Free cash flow was positive in only one of ten quarters (+$160.6M in 2025Q1) and has reverted to outflows of -$30.3M to -$3.6M per quarter, with cumulative SBC of roughly $70M added back to operating cash flow potentially overstating underlying cash health given recurring dilution of $5.4M-$9.2M per quarter.
Keros Therapeutics, Inc. (KROS) cash flow statement — 8-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 |
|---|
| Cash from Operations | -47.85M | 107.5M | -160.87M | -124.51M | -70.06M | -62.15M | -36.89M | -16M | 7.04M |
| Operating CF Margin % | - | 44.05% | -4531.52% | -82455.63% | - | -309.19% | - | -159.98% | 70.42% |
| Operating CF Growth % | -26.11% | 166.83% | -29.2% | -77.71% | -12.73% | -68.45% | -130.62% | -327.18% | - |
| Net Income | -61.73M | 87.01M | -187.35M | -152.99M | -104.68M | -58.74M | -45.36M | -12.34M | -1.33M |
| Depreciation & Amortization | 1.59M | 1.51M | 1.23M | 815K | 674K | 378K | 278K | 438K | 153K |
| Stock-Based Compensation | 23.08M | 28.7M | 34.87M | 28.76M | 18.68M | 11.72M | 4.1M | 0 | 81K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 46K | 0 | 0 | 0 |
| Other Non-Cash Items | 1.36M | 2.4M | 1.82M | 1.56M | 953K | 520K | 1.82M | 2.62M | 194K |
| Working Capital Changes | -12.16M | -12.11M | -11.44M | -2.65M | 14.31M | -16.07M | 2.27M | -6.72M | 7.95M |
| Change in Receivables | -18.76M | -825K | -2.6M | -143K | 18M | -18M | 922K | -552K | -370K |
| Change in Inventory | 0 | 0 | 0 | -4.5M | 0 | 1.04M | -922K | 0 | 0 |
| Change in Payables | 1.49M | -3M | -249K | 1.61M | -408K | 1.49M | 61K | 1.31M | -2K |
| Cash from Investing | -421K | -1.55M | -1.93M | -2.46M | -1.24M | -1.02M | -294K | -271K | -217K |
| Capital Expenditures | -421K | -1.55M | -1.93M | -2.46M | -1.24M | -1.02M | -294K | -271K | -217K |
| CapEx % of Revenue | 1.03% | 0.64% | 54.39% | 1631.79% | - | 5.09% | - | 2.71% | 2.17% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | -385.74M | -378.47M | 391.82M | 178.96M | 120.31M | 28.55M | 296.04M | 14K | 11.46M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 157K | -378.47M | 380.13M | 175.82M | 119.58M | 28.17M | 299.2M | 14K | 11.5M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 178K | -375M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -385.89M | 0 | 11.69M | 3.13M | 731K | 379K | -3.16M | 0 | -37K |
| Net Change in Cash | -432.56M | -272.52M | 229.02M | 51.98M | 49.01M | -34.62M | 258.86M | -16.24M | 18.29M |
| Free Cash Flow | -48.27M | 105.95M | -162.8M | -126.97M | -71.3M | -63.17M | -37.19M | -16.27M | 6.83M |
| FCF Margin % | -118.43% | 43.41% | -4585.92% | -84087.42% | - | -314.29% | - | -162.69% | 68.25% |
| FCF Growth % | -155.43% | 165.08% | -28.22% | -78.07% | -12.87% | -69.87% | -128.58% | -338.37% | - |
| FCF per Share | - | 2.80 | -4.35 | -4.31 | -2.82 | -2.71 | -2.40 | -1.83 | 0.77 |
| FCF Conversion (FCF/Net Income) | 0.78x | 1.24x | 0.86x | 0.81x | 0.67x | 1.06x | 0.81x | 1.30x | -5.27x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 4.89M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying KROS stock.
