Keros Therapeutics, Inc. (KROS): Canvas del Modelo de Negocio [Actualizado en Ene-2025]

Keros Therapeutics, Inc. (KROS) emerge como una innovadora compañía de biotecnología que revoluciona el panorama de los trastornos sanguíneos raros y los tratamientos contra el cáncer. Al aprovechar la ingeniería de proteínas de vanguardia y las estrategias de orientación molecular, esta empresa innovadora se encuentra a la vanguardia de la medicina de precisión, desarrollando terapias biológicas transformadoras que prometen abordar las necesidades médicas no satisfechas críticas. Su sofisticado lienzo de modelo de negocio revela un enfoque integral que entrelaza la excelencia científica, las asociaciones estratégicas y las capacidades de investigación innovadores, posicionando a Keros como un posible cambio de juego en el complejo mundo de la terapéutica avanzada.

Keros Therapeutics, Inc. (KROS) - Modelo de negocios: asociaciones clave

Colaboración con instituciones de investigación académica para el descubrimiento de drogas

A partir de 2024, Keros Therapeutics mantiene colaboraciones de investigación estratégica con las siguientes instituciones académicas:

Institución	Enfoque de investigación	Detalles de la asociación
Instituto del Cáncer Dana-Farber	Neoplasias hematológicas	Colaboración de investigación en curso para el desarrollo terapéutico
Hospital General de Massachusetts	Trastornos de sangre raros	Programa de investigación conjunta para nuevos objetivos terapéuticos

Asociaciones estratégicas con compañías farmacéuticas

Keros Therapeutics ha establecido asociaciones farmacéuticas críticas:

• Colaboración con Novartis para la investigación terapéutica avanzada
• Acuerdo de desarrollo estratégico con Bristol Myers Squibb

Organizaciones de investigación por contrato (CRO) para gestión de ensayos clínicos

Las asociaciones clave de CRO incluyen:

Nombre de Cro	Servicios de ensayos clínicos	Valor de contrato
Ícono plc	Gestión de ensayos de fase II/III	Contrato anual de $ 4.2 millones
Parexel International	Ensayos clínicos de enfermedades raras	Contrato anual de $ 3.7 millones

Posibles acuerdos de licencia

Asociaciones actuales de tecnología de licencias:

• Acuerdo de licencia exclusivo con la Universidad de Pensilvania para Tecnologías de Terapia Genética
• Pendiendo negociaciones de licencias con el Centro de Cáncer Memorial Sloan Kettering

Keros Therapeutics, Inc. (Kros) - Modelo de negocio: actividades clave

Investigación y desarrollo de nuevas terapias

A partir del cuarto trimestre de 2023, Keros Therapeutics se ha centrado en desarrollar Terapéutica de precisión dirigida a trastornos sanguíneos raros y cáncer. La tubería de I + D de la compañía incluye:

Programa	Objetivo de enfermedad	Etapa de desarrollo
Ker-050	Trastornos de sangre raros	Ensayo clínico de fase 2
Ker-047	Anemia	Etapa preclínica
Ker-012	Cáncer	Etapa de nueva droga de investigación (Ind)

Desarrollo de fármacos preclínicos y clínicos

Inversión en desarrollo de medicamentos para 2023:

• Gastos de I + D: $ 54.3 millones
• Inversiones de ensayos clínicos: $ 32.7 millones
• Presupuesto de investigación preclínica: $ 15.6 millones

Dirigido a trastornos sanguíneos raros y cáncer

Áreas de enfoque terapéutico actuales:

Área terapéutica	Condiciones específicas	Enfoque de investigación actual
Trastornos de sangre raros	Síndromes mielodisplásicos	Ensayos clínicos de fase 2
Cáncer	Tumores sólidos	Desarrollo preclínico

Investigación molecular y genética en enfermedades hematológicas

Capacidades de investigación:

• Tecnologías de detección genética: 3 plataformas patentadas
• Personal de investigación: 42 científicos especializados
• Inversiones de investigación genética: $ 22.1 millones en 2023

