Revenue: As of FY2026 Q1, the actual value is USD 367 K, missing the estimate of USD 1.688 M.

EPS: As of FY2026 Q1, the actual value is USD -1.21, missing the estimate of USD -1.0229.

EBIT: As of FY2026 Q1, the actual value is USD -25.88 M.

Net Income (Loss)

Keros Therapeutics, Inc. reported a net loss of - $23.7 million in the first quarter of 2026, a significant decrease of $172.2 million compared to a net income of $148.5 million in the first quarter of 2025. This decline was primarily attributed to revenue recognized in 2025 from a license agreement with Takeda and reduced research and development efforts .

Total Revenue

Total revenue for the first quarter of 2026 was $367 thousand, a substantial decrease from $211,246 thousand in the same period of 2025 . Service and Other Revenue: $367 thousand in Q1 2026, compared to $15,891 thousand in Q1 2025 . License Revenue: No license revenue was reported in Q1 2026, compared to $195,355 thousand in Q1 2025 .

Operating Expenses

• Research and Development Expenses: $16.1 million for the first quarter of 2026, a decrease of $32.6 million from $48.7 million in the first quarter of 2025. This reduction was mainly due to the transition of elritercept-related research and development expenses to Takeda and a corporate restructuring in 2025 .
• General and Administrative Expenses: Decreased by $0.4 million to $10.1 million in Q1 2026 from $10.5 million in Q1 2025, primarily due to lower compensation costs related to the 2025 corporate restructuring .
• Total Operating Expenses: $26,244 thousand for Q1 2026, compared to $59,206 thousand for Q1 2025 .

Income (Loss) from Operations

Income (loss) from operations was - $25,877 thousand for the first quarter of 2026, a significant change from an income of $152,040 thousand in the first quarter of 2025 .

Other Income (Expense), Net

Total other income, net was $2,169 thousand for the first quarter of 2026, down from $6,454 thousand in the same period of 2025 .

Cash and Cash Equivalents

Keros Therapeutics, Inc.’s cash and cash equivalents stood at $281.5 million as of March 31, 2026, a slight decrease from $287.4 million as of December 31, 2025 .

Balance Sheet Highlights (in thousands)

• Accounts Receivable: $400 as of March 31, 2026, compared to $3,567 as of December 31, 2025 .
• Prepaid Expenses and Other Current Assets: $6,530 as of March 31, 2026, compared to $22,202 as of December 31, 2025 .
• Total Current Assets: $290,677 as of March 31, 2026, compared to $315,434 as of December 31, 2025 .
• Total Assets: $312,293 as of March 31, 2026, compared to $338,021 as of December 31, 2025 .
• Accounts Payable: $1,493 as of March 31, 2026, compared to $1,967 as of December 31, 2025 .
• Accrued Expenses and Other Current Liabilities: $8,859 as of March 31, 2026, compared to $16,039 as of December 31, 2025 .
• Total Current Liabilities: $12,853 as of March 31, 2026, compared to $20,414 as of December 31, 2025 .
• Total Liabilities: $26,663 as of March 31, 2026, compared to $34,889 as of December 31, 2025 .
• Total Stockholders’ Equity: $285,630 as of March 31, 2026, compared to $303,132 as of December 31, 2025 .

Outlook / Guidance

Keros Therapeutics, Inc. anticipates that its cash and cash equivalents of $281.5 million as of March 31, 2026, will be sufficient to cover its operating expenses and capital expenditure requirements into the first half of 2028 . Additionally, the company’s partner, Takeda Pharmaceuticals U.S.A., Inc., intends to progress elritercept into a Phase 3 clinical trial for the treatment of anemia in myelofibrosis, thereby expanding its potential indications .