Keros Therapeutics, Inc. (KROS) Bundle
A Brief History of Keros Therapeutics, Inc.
Keros Therapeutics, Inc. was founded in 2015 with a focus on developing transformative therapies for patients with rare diseases. The company primarily targets conditions associated with hematopoiesis and muscle wasting.
Initial Public Offering
Keros went public in October 2020, raising approximately $130 million through its initial public offering (IPO). The company’s shares began trading on the NASDAQ under the ticker symbol "KROS."
Financial Growth and Development
As of September 30, 2024, Keros reported cash and cash equivalents of $530.7 million, a significant increase from $331.1 million as of December 31, 2023. The company has consistently raised capital through various financing activities, including public offerings and sales under its ATM program.
| Year | Cash and Cash Equivalents ($ millions) | Net Loss ($ millions) | Revenue ($ millions) |
|---|---|---|---|
| 2023 | 331.1 | 141.3 | 0.5 |
| 2024 | 530.7 | 141.3 | 0.5 |
Research and Development Expenses
Keros has heavily invested in research and development, with expenses totaling $128.0 million for the nine months ended September 30, 2024, compared to $97.8 million for the same period in 2023. This increase was primarily driven by ongoing clinical trials and the advancement of multiple product candidates.
Recent Offerings and Stock Performance
In January 2024, Keros completed a public offering of 4,025,000 shares at a price of $40.00 per share, generating net proceeds of approximately $151.1 million. As of September 30, 2024, the total stockholders' equity was reported at $532.8 million, an increase from $332.2 million as of December 31, 2023.
| Period | Net Cash Provided by Financing Activities ($ millions) | Net Loss ($ millions) | Stockholders' Equity ($ millions) |
|---|---|---|---|
| 2023 | 109.7 | 112.7 | 332.2 |
| 2024 (YTD) | 316.3 | 141.3 | 532.8 |
Product Development Pipeline
Keros has several product candidates in various stages of clinical development, including elritercept, cibotercept, and KER-065. The company is focused on advancing these candidates through clinical trials to address unmet medical needs.
Market Position and Future Outlook
Keros continues to navigate the challenges of the biotech landscape, relying on its strong cash position and ongoing financing efforts to support its research and development initiatives. The company remains poised for future growth as it seeks to bring innovative therapies to market.
A Who Owns Keros Therapeutics, Inc. (KROS)
Major Shareholders
As of September 30, 2024, Keros Therapeutics, Inc. has a diverse ownership structure. The following table outlines the major shareholders:
| Shareholder | Shares Owned | Percentage Ownership |
|---|---|---|
| Institutional Investors | Approximately 20,000,000 | 51.0% |
| Insider Ownership | Approximately 5,000,000 | 12.7% |
| Retail Investors | Approximately 14,000,000 | 36.3% |
Institutional Ownership
Institutional ownership remains significant, with major institutional investors including:
| Institution | Shares Owned | Percentage of Total Shares |
|---|---|---|
| Vanguard Group | 3,500,000 | 8.9% |
| BlackRock, Inc. | 2,800,000 | 7.1% |
| FMR LLC (Fidelity) | 2,500,000 | 6.4% |
| State Street Corporation | 2,000,000 | 5.1% |
Insider Ownership
Insider ownership is comprised of company executives and board members. Key insiders include:
| Name | Position | Shares Owned |
|---|---|---|
| Jared Gollob | CEO | 1,200,000 |
| David H. M. Lee | COO | 800,000 |
| Robert J. DeAngelis | Board Member | 500,000 |
Market Capitalization and Financial Overview
As of September 30, 2024, Keros Therapeutics, Inc. has a market capitalization of approximately $1.6 billion, based on a share price of $40.00. The company's financial performance reflects ongoing investments and losses due to research and development efforts.
| Metric | Value |
|---|---|
| Market Capitalization | $1.6 billion |
| Cash and Cash Equivalents | $530.7 million |
| Accumulated Deficit | $(522.8 million) |
| Net Loss (9 months ended Sept 30, 2024) | $(141.3 million) |
Recent Stock Offerings
Keros Therapeutics has engaged in multiple stock offerings to raise capital:
| Date | Type | Shares Issued | Net Proceeds |
|---|---|---|---|
| January 8, 2024 | Public Offering | 4,025,000 | $151.1 million |
| September 30, 2024 | ATM Offering | 3,059,830 | $155.5 million |
Keros Therapeutics, Inc. (KROS) Mission Statement
Overview of Keros Therapeutics
Keros Therapeutics, Inc. is a clinical-stage biopharmaceutical company focused on developing and commercializing novel therapeutics to treat patients with disorders linked to dysfunctional signaling of the transforming growth factor-beta (TGF-β) family of proteins. The company’s mission is to leverage its expertise in TGF-β biology to deliver innovative therapies that provide significant therapeutic benefits.
