Company: KROS
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001664710-25-000070
Chunk: 249

Company: Keros Therapeutics, Inc.
Filing Date: 2025-08-06
Form: 10-Q
Item: Item 1
Chunk 249
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 in which we issued and sold 4,025,000 shares of common stock, which included 525,000 shares of common stock issued and sold pursuant to the full exercise of the underwriters’ option to purchase additional shares, at a public offering price of $40.00 per share. The aggregate net proceeds to us from the public offering were approximately $151.1 million, after deducting underwriting discounts, commissions and offering expenses. 

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We have incurred recurring operating losses each fiscal year since inception in 2015. Our ability to generate product revenue sufficient to achieve profitability will depend on the successful development and commercialization of one or more of our product candidates. Our net loss was $30.7 million for the three months ended June 30, 2025. Our net income, which was primarily driven by revenue related to our license agreement with Takeda, was $117.8 million for the six months ended June 30, 2025. As of June 30, 2025, we had an accumulated deficit of $451.0 million. We expect to continue to generate operating losses and negative operating cash flows for the foreseeable future in connection with our ongoing activities. As of June 30, 2025, we had cash and cash equivalents of $690.2 million.

Recent Significant Developments

In May 2025, we announced topline data from the TROPOS trial, a Phase 2 clinical trial of cibotercept (KER-012) in combination with background therapy in patients with pulmonary arterial hypertension, or PAH. Following the analysis of all available safety and efficacy data from the TROPOS trial, we decided to discontinue all development of cibotercept in PAH. Consistent with our data-driven operating model and as part of our ongoing portfolio management, we have further determined to deprioritize cibotercept, and will pause all material, internal development activities associated with this asset. We continue to evaluate strategic partnerships and/or other transactions to reevaluate development of cibotercept.

On May 28, 2025, our board of directors formally approved a plan to reduce our overall workforce by approximately 45%, or the 2025 Restructuring. We expect to incur one-time cash charges associated with the 2025 Restructuring of approximately $3.2 million related to employee severance payments and related costs, the majority of which were incurred in the second quarter of 2025. In addition, in connection with the 202