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Keros Therapeutics Reports Recent Business Highlights and Third Quarter 2024 Financial Results

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Keros Therapeutics (NASDAQ: KROS) reported its Q3 2024 financial results and business highlights. The company announced completion of enrollment ahead of schedule in Phase 2 TROPOS trial of cibotercept. Financial results showed a net loss of $53.0 million compared to $39.4 million in Q3 2023. R&D expenses increased to $49.2 million from $34.1 million year-over-year. The company's cash position strengthened to $530.7 million, expected to fund operations into Q3 2027. Keros also appointed Yung H. Chyung as Chief Medical Officer effective November 1, 2024.

Keros Therapeutics (NASDAQ: KROS) ha riportato i risultati finanziari del terzo trimestre 2024 e i principali eventi aziendali. L'azienda ha annunciato il completamento dell'arruolamento in anticipo rispetto al previsto nel trial di Fase 2 TROPOS di cibotercept. I risultati finanziari hanno mostrato una perdita netta di 53,0 milioni di dollari rispetto ai 39,4 milioni di dollari del terzo trimestre 2023. Le spese per R&S sono aumentate a 49,2 milioni di dollari dai 34,1 milioni di dollari dell'anno precedente. La posizione di cassa dell'azienda si è rafforzata a 530,7 milioni di dollari, previsto per finanziare le operazioni fino al terzo trimestre 2027. Keros ha anche nominato Yung H. Chyung come Direttore Medico a partire dal 1º novembre 2024.

Keros Therapeutics (NASDAQ: KROS) informó sobre sus resultados financieros del tercer trimestre de 2024 y los aspectos más destacados del negocio. La empresa anunció la finalización de la inscripción antes de lo programado en el ensayo de Fase 2 TROPOS de cibotercept. Los resultados financieros mostraron una pérdida neta de 53,0 millones de dólares en comparación con 39,4 millones de dólares en el tercer trimestre de 2023. Los gastos de I+D aumentaron a 49,2 millones de dólares desde 34,1 millones de dólares en el mismo periodo del año anterior. La posición de efectivo de la empresa se fortaleció a 530,7 millones de dólares, con expectativas de financiar las operaciones hasta el tercer trimestre de 2027. Keros también nombró a Yung H. Chyung como Director Médico, efectivo a partir del 1 de noviembre de 2024.

Keros Therapeutics (NASDAQ: KROS)는 2024년 3분기 재무 결과 및 사업 하이라이트를 발표했습니다. 이 회사는 cibotercept의 2상 TROPOS 시험에서 예정보다 일찍 모집 완료를 발표했습니다. 재무 결과는 2023년 3분기 3940만 달러에 비해 5300만 달러의 순손실을 보여주었습니다. 연구 및 개발 비용이 지난해 3410만 달러에서 4920만 달러로 증가했습니다. 회사의 현금 위치는 5억 3070만 달러로 강화되어 2027년 3분기까지 운영 자금을 지원할 것으로 예상됩니다. Keros는 또한 2024년 11월 1일부터 Yung H. Chyung을 최고 의료 책임자로 임명했습니다.

Keros Therapeutics (NASDAQ: KROS) a annoncé ses résultats financiers pour le troisième trimestre de 2024 et les points saillants de son activité. L'entreprise a annoncé l'achèvement de l'inscription en avance sur le calendrier dans l'essai TROPOS de Phase 2 du cibotercept. Les résultats financiers ont montré une perte nette de 53,0 millions de dollars par rapport à 39,4 millions de dollars au troisième trimestre 2023. Les dépenses en R&D ont augmenté à 49,2 millions de dollars, contre 34,1 millions de dollars l'année précédente. La position de trésorerie de l'entreprise s'est renforcée à 530,7 millions de dollars, ce qui devrait financer ses opérations jusqu'au troisième trimestre 2027. Keros a également nommé Yung H. Chyung comme directeur médical, à compter du 1er novembre 2024.

Keros Therapeutics (NASDAQ: KROS) berichtete über die finanziellen Ergebnisse des 3. Quartals 2024 und die wichtigsten Unternehmensereignisse. Das Unternehmen gab bekannt, dass die Einschreibung vor dem Zeitplan abgeschlossen wurde im Phase-2-Studie TROPOS zu cibotercept. Die finanziellen Ergebnisse zeigten einen Nettoverlust von 53,0 Millionen US-Dollar im Vergleich zu 39,4 Millionen US-Dollar im 3. Quartal 2023. Die F&E-Ausgaben stiegen auf 49,2 Millionen US-Dollar von 34,1 Millionen US-Dollar im Vorjahr. Die Liquiditätsposition des Unternehmens verbesserte sich auf 530,7 Millionen US-Dollar, was voraussichtlich die Betriebsführung bis zum 3. Quartal 2027 finanzieren wird. Keros ernannte auch Yung H. Chyung zum Chief Medical Officer, der am 1. November 2024 in Kraft tritt.

