Keros Therapeutics, Inc (NASDAQ:KROS) Advances Toward Near-Term Clinical Catalysts After Positive Partnership Milestone

Keros enters a near-term phase where clinical program updates and partner-triggered payments should shape momentum; balance-sheet strength offsets current operating losses while valuation sits elevated by WMDST standards.

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 —

Six-Week Outlook

Near-term technicals favor short-term upside: MACD crossing above its signal, DI+/DI- convergence toward a bullish posture, price above short-term moving averages and higher-than-average short-term volume align with a momentum-driven advance. Fundamental context complicates that momentum—negative earnings, negative free cash flow, and a WMDST over-valued designation increase sensitivity to news flow. The most market-moving items over the next six weeks likely remain partner milestone communications, clinical updates, and any pipeline-related announcements; given the net-cash balance and recent partner milestone, news-driven rallies could persist, but persistent negative earnings and YoY revenue declines heighten the potential for snapback if clinical or partner updates disappoint.

About Keros Therapeutics, Inc.

Keros Therapeutics, Inc. (NASDAQ:KROS) develops and commercializes innovative therapeutics targeting disorders associated with dysfunctional signaling of the transforming growth factor-beta family of proteins. Headquartered in Lexington, Massachusetts, this clinical-stage biopharmaceutical company advances its lead product candidate, KER-050, aimed at treating cytopenias, including anemia and thrombocytopenia, particularly in patients with myelodysplastic syndromes and myelofibrosis. Keros Therapeutics also progresses with KER-012, currently in Phase II clinical trials, designed to address pulmonary arterial hypertension and cardiovascular disorders. Additionally, KER-065 enters Phase I clinical trials targeting obesity and neuromuscular diseases. The company collaborates with Hansoh (Shanghai) Healthtech Co., Ltd., enhancing its capabilities to develop, manufacture, and commercialize KER-050 and related licensed products. Founded in 2015, Keros Therapeutics commits to advancing its pipeline and addressing unmet medical needs through targeted therapeutic development.



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