Recent News
November 19–20, 2025: Keros announced preliminary and then final results of a cash tender offer to repurchase up to 10,950,165 shares at $17.75 per share, accepting the full amount with final proration; the purchases conclude the previously announced $375 million capital return program. November 11 and November 6, 2025: major brokers maintained coverage with Overweight and Neutral stances and one-year price targets clustering above the then-share price.
Technical Analysis
Directional indicators (ADX / DI+ / DI-): ADX at 33.24 signals a strong directional move; DI+ peaked and reversed while DI- is increasing, a combination that biases near-term price momentum to the downside despite overall trend strength. This directional setup suggests any valuation-driven support may meet selling pressure before consolidation.
MACD: MACD sits at 0.74 and is decreasing beneath its signal line at 0.95, indicating bearish momentum; absence of a MACD cross above the signal line removes a near-term bullish momentum trigger and favors consolidation toward moving-average support levels.
MRO (Momentum/Regression Oscillator): MRO at 37.09 and increasing shows price trading above the modeled target and implies downside potential as momentum regresses toward the target; the oscillator strength amplifies the probability of a pullback that would realign price with valuation anchors.
RSI: RSI at 60.38 has peaked and reversed, a bearish swing signal that complements MACD and DI behavior and increases the likelihood of a corrective leg rather than a sustained breakout despite elevated relative strength readings.
Price vs. Moving Averages and Bands: Last close $20.36 sits below the 12-day EMA ($20.67) and the 20-day average ($20.97) but above the 50-day ($18.18) and 200-day ($15.08) averages; the 12-day EMA has peaked and reversed, which aligns with momentum indicators and frames probable short-term consolidation above the super-trend support at $19.72 and lower Bollinger band toward $19.75.
Fundamental Analysis
Profitability and margins: Operating (EBIT) loss totaled -$15,384,000 with an EBIT margin of -107.87%, a QoQ deterioration of -50.78% and a YoY decline of -99.29%. The company’s EBIT margin sits slightly above the industry peer mean of -119.43% but below the industry peer median of 35.35%, indicating losses remain materially adverse versus typical profitable peers while modestly better than the industry mean.
Earnings and surprises: Reported EPS of -$0.18 beat consensus of -$0.92 by $0.74, an EPS surprise of 80.44%, improving near-term earnings optics and reducing downside risk from financial disappointment in the short run.
Revenue and growth: Total revenue registered $14,262,000 with reported revenue growth of -21.50%, revenue growth QoQ down -76.48% and revenue growth YoY down -102.27%, indicating significant near-term top-line variability that amplifies reliance on existing cash resources to fund operations and development.
Cash, liquidity, and leverage: Cash and short-term investments total $693,472,000 versus market capitalization of $615,586,224; current ratio stands at 29.86 and cash ratio at 28.78. Enterprise value appears negative at -$60,456,776, reflecting the firm’s net cash position. Low leverage (total debt $17,429,000) leaves the company well capitalized to fund clinical programs and the announced capital return program.
Returns and cash flow: Return on assets at -0.97% and return on equity at -1.04% reflect limited profitability, while operating cash flow of $3,249,000 and free cash flow of $3,117,000 produce a free cash flow yield of 0.51%. Free cash growth displays mixed pulses but cash reserves mitigate liquidity risk.
