Recent News
On June 25, 2026 the company announced the appointment of Anne Prener, M.D., Ph.D., to the board of directors. On July 30, 2026 Keros disclosed it will receive a development milestone payment from Takeda. On August 3, 2026 Keros published second-quarter 2026 financial results and a business update for the quarter ended June 30, 2026.
Technical Analysis
ADX at 24.91 indicates an emerging trend strength; that strength argues for a definable near-term directional bias rather than random noise, but does not imply a sustained long-term trend.
DI+ shows a peak-and-reversal (bearish); DI- shows a dip-and-reversal (bearish). Those directional indicator signals favor downside pressure relative to the recent rally and raise the probability that short-term strength will meet resistance from sellers.
MACD stands positive at 0.13 and currently sits above its 0.08 signal line (a bullish crossover), yet MACD trend shows a peak-and-reversal, indicating momentum growth recently slowed and momentum may roll over even with the crossover present.
MRO reads -4.49 (negative), which signals the current price sits below the regression target and therefore leaves room for potential upward mean reversion; the MRO trend shows a peak-and-reversal, which tempers the immediacy of that mean-reversion.
RSI at 50.09 with an increasing trend signals neutral momentum shifting toward the bullish side; that supports modest upside in the near term but no clear overbought condition.
Price sits at $11.08, slightly above the 12-day EMA ($10.99 increasing) and trading below the 200-day average ($13.78). Short-term averages (20-day $10.93, 50-day $10.78) sit below price, which suggests near-term price support near $10.9 while the 200-day average marks significant overhead resistance.
Bollinger bands show 1x upper/lower at $11.36/$10.50 and 2x at $11.79/$10.07; recent range compression implies narrowing volatility and the potential for a directional breakout once liquidity returns. Volume sits below 10- and 50-day averages, reducing conviction behind recent moves.
Fundamental Analysis
Earnings: EPS actual equals -$1.45 versus an estimate of -$1.24, producing an EPS surprise of -$0.21, or -16.94% versus estimate. Forward EPS stands at -$1.654 and forward PE remains negative at -7.15, reflecting ongoing losses rather than positive earnings multiples.
Revenue contracted sharply year-over-year: YoY revenue growth measures -94.89%, with negligible QoQ change; that YoY decline reflects one-time or program timing effects rather than sustained top-line expansion this quarter.
Profitability and cash flow: Net loss equals -$28,710,000 with operating cash flow at -$27,985,000 and free cash flow at -$20,576,000 for the period. Research and development totaled $22,331,000. Cash and short-term investments total $257,606,000 and beginning-to-end period cash flow declined by $23,891,000, supporting continued clinical investment.
Liquidity and leverage: Current ratio stands at 21.96 and cash ratio at 21.20, driven by $266,883,000 in current assets versus $12,153,000 in current liabilities; total debt equals $15,724,000 and debt-to-assets equals 5.47%, indicating a low-leverage capital structure.
Returns: Return on assets equals -9.57% and return on equity equals -10.95%; earnings growth shows 19.84% but YoY earnings growth reads -116.39% (reflecting base effects). Free cash growth displays a multi-period positive figure of 4.71% but recent QoQ free cash growth fell -6.42%.
Valuation context: WMDST values the stock as over‑valued. Price-to-book equals 0.83, which sits below the industry peer mean of 8.39 and the industry peer median of 6.33 while remaining inside the industry peer range from -9.25 to 18.33. Enterprise multiple reads 0.77 versus an industry peer mean near 19.86. Those relative gaps reflect a low priced book and enterprise multiple versus peers, driven largely by negative earnings and a strong cash position.
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 | — | |