Company: KROS
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001664710-25-000018
Chunk: 77

Company: Keros Therapeutics, Inc.
Filing Date: 2025-02-26
Form: 10-K
Item: Item 9B
Chunk 77
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4, 2023 and 2022 was as follows:YEAR ENDED DECEMBER 31,202420232022Income at U.S. statutory rate21.0 %21.0 %21.0 %State taxes8.8 1.2 5.2 Stock compensation(0.6)(0.6)(2.8)Other permanent differences(1.3)(3.0)(1.4)Research and development credits1.2 3.0 2.5 Impact of foreign operations(0.1)(0.1)(0.3)Foreign withholding taxes(0.2)— — Other(3.2)3.0 (3.3)Tax credits1.2 0.8 3.2 Change in valuation allowance(27.0)(25.3)(24.1)Effective tax rate(0.2)%— %— %

F-19

The net deferred income tax asset balance as of December 31, 2024 and 2023 related to the following (in thousands):YEAR ENDED DECEMBER 31,20242023Net operating loss carryforwards$45,084 $36,245 Research and development tax credits16,184 14,134 Capitalized research and development expenses78,413 36,363 Stock-based compensation7,558 10,794 Operating lease liability5,068 3,457 Accrued expenses2,626 1,774 Intangibles— — Other$269 $285 Total deferred tax assets$155,202 $103,052 Valuation allowance(150,037)(99,390)Net deferred tax assets$5,165 $3,662 Deferred tax liabilityOperating lease right-of-use asset(5,165)(3,662)Net deferred tax assets$— $— As of December 31, 2024, the Company had U.S. federal and state net operating loss (“NOL”) carryforwards of $160.3 million and $180.9 million, respectively. Of the $160.3 million in federal NOLs, $0.2 million will expire in 2035 and the remaining $160.1 million can be carried forward indefinitely. The state NOL carryforwards begin to expire in 2039.As of December 31, 2024, the Company had U.S.