Valuation summary: WMDST values the stock as under-valued. Price-to-book at 0.87 sits well below the industry peer mean of 6.97 and price targets show a mean near $22.48, reinforcing that market price trades with a significant cash-backed valuation buffer even amid operational losses.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-09-30 |
| REPORT DATE: | 2025-11-05 |
| NEXT REPORT DATE: | 2026-02-04 |
| CASH FLOW | Begin Period Cash Flow | $ 691.7 M |
| Operating Cash Flow | $ 3.2 M | |
| Capital Expenditures | $ -132.00 K | |
| Change In Working Capital | $ 5.5 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 3.3 M | |
| End Period Cash Flow | $ 694.9 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 14.3 M | |
| Forward Revenue | $ 14.6 M | |
| COSTS | ||
| Cost Of Revenue | — | |
| Depreciation | $ 395.0 K | |
| Depreciation and Amortization | $ 395.0 K | |
| Research and Development | $ 19.5 M | |
| Total Operating Expenses | $ 29.6 M | |
| PROFITABILITY | ||
| Gross Profit | — | |
| EBITDA | $ -14.99 M | |
| EBIT | $ -15.38 M | |
| Operating Income | $ -15.38 M | |
| Interest Income | — | |
| Interest Expense | — | |
| Net Interest Income | — | |
| Income Before Tax | $ -8.70 M | |
| Tax Provision | $ -1.42 M | |
| Tax Rate | 16.4 % | |
| Net Income | $ -7.28 M | |
| Net Income From Continuing Operations | $ -7.28 M | |
| EARNINGS | ||
| EPS Estimate | $ -0.92 | |
| EPS Actual | $ -0.18 | |
| EPS Difference | $ 0.74 | |
| EPS Surprise | 80.435 % | |
| Forward EPS | $ -0.74 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 742.8 M | |
| Intangible Assets | — | |
| Net Tangible Assets | $ 703.6 M | |
| Total Current Assets | $ 719.3 M | |
| Cash and Short-Term Investments | $ 693.5 M | |
| Cash | $ 693.5 M | |
| Net Receivables | $ 3.5 M | |
| Inventory | — | |
| Long-Term Investments | $ 1.4 M | |
| LIABILITIES | ||
| Accounts Payable | $ 2.3 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 24.1 M | |
| Net Debt | — | |
| Total Debt | $ 17.4 M | |
| Total Liabilities | $ 39.2 M | |
| EQUITY | ||
| Total Equity | $ 703.6 M | |
| Retained Earnings | $ -458.30 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 17.32 | |
| Shares Outstanding | 40.632 M | |
| Revenue Per-Share | $ 0.35 | |
| VALUATION | Market Capitalization | $ 615.6 M |
| Enterprise Value | $ -60.46 M | |
| Enterprise Multiple | 4.033 | |
| Enterprise Multiple QoQ | 80.954 % | |
| Enterprise Multiple YoY | -114.002 % | |
| Enterprise Multiple IPRWA | high: 52.77 median: 24.843 KROS: 4.033 mean: 3.607 low: -80.476 |
|
| EV/R | -4.239 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.056 | |
| Asset To Liability | 18.947 | |
| Debt To Capital | 0.024 | |
| Debt To Assets | 0.023 | |
| Debt To Assets QoQ | -1.054 % | |
| Debt To Assets YoY | 630.841 % | |
| Debt To Assets IPRWA | high: 1.045 mean: 0.213 median: 0.074 KROS: 0.023 low: 0.0 |
|
| Debt To Equity | 0.025 | |
| Debt To Equity QoQ | -2.48 % | |
| Debt To Equity YoY | 609.742 % | |
| Debt To Equity IPRWA | high: 1.395 mean: 0.193 median: 0.09 KROS: 0.025 low: -0.869 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 0.875 | |
| Price To Book QoQ | 5.82 % | |
| Price To Book YoY | -78.901 % | |
| Price To Book IPRWA | high: 17.968 mean: 6.969 median: 5.8 KROS: 0.875 low: -8.555 |
|
| Price To Earnings (P/E) | -84.168 | |
| Price To Earnings QoQ | 351.252 % | |
| Price To Earnings YoY | 110.864 % | |
| Price To Earnings IPRWA | high: 56.753 mean: -3.743 median: -11.857 KROS: -84.168 low: -93.179 |
|
| PE/G Ratio | 1.103 | |
| Price To Sales (P/S) | 43.163 | |
| Price To Sales QoQ | 34.2 % | |
| Price To Sales YoY | -99.242 % | |
| Price To Sales IPRWA | high: 1129.647 mean: 73.46 KROS: 43.163 median: 25.506 low: 0.466 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | -10.546 | |
| Forward PE/G | 0.138 | |
| Forward P/S | 21.708 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 2.854 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.019 | |
| Asset Turnover Ratio QoQ | -19.304 % | |
| Asset Turnover Ratio YoY | 2436.0 % | |