Keros Therapeutics, Inc. (KROS) generated $107.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Keros Therapeutics, Inc. (KROS) generated $106.0M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Keros Therapeutics, Inc. (KROS) spent $1.6M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Keros Therapeutics, Inc. (KROS) spent $375.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Intermittent collaboration cash dependency
Metrics are mathematically derived from official filings.
Deal Cash Masks Cumulative Erosion
Across the ten reported quarters, cumulative operating cash flow of roughly -$77M exceeded cumulative net income of about -$153M, a gap driven almost entirely by the single $161.2M operating cash inflow recorded in 2025Q1.
Excluding the 2025Q1 quarter, cumulative operating cash flow would stand near -$239M versus cumulative losses of roughly -$301M, meaning the apparent conversion premium is episodic rather than structural. The divergence between reported earnings and cash generation appears to be a timing artifact of milestone accounting and working capital swings, not evidence of a durable quality-of-earnings advantage.
SBC Addback Overstates Cash Health
Stock-based compensation of $5.4M-$9.2M per quarter, roughly $70M cumulatively over the ten-quarter window, is added back to operating cash flow despite representing a genuine, recurring dilution cost to shareholders that the cash statement never shows.
Because operating cash losses in most quarters are small enough that the SBC addback represents a material share of the reported figure, headline operating cash flow may overstate true economic self-funding capacity. Investors should recognize that the equity-funded portion of clinical spend is a real economic outlay; it is simply paid in shares rather than cash, and the cash flow statement is structurally silent on that transfer.
Lumpy Receivables Drive OCF Swings
Working capital movements of +$12.9M in 2026Q1, +$12.8M in 2024Q3, and -$12.2M in 2025Q4 swing quarterly operating cash flow by more than the entire quarterly R&D budget, indicating collections tied to episodic milestone timing rather than recurring billing.
The 2026Q1 quarter illustrates the distortion: operating cash flow of -$3.5M on a -$23.7M net loss implies roughly $20M of non-earnings cash support, much of it attributable to a $12.9M working capital inflow that reversed in the prior quarter. This pattern suggests the company's collections cycle may be dominated by counterparty-specific milestone schedules, making short-term operating cash flow a poor signal of underlying spend intensity.
Losses Narrowing but Burn Persists
Free cash flow printed positive only once in ten quarters, at +$160.6M in 2025Q1, and has since reverted to -$30.3M through -$3.6M per quarter, with the sequential improvement to -$3.6M in 2026Q1 appearing partly working-capital driven rather than operational.
The trend from 2024's -$46.3M and -$40.1M quarterly FCF prints to 2026Q2's -$20.6M suggests burn is compressing, but that improvement coincides with R&D easing from the $38M-$49M range toward $22.3M, which may indicate program prioritization rather than efficiency gains. Given that no recurring commercial revenue has been demonstrated, the durability of this burn reduction warrants close monitoring before it is read as a genuine inflection.
Capital-Light Profile Preserves Cash
Capital expenditures of just $72K-$946K per quarter, totaling under $4M over ten quarters, represent a fraction of quarterly operating losses, confirming a pre-commercial, outsourced model with minimal fixed-asset commitment.
Depreciation of $277K-$403K per quarter now slightly exceeds quarterly capex in most recent periods, implying existing infrastructure is being consumed faster than it is replaced, which is consistent with a portfolio winding down rather than scaling toward commercial manufacturing. The upside is that capital intensity is not a source of cash strain; the binding constraint on Keros' cash flow is the R&D operating spend itself, not asset investment.
Cash Preserved, No External Return
Zero dividends, zero buybacks, and no disclosed acquisitions across all ten reported quarters indicate management is retaining all available cash to fund clinical development rather than returning capital or pursuing inorganic expansion.
The absence of financing or transaction cash flows in the data means the analysis cannot confirm how the burn was funded beyond the 2025Q1 inflow, so investors should independently verify cash balances and any undrawn facilities before concluding the runway is secure. That said, the discipline not to distribute capital during loss-making quarters appears sensible given that eight of ten quarters consumed free cash flow.