Keros Therapeutics Q1 2024 Financial Results and Business Highlights

Keros Therapeutics, Inc., based in Lexington, Massachusetts, is a clinical-stage biopharmaceutical company specializing in innovative therapeutics aimed at treating various disorders associated with the dysfunctional signaling of the transforming growth factor-beta (TGF-ß) family of proteins. The company announced its financial results for the quarter ending March 31, 2024, along with updates on its ongoing programs.

During the first quarter of 2024, Keros Therapeutics maintained a strong focus on clinical execution and made significant strides across its development pipeline. Jasbir S. Seehra, Ph.D., President and CEO, highlighted the company's progress and expressed anticipation for upcoming milestones in the second quarter, particularly related to their TROPOS Phase 2 clinical trial for KER-012, aimed at treating pulmonary arterial hypertension (PAH).

Program Updates

KER-050 (elritercept): Keros has been in discussions with the U.S. Food and Drug Administration (FDA) regarding the design of a Phase 3 clinical trial for KER-050, which is geared towards treating myelodysplastic syndromes (MDS). The company anticipates providing an update on this trial's design by mid-2024.

KER-012 (cibotercept): This therapeutic is being developed for PAH and other cardiovascular disorders. Keros plans to present a poster on the KER-012 program at the American Thoracic Society (ATS) 2024 International Conference scheduled to occur from May 17-22 in San Diego. The presentation will focus on preclinical findings showing KER-012’s potential to reduce pulmonary vascular pathology in a rat model of PAH.

Financial Results

Keros reported a net loss of $43.1 million for the first quarter of 2024, an increase from the $35.8 million net loss reported in the same period of 2023. This $7.3 million rise is attributed primarily to enhanced research and development activities and further investments to support the company's goals. Research and development expenses alone climbed to $38.3 million in the first quarter of 2024 from $31.1 million in the comparable quarter of the previous year, reflecting a $7.2 million increase. Meanwhile, general and administrative expenses rose by $2.5 million, reaching $10.3 million from $7.8 million.

As of March 31, 2024, Keros reported cash and cash equivalents amounting to $442.4 million, a significant rise from $331.1 million as of December 31, 2023. The company projects that these funds will be sufficient to cover operating expenses and capital expenditures into 2027.

About Keros Therapeutics, Inc.

Keros Therapeutics is dedicated to creating and commercializing novel therapeutic proteins designed to treat patients whose conditions are linked to impaired TGF-ß protein signaling. The company leverages its deep understanding of the TGF-ß family, known as master regulators of various tissue functions including growth, repair, and maintenance of blood, bone, skeletal muscle, adipose, and heart tissues. Keros has identified and is developing several promising candidates that may offer substantial, potentially transformative benefits to patients.

Keros’ main product candidate, KER-050 (elritercept), focuses on treating cytopenias such as anemia and thrombocytopenia in patients with MDS and myelofibrosis. KER-012 (cibotercept) targets PAH and cardiovascular disorders, while their third candidate, KER-065, is being developed for obesity and neuromuscular diseases.

In summary, Keros Therapeutics continues to advance its clinical programs and has made substantial financial and developmental progress in the first quarter of 2024, positioning the company for further milestones and potential therapeutic breakthroughs.

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