| Asset Turnover Ratio IPRWA | high: 0.438 mean: 0.117 median: 0.107 KROS: 0.019 low: -0.004 |
|
| Receivables Turnover | 1.477 | |
| Receivables Turnover Ratio QoQ | 34.604 % | |
| Receivables Turnover Ratio YoY | -25.372 % | |
| Receivables Turnover Ratio IPRWA | high: 6.279 KROS: 1.477 mean: 1.452 median: 1.35 low: -0.057 |
|
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 61.767 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 61.767 | |
| Cash Conversion Cycle Days QoQ | — | |
| Cash Conversion Cycle Days YoY | -99.77 % | |
| Cash Conversion Cycle Days IPRWA | high: 1241.621 median: 189.366 mean: 186.827 KROS: 61.767 low: -1809.09 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.021 | |
| CapEx To Revenue | -0.009 | |
| CapEx To Depreciation | -0.334 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 703.6 M | |
| Net Invested Capital | $ 703.6 M | |
| Invested Capital | $ 703.6 M | |
| Net Tangible Assets | $ 703.6 M | |
| Net Working Capital | $ 695.2 M | |
| LIQUIDITY | ||
| Cash Ratio | 28.784 | |
| Current Ratio | 29.857 | |
| Current Ratio QoQ | 41.406 % | |
| Current Ratio YoY | 56.88 % | |
| Current Ratio IPRWA | KROS: 29.857 high: 25.502 mean: 4.389 median: 3.195 low: 0.02 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | -1.163 | |
| Cost Of Debt | 0.047 % | |
| Interest Coverage Ratio | -1538.4 | |
| Interest Coverage Ratio QoQ | -61.363 % | |
| Interest Coverage Ratio YoY | -73.773 % | |
| Interest Coverage Ratio IPRWA | high: 815.709 mean: 40.923 median: 4.213 low: -1520.021 KROS: -1538.4 |
|
| Operating Cash Flow Ratio | 0.103 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | — | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -1.899 % | |
| Revenue Growth | -21.499 % | |
| Revenue Growth QoQ | -76.478 % | |
| Revenue Growth YoY | -102.266 % | |
| Revenue Growth IPRWA | high: 301.849 % mean: 7.866 % median: 4.118 % KROS: -21.499 % low: -259.856 % |
|
| Earnings Growth | -76.316 % | |
| Earnings Growth QoQ | -36.926 % | |
| Earnings Growth YoY | -696.219 % | |
| Earnings Growth IPRWA | high: 162.5 % median: -6.452 % mean: -13.132 % KROS: -76.316 % low: -198.545 % |
|
| MARGINS | ||
| Gross Margin | — | |
| Gross Margin QoQ | — | |
| Gross Margin YoY | — | |
| Gross Margin IPRWA | — | |
| EBIT Margin | -107.867 % | |
| EBIT Margin QoQ | -50.782 % | |
| EBIT Margin YoY | -99.286 % | |
| EBIT Margin IPRWA | high: 3270.865 % median: 35.352 % KROS: -107.867 % mean: -119.429 % low: -8139.786 % |
|
| Return On Sales (ROS) | -107.867 % | |
| Return On Sales QoQ | -50.782 % | |
| Return On Sales YoY | -99.286 % | |
| Return On Sales IPRWA | high: 573.037 % median: 26.151 % KROS: -107.867 % mean: -113.734 % low: -7977.249 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 3.1 M | |
| Free Cash Flow Yield | 0.506 % | |
| Free Cash Flow Yield QoQ | -109.744 % | |
| Free Cash Flow Yield YoY | -136.195 % | |
| Free Cash Flow Yield IPRWA | high: 30.655 % median: 0.741 % KROS: 0.506 % mean: 0.301 % low: -58.703 % |
|
| Free Cash Growth | -110.273 % | |
| Free Cash Growth QoQ | -7.25 % | |
| Free Cash Growth YoY | 379.469 % | |
| Free Cash Growth IPRWA | high: 199.867 % mean: 27.85 % median: 21.696 % KROS: -110.273 % low: -198.468 % |
|
| Free Cash To Net Income | -0.428 | |
| Cash Flow Margin | 17.319 % | |
| Cash Flow To Earnings | -0.339 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | -0.971 % | |
| Return On Assets QoQ | -75.615 % | |
| Return On Assets YoY | -90.518 % | |
| Return On Assets IPRWA | high: 30.5 % median: -0.016 % KROS: -0.971 % mean: -2.272 % low: -66.968 % |
|
| Return On Capital Employed (ROCE) | -2.141 % | |
| Return On Equity (ROE) | -0.01 | |
| Return On Equity QoQ | -76.169 % | |
| Return On Equity YoY | -89.586 % | |
| Return On Equity IPRWA | high: 0.948 median: -0.002 mean: -0.006 KROS: -0.01 low: -1.385 |
|
| DuPont ROE | -1.033 % | |
| Return On Invested Capital (ROIC) | -1.829 % | |
| Return On Invested Capital QoQ | -65.188 % | |
| Return On Invested Capital YoY | -120.872 % | |
| Return On Invested Capital IPRWA | high: 31.965 % median: 4.232 % mean: -0.087 % KROS: -1.829 % low: -73.241 % |
|