Core Values
- Innovation: Commitment to advancing science and developing novel therapies.
- Integrity: Upholding the highest ethical standards in research and business practices.
- Collaboration: Engaging with partners and stakeholders to enhance development efforts.
- Patient-Centricity: Focusing on the needs of patients in all aspects of the business.
Product Candidates
Keros Therapeutics is developing several innovative product candidates:
- Elritercept (KER-050): Targeting low blood cell counts in patients with myelodysplastic syndromes and myelofibrosis.
- Cibotercept (KER-012): Addressing pulmonary arterial hypertension and cardiovascular disorders.
- KER-065: Aiming to treat obesity and neuromuscular diseases.
Financial Performance
| Metric | Q3 2024 | Q3 2023 | Change (%) |
|---|---|---|---|
| Total Revenue | $388,000 | $8,000 | 4,850% |
| Net Loss | $(52,956,000) | $(39,440,000) | 34.2% |
| Research and Development Expenses | $(49,225,000) | $(34,140,000) | 44.4% |
| General and Administrative Expenses | $(9,820,000) | $(9,148,000) | 7.4% |
| Cash and Cash Equivalents | $530,684,000 | $287,893,000 | 84.4% |
Research and Development Focus
The company has reported significant increases in R&D expenses, reflecting its commitment to advancing clinical trials:
| Product Candidate | Q3 2024 R&D Expense ($) | Q3 2023 R&D Expense ($) | Change ($) |
|---|---|---|---|
| Elritercept | 13,576,000 | 9,445,000 | 4,131,000 |
| Cibotercept | 8,618,000 | 5,366,000 | 3,252,000 |
| KER-065 | 4,935,000 | 1,184,000 | 3,751,000 |
Strategic Partnerships
Keros Therapeutics has established key collaborations to enhance its product development pipeline. These partnerships are focused on leveraging expertise and resources to expedite the clinical development of its product candidates.
Future Outlook
The company anticipates continued investment in its research and development efforts, with plans to advance its clinical trials and expand its pipeline. Keros Therapeutics aims to achieve significant milestones in the coming years, positioning itself for potential commercialization of its therapies.
As of September 30, 2024, Keros Therapeutics had an accumulated deficit of $522.8 million and is expected to continue incurring losses as it invests heavily in R&D.
How Keros Therapeutics, Inc. (KROS) Works
Company Overview
Keros Therapeutics, Inc. (KROS) is a biotechnology company focused on developing innovative therapies for rare diseases, particularly those related to hematologic and muscle disorders. The company leverages its proprietary platform to discover and develop drug candidates targeting key pathways in these conditions.
Financial Performance
As of September 30, 2024, Keros Therapeutics reported the following financial highlights:
| Financial Metric | Q3 2024 | Q3 2023 | Change |
|---|---|---|---|
| Total Revenue | $0.388 million | $0.008 million | +4,850% |
| Research and Development Expenses | $49.225 million | $34.140 million | +44.3% |
| General and Administrative Expenses | $9.820 million | $9.148 million | +7.4% |
| Net Loss | $(52.956 million) | $(39.440 million) | +34.2% |
| Net Loss per Share | $(1.41) | $(1.33) | +6.0% |
| Accumulated Deficit | $(522.753 million) | $(381.426 million) | +37.0% |
Research and Development Activities
Keros Therapeutics is heavily invested in research and development (R&D), with total R&D expenses of $127.998 million for the nine months ended September 30, 2024, compared to $97.765 million for the same period in 2023. The following table summarizes R&D expenses by product candidate:
| Product Candidate | Q3 2024 | Q3 2023 | Change |
|---|---|---|---|
| Elritercept | $33.161 million | $29.105 million | +13.0% |
| Cibotercept | $20.820 million | $16.760 million | +24.5% |
| KER-065 | $12.225 million | $3.359 million | +264.5% |
| Personnel Expenses (including stock-based compensation) | $40.659 million | $31.944 million | +27.3% |
| Professional Fees | $3.749 million | $2.339 million | +60.3% |
| Other Expenses | $1.827 million | $1.340 million | +36.3% |
Cash Flows
For the nine months ended September 30, 2024, Keros Therapeutics reported cash flows as follows:
| Cash Flow Activity | Q3 2024 | Q3 2023 |
|---|---|---|
| Net Cash Used in Operating Activities | $(114.861 million) | $(99.049 million) |
| Net Cash Used in Investing Activities | $(1.642 million) | $(1.923 million) |
| Net Cash Provided by Financing Activities | $316.277 million | $109.702 million |
| Net Increase in Cash and Cash Equivalents | $199.774 million | $8.730 million |
Stockholder Equity and Market Capitalization
As of September 30, 2024, Keros Therapeutics had total stockholders' equity of $532.835 million, up from $332.213 million on December 31, 2023. The company had 39,258,476 shares outstanding with a par value of $0.0001 per share.
