Recent News
On July 30, 2026 the company announced it will receive a $20.0 million development milestone payment from partner Takeda following dosing of the first patient in the ELRiSE MDS trial; on August 3, 2026 Keros released second‑quarter 2026 results and highlighted clinical progress including initiation of a Phase 2 trial for rinvatercept in DMD; the board appointed Anne Prener effective July 1, 2026; and the company disclosed the resignation of its CFO effective August 3, 2026.
Technical Analysis
ADX registers at 24.79, indicating an emerging trend strength that supports the idea of a directional move but does not confirm a sustained, high‑strength trend.
DI+ sits at 22.86 and is decreasing, a bearish directional signal; DI− sits at 13.52 and shows a peak & reversal, a bullish directional response. Together these directional indicators present contradictory signals that favor short, catalyst‑driven swings rather than a clean trend extension.
MACD reads 0.14 with a signal line at 0.11 and shows a dip & reversal; MACD has crossed above its signal line, indicating a re‑acceleration of bullish momentum in the near term.
MRO equals −3.84 with a peak & reversal, which indicates the price sits modestly below the internal target and retains limited upside potential from that target perspective.
RSI at 51.01 and increasing signals neutral-to-positive momentum without overbought readings, leaving room for further follow‑through if clinical or partnership headlines arrive as expected.
Price sits at $11.32 above short EMAs (12‑day EMA $11.09, 26‑day EMA $10.93) and the 20‑day average ($11.10), but below the 200‑day average ($13.65), implying recent momentum yet longer‑term resistance remains. Bollinger bands place the close near the upper band (upper ~ $11.37–$11.65), consistent with short‑term upside bias but limited immediate breadth.
Fundamental Analysis
Liquidity and capital structure: cash and short‑term investments total $257.6M against total debt of $15.7M; the current ratio measures 2196% and the cash ratio 2119.7%, reflecting an unusually large working capital cushion versus near‑term liabilities. Total current assets $266.9M versus current liabilities $12.15M underline a strong short‑term liquidity position.
Cash flow and burn: operating cash flow for the period equals −$27.99M, free cash flow equals −$20.58M, and the reported cash decrease across the period equals −$23.89M. At that quarterly operating outflow level, cash on hand implies roughly 2.3 years of runway if run‑rate persists (cash ÷ quarterly operating outflow ≈ $257.6M ÷ $28.0M ≈ 9.2 quarters).
Profitability and expense dynamics: net loss totaled −$28.71M; operating loss (EBIT) equaled −$30.94M and EBITDA −$30.54M. Research and development expense amounted to $22.33M, reflecting continued pipeline investment as expected for a clinical‑stage biotech.
Earnings and per‑share metrics: GAAP EPS came in at −$1.45 versus an estimate of −$1.24, producing an EPS surprise of −16.94%. Forward EPS reads −$1.654 and forward PE remains negative, consistent with an early‑stage company still pre‑commercialization.
Growth rates: revenue growth reports −4.68% overall, with revenue growth year‑over‑year at −94.89% and effectively flat quarter‑over‑quarter. Reported earnings growth QoQ declined −51.26% and YoY declined −116.39%; the company’s unqualified earnings growth metric registers 19.84%, while the industry peer mean for earnings growth sits near 12.05% (industry peer mean shown for context).
Valuation metrics: price‑to‑book equals 0.83, below the industry peer mean of 8.34 and the industry peer median of 6.33; P/E metrics remain negative. Enterprise value registers negative (−$23.49M), producing an enterprise multiple of 0.77 driven by the substantial cash balance. The current valuation as determined by WMDST: over‑valued.
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: 141.865 median: 33.436 mean: 16.851 KROS: 0.769 low: -149.487 |
|
| 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: 0.97 mean: 0.277 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: 1.687 mean: 0.296 median: 0.098 KROS: 0.06 low: -0.902 |
|
| 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: 8.338 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: 133.654 median: 33.884 mean: 13.224 KROS: -7.596 low: -164.807 |
|
| 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: 5.159 median: 3.163 low: 0.048 |
|
| 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: 32.193 median: 1.97 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: 330.841 % mean: 15.858 % median: 10.794 % KROS: -4.675 % low: -242.388 % |
|
| Earnings Growth | 19.835 % | |
| Earnings Growth QoQ | -51.263 % | |
| Earnings Growth YoY | -116.393 % | |
| Earnings Growth IPRWA | high: 175.0 % KROS: 19.835 % median: 12.5 % mean: 12.052 % 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: 13.067 % median: 0.852 % mean: 0.445 % KROS: -9.422 % low: -34.637 % |
|
| 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: 19.379 % median: 1.424 % low: -209.632 % |
|
| 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: 24.482 % median: 0.09 % mean: -4.334 % KROS: -9.572 % low: -52.406 % |
|
| 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: 0.542 median: 0.005 mean: -0.104 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 | — | |