KROS Stock — Keros Therapeutics Inc.: Cash, EV, Pipeline

Share price

$11.19

Market cap

$221.9M

Cash

$257.6M

Enterprise value

-$35.7M

Balance sheet

Cash	$257.6M
Debt	$0.0M
Net cash	$257.6M
Enterprise value	-$35.7M
Basic shares	19.8M shares
Fully diluted shares	24.7M shares
Fully diluted market cap	$276.1M
Cash per share	$13.01

Cash figures as of 2026-06-30. Database snapshot: 2026-09-21.

Price history

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Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
Aug 28 - Oct 9	KER-065	Phase 2	Duchenne Muscular Dystrophy	—

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

rinvatercept

Phase 2 · Active Modality: ligand trap

Aliases KER-065

Target myostatin/GDF8, activin A

Partnerships Mass General Hospital (exclusive patent license with clinical/regulatory and commercial milestones and low- to mid-single-digit royalties)

Indications

Duchenne muscular dystrophy (DMD) (Phase 2)
Amyotrophic lateral sclerosis (ALS) (Phase 2)

Catalysts

— second half of 2026
— first half of 2027

Status note Lead product candidate. Phase 2 DMD trial initiated (initial topline results from Phase 1 in healthy volunteers announced March 2025); company plans to engage regulators on ALS Phase 2 design in second half 2026.

elritercept

Phase 3 · Active Modality: ligand trap

Aliases KER-050

Target ActRIIA ligands

Partnerships Takeda (exclusive license, December 2024, effective January 2025; $200M upfront; up to $80M development, $280M commercial, $740M sales milestones; tiered low-double-digit to high-teen royalties; excludes China/HK/Macau); Hansoh (exclusive license for mainland China, Hong Kong, Macau, December 2021; $18M net upfront; up to $23.5M development and $144M net-sales thresholds; tiered low-double-digit to high-teen royalties)

Indications

Anemia in lower-risk myelodysplastic syndromes (MDS) (Phase 3)
Cytopenias (anemia and thrombocytopenia) in myelofibrosis (Phase 2)

Status note Phase 3 RENEW trial in transfusion-dependent lower-risk MDS first patient dosed July 2025 ($10M Takeda milestone). Open-label Phase 3 ELRiSE MDS trial (vs epoetin alfa) first patient dosed July 2026 ($20M Takeda milestone; company expects to distribute 25% of net cash proceeds to stockholders).

Per-asset detail extracted from the 10-Q filed 2026-08-03. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	KER-065
Lead indication	Duchenne Muscular Dystrophy
Lead phase	Phase 2
Active trials	1

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT07704099	Phase 2	Not yet recruiting	Sponsor	KROS	—	Duchenne Muscular Dystrophy	—

Sponsor-matched active trials from ClinicalTrials.gov (1 as sponsor, 0 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 1 active trials for Keros Therapeutics, Inc. on ClinicalTrials.gov

Institutional holders

Fund	Shares	Q/Q change	% of portfolio	Filing
OrbiMed Advisors	759,155	no change	0.15%	2026-08-14
ADAR1 Capital Management	246,818	+149,500	0.12%	2026-08-14

Institutional holder positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

KROS — Keros Therapeutics Inc.