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Keros Q1 Loss Wider Than Expected, Revenues Plunge Year Over Year
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Key Takeaways
Keros reported a Q1 loss of $1.21 per share as revenues declined 99.8% year over year.
KROS expects to start a phase II DMD study for rinvatercept in the second quarter of 2026.
Takeda plans a phase III elritercept study in myelofibrosis-related anemia and continues the RENEW study.
Keros Therapeutics (KROS - Free Report) incurred first-quarter 2026 loss of $1.21 per share, wider than the Zacks Consensus Estimate of a loss of 92 cents. The company had recorded earnings of $3.62 per share in the year-ago quarter.
KROS does not have any marketed drugs in its portfolio. The company’s top line is solely dependent on license revenues and service and other revenues.
Keros has a license agreement with Takeda to develop, manufacture and commercialize elritercept worldwide, excluding mainland China, Hong Kong and Macau.
Revenues of $0.4 million declined 99.8% year over year and missed the Zacks Consensus Estimate of $4 million. The figure reflected $0.4 million of service and other revenues, primarily related to transition services under the Takeda arrangement, with no license revenues recognized during the period. Keros had recorded license revenues of $195.4 million in the year-ago quarter.
Year to date, shares of KROS have lost 46% against the industry’s 1.1% growth.
Image Source: Zacks Investment Research
KROS' Q1 Results in Detail
Research and development expenses totaled $16.1 million in the reported quarter, down 67% year over year, primarily due to the transition of elritercept development responsibilities and expenses to Takeda and corporate restructuring.
General and administrative expenses decreased 3.3% year over year to $10.1 million, primarily due to lower compensation costs related to the 2025 corporate restructuring.
As of March 31, 2026, Keros had cash and cash equivalents of $281.5 million compared with $287.4 million as of Dec. 31, 2025. Management expects its cash runway to fund planned operating expenses and capital expenditures into the first half of 2028.
KROS' Pipeline Updates
Keros’ lead wholly owned candidate is rinvatercept, which is being developed for neuromuscular disorders with an initial focus on Duchenne muscular dystrophy (DMD).
The company expects to commence a phase II study of rinvatercept in DMD in the second quarter of 2026 and plans to engage with regulators on the design of a phase II study in amyotrophic lateral sclerosis in the second half of 2026.
Per management, Keros’ partner Takeda intends to initiate a phase III study on its second pipeline candidate, elritercept, for anemia in myelofibrosis. Elritercept is also being evaluated in a phase III RENEW study for the treatment of anemia and thrombocytopenia in patients with myelodysplastic syndromes, with the first patient dosed in July 2025.
Keros Therapeutics, Inc. Price, Consensus and EPS Surprise
Over the past 60 days, estimates for Amarin’s 2026 loss per share have narrowed from $7.01 to $6.36. Over the same period, loss per share estimates for 2027 have narrowed from $5.50 to $4.64. AMRN shares have risen 5.9% year to date.
Amarin’s earnings beat estimates in three of the trailing four quarters and missed in the remaining one, with the average surprise being 50.02%.
Over the past 60 days, estimates for Indivior Pharmaceuticals’ 2026 earnings per share have increased from $3.03 to $3.35. Over the same period, EPS estimates for 2027 have risen to $3.69 from $3.46. INDV shares have risen 5.4% year to date.
Indivior Pharmaceuticals’ earnings beat estimates in each of the trailing four quarters, with the average surprise being 65.44%.
Over the past 60 days, estimates for Liquidia’s 2026 earnings per share have increased to $2.97 from $1.50. Over the same period, EPS estimates for 2027 have risen to $4.81 from $2.91. LQDA shares have gained 72% year to date.
Liquidia’s earnings beat estimates in three of the trailing four quarters and missed in the remaining one, with the average surprise being 54.40%.
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Keros Q1 Loss Wider Than Expected, Revenues Plunge Year Over Year
Key Takeaways
Keros Therapeutics (KROS - Free Report) incurred first-quarter 2026 loss of $1.21 per share, wider than the Zacks Consensus Estimate of a loss of 92 cents. The company had recorded earnings of $3.62 per share in the year-ago quarter.
KROS does not have any marketed drugs in its portfolio. The company’s top line is solely dependent on license revenues and service and other revenues.
Keros has a license agreement with Takeda to develop, manufacture and commercialize elritercept worldwide, excluding mainland China, Hong Kong and Macau.
Revenues of $0.4 million declined 99.8% year over year and missed the Zacks Consensus Estimate of $4 million. The figure reflected $0.4 million of service and other revenues, primarily related to transition services under the Takeda arrangement, with no license revenues recognized during the period. Keros had recorded license revenues of $195.4 million in the year-ago quarter.
Year to date, shares of KROS have lost 46% against the industry’s 1.1% growth.
Image Source: Zacks Investment Research
KROS' Q1 Results in Detail
Research and development expenses totaled $16.1 million in the reported quarter, down 67% year over year, primarily due to the transition of elritercept development responsibilities and expenses to Takeda and corporate restructuring.
General and administrative expenses decreased 3.3% year over year to $10.1 million, primarily due to lower compensation costs related to the 2025 corporate restructuring.
As of March 31, 2026, Keros had cash and cash equivalents of $281.5 million compared with $287.4 million as of Dec. 31, 2025. Management expects its cash runway to fund planned operating expenses and capital expenditures into the first half of 2028.
KROS' Pipeline Updates
Keros’ lead wholly owned candidate is rinvatercept, which is being developed for neuromuscular disorders with an initial focus on Duchenne muscular dystrophy (DMD).
The company expects to commence a phase II study of rinvatercept in DMD in the second quarter of 2026 and plans to engage with regulators on the design of a phase II study in amyotrophic lateral sclerosis in the second half of 2026.
Per management, Keros’ partner Takeda intends to initiate a phase III study on its second pipeline candidate, elritercept, for anemia in myelofibrosis. Elritercept is also being evaluated in a phase III RENEW study for the treatment of anemia and thrombocytopenia in patients with myelodysplastic syndromes, with the first patient dosed in July 2025.
Keros Therapeutics, Inc. Price, Consensus and EPS Surprise
Keros Therapeutics, Inc. price-consensus-eps-surprise-chart | Keros Therapeutics, Inc. Quote
KROS’ Zacks Rank & Stocks to Consider
Keros currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the biotech sector are Amarin Corporation (AMRN - Free Report) , Indivior Pharmaceuticals (INDV - Free Report) and Liquidia Corporation (LQDA - Free Report) , each currently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Over the past 60 days, estimates for Amarin’s 2026 loss per share have narrowed from $7.01 to $6.36. Over the same period, loss per share estimates for 2027 have narrowed from $5.50 to $4.64. AMRN shares have risen 5.9% year to date.
Amarin’s earnings beat estimates in three of the trailing four quarters and missed in the remaining one, with the average surprise being 50.02%.
Over the past 60 days, estimates for Indivior Pharmaceuticals’ 2026 earnings per share have increased from $3.03 to $3.35. Over the same period, EPS estimates for 2027 have risen to $3.69 from $3.46. INDV shares have risen 5.4% year to date.
Indivior Pharmaceuticals’ earnings beat estimates in each of the trailing four quarters, with the average surprise being 65.44%.
Over the past 60 days, estimates for Liquidia’s 2026 earnings per share have increased to $2.97 from $1.50. Over the same period, EPS estimates for 2027 have risen to $4.81 from $2.91. LQDA shares have gained 72% year to date.
Liquidia’s earnings beat estimates in three of the trailing four quarters and missed in the remaining one, with the average surprise being 54.40%.