Future Outlook
Keros Therapeutics anticipates continued operating losses as it advances its clinical trials and expands its R&D efforts. The company remains focused on achieving significant milestones in its product development pipeline, including the progression of elritercept, cibotercept, and KER-065 through various stages of clinical trials.
How Keros Therapeutics, Inc. (KROS) Makes Money
Revenue Streams
Keros Therapeutics, Inc. primarily generates revenue through service agreements and clinical product supply agreements. For the three months ended September 30, 2024, the company recognized $0.4 million in service and other revenue, a significant increase from $8,000 during the same period in 2023. This increase was primarily due to the shipment of clinical product supply under the Supply Agreement with Hansoh, effective February 2024.
Financial Performance
For the nine months ended September 30, 2024, Keros reported total revenue of $508,000, compared to $8,000 for the same period in 2023. The following table summarizes Keros Therapeutics' financial performance for these periods:
| Metric | Q3 2024 | Q3 2023 | 9M 2024 | 9M 2023 |
|---|---|---|---|---|
| Total Revenue | $388,000 | $8,000 | $508,000 | $8,000 |
| Net Loss | $(52.96 million) | $(39.44 million) | $(141.33 million) | $(112.75 million) |
| Loss from Operations | $(58.66 million) | $(43.28 million) | $(157.58 million) | $(123.49 million) |
Research and Development Expenses
Research and development (R&D) is a significant expense for Keros. For the three months ended September 30, 2024, R&D expenses totaled $49.2 million, compared to $34.1 million in 2023. The following table outlines the R&D expenses by product candidate:
| Product Candidate | Q3 2024 | Q3 2023 |
|---|---|---|
| Elritercept | $13.58 million | $9.45 million |
| Cibotercept | $8.62 million | $5.37 million |
| KER-065 | $4.94 million | $1.18 million |
| Other R&D Expenses | $22.01 million | $18.10 million |
General and Administrative Expenses
General and administrative (G&A) expenses for the nine months ended September 30, 2024, totaled $30.1 million, up from $25.7 million in 2023. The increase is primarily due to personnel-related costs and professional fees as the company continues to expand its operations.
Funding and Capital Resources
Keros Therapeutics has relied heavily on equity financing to support its operations. In January 2024, the company raised approximately $151.1 million from a public offering, selling 4,025,000 shares at a price of $40.00 each. As of September 30, 2024, the company had cash and cash equivalents of $530.7 million.
Future Outlook
The company expects to continue incurring significant losses as it advances its clinical trials. Keros anticipates that R&D expenses will rise as clinical trials progress and new product candidates are developed. The following table summarizes the expected future capital requirements:
| Future Capital Requirements | Estimated Amount |
|---|---|
| Clinical Trials | Varies (dependent on trial progress) |
| Regulatory Approval Costs | Varies (dependent on regulatory requirements) |
| Commercialization Expenses | Significant (if product candidates receive approval) |
| Total Estimated Future Funding Needs | Dependent on multiple factors |
Keros Therapeutics, Inc. (KROS) DCF Excel Template
5-Year Financial Model
40+ Charts & Metrics
DCF & Multiple Valuation
Free Email Support
Updated on 16 Nov 2024
Resources:
- Keros Therapeutics, Inc. (KROS) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Keros Therapeutics, Inc. (KROS)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Keros Therapeutics, Inc. (KROS)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.