Recent News
Aug 3, 2026 — Keros reported second-quarter 2026 financial results and a business update, noting initiation of a Phase 2 trial for rinvatercept in Duchenne muscular dystrophy and clinical activity observed in earlier studies. Jun 25, 2026 — the company appointed Anne Prener to its board of directors. Jun 1, 2026 — Keros announced participation at the Goldman Sachs 47th Annual Global Healthcare Conference. Jul 30, 2026 — Keros announced it will receive a development milestone payment from a partner.
Technical Analysis
Directional indicators: ADX registers 22.87, indicating an emerging trend strength; DI+ registers 22.98 with a peak-and-reverse, which signals renewed bearish pressure; DI- registers 14.03 with a peak-and-reverse, which signals renewed bullish pressure. Those opposing DI signals, together with ADX at 22.87, suggest short-term directional swings rather than a clear long-term trend.
MACD and signal: MACD stands at 0.05 with the MACD line having dipped and reversed above the signal line at -0.02, which constitutes a bullish momentum signal that supports upward price bias in the near term.
MRO: Momentum/Regression Oscillator registers -16.1, indicating the price sits below the model target and therefore carries measurable potential to increase; the negative MRO implies upside potential toward target levels.
RSI: RSI at 49.43 with a dip-and-reversal indicates regained upward momentum without overbought conditions, supporting a constructive short-term price environment.
Price vs moving averages and cloud: The close at $11.03 sits above the 20-day average ($10.68), 50-day average ($10.67), and recent short EMAs (12-day EMA $10.73, 26-day EMA $10.65), while remaining below the 200-day average ($13.93). Ichimoku readings place Senkou A at $11.09 and Senkou B at $10.95, leaving price slightly below the cloud’s upper boundary and above its lower boundary; that configuration supports near-term upside but leaves longer-term resistance at the 200-day average.
Bollinger bands and support: Price sits inside the 1x standard deviation band (upper $11.11 / lower $10.25) and above the SuperTrend lower at $9.82, indicating constrained intraday volatility but defined support near $9.82–$10.25.
Volume and volatility: Intraday volume at 153,223 falls below the 10-day average (200,932), 50-day average (259,012), and 200-day average (472,577), which lowers conviction behind recent directional moves. 42-day volatility and 52-week volatility both register 0.03, consistent with a low-to-moderate realized volatility environment.
Fundamental Analysis
Earnings and cash-flow: Keros reported EPS of -$1.45 versus an estimate of -$1.24, a negative surprise of -$0.21 or -16.94%. EBIT registered -$30,937,000 and EBITDA registered -$30,535,000 for the period. Operating cash flow registered -$27,985,000, free cash flow reached -$20,576,000, and free cash flow represented 71.67% of net loss, indicating a substantial but partially cash-based cash-burn profile.
Cash, capitalization, and enterprise value: Cash and short-term investments total $257,606,000 against a market capitalization of $218,394,097; enterprise value registers negative at -$23,487,903, reflecting cash in excess of market cap and implying that the market values net cash alongside pipeline risk.
Balance-sheet ratios and leverage: Current ratio stands at 21.96 and cash ratio at 21.20, reflecting ample near-term liquidity; total debt measures $15,724,000 with debt-to-assets at 5.47% and debt-to-equity at 5.99%, indicating minimal leverage relative to capital structure.
Revenue, R&D, and growth metrics: YoY revenue growth registers -94.89% while quarter-to-quarter revenue change effectively shows no growth; research and development expense reached $22,331,000, consistent with a development-stage operating model focused on advancing clinical programs. Earnings growth shows YoY decline, while QoQ metrics register mixed movement.
Market multiples and peer comparisons: Price-to-book at 0.83 falls well below the industry peer mean of 8.39 and industry peer median of 6.33 within an industry peer range from -9.25 to 18.33. Price-to-earnings and forward P/E remain negative, reflecting continued operating losses. Enterprise multiple registers 0.77, which contrasts with the industry peer mean of 19.86, driven largely by the company’s net cash position rather than earnings performance.
Valuation view: The current valuation as determined by WMDST: over-valued. That valuation reflects the gap between robust cash resources and continued operating losses plus compressed near-term revenue trends.
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 | $ -1.65 | |
| 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: 19.86 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: 0.833 mean: 0.281 median: 0.223 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: 1.719 mean: 0.307 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: 18.326 mean: 8.386 median: 6.334 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: 40.973 mean: 20.569 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) | — | |
| Cash Conversion Cycle Days QoQ | — | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | high: 564.313 median: 244.94 mean: 168.335 KROS: 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: 4.797 median: 3.163 low: 0.34 |
|
| 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: 533.0 mean: 42.178 median: 2.337 low: -1501.103 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: 278.717 % mean: 15.344 % median: 11.617 % KROS: -4.675 % low: -242.388 % |
|
| Earnings Growth | 19.835 % | |
| Earnings Growth QoQ | -51.263 % | |
| Earnings Growth YoY | -116.393 % | |
| Earnings Growth IPRWA | high: 185.714 % KROS: 19.835 % median: 13.636 % mean: 10.746 % low: -220.0 % |
|
| 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: 13.067 % median: 0.852 % mean: 0.546 % KROS: -9.422 % low: -26.527 % |
|
| 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: 20.27 % median: 1.424 % low: -249.171 % |
|
| 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: 0.317 % mean: -4.025 % KROS: -9.572 % low: -44.847 % |
|
| 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: 0.006 mean: -0.103 KROS: -0.109 low: -0.887 |
|
| DuPont ROE | — | |
| Return On Invested Capital (ROIC) | — | |
| Return On Invested Capital QoQ | — | |
| Return On Invested Capital YoY | — | |
| Return On Invested Capital IPRWA | — | |