Positive
  • Strong cash position of $530.7 million, up from $331.1 million at end of 2023
  • Cash runway extended into Q3 2027
  • Early completion of Phase 2 TROPOS trial enrollment
Negative
  • Net loss increased by $13.5 million to $53.0 million in Q3 2024
  • R&D expenses increased by $15.1 million to $49.2 million
  • G&A expenses increased by $0.7 million to $9.8 million

Insights

The Q3 results reveal significant financial developments for Keros Therapeutics. The company reported a $53.0 million net loss, representing a 34.3% increase from the previous year's $39.4 million loss. While R&D expenses grew substantially by $15.1 million to $49.2 million, this investment reflects strategic advancement of their pipeline.

Most notably, Keros has substantially strengthened its balance sheet, with cash reserves increasing to $530.7 million from $331.1 million at 2023 year-end. The successful ATM offering extends their runway into Q3 2027, providing approximately 3.5 years of operational funding. This robust cash position significantly de-risks their clinical development programs and gives them considerable strategic flexibility for pipeline advancement.

The completion of enrollment ahead of schedule in the Phase 2 TROPOS trial for cibotercept (KER-012) in pulmonary arterial hypertension patients marks a significant operational milestone. The accelerated enrollment suggests strong investigator interest and efficient trial execution. With three clinical assets in development and multiple data readouts expected over the next nine months, Keros is entering a catalyst-rich period that could validate their TGF-ß platform approach.

LEXINGTON, Mass., Nov. 06, 2024 (GLOBE NEWSWIRE) -- Keros Therapeutics, Inc. (“Keros” or the “Company”) (Nasdaq: KROS), a clinical-stage biopharmaceutical company focused on developing and commercializing novel therapeutics to treat a wide range of patients with disorders that are linked to dysfunctional signaling of the transforming growth factor-beta (“TGF-ß”) family of proteins, today provided a business update and reported financial results for the quarter ended September 30, 2024.

“This continues to be a year of clinical execution for Keros. In the third quarter, we completed enrollment ahead of schedule in our Phase 2 TROPOS trial of cibotercept (KER-012) in patients with pulmonary arterial hypertension,” said Jasbir S. Seehra, Ph.D., Chair and Chief Executive Officer. “This has set the stage for upcoming clinical data updates from our three clinical assets, which are expected over the next nine months.”

Recent Corporate Highlights

  • Executive leadership update: In October 2024, the Company announced that Yung H. Chyung, M.D., has been appointed to serve as the Company’s Chief Medical Officer, effective as of November 1, 2024.
  • Cash position strengthened: The Company has utilized its existing at-the-market offering (“ATM”) to sell additional shares of common stock, which strengthened its cash position. The Company expects that its cash and cash equivalents as of September 30, 2024, together with the net proceeds from the ATM through October 31, 2024, will enable the Company to fund its planned operating expenses and capital expenditure requirements into the third quarter of 2027.

Third Quarter 2024 Financial Results

Keros reported a net loss of $53.0 million in the third quarter of 2024 as compared to a net loss of $39.4 million in the third quarter of 2023. The increase of $13.5 million for the third quarter was largely due to increased research and development efforts as well as additional investments to support the achievement of Keros’ clinical and corporate goals.

Research and development expenses were $49.2 million for the third quarter of 2024 as compared to $34.1 million for the same period in 2023. The increase of $15.1 million was primarily due to additional research and development efforts, manufacturing activities and personnel expenses to support the advancement of Keros’ pipeline.

General and administrative expenses were $9.8 million for the third quarter of 2024 as compared to $9.1 million for the same period in 2023. The increase of $0.7 million was primarily due to increase in personnel expenses and other external expenses to support Keros’ organizational growth.

Keros’ cash and cash equivalents as of September 30, 2024 was $530.7 million compared to $331.1 million as of December 31, 2023. Keros expects that its cash and cash equivalents as of September 30, 2024, together with the net proceeds from the ATM through October 31, 2024, will enable Keros to fund its operating expenses and capital expenditure requirements into the third quarter of 2027.

About Keros Therapeutics, Inc.

Keros is a clinical-stage biopharmaceutical company focused on developing and commercializing novel therapeutics to treat a wide range of patients with disorders that are linked to dysfunctional signaling of the TGF-ß family of proteins. We are a leader in understanding the role of the TGF-ß family of proteins, which are master regulators of the growth, repair and maintenance of a number of tissues, including blood, bone, skeletal muscle, adipose and heart tissue. By leveraging this understanding, we have discovered and are developing protein therapeutics that have the potential to provide meaningful and potentially disease-modifying benefit to patients. Keros’ lead product candidate, elritercept (KER-050), is being developed for the treatment of low blood cell counts, or cytopenias, including anemia and thrombocytopenia, in patients with myelodysplastic syndromes and in patients with myelofibrosis. Keros’ second product candidate, cibotercept (KER-012), is being developed for the treatment of pulmonary arterial hypertension and for the treatment of cardiovascular disorders. Keros’ third product candidate, KER-065, is being developed for the treatment of obesity and for the treatment of neuromuscular diseases.

