Recent News
Jun 1, 2026: Keros announced management participation in the Goldman Sachs 47th Annual Global Healthcare Conference. Jun 25, 2026: the company named Anne Prener, M.D., Ph.D., to its board effective July 1, 2026. Jul 30, 2026: Keros said it will receive a development milestone payment from partner Takeda tied to ELRiSE dosing.
Technical Analysis
ADX / Directional Indicators: ADX at 17.02 indicates no established trend; directional strength lacks conviction. DI+ shows a dip-and-reverse (bullish) while DI- decreases (bullish), signaling that directional momentum recently shifted in favor of buyers despite low trend strength.
MACD: MACD sits at -0.10 with a dip-and-reversal and the MACD line now above its signal line (-0.15), a bullish momentum read that supports a near-term positive bias for price momentum.
MRO (Momentum/Regression Oscillator): MRO reads -13.87 (negative), indicating price below target and potential for upward movement; its dip-and-reversal trend reinforces the possibility of mean reversion toward modeled targets.
RSI: RSI at 48.82 sits near neutral; the dip-and-reversal suggests regained short-term buying interest rather than overbought pressure.
Price vs Averages & Bands: The $11.15 close trades above the 20-day ($10.26) and 50-day ($10.63) averages and above the Bollinger upper bands (1x upper $10.62; 2x upper $10.98), indicating short-term strength and a breakout environment, while remaining below the 200-day average ($14.15), which caps the longer-term trend. Short-term volume (319,600) exceeds the 10-day average (223,870), confirming increased participation in the recent move.
Fundamental Analysis
Profitability & Earnings: Trailing operating income (EBIT) stands at -$30.94M and EBITDA at -$30.53M; net income for the period shows a loss of -$28.71M. Reported EPS was -$1.45 versus an estimate of -$1.24, an EPS surprise of -16.94% that widened losses versus expectations. Forward EPS sits at -$1.595.
Cash, Liquidity & Capital Structure: Cash and short-term investments total $257.6M against $12.15M of current liabilities, producing a current ratio of 21.96 and a cash ratio of 21.20; total debt measures $15.72M. Enterprise value reads negative at -$23.49M, reflecting a net cash position that materially reduces effective leverage and supports near-term funding for development.
Cash Flow & Investment: Operating cash flow for the period was -$27.99M and free cash flow -$20.58M; free cash flow yield equals -9.42%. R&D expense remains a primary cash outflow at $22.33M, consistent with clinical-stage investment.
Growth & Returns: Reported revenue growth stands at -4.68% (QoQ roughly flat) and revenue growth YoY at -94.89%. Earnings growth shows mixed signals in the data (19.84% on one measure, but QoQ -51.26% and YoY -116.39%), while return on assets registers -9.57% and return on equity -10.95%—both negative, reflecting ongoing development-stage losses.
Valuation Metrics: Price-to-book sits at 0.83 versus an industry peer mean of 5.46 and industry peer median of 5.87, placing P/B well below peer central tendency. GAAP P/E reads negative at -7.60; forward P/E remains negative at -7.15. Enterprise multiple registers 0.77, influenced by the large net-cash position. WMDST values the stock as over-valued given current operating losses, stretched multiples relative to expected future profitability, and the development-stage risk profile.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-06-30 |
| REPORT DATE: | 2026-08-03 |
| NEXT REPORT DATE: | 2026-11-02 |
| CASH FLOW | Begin Period Cash Flow | $ 282.9 M |
