Company: KROS
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001664710-25-000018
Chunk: 11

Company: Keros Therapeutics, Inc.
Filing Date: 2025-02-26
Form: 10-K
Item: Item 7
Chunk 11
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0 million per annum.

We have assessed our R&D activities and expenditures to determine which activities and expenditures in Australia are likely to be eligible under the R&D Incentive.  We estimate the refundable or non-refundable tax offset available to us based on available information at the time. 

Dividend Income

Dividend income consists of income earned on our money market funds that are recorded as cash equivalents on our consolidated balance sheets.

Other Income (Expense), Net 

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

Income Tax Provision 

The tax provision recorded for the year ended December 31, 2024 resulted from withholding tax related to taxable income generated from the Hansoh Agreement. We have not recorded any income tax benefits for the losses incurred as it is more likely than not that these benefits will not be realized based on our history of losses and expected future losses.

101

Results of Operations 

Comparison for the years ended December 31, 2024, 2023, and 2022

The following table summarizes our results of operations for the years ended December 31, 2024, 2023, and 2022 (in thousands): 

YEAR ENDED DECEMBER 31,202420232022REVENUE:Service and other revenue$550 $151 $— License revenue$3,000 $— $— Total revenue3,550 151 — OPERATING EXPENSES:Research and development(173,629)(135,258)(87,265)General and administrative(40,754)(34,834)(27,525)Total operating expenses(214,383)(170,092)(114,790)LOSS FROM OPERATIONS(210,833)(169,941)(114,790)OTHER INCOME (EXPENSE), NET:Interest expense, net— — (1)Research and development incentive income1,238 2,400 7,081 Dividend income23,496 14,755 3,644 Other expense, net(954)(206)(613)Total other income (expense), net23,780 16,949 10,111 Loss before income taxes(187,053)(152,992)(104,679)Income tax provision(300)— — Net loss$(187,353)$(152,992)$(104,679)

Revenue

Our revenue for the year ended December 31, 2024