Keros Therapeutics Announces Q3 2024 Financial Results and Business Highlights

Keros Therapeutics, Inc., based in Lexington, Mass., is a clinical-stage biopharmaceutical company committed to developing and commercializing innovative treatments for patients with disorders linked to dysfunctional transforming growth factor-beta (TGF-ß) protein signaling. The company recently provided a business update and disclosed its financial results for the quarter ending September 30, 2024.

According to Jasbir S. Seehra, Ph.D., Chair and CEO of Keros, the company has made significant strides in its clinical endeavors this year. Notably, the enrollment for the Phase 2 TROPOS trial of cibotercept (KER-012) in patients suffering from pulmonary arterial hypertension was completed ahead of schedule during the third quarter. This progress sets the stage for forthcoming clinical data updates from Keros’ three primary clinical assets over the next nine months.

In October 2024, Keros announced a significant change in its executive leadership. Yung H. Chyung, M.D., has been appointed as the Chief Medical Officer, effective November 1, 2024. This leadership change is expected to bolster the company’s strategic direction and clinical development efforts.

Keros also reported an enhanced cash position, attributed to the sale of additional common stock through its existing at-the-market (ATM) offering. This financial maneuver has fortified the company’s cash reserves, enabling it to fund planned operating expenses and capital expenditure requirements through the third quarter of 2027.

Financially, Keros experienced a net loss of $53.0 million in the third quarter of 2024, a notable increase from the net loss of $39.4 million in the third quarter of the previous year. This increase in loss, amounting to $13.5 million, is primarily due to escalated research and development activities and augmented investments aimed at achieving Keros’ clinical and corporate milestones.

Research and development expenses for the third quarter of 2024 stood at $49.2 million, up from $34.1 million during the same period in 2023. This $15.1 million increase is largely due to ramped-up research and development efforts, manufacturing activities, and personnel expenses essential for advancing Keros’ pipeline.

General and administrative expenses also saw an uptick, reaching $9.8 million in the third quarter of 2024 as compared to $9.1 million in the third quarter of 2023. The $0.7 million increase is primarily attributed to higher personnel expenses and other external costs to support the company’s organizational expansion.

As of September 30, 2024, Keros reported cash and cash equivalents amounting to $530.7 million, a significant increase from $331.1 million as of December 31, 2023. The company foresees that these funds, along with the net proceeds from the ATM through October 31, 2024, will suffice to cover its operating expenses and capital expenditure requirements until the third quarter of 2027.

Keros Therapeutics, Inc. is dedicated to developing and commercializing novel therapeutics aimed at treating a variety of disorders linked to dysfunctional TGF-ß protein signaling. The company is a leader in understanding the role of the TGF-ß protein family, which are key regulators of growth, repair, and maintenance of various tissues, including blood, bone, skeletal muscle, adipose, and heart tissue. Keros leverages this understanding to discover and develop protein therapeutics with the potential to offer significant, possibly disease-modifying benefits to patients.

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