Revenue trajectory is highly erratic, evidenced by a 2544% growth spike in 2025Q1 followed by a 99.8% decline in 2026Q1, highlighting a reliance on non-recurring partnership milestones.
| Sales/Revenue | 33.18M | 244.06M | 3.55M | 151K | 0 | 20.1M | 0 | 10M | 10M |
| Revenue Growth % | -84.55% | 6774.96% | 2250.99% | - | -100% | - | -100% | 0% | - |
| Cost of Goods Sold | 1.17M | 1.51M | 0 | 0 | 0 | 0 | 605K | 17.35M | 10.11M |
| COGS % of Revenue | - | 0.62% | - | - | - | - | - | 173.48% | 101.11% |
| Gross Profit | 32.01M | 242.55M | 3.55M | 151K | 0 | 20.1M | -605K | -7.35M | -111K |
| Gross Margin % | 96.48% | 99.38% | 100% | 100% | - | 100% | - | -73.48% | -1.11% |
| Gross Profit Growth % | - | 6732.45% | 2250.99% | - | -100% | 3422.31% | 91.77% | -6519.82% | - |
| Operating Expenses | 142.36M | 171.93M | 214.38M | 170.09M | 114.79M | 76.47M | 46.05M | 20M | 11.32M |
| OpEx % of Revenue | - | 70.45% | 6038.96% | 112643.71% | - | 380.46% | - | 200.05% | 113.21% |
| Selling, General & Admin | 46.5M | 46.85M | 40.75M | 34.83M | 27.52M | 21.33M | 12.19M | 3.18M | 1.58M |
| SG&A % of Revenue | - | 19.2% | 1148% | 23068.87% | - | 106.12% | - | 31.84% | 15.8% |
| Research & Development | 97.03M | 129.64M | 173.63M | 135.26M | 87.27M | 55.14M | 33.86M | 17.38M | 10.11M |
| R&D % of Revenue | - | 53.12% | 4890.96% | 89574.83% | - | 274.34% | - | 173.79% | 101.11% |
| Other Operating Expenses | -1.17M | -4.56M | 0 | 0 | 0 | 0 | 0 | -558K | 237K |
| Operating Income | -110.35M | 70.62M | -210.83M | -169.94M | -114.79M | -56.37M | -46.66M | -10.56M | -1.69M |
| Operating Margin % | -332.55% | 28.94% | -5938.96% | -112543.71% | - | -280.46% | - | -105.63% | -16.91% |
| Operating Income Growth % | - | 133.5% | -24.06% | -48.05% | -103.63% | -20.82% | -341.7% | -524.66% | - |
| EBITDA | -108.78M | 72.13M | -209.6M | -169.13M | -114.12M | -55.99M | -46.05M | -10.13M | -1.39M |
| EBITDA Margin % | -327.83% | 29.55% | -5904.34% | -112003.97% | - | -278.58% | - | -101.25% | -13.87% |
| EBITDA Growth % | -1106.79% | 134.41% | -23.93% | -48.21% | -103.8% | -21.59% | -354.83% | -629.99% | - |
| D&A (Non-Cash Add-back) | 1.57M | 1.51M | 1.23M | 815K | 674K | 378K | 605K | 438K | 304K |
| EBIT | -96.77M | 70.62M | -187.05M | -152.99M | -104.68M | -56.73M | -45.53M | -12.33M | -1.32M |
| Net Interest Income | 0 | 0 | 0 | 0 | 0 | -4K | 0 | -8K | 6K |
| Interest Income | 0 | 0 | 0 | 0 | 1K | 0 | 6K | 0 | 6K |
| Interest Expense | 0 | 0 | 0 | 0 | 1K | 4K | 6K | 8K | 0 |
| Other Income/Expense | 20.04M | 21.27M | 23.78M | 16.95M | 10.11M | -360K | 1.12M | -1.77M | 613K |
| Pretax Income | -90.31M | 91.9M | -187.05M | -152.99M | -104.68M | -56.73M | -45.53M | -12.34M | -1.08M |
| Pretax Margin % | -272.15% | 37.65% | -5269.1% | -101319.21% | - | -282.25% | - | -123.36% | -10.78% |
| Income Tax | -5.16M | 4.88M | 300K | 0 | 0 | 2.01M | -172K | 0 | 257K |
| Effective Tax Rate % | 5.71% | 5.31% | -0.16% | 0% | 0% | -3.54% | 0.38% | 0% | -23.84% |
| Net Income | -85.14M | 87.01M | -187.35M | -152.99M | -104.68M | -58.74M | -45.36M | -12.34M | -1.33M |
| Net Margin % | -256.6% | 35.65% | -5277.55% | -101319.21% | - | -292.26% | - | -123.44% | -13.35% |
| Net Income Growth % | -2121.49% | 146.44% | -22.46% | -46.15% | -78.2% | -29.5% | -267.47% | -824.64% | - |
| Net Income (Continuing) | -85.14M | 87.01M | -187.35M | -152.99M | -104.68M | -58.74M | -45.36M | -12.34M | -1.33M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -2.25 | 2.30 | -5.00 | -5.20 | -4.15 | -2.52 | -2.93 | -1.39 | -0.15 |
| EPS Growth % | -712.5% | 146% | 3.85% | -25.3% | -64.68% | 13.99% | -110.79% | -826.67% | - |