| Operating Cash Flow | $ -27.98 M | |
| Capital Expenditures | $ -155.00 K | |
| Change In Working Capital | $ 1.9 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -23.89 M | |
| End Period Cash Flow | $ 259.1 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | — | |
| Forward Revenue | — | |
| COSTS | ||
| Cost Of Revenue | — | |
| Depreciation | $ 402.0 K | |
| Depreciation and Amortization | $ 402.0 K | |
| Research and Development | $ 22.3 M | |
| Total Operating Expenses | $ 30.9 M | |
| PROFITABILITY | ||
| Gross Profit | — | |
| EBITDA | $ -30.54 M | |
| EBIT | $ -30.94 M | |
| Operating Income | $ -30.94 M | |
| Interest Income | — | |
| Interest Expense | — | |
| Net Interest Income | — | |
| Income Before Tax | $ -28.71 M | |
| Tax Provision | — | |
| Tax Rate | — | |
| Net Income | $ -28.71 M | |
| Net Income From Continuing Operations | $ -28.71 M | |
| EARNINGS | ||
| EPS Estimate | $ -1.24 | |
| EPS Actual | $ -1.45 | |
| EPS Difference | $ -0.21 | |
| EPS Surprise | -16.935 % | |
| Forward EPS | $ -1.60 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 287.6 M | |
| Intangible Assets | — | |
| Net Tangible Assets | $ 262.3 M | |
| Total Current Assets | $ 266.9 M | |
| Cash and Short-Term Investments | $ 257.6 M | |
| Cash | $ 257.6 M | |
| Net Receivables | — | |
| Inventory | — | |
| Long-Term Investments | $ 1.4 M | |
| LIABILITIES | ||
| Accounts Payable | $ 1.8 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 12.2 M | |
| Net Debt | — | |
| Total Debt | $ 15.7 M | |
| Total Liabilities | $ 25.3 M | |
| EQUITY | ||
| Total Equity | $ 262.3 M | |
| Retained Earnings | $ -534.18 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 13.23 | |
| Shares Outstanding | 19.827 M | |
| Revenue Per-Share | — | |
| VALUATION | Market Capitalization | $ 218.4 M |
| Enterprise Value | $ -23.49 M | |
| Enterprise Multiple | 0.769 | |
| Enterprise Multiple QoQ | 40.16 % | |
| Enterprise Multiple YoY | -65.49 % | |
| Enterprise Multiple IPRWA | high: 148.972 median: 38.141 mean: 20.741 KROS: 0.769 low: -178.99 |
|
| EV/R | — | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.096 | |
| Asset To Liability | 11.377 | |
| Debt To Capital | 0.057 | |
| Debt To Assets | 0.055 | |
| Debt To Assets QoQ | 4.672 % | |
| Debt To Assets YoY | 130.578 % | |
| Debt To Assets IPRWA | high: 0.772 mean: 0.138 median: 0.07 KROS: 0.055 low: 0.0 |
|
| Debt To Equity | 0.06 | |
| Debt To Equity QoQ | 4.955 % | |
| Debt To Equity YoY | 135.984 % | |
| Debt To Equity IPRWA | high: 1.312 mean: 0.263 median: 0.098 KROS: 0.06 low: -0.777 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 0.833 | |
| Price To Book QoQ | -5.336 % | |
| Price To Book YoY | 0.694 % | |
| Price To Book IPRWA | high: 19.854 median: 5.872 mean: 5.458 KROS: 0.833 low: -9.25 |
|
| Price To Earnings (P/E) | -7.596 | |
| Price To Earnings QoQ | -27.797 % | |
| Price To Earnings YoY | -59.273 % | |
| Price To Earnings IPRWA | high: 160.554 median: 34.832 mean: 20.385 KROS: -7.596 low: -176.575 |
|
| PE/G Ratio | -0.383 | |
| Price To Sales (P/S) | — | |
| Price To Sales QoQ | — | |
| Price To Sales YoY | — | |
| Price To Sales IPRWA | — | |
| FORWARD MULTIPLES | ||
| Forward P/E | -7.153 | |
| Forward PE/G | -0.361 | |
| Forward P/S | — | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | — | |
| ASSET & SALES | ||
| Asset Turnover Ratio | — | |
| Asset Turnover Ratio QoQ | — | |
| Asset Turnover Ratio YoY | — | |
| Asset Turnover Ratio IPRWA | — | |
| Receivables Turnover | — | |
| Receivables Turnover Ratio QoQ | — | |
