision was $10.0 million for the three months ended March 31, 2025, compared to zero for the three months ended March 31, 2024. The increase of $10.0 million in income tax provision is attributed to taxable income generated from the Takeda Agreement.

Liquidity and Capital Resources 

Since our inception, we have incurred significant operating losses each fiscal year. Our net income, which was primarily driven by revenue related to the Takeda Agreement, was $148.5 million for the three months ended March 31, 2025 compared to net 

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loss of $43.1 million for the three months ended March 31, 2024. As of March 31, 2025 and December 31, 2024, we had an accumulated deficit of $420.3 million and $568.8 million, respectively. To date, we have devoted the majority of our efforts into business planning, research and development of our product candidates, including by conducting clinical trials and preclinical studies, raising capital and recruiting management and technical staff to support these operations. Our primary uses of cash are to fund