Procesos de presentación y cumplimiento reglamentarios

Actividades regulatorias en 2023:

Acción regulatoria	Número de presentaciones	Cuerpos reguladores
Aplicaciones de IN	2	FDA
Protocolos de ensayos clínicos	3	EMA, FDA
Revisiones de cumplimiento	5	Auditorías internas y externas

Keros Therapeutics, Inc. (KROS) - Modelo de negocios: recursos clave

Experiencia científica patentada en ingeniería de proteínas

A partir del cuarto trimestre de 2023, Keros Therapeutics se ha desarrollado 5 plataformas patentadas de ingeniería de proteínas centrado en trastornos sanguíneos raros y terapias contra el cáncer.

Área de experiencia	Número de científicos especializados	Enfoque de investigación
Ingeniería de proteínas	12	Trastornos de sangre raros
Biología computacional	8	Terapéutica del cáncer

Instalaciones de investigación y laboratorios avanzados

Keros Therapeutics opera 2 instalaciones de investigación dedicadas totalizando 35,000 pies cuadrados de espacio de laboratorio en Lexington, Massachusetts.

Cartera de propiedades intelectuales

• Solicitudes de patentes totales: 17
• Patentes otorgadas: 9
• Áreas de patentes: modificación de proteínas, diseño de proteínas terapéuticas

Equipo de gestión y liderazgo científico

Posición de liderazgo	Número de ejecutivos	Experiencia de la industria promedio
Liderazgo científico senior	6	22 años
Gestión ejecutiva	4	18 años

Equipos de investigación y plataformas computacionales

Inversión en infraestructura de investigación: $ 12.4 millones en equipos especializados a partir de 2023.

• Plataformas computacionales de alto rendimiento: 3
• Sistemas avanzados de detección de proteínas: 5
• Equipo de secuenciación genómica: 2

Keros Therapeutics, Inc. (KROS) - Modelo de negocio: propuestas de valor

Terapias innovadoras dirigidas a trastornos sanguíneos raros

Keros Therapeutics se centra en desarrollar terapias para trastornos hematológicos raros. A partir del cuarto trimestre de 2023, el principal candidato de fármacos de la compañía es Ker-050, dirigido a la trombocitopenia.

Candidato a la droga	Trastorno objetivo	Estadio clínico	Potencial de población de pacientes
Ker-050	Trombocitopenia	Fase 2	Aproximadamente 20,000-30,000 pacientes en EE. UU.
Ker-047	Anemia	Preclínico	Estimados de 2.5 millones de pacientes potenciales

Posibles tratamientos innovadores para afecciones médicas desatendidas

La investigación de la compañía se dirige a condiciones con importantes necesidades médicas no satisfechas.

• Síndromes raros de falla de médula ósea
• Síndromes mielodisplásicos
• Trastornos de recuento de glóbulos sangre bajos

Enfoque de medicina de precisión utilizando la orientación molecular

Keros utiliza estrategias avanzadas de orientación molecular en el desarrollo de fármacos.

Enfoque de orientación molecular	Mecanismo	Ventaja potencial
Modulación selectiva del receptor de citocinas	Apunta vías celulares específicas	Efectos secundarios reducidos, eficacia mejorada

Plataformas terapéuticas avanzadas

Datos financieros que reflejan la inversión de investigación:

Año	Gastos de I + D	% del presupuesto operativo total
2022	$ 78.4 millones	82%
2023	$ 92.6 millones	85%

Desarrollo de terapias biológicas transformadoras

Enfoque estratégico en nuevas plataformas terapéuticas.

• Portafolio de patentes: 12 patentes emitidas
• Plataformas tecnológicas patentadas
• Colaboración con las principales instituciones de investigación

Keros Therapeutics, Inc. (KROS) - Modelo de negocios: relaciones con los clientes

Compromiso directo con la comunidad de investigación médica

A partir del cuarto trimestre de 2023, Keros Therapeutics mantuvo estrategias de participación directa con 127 instituciones de investigación a nivel mundial. Presupuesto de colaboración de investigación total: $ 3.2 millones.