Cautionary Note Regarding Forward-Looking Statements

Statements contained in this press release regarding matters that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Words such as “enable,” “expects” and “will” or similar expressions are intended to identify forward-looking statements. Examples of these forward-looking statements include statements concerning: Keros’ expectations regarding its growth, strategy, progress and the design, objectives and timing of its clinical trials and data readouts for elritercept, cibotercept and KER-065; and Keros’ expected cash runway. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties include, among others: Keros’ limited operating history and historical losses; Keros’ ability to raise additional funding to complete the development and any commercialization of its product candidates; Keros’ dependence on the success of its product candidates, elritercept, cibotercept and KER-065; that Keros may be delayed in initiating, enrolling or completing any clinical trials; competition from third parties that are developing products for similar uses; Keros’ ability to obtain, maintain and protect its intellectual property; and Keros’ dependence on third parties in connection with manufacturing, clinical trials and preclinical studies.

These and other risks are described more fully in Keros’ filings with the Securities and Exchange Commission (“SEC”), including the “Risk Factors” section of the Company’s Quarterly Report on Form 10-Q, filed with the SEC on August 7, 2024, and its other documents subsequently filed with or furnished to the SEC. All forward-looking statements contained in this press release speak only as of the date on which they were made. Except to the extent required by law, Keros undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.

Investor Contact:

Justin Frantz
jfrantz@kerostx.com
617-221-6042


KEROS THERAPEUTICS, INC.
Condensed Consolidated Statements of Operations
(In thousands, except share and per share data)
(Unaudited)
    
 THREE MONTHS ENDED
SEPTEMBER 30,
 NINE MONTHS ENDED
SEPTEMBER 30,
 2024   2023   2024   2023 
REVENUE:       
Service and other revenue 388   8   508   8 
Total revenue 388   8   508   8 
OPERATING EXPENSES:       
Research and development (49,225)  (34,140)  (127,998)  (97,765)
General and administrative (9,820)  (9,148)  (30,089)  (25,729)
Total operating expenses (59,045)  (43,288)  (158,087)  (123,494)
LOSS FROM OPERATIONS (58,657)  (43,280)  (157,579)  (123,486)
OTHER INCOME (EXPENSE), NET       
Dividend income 5,793   3,907   16,977   10,999 
Other expense, net (92)  (67)  (725)  (262)
Total other income, net 5,701   3,840   16,252   10,737 
Net loss$(52,956) $(39,440) $(141,327) $(112,749)
Net loss attributable to common stockholders—basic and diluted$(52,956) $(39,440) $(141,327) $(112,749)
Net loss per share attributable to common stockholders—basic and diluted$(1.41) $(1.33) $(3.88) $(3.86)
Weighted-average common stock outstanding—basic and diluted 37,590,727   29,668,247   36,463,906   29,218,143 


KEROS THERAPEUTICS, INC.
Condensed Consolidated Balance Sheets
(In thousands, except share and per share data)
(Unaudited)
 
 SEPTEMBER 30,
2024
 DECEMBER 31,
2023
ASSETS   
CURRENT ASSETS:   
Cash and cash equivalents530,684  331,147 
Accounts receivable388  143 
Prepaid expenses and other current assets20,974  16,003 
Total current assets552,046  347,293 
Operating lease right-of-use assets19,823  15,334 
Property and equipment, net4,366  4,134 
Restricted cash1,449  1,212 
Other long-term assets1,587  2,052 
TOTAL ASSETS579,271  370,025 
LIABILITIES AND STOCKHOLDERS' EQUITY   
CURRENT LIABILITIES:   
Accounts payable4,981  5,450 
Current portion of operating lease liabilities1,857  1,005 
Accrued expenses and other current liabilities22,169  17,918 
Total current liabilities29,007  24,373 
Operating lease liabilities, net of current portion17,429  13,439 
Total liabilities46,436  37,812 
STOCKHOLDERS' EQUITY:   
Preferred stock, par value of $0.0001 per share; 10,000,000 shares authorized as of September 30, 2024 and December 31, 2023; no shares issued and outstanding   
Common stock, par value of $0.0001 per share; 200,000,000 shares authorized as of September 30, 2024 and December 31, 2023; 39,258,476 and 31,841,084 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively4  3 
Additional paid-in capital1,055,584  713,636 
Accumulated deficit(522,753) (381,426)
Total stockholders' equity532,835  332,213 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY579,271  370,025 

FAQ

What was Keros Therapeutics (KROS) net loss in Q3 2024?

Keros Therapeutics reported a net loss of $53.0 million in Q3 2024, compared to $39.4 million in Q3 2023.

How much cash does Keros Therapeutics (KROS) have as of September 30, 2024?

Keros Therapeutics had $530.7 million in cash and cash equivalents as of September 30, 2024.

When did Keros Therapeutics (KROS) complete enrollment for the Phase 2 TROPOS trial?

Keros Therapeutics completed enrollment ahead of schedule in the Phase 2 TROPOS trial during the third quarter of 2024.

Keros Therapeutics, Inc.

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Biotechnology
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LEXINGTON