Keros Therapeutics Inc
KROSHealthcare|Biotechnology|USA
$11.80
-0.23 (-1.91%)
Tangible Book
$14.48
Financials
Financial Snapshot
Market Cap
$233.5M
Enterprise Value
$265.2M
Revenue (TTM)
$33.2M
Net Income (TTM)
$-85.1M
Cash & Equivalents
—
Net Cash/Share
$12.91
Free Cash Flow (TTM)
$-58.3M
Operating CF (TTM)
$-57.2M
Debt/Equity
0.06
Cash Runway & Burn Rate
Cash on Hand
$0.00
Quarterly Burn
$14.3M
Monthly Burn
$4.8M
Est. Runway
—
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $23.3M | $7.0M | $265.9M | $230.0M | $279.0M | $331.1M | $559.9M | $287.4M | $281.5M | |
| Operating Cash Flow | $7.0M | $-16.0M | $-36.9M | $-62.1M | $-70.1M | $-124.5M | $-160.9M | $107.5M | $-57.2M | |
| Free Cash Flow | $6.8M | $-16.3M | $-37.2M | $-63.2M | $-71.3M | $-127.0M | $-162.8M | $106.0M | $-58.3M | |
| Capital Expenditure | $-217.0K | $-271.0K | $-294.0K | $-1.0M | $-1.2M | $-2.5M | $-1.9M | $-1.6M | $-1.1M | |
| Financing Cash Flow | $11.5M | $14.0K | $296.0M | $28.6M | $120.3M | $179.0M | $391.8M | $-378.5M | $-380.8M |
R&D Spending
R&D (TTM)
$97.0M
R&D Intensity
292.4%
R&D Growth YoY
-25.2%
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $10.0M | $10.0M | $0.00 | $20.1M | $0.00 | $151.0K | $3.5M | $244.1M | $33.2M | |
| R&D Expense | $10.1M | $17.4M | $33.9M | $55.1M | $87.3M | $135.3M | $173.6M | $129.6M | $97.0M | |
| R&D % of Revenue | 101.1% | 173.8% | — | 274.3% | — | 89574.8% | 4891.0% | 53.1% | 292.4% | |
| SG&A | $1.6M | $3.2M | $12.8M | $21.3M | $27.5M | $34.8M | $40.8M | $46.8M | $46.5M |
Income Statement
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $10.0M | $10.0M | $0.00 | $20.1M | $0.00 | $151.0K | $3.5M | $244.1M | $33.2M | |
| Cost of Goods Sold | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Gross Profit | $10.0M | $10.0M | $0.00 | $20.1M | $0.00 | $151.0K | $3.5M | $244.1M | $33.2M | |
| R&D | $10.1M | $17.4M | $33.9M | $55.1M | $87.3M | $135.3M | $173.6M | $129.6M | $97.0M | |
| SG&A | $1.6M | $3.2M | $12.8M | $21.3M | $27.5M | $34.8M | $40.8M | $46.8M | $46.5M | |
| Operating Income | $-1.3M | $-10.0M | $-44.2M | $-56.4M | $-107.7M | $-167.5M | $-209.6M | $67.6M | $-110.3M | |
| Interest Expense | $0.00 | $-8.0K | $-6.0K | $-4.0K | $-1.0K | $0.00 | $0.00 | $0.00 | $0.00 | |
| Pretax Income | $-1.1M | $-12.3M | $-45.5M | $-56.7M | $-104.7M | $-153.0M | $-187.1M | $91.9M | $-90.3M | |
| Net Income | $-1.3M | $-12.3M | $-45.4M | $-58.7M | $-104.7M | $-153.0M | $-187.4M | $87.0M | $-85.1M | |
| EPS (Diluted) | -0.15 | -0.78 | -2.93 | -2.52 | -4.15 | -5.20 | -5.00 | 2.30 | -3.01 | |
| EBITDA | $-1.2M | $-12.1M | $-45.2M | $-56.4M | $-104.0M | $-152.2M | $-208.4M | $69.1M | $-108.8M | |
| Shares Out. (M) | 8.88 | 18.19 | 15.51 | 23.33 | 25.24 | 29.45 | 37.44 | 37.86 | 19.63 |
Balance Sheet
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $23.3M | $7.0M | $265.9M | $230.0M | $279.0M | $331.1M | $559.9M | $287.4M | $281.5M | |
| Marketable Securities | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Current Assets | $25.5M | $8.9M | $267.7M | $251.4M | $285.8M | $347.3M | $588.9M | $315.4M | $290.7M | |
| Total Assets | $27.4M | $11.0M | $269.4M | $255.3M | $306.8M | $370.0M | $615.9M | $338.0M | $312.3M | |
| Total Current Liabilities | $11.5M | $4.5M | $7.2M | $11.8M | $16.5M | $24.4M | $27.4M | $20.4M | $12.9M | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Liabilities | $14.7M | $10.5M | $7.7M | $12.1M | $29.4M | $37.8M | $44.3M | $34.9M | $26.7M | |
| Stockholders' Equity | $12.8M | $495.0K | $261.7M | $243.2M | $277.4M | $332.2M | $571.6M | $303.1M | $285.6M | |
| Retained Earnings | $-7.3M | $-19.6M | $-65.0M | $-123.8M | $-228.4M | $-381.4M | $-568.8M | $-481.8M | $-505.5M |
Cash Flow Statement
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $7.0M | $-16.0M | $-36.9M | $-62.1M | $-70.1M | $-124.5M | $-160.9M | $107.5M | $-57.2M | |