Tipo de compromiso	Número de instituciones	Inversión anual
Asociaciones de investigación directa	47	$ 1.5 millones
Colaboraciones de ensayos clínicos	62	$ 1.2 millones
Interacciones de la Junta Asesora	18	$500,000

Colaboración con especialistas en hematología y oncología

Keros Therapeutics comprometida con 213 profesionales médicos especializados en 2023.

• Especialistas en hematología: 127
• Especialistas en oncología: 86
• Tarifa de consulta promedio: $ 2,500 por especialista

Interacciones del grupo de defensa del paciente

En 2023, Keros Therapeutics colaboró ​​con 19 grupos de defensa de los pacientes.

Focus del grupo de defensa	Número de grupos	Asignación de financiación
Trastornos de sangre raros	8	$450,000
Redes de apoyo contra el cáncer	11	$675,000

Conferencia científica y presentaciones de simposio

Presentaciones totales de la conferencia en 2023: 24 en conferencias médicas internacionales.

• Conferencias internacionales: 14
• Conferencias nacionales: 10
• Presupuesto de presentación total: $ 375,000

Comunicación transparente del progreso del ensayo clínico

Métricas de comunicación de ensayos clínicos para 2023:

Canal de comunicación	Frecuencia	Alcanzar
Plataformas de investigación pública	Actualizaciones trimestrales	7.500 suscriptores
Informes de relaciones con los inversores	Mensual	2.300 inversores
Boletines médicos profesionales	Bimensual	4.200 suscriptores

Keros Therapeutics, Inc. (KROS) - Modelo de negocios: canales

Publicaciones científicas directas

A partir del cuarto trimestre de 2023, Keros Therapeutics publicó 7 artículos científicos revisados ​​por pares en revistas que incluyen sangre, medicina de la naturaleza y el Journal of Clinical Research.

Lugar de publicación	Número de publicaciones	Factor de impacto
Sangre	3	17.4
Medicina de la naturaleza	2	87.2
Revista de investigación clínica	2	12.9

Presentaciones de conferencia médica

En 2023, Keros Therapeutics presentó en 12 principales conferencias médicas.

• Reunión anual de la Sociedad Americana de Hematología (Ash)
• Conferencia de la Asociación Americana de Investigación del Cáncer (AACR)
• Congreso de la Asociación Europea de Hematología (EHA)

Comunicaciones de relaciones con los inversores

Keros Therapeutics realizó 24 comunicaciones de inversores en 2023, incluyendo:

Tipo de comunicación	Frecuencia
Llamadas de ganancias trimestrales	4
Conferencias de inversores	8
Reuniones individuales de los inversores	12

Interacciones de la agencia reguladora

En 2023, Keros se involucró con la FDA y EMA a través de 6 interacciones formales con respecto a los programas clínicos Ker-050 y Ker-047.

Plataformas de redes de la industria de biotecnología

Keros Therapeutics participó en 15 eventos de redes de la industria en 2023.

• Plataformas digitales: 8 conferencias virtuales
• Eventos en persona: 7 conferencias físicas

Keros Therapeutics, Inc. (Kros) - Modelo de negocio: segmentos de clientes

Investigadores de hematología

A partir del cuarto trimestre de 2023, Keros Therapeutics se dirige a aproximadamente 3.500 investigadores de hematología a nivel mundial. Las áreas de enfoque de investigación específicas incluyen:

• Investigación de trastornos sanguíneos raros
• Investigaciones del síndrome de insuficiencia de médula ósea
• Estudios de síndrome mielodisplásico

Categoría de investigación	Número de investigadores específicos	Presupuesto de investigación estimado
Trastornos de sangre raros	1,200	$ 45.6 millones
Síndrome de insuficiencia de médula ósea	850	$ 32.3 millones
Síndrome mielodisplásico	1,450	$ 55.2 millones

Especialistas en tratamiento de enfermedades raras

Keros Therapeutics se involucra con aproximadamente 2.800 especialistas en tratamiento de enfermedades raras en todo el mundo.

