Keros Therapeutics (KROS) financial statements
Keros Therapeutics reported revenue of $244M in fiscal 2025, up 70.3% a year over 6 years.
Net income was $87M and the operating margin 27.7%, against -105.6% in 2019.
Free cash flow was $106M, and the company returned $375M in net buybacks.
The diluted share count rose 1527% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Keros Therapeutics's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | $10M | $0 | $20M | $0 | $151,000 | $4M | $244M |
| Research and development | $17M | $34M | $55M | $87M | $135M | $174M | $130M |
| Selling, general and admin | $3M | $13M | $21M | $28M | $35M | $41M | $47M |
| Operating income | -$11M | -$47M | -$56M | -$115M | -$170M | -$211M | $68M |
| Interest expense | — | $6,000 | $4,000 | $1,000 | $0 | $0 | — |
| Pre-tax income | -$12M | -$46M | -$57M | -$105M | -$153M | -$187M | $92M |
| Income tax | $0 | -$172,000 | $2M | $0 | $0 | $300,000 | $5M |
| Net income | -$12M | -$45M | -$59M | -$105M | -$153M | -$187M | $87M |
| EPS (diluted) | -$6.08 | -$2.93 | -$2.52 | -$4.15 | -$5.20 | -$5.00 | $2.30 |
| Diluted shares | 2M | 16M | 23M | 25M | 29M | 37M | 38M |
| Operating margin | -105.6% | — | -280.5% | — | -112543.7% | -5939.0% | 27.7% |
| Net margin | -123.4% | — | -292.3% | — | -101319.2% | -5277.5% | 35.7% |
Balance sheet
Fiscal years, from Keros Therapeutics's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $7M | $266M | $230M | $279M | $331M | $560M | $287M |
| Receivables | — | $0 | $18M | $0 | $143,000 | $3M | $4M |
| Total current assets | $9M | $268M | $251M | $286M | $347M | $589M | $315M |
| Property, plant and equipment | $708,000 | $724,000 | $1M | $2M | $4M | $4M | $4M |
| Total assets | $11M | $269M | $255M | $307M | $370M | $616M | $338M |
| Total current liabilities | $4M | $7M | $12M | $17M | $24M | $27M | $20M |
| Total liabilities | $10M | $8M | $12M | $29M | $38M | $44M | $35M |
| Shareholders' equity | -$19M | $262M | $243M | $277M | $332M | $572M | $303M |
| Net debt | -$7M | -$266M | -$230M | -$279M | -$331M | -$560M | -$287M |
Cash flow
Fiscal years, from Keros Therapeutics's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -$16M | -$37M | -$62M | -$70M | -$125M | -$161M | $108M |
| Capital spending | $271,000 | $294,000 | $1M | $1M | $2M | $2M | $2M |
| Free cash flow | -$16M | -$37M | -$63M | -$71M | -$127M | -$163M | $106M |
| Stock-based compensation | $59,000 | $4M | $12M | $19M | $29M | $35M | $29M |
| Share buybacks (net) | — | — | — | — | — | $0 | -$375M |
| Free cash flow margin | -162.7% | — | -314.3% | — | -84087.4% | -4585.9% | 43.4% |
Questions
What was Keros Therapeutics's revenue in 2025?
$244M in fiscal 2025, from its 10-K filing.
How much free cash flow does Keros Therapeutics generate?
$106M in fiscal 2025 (operating cash flow minus capital spending).
From Keros Therapeutics's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.