Company: KROS
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001664710-25-000089
Chunk: 446

Company: Keros Therapeutics, Inc.
Filing Date: 2025-11-05
Form: 10-Q
Item: Item 2
Chunk 446
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 candidates, if approved; and

•market acceptance of any approved product candidates.

In addition, implementation of tariffs, public health crises, bank failures, geopolitical tensions and resulting global slowdown of economic activity continue to rapidly evolve and have already resulted in a significant disruption of global financial markets. If the disruption persists and deepens, we could experience an inability to access additional capital when and if needed. If we are unable to obtain funding, we could be forced to delay, reduce or eliminate some or all of our research and development programs and clinical development efforts, which would adversely affect our business prospects, or we may be unable to continue operations. We do not have any committed external source of funds or other support for our development efforts and we cannot be certain that additional funding will be available on acceptable terms, or at all. Until we can generate sufficient product or royalty revenue to finance our cash requirements, which we may never do, we expect to finance our future cash needs through a combination of public or private equity offerings, debt financings, collaborations, strategic alliances, licensing arrangements and other marketing or distribution arrangements. Adequate additional funding may not be available to us on acceptable terms, or at all. Any failure to raise capital as and when needed could have a negative impact on our financial condition and on our ability to pursue our business plans and strategies.

Cash Flows

The following table summarizes our cash flows for the nine months ended September 30, 2025 and 2024 (in thousands):

NINE MONTHS ENDED SEPTEMBER 30,20252024Net cash provided by (used in) operating activities$134,797 $(114,861)Net cash used in investing activities(1,417)(1,642)Net cash provided by financing activities161 316,277 Net increase in cash, cash equivalents and restricted cash$133,541 $199,774 

Cash Provided by (Used in) Operating Activities 

Net cash provided by operating activities was $134.8 million for the nine months ended September 30, 2025, which was driven by a (i) net income of $110.5 million; (ii) $48.0 thousand in net cash provided by operating assets and liabilities; and (iii) non-cash charges, including $21.4 million of stock-based compensation expense, $1.8 million in lease expenses and $1.1 million in depreciation. The $48.0 thousand of net cash provided by operating assets and liabilities was comprised of (i) a