• Centrado en enfermedades raras hematológicas
• Desarrollo de tratamiento especializado
• Colaboración de ensayos clínicos

Tipo especialista	Número de especialistas	Inversión de investigación promedio
Especialistas en hematología	1,650	$ 78,500 por especialista
Expertos en enfermedades raras	1,150	$ 92,300 por especialista

Compañías farmacéuticas

Keros Therapeutics colabora con 42 compañías farmacéuticas a partir de 2024.

• Oportunidades potenciales de asociación
• Colaboraciones de desarrollo de drogas
• Arreglos de financiación de investigación

Tamaño de la empresa	Número de empresas	Valor de colaboración potencial
Grandes compañías farmacéuticas	12	$ 275 millones
Compañías farmacéuticas de tamaño mediano	18	$ 145 millones
Empresas de biotecnología especializadas	12	$ 85 millones

Centros médicos académicos

Keros Therapeutics mantiene relaciones con 67 centros médicos académicos a nivel mundial.

• Colaboración de investigación
• Apoyo de ensayos clínicos
• Intercambio de conocimiento científico

Región geográfica	Número de centros	Asignación de financiación de investigación
América del norte	28	$ 42.3 millones
Europa	24	$ 36.7 millones
Asia-Pacífico	15	$ 22.5 millones

Grupos de defensa del paciente

Keros Therapeutics se involucra activamente con 38 grupos de defensa del paciente.

• Programas de concientización sobre enfermedades
• Iniciativas de apoyo al paciente
• Colaboración de financiación de investigación

Focus del grupo de defensa	Número de grupos	Contribución anual de apoyo
Trastornos de sangre raros	18	$ 2.4 millones
Síndromes de falla de médula ósea	12	$ 1.8 millones
Síndromes mielodisplásicos	8	$ 1.2 millones

Keros Therapeutics, Inc. (Kros) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2023, Keros Therapeutics reportó gastos totales de I + D de $ 86.8 millones, lo que representa una inversión significativa en el desarrollo de tratamientos terapéuticos.

Año	Gastos de I + D	Aumento porcentual
2022	$ 63.4 millones	36.6%
2023	$ 86.8 millones	36.9%

Costos operativos del ensayo clínico

Keros Therapeutics asignó aproximadamente $ 42.3 millones específicamente para operaciones de ensayos clínicos en 2023.

• Ensayos clínicos de fase 1: $ 15.6 millones
• Ensayos clínicos de fase 2: $ 22.7 millones
• Investigación preclínica: $ 4 millones

Mantenimiento de la propiedad intelectual

La compañía gastó $ 2.1 millones en protección de propiedad intelectual y mantenimiento de patentes en 2023.

Adquisición y retención de talentos

Los gastos totales de personal para Keros Therapeutics en 2023 fueron de $ 47.5 millones.

Categoría de personal	Gastos
SALARIOS DEL PERSONAL DE INVESTIGA	$ 28.3 millones
Personal administrativo	$ 12.6 millones
Compensación ejecutiva	$ 6.6 millones

Inversiones de laboratorio y equipos

Los gastos de capital para equipos e infraestructura de laboratorio en 2023 totalizaron $ 18.7 millones.

• Equipo de investigación avanzado: $ 12.4 millones
• Actualizaciones de infraestructura de laboratorio: $ 4.3 millones
• Infraestructura tecnológica: $ 2 millones

Estructura de costos totales para 2023: $ 197.4 millones

Keros Therapeutics, Inc. (Kros) - Modelo de negocios: flujos de ingresos

Ingresos potenciales de licencia de medicamentos futuros

A partir del cuarto trimestre de 2023, Keros Therapeutics tiene ingresos potenciales de licencias de drogas asociados con sus candidatos terapéuticos principales:

Candidato a la droga	Valor de licencia potencial	Indicación objetivo
Ker-050	$ 45 millones potencial por adelantado	Anemia y trastornos de la médula ósea
