Keros Therapeutics Reports $23.7M Q1 Loss, R&D Costs Fall 67% on Takeda Transition
KROS•Keros Therapeutics posted a $23.7 million net loss in the first quarter, reversing a $148.5 million profit a year earlier due to a 67% decline in R&D expenses to $16.1 million and a $0.4 million reduction in G&A costs. Cash and cash equivalents stood at $281.5 million, funding operations into H1 2028.
1. First Quarter Financial Results
Keros posted a $23.7 million net loss in Q1 2026 compared to a $148.5 million net income in Q1 2025, driven by the absence of license revenue that was $195.4 million a year earlier. Research and development expenses declined to $16.1 million from $48.7 million, while general and administrative costs edged down to $10.1 million.
2. Pipeline and Partnership Update
The company is advancing its lead candidate rinvatercept in ongoing trials and highlighted that Takeda plans to initiate a Phase 3 trial of elritercept for anemia treatment in myelofibrosis, expanding indications beyond myelodysplastic syndromes.
3. Cash Position and Outlook
Cash and cash equivalents totaled $281.5 million at March 31, 2026, compared with $287.4 million at December 31, 2025, providing a runway into the first half of 2028 based on current operating assumptions.