| EPS (Basic) | - | 2.34 | -5.00 | -5.20 | -4.15 | -2.52 | -2.93 | -1.39 | -0.15 |
| Diluted Shares Outstanding | 37.86M | 37.86M | 37.44M | 29.45M | 25.24M | 23.33M | 15.51M | 8.88M | 8.88M |
| Basic Shares Outstanding | 37.22M | 37.22M | 37.44M | 29.45M | 25.24M | 23.33M | 15.51M | 8.88M | 8.88M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Clinical trial execution risk
As indicated by the company's historical financial statements, Keros Therapeutics' revenue trajectory is characterized by extreme volatility, highlighted by a 2544% growth spike in 2025Q1 that appears to be a non-recurring milestone payment rather than a sustainable trend of commercial product adoption or organic growth.
The revenue profile is entirely dependent on collaboration agreements, which creates significant noise in year-over-year comparisons. Investors should interpret the current revenue figures as project-based inflows rather than evidence of a maturing commercial business model.
Based on reported figures, the company's cost structure is dominated by R&D expenditures, which consistently range between $37M and $49M per quarter, reflecting the heavy capital requirements necessary to advance the TGF-beta ligand trap platform through pivotal clinical trial stages.
Management maintains a disciplined SG&A profile, yet the sheer scale of R&D spending relative to negligible product revenue underscores the company's pre-commercial status. This cost structure suggests that the firm remains highly sensitive to the timing of clinical milestones and external funding availability.
According to recent SEC filings, the company's reported net income is heavily influenced by one-time licensing revenue, which obscures the underlying operational losses that typically characterize the firm's quarterly performance outside of major partnership events, as evidenced by the 2025Q1 net margin of 70.3%.
The presence of significant stock-based compensation, which reached $8.9M in 2025Q1, further complicates the quality of earnings by adding non-cash expenses that do not reflect the true cash burn of the organization. Analysts should focus on operating cash flow rather than net income to gauge the company's actual financial health.
As reported in financial statements, the reliance on sporadic milestone payments to offset substantial operating losses warrants further investigation, as the current cash runway may be insufficient to support the transition to commercial-scale manufacturing without additional dilutive financing or further successful partnership agreements.
Short-term profitability is an artifact of accounting, not operational efficiency, which leaves the company vulnerable to market sentiment if clinical timelines slip. Investors should monitor the cash burn rate closely, as the absence of recurring revenue streams makes the firm's long-term viability contingent on continued clinical success.
Quick answers to the most common questions about buying KROS stock.
For fiscal year 2025, Keros Therapeutics, Inc. (KROS) reported total revenue of $244.1M. This represents a 2340.6% increase compared to $10.0M in 2018.
Keros Therapeutics, Inc. (KROS) is profitable, generating $87.0M in net income for the fiscal year ending 2025 with a net profit margin of 35.7%.
Keros Therapeutics, Inc. (KROS) reported an operating income of $70.6M, resulting in an operating profit margin of 28.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Keros Therapeutics, Inc. (KROS) generated $242.6M in gross profit for the year, representing a gross profit margin of 99.4%. This demonstrates the company's core pricing power and production efficiency.