| Receivables Turnover Ratio YoY | — | |
| Receivables Turnover Ratio IPRWA | — | |
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | — | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 0.0 | |
| Cash Conversion Cycle Days QoQ | -100.0 % | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | high: 564.313 median: 244.94 mean: 168.335 KROS: 0.0 low: -329.732 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | — | |
| CapEx To Revenue | — | |
| CapEx To Depreciation | -0.386 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 262.3 M | |
| Net Invested Capital | $ 262.3 M | |
| Invested Capital | $ 262.3 M | |
| Net Tangible Assets | $ 262.3 M | |
| Net Working Capital | $ 254.7 M | |
| LIQUIDITY | ||
| Cash Ratio | 21.197 | |
| Current Ratio | 21.96 | |
| Current Ratio QoQ | -2.897 % | |
| Current Ratio YoY | 4.007 % | |
| Current Ratio IPRWA | high: 31.351 KROS: 21.96 mean: 6.121 median: 3.335 low: 0.609 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | -0.515 | |
| Cost Of Debt | 0.059 % | |
| Interest Coverage Ratio | -3093.7 | |
| Interest Coverage Ratio QoQ | 19.554 % | |
| Interest Coverage Ratio YoY | -22.302 % | |
| Interest Coverage Ratio IPRWA | high: 1292.261 mean: 107.572 median: 2.609 low: -2393.8 KROS: -3093.7 |
|
| Operating Cash Flow Ratio | -2.303 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | — | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -7.907 % | |
| Revenue Growth | -4.675 % | |
| Revenue Growth QoQ | -0.0 % | |
| Revenue Growth YoY | -94.885 % | |
| Revenue Growth IPRWA | high: 319.993 % mean: 14.775 % median: 10.794 % KROS: -4.675 % low: -100.0 % |
|
| Earnings Growth | 19.835 % | |
| Earnings Growth QoQ | -51.263 % | |
| Earnings Growth YoY | -116.393 % | |
| Earnings Growth IPRWA | high: 168.75 % KROS: 19.835 % mean: 12.292 % median: 1.538 % low: -155.294 % |
|
| MARGINS | ||
| Gross Margin | — | |
| Gross Margin QoQ | — | |
| Gross Margin YoY | — | |
| Gross Margin IPRWA | — | |
| EBIT Margin | — | |
| EBIT Margin QoQ | — | |
| EBIT Margin YoY | — | |
| EBIT Margin IPRWA | — | |
| Return On Sales (ROS) | — | |
| Return On Sales QoQ | — | |
| Return On Sales YoY | — | |
| Return On Sales IPRWA | — | |
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -20.58 M | |
| Free Cash Flow Yield | -9.422 % | |
| Free Cash Flow Yield QoQ | 557.043 % | |
| Free Cash Flow Yield YoY | 81.437 % | |
| Free Cash Flow Yield IPRWA | high: 7.852 % median: 0.739 % mean: -0.058 % KROS: -9.422 % low: -25.768 % |
|
| Free Cash Growth | 471.238 % | |
| Free Cash Growth QoQ | -642.488 % | |
| Free Cash Growth YoY | -496.355 % | |
| Free Cash Growth IPRWA | KROS: 471.238 % high: 175.34 % mean: -11.876 % median: -21.742 % low: -197.399 % |
|
| Free Cash To Net Income | 0.717 | |
| Cash Flow Margin | — | |
| Cash Flow To Earnings | 0.975 | |
| VALUE & RETURNS | ||
| Economic Value Added | — | |
| Return On Assets (ROA) | -9.572 % | |
| Return On Assets QoQ | 31.285 % | |
| Return On Assets YoY | 140.382 % | |
| Return On Assets IPRWA | high: 20.575 % median: 0.09 % mean: -2.745 % KROS: -9.572 % low: -37.962 % |
|
| Return On Capital Employed (ROCE) | -11.232 % | |
| Return On Equity (ROE) | -0.109 | |
| Return On Equity QoQ | 31.867 % | |
| Return On Equity YoY | 152.015 % | |
| Return On Equity IPRWA | high: 0.462 median: 0.005 mean: -0.03 KROS: -0.109 low: -0.773 |
|
| DuPont ROE | — | |
| Return On Invested Capital (ROIC) | — | |
| Return On Invested Capital QoQ | — | |
| Return On Invested Capital YoY | — | |
| Return On Invested Capital IPRWA | — | |