| Capital Expenditure | $-217.0K | $-271.0K | $-294.0K | $-1.0M | $-1.2M | $-2.5M | $-1.9M | $-1.6M | $-1.1M | |
| Free Cash Flow | $6.8M | $-16.3M | $-37.2M | $-63.2M | $-71.3M | $-127.0M | $-162.8M | $106.0M | $-58.3M | |
| Investing Cash Flow | $-217.0K | $-271.0K | $-294.0K | $-1.0M | $-1.2M | $-2.5M | $-1.9M | $-1.6M | $-1.1M | |
| Financing Cash Flow | $11.5M | $14.0K | $296.0M | $28.6M | $120.3M | $179.0M | $391.8M | $-378.5M | $-380.8M | |
| Issuance of Stock | $0.00 | $0.00 | $243.2M | $28.2M | $119.6M | $175.8M | $380.1M | $0.00 | $0.00 | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $-375.0M | $-375.0M | |
| Issuance of Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Payments of Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $81.0K | $59.0K | $4.1M | $11.7M | $18.7M | $28.8M | $34.9M | $28.7M | $26.0M | |
| Net Change in Cash | $18.3M | $-16.3M | $258.9M | $-34.6M | $49.0M | $52.0M | $229.0M | $-272.5M | $-439.0M |
Dilution Tracker
Shares Outstanding
20M
5-Year Share Growth
-15.9%
Stock Issuance (TTM)
$0.00
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 8.88 | 18.19 | 15.51 | 23.33 | 25.24 | 29.45 | 37.44 | 37.86 | 19.63 | |
| YoY Change % | — | 104.8% | -14.8% | 50.5% | 8.2% | 16.7% | 27.1% | 1.1% | -48.1% | |
| Stock Issuance | $0.00 | $0.00 | $243.2M | $28.2M | $119.6M | $175.8M | $380.1M | $0.00 | $0.00 | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $-375.0M | $-375.0M | |
| Stock Based Comp. | $81.0K | $59.0K | $4.1M | $11.7M | $18.7M | $28.8M | $34.9M | $28.7M | $26.0M |
Margins & Profitability
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| Operating Margin % | -13.2% | -100.0% | 0.0% | -280.5% | 0.0% | -110954.3% | -5904.1% | 27.7% | -332.6% | |
| Net Margin % | -13.3% | -123.4% | 0.0% | -292.3% | 0.0% | -101319.2% | -5277.5% | 35.7% | -256.6% | |
| EBITDA Margin % | -11.7% | -121.2% | 0.0% | -280.4% | 0.0% | -100779.5% | -5869.5% | 28.3% | -327.8% | |
| FCF Margin % | 68.3% | -162.7% | 0.0% | -314.3% | 0.0% | -84087.4% | -4585.9% | 43.4% | -175.6% | |
| ROE % | -10.5% | -186.2% | -34.6% | -23.3% | -40.2% | -50.2% | -41.5% | 19.9% | -15.6% | |
| ROA % | -4.9% | -64.3% | -32.4% | -22.4% | -37.3% | -45.2% | -38.0% | 18.2% | -14.5% | |
| R&D / Revenue | - | - | - | - | - | - | - | - | - |
Valuation
P/E (TTM)At Loss
HistoricalAt Loss / 11.21 / 51.77
Industry Med.27.41
P/S14.20
Historical1.78 / 59.63 / 15467.50
Industry Med.9.51
P/B0.82
Historical0.56 / 4.25 / 12.50
Industry Med.2.93
EV/EBITDA0.29
Historical-43.30 / -10.29 / 37.65
Industry Med.13.14
EV/Revenue-0.95
Historical-35.09 / 50.71 / 12253.54
Industry Med.8.71
P/FCF—
Historical4.70 / 10.78 / 18.01
Industry Med.27.54
Intrinsic Value Models
Tangible Book
$14.48
Net Current Assets
$13.380
Net-Net Working Capital
$12.93
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| PE Ratio | N/A | N/A | At Loss | At Loss | At Loss | At Loss | At Loss | 8.85 | At Loss | |
| PS Ratio | 0.00 | 0.00 | - | 67.96 | - | 7952.00 | 166.63 | 3.16 | 14.20 | |
| PB Ratio | 0.00 | 0.00 | 6.25 | 5.77 | 4.77 | 3.81 | 1.12 | 1.31 | 0.82 | |
| EV/EBITDA | 0.00 | 0.00 | -30.30 | -20.83 | -10.16 | -6.24 | -0.48 | 1.84 | 0.29 | |
| EV/Revenue | 0.00 | 0.00 | 0.00 | 58.40 | 0.00 | 6286.72 | 28.43 | 0.52 | -0.95 |
Analyst Estimates & Quality
Altman Z-Score
3.21
Safe
Piotroski F-Score
4
Moderate
Beneish M-Score
-4.79
Unlikely Manipulator
Forward Estimates
| Metric | Current Year | Next Year | 2 Years Out |
|---|---|---|---|
| Revenue | $3.43M | $1.64M | $39.19M |
| Net Income | $-117.33M | $-134.39M | $-124.06M |
| EPS | -5.82 | -5.41 | -4.51 |
| Book Value per Share | 0.00 | 0.00 | 0.00 |
| Operating Cash Flow per Share | -3.41 | -1.15 | 0.00 |
| Operating CF | $-66.94M | $-22.58M | $0.00M |
Dividends
Revenue Segments
By Business
| Segment | 2025 |
|---|---|
| Single segment | $244.1M |
By Geography
| Segment | 2025 |
|---|---|
| United States | $244.1M |