Keros Therapeutics, Inc.

KROS · Pharmaceutical Preparations · 19.8M shares · +25%/yr ↑ dilution · EDGAR filings ↗

Reference price $10.19 · est. market cap ~$202M — last insider purchase, 2026-06-15 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)

Grade

C60

Clinical biotech with a large partnership-driven profit year and a strong cash position, but pre-commercial.

Strengths

Partnership-driven profit and FCF — operating margin 28% (94th), FCF $106M (88th), FCF margin 43%
Very strong liquidity — current ratio 15.5 (91st)

Risks

Profit is collaboration-driven, not recurring — per metrics
Pre-commercial pipeline dependence — per 10-K
Capital-need risk once upfronts lapse — per 10-K

Notable findings

Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
Exec changeRecent 8-K item 5.02 8-K ↗
Chronic dilutionShare count +25%/yr over 4y (dilution, book value/share -48%)
Strong balance sheetStrong balance sheet — $287M cash & investments
Trial resultTrial topline data reported — see 8-K for outcome 8-K ↗
Insider sellingInsider selling — 8 open-market sale(s) by 8 insider(s) (cluster of 8 insiders, ~$421,814, last 6mo) Form 4 ↗
Notable holderHeld by 5 notable fund(s): STATE STREET CORP, CITADEL ADVISORS LLC, RENAISSANCE TECHNOLOGIES LLC +2 more (as of 2026-03-31)

Quarterly revenue

2025-06-30 · $18M2025-09-30 · $14M2025-12-31 · $385K2026-03-31 · $367K

Last 4 quarters · from SEC filings.

Key metrics

Operating margin

27.7%

Net margin

35.7%

Return on equity

28.7%

Return on assets

25.7%

Revenue growth (QoQ)

-4.7%

Current ratio

15.5×

Free cash flow

$106M

Tangible book value

$303M

Cash & investments

$287M

Stock comp / revenue

11.8%

Insider transactions · last 18 months

Date	Insider	Type	Shares	Price
2026-06-15	BIENAIME JEAN JACQUES	Buy	1.0K	$10.19
2026-06-11	Newton Charles W.	Sell	550	$10.04
2026-06-04	Farzan Nima	Sell	2.6K	$10.73
2026-06-04	Seth Alpna	Sell	2.6K	$10.72
2026-06-04	Knowles Julius	Sell	2.6K	$10.73
2026-06-03	BIENAIME JEAN JACQUES	Grant	7.1K	—
2026-06-03	Knowles Julius	Grant	7.1K	—
2026-06-03	Farzan Nima	Grant	7.1K	—
2026-06-03	Seth Alpna	Grant	7.1K	—
2026-06-03	GRAY MARY ANN	Grant	7.1K	—
2026-05-15	BIENAIME JEAN JACQUES	Buy	1.0K	$10.58
2026-04-15	BIENAIME JEAN JACQUES	Buy	1.0K	$11.70
2026-04-02	Seehra Jasbir	Option exercise	55K	$0.30
2026-03-09	BIENAIME JEAN JACQUES	Buy	2.0K	$11.21
2026-03-09	Newton Charles W.	Grant	13K	—
2026-02-19	Seehra Jasbir	Sell	7.0K	$16.17
2026-02-18	Regnante Keith	Sell	4.7K	$16.35
2026-02-18	Cho Esther	Sell	4.7K	$16.35
2026-02-18	Lerner Lorena Raquel	Sell	3.9K	$16.35
2025-11-21	ORBIMED ADVISORS LLC	Disposition	74K	$17.75
2025-11-21	GORDON CARL L	Disposition	140K	$17.75
2025-11-21	Knowles Julius	Disposition	192K	$17.75
2025-11-21	Knowles Julius	Disposition	130K	$17.75
2025-11-21	ORBIMED ADVISORS LLC	Disposition	140K	$17.75
2025-11-21	GORDON CARL L	Disposition	74K	$17.75
2025-10-15	Pontifax Management 4 G.P. (2015) Ltd.	Sell	1.1M	$17.75
2025-10-15	Pontifax Management 4 G.P. (2015) Ltd.	Sell	2.3M	$17.75
2025-10-15	Pontifax Management 4 G.P. (2015) Ltd.	Sell	1.2M	$17.75
2025-10-15	Pontifax Management 4 G.P. (2015) Ltd.	Sell	155K	$17.75
2025-10-15	ADAR1 Capital Management, LLC	Sell	4.4M	$17.75
2025-10-15	ADAR1 Capital Management, LLC	Sell	255K	$17.75
2025-10-15	ADAR1 Capital Management, LLC	Sell	743K	$17.75
2025-09-03	Seehra Jasbir	Grant	90K	—
2025-06-20	ADAR1 Capital Management, LLC	Option exercise	100	$60.00
2025-06-20	ADAR1 Capital Management, LLC	Option exercise	1.4K	$70.00
2025-06-20	ADAR1 Capital Management, LLC	Option exercise	200	$70.00
2025-06-04	Knowles Julius	Grant	5.2K	—
2025-06-04	GORDON CARL L	Grant	5.2K	—
2025-06-04	Kariv Tomer	Grant	5.2K	—
2025-06-04	Nussbaum Ran	Grant	5.2K	—
2025-06-04	Seth Alpna	Grant	5.2K	—
2025-06-04	GRAY MARY ANN	Grant	5.2K	—
2025-06-04	Farzan Nima	Grant	5.2K	—
2025-06-04	BIENAIME JEAN JACQUES	Grant	5.2K	—
2025-04-09	ADAR1 Capital Management, LLC	Buy	19K	$9.40
2025-04-09	ADAR1 Capital Management, LLC	Buy	16K	$9.40
2025-04-09	ADAR1 Capital Management, LLC	Buy	325K	$9.86
2025-04-09	ADAR1 Capital Management, LLC	Buy	500K	$10.33
2025-04-09	ADAR1 Capital Management, LLC	Buy	74K	$10.33
2025-04-04	Seehra Jasbir	Option exercise	49K	$0.30
2025-02-18	CHYUNG YUNG H.	Grant	44K	—
2025-02-18	Regnante Keith	Grant	44K	—
2025-02-18	Rovaldi Christopher	Grant	60K	—

All non-derivative Form 4 activity (SEC), newest first.

Clinical trials

Trial	Title	Phase	Status	Primary completion
NCT05927012 ↗	A Study to Evaluate the Safety and Preliminary Efficacy of a Response-guided Dose Titration of KER-047 in the Treatment of Functional IDA (Iron Deficiency Anemia). Iron Deficiency Anemia	PHASE2	Withdrawn	2025-08-29
NCT05975905 ↗	A Study to Investigate the Safety and Efficacy of KER-012 in Combination With Background Therapy in Adult Participants With Pulmonary Arterial Hypertension (PAH) (TROPOS Study). Pulmonary Arterial Hypertension	PHASE2	Completed	2025-03-05

Source: ClinicalTrials.gov (U.S. NIH) · active studies first.

Notable events (8-K)

Date	Items
2026-06-25	Exec/director changeReg FDExhibits	filing ↗
2026-06-03	Shareholder vote	filing ↗
2026-06-01	Reg FDExhibits	filing ↗
2026-05-14	ResultsExhibits	filing ↗
2026-03-09	OtherExhibits	filing ↗
2026-03-04	ResultsExhibits	filing ↗
2026-03-04	Reg FDExhibits	filing ↗
2026-02-26	Exec/director changeReg FDExhibits	filing ↗

Recent filings

Form	Filed	Period	Accession
8-K	2026-06-25	2026-06-23	0001664710-26-000036 ↗
8-K	2026-06-03	2026-06-03	0001664710-26-000034 ↗
8-K	2026-06-01	2026-06-01	0001664710-26-000032 ↗
10-Q	2026-05-14	2026-03-31	0001664710-26-000030 ↗
8-K	2026-05-14	2026-05-14	0001664710-26-000029 ↗
8-K	2026-03-09	2026-03-09	0001664710-26-000024 ↗
8-K	2026-03-04	2026-03-04	0001664710-26-000021 ↗
8-K	2026-03-04	2026-03-04	0001664710-26-000017 ↗
10-K	2026-03-04	2025-12-31	0001664710-26-000018 ↗
8-K	2026-02-26	2026-02-20	0001664710-26-000008 ↗
8-K	2026-02-18	2026-02-18	0001664710-26-000005 ↗
8-K	2026-01-09	2026-01-09	0001664710-26-000003 ↗