Keros Therapeutics Announces Q2 2024 Financial Results

Keros Therapeutics, Inc., a clinical-stage biopharmaceutical company based in Lexington, Massachusetts, has released its financial results for the quarter ending June 30, 2024. Specializing in the development of treatments for disorders caused by dysfunctional signaling of the transforming growth factor-beta (TGF-ß) family of proteins, Keros is continuing to make significant strides in its research and development efforts.

Dr. Jasbir S. Seehra, Chair and CEO of Keros, highlighted the company's progress in the second quarter of 2024, particularly regarding the elritercept (KER-050) program. He also noted the promising enrollment activity in the Phase 2 clinical trial for cibotercept (KER-012) aimed at treating pulmonary arterial hypertension, with full enrollment expected by the fourth quarter of 2024.

For the second quarter of 2024, Keros reported a net loss of $45.3 million, an increase compared to the net loss of $37.5 million in the same quarter of 2023. This rise in losses is primarily attributed to heightened research and development activities and additional investments to support the company's clinical and corporate objectives.

Research and development expenses for the quarter amounted to $40.5 million, up from $32.5 million in the same period of the previous year. The $8.0 million increase is due to escalated research efforts, manufacturing activities, and personnel expenses aimed at advancing Keros' pipeline. General and administrative expenses also saw a rise, reaching $10.0 million compared to $8.8 million in the second quarter of 2023. This $1.2 million increase was mainly due to additional personnel and external expenses supporting the company's growth.

As of June 30, 2024, Keros had $405.9 million in cash and cash equivalents, a significant increase from $331.1 million as of December 31, 2023. The company confidently projects that the available cash and cash equivalents will be sufficient to fund its operational and capital expenditure needs into 2027.

Keros Therapeutics is dedicated to developing and commercializing innovative therapeutics for various disorders linked to the TGF-ß family of proteins. These proteins are crucial regulators of the growth, repair, and maintenance of various tissues, including blood, bone, skeletal muscle, adipose, and heart tissue. Leveraging their understanding of these proteins, Keros aims to create protein therapeutics offering meaningful and potentially disease-modifying benefits to patients.

The company’s lead product candidate, elritercept (KER-050), is being developed to treat low blood cell counts, such as anemia and thrombocytopenia, in patients with myelodysplastic syndromes and myelofibrosis. Another product candidate, cibotercept (KER-012), is being developed to address pulmonary arterial hypertension and cardiovascular disorders. Keros' third product candidate, KER-065, targets the treatment of obesity and neuromuscular diseases.

Financially, Keros' consolidated statements for the three and six months ending June 30, 2024, reflect the company's continued investment in research and development. With total operating expenses of $50.5 million for the quarter, compared to $41.3 million in the same period of 2023, the company shows a commitment to advancing its therapeutic pipeline. The net loss for the first half of 2024 was $88.4 million, up from $73.3 million in the first half of 2023.

As of the end of June 2024, Keros' total assets stood at $455.0 million, up from $370.0 million at the end of December 2023. This increase in assets underscores the company's robust financial health, enabling it to continue its research and development activities.

Keros Therapeutics remains focused on its mission to develop novel therapeutics. With a growing financial foundation and ongoing progress in its clinical trials, the company is well-positioned to make significant advancements in treating disorders related to the TGF-ß family of proteins.