Company: KROS
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001664710-25-000046
Chunk: 316

Company: Keros Therapeutics, Inc.
Filing Date: 2025-05-06
Form: 10-Q
Item: Item 2
Chunk 316
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 recorded as cash equivalents on our consolidated balance sheets.

Other Expense, Net 

Other expense, net primarily consists of unrealized and realized gains and losses on foreign currency. 

Income Tax Provision 

The tax provision recorded for the three months ended March 31, 2025 resulted from income tax related to taxable income generated from the Takeda Agreement. We have not recorded any income tax benefits for the losses incurred to date as it is more likely than not that these benefits will not be realized based on our history of losses and expected future losses.

Results of Operations 

Comparison for the three months ended March 31, 2025 and 2024 

The following table summarizes our results of operations for the three months ended March 31, 2025 and 2024 (in thousands): 

THREE MONTHS ENDED MARCH 31,20252024REVENUE: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):