Company: KROS
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001664710-25-000089
Chunk: 260

Company: Keros Therapeutics, Inc.
Filing Date: 2025-11-05
Form: 10-Q
Item: Item 1
Chunk 260
---
 losses and expected future losses.

Results of Operations 

Comparison for the three months ended September 30, 2025 and 2024 

The following table summarizes our results of operations for the three months ended September 30, 2025 and 2024 (in thousands): 

THREE MONTHS ENDED SEPTEMBER 30,20252024REVENUE:Service and other revenue$4,262 $388 License revenue10,000 — Total revenue14,262 388 OPERATING EXPENSES:Research and development(19,519)(49,225)General and administrative(10,127)(9,820)Total operating expenses(29,646)(59,045)INCOME (LOSS) FROM OPERATIONS(15,384)(58,657)OTHER INCOME (EXPENSE), NETDividend income6,933 5,793 Other expense, net(253)(92)Total other income, net6,680 5,701 Income (loss) before income taxes(8,704)(52,956)Income tax (provision) benefit1,424 — Net income (loss)$(7,280)$(52,956)

Revenue

We recognized $4.1 million of service and other revenue related to the transition services agreement with Takeda, or the TSA, and $10.0 million of license revenue related to achievement of a development milestone under the Takeda Agreement for the three months ended September 30, 2025, compared to zero for the three months ended September 30, 2024. We recognized $0.1 million in service and other revenue related to the Hansoh Agreement for the three months ended September 30, 2025, compared to $0.4 million for the three months ended September 30, 2024. The increase in total revenue of $13.9 million was due to the Takeda Agreement and the TSA.

Research and Development Expenses 

The following table summarizes our research and development expenses for the three months ended September 30, 2025 and 2024 (in thousands): 

26

THREE MONTHS ENDED SEPTEMBER 30,INCREASE / (DECREASE)20252024KER-0651,345 4,935 (3,590)Elritercept3,341 13,576 (10,235)Cibotercept1,218 8,618 (7,400)Preclinical