Company: KROS
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001664710-25-000018
Chunk: 174

Company: Keros Therapeutics, Inc.
Filing Date: 2025-02-26
Form: 10-K
Item: Item 8
Chunk 174
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 Audit Matter Was Addressed in the Audit

F-2

Our audit procedures related to accrued and prepaid external research and development expenses and manufacturing costs included the following, among others: 

•We tested the design and effectiveness of relevant controls over the estimation of accrued and prepaid research and development expenses and manufacturing costs.

•For a sample of contracts with service providers performing research and development, and manufacturing activities, we performed the following:

◦Evaluated the appropriateness of the method used by management to develop its estimates of progress to completion of specific tasks.

◦Tested the completeness and accuracy of the underlying data used in the estimates of progress to completion through inspection of the terms of contracts and statements of work between the Company and its service providers and testing of actual billed expenses under the contracts.

◦Performed corroborating inquiries with Company personnel responsible for overseeing the activities performed by the Company’s contract research and contract manufacturing service providers, which may include the service providers’ estimate of completed tasks or progress of completion of certain tasks within the arrangement.  

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 26, 2025

We have served as the Company's auditor since 2019.

F-3

KEROS THERAPEUTICS, INC.

Consolidated Balance Sheets

(In thousands, except share and per share data)

DECEMBER 31,20242023ASSETSCURRENT ASSETS:Cash and cash equivalents$559,931 $331,147 Accounts receivable 2,742 143 Prepaid expenses and other current assets26,220 16,003 Total current assets588,893 347,293 Operating lease right-of-use assets19,251 15,334 Property and equipment, net4,237 4,134 Restricted cash1,449 1,212 Other long term assets2,056 2,052 TOTAL ASSETS$615,886 $370,025 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES:Accounts payable$4,602 $5,450 Current portion of operating lease liabilities1,978 1,005 Accrued expenses and other current liabilities20,870 17,918 Total current liabilities27,450 24,373 Operating lease liabilities, net of current portion16,883 13,439 Total liabilities44,333 37,812 COMMITMENTS AND CONTINGENCIES (Note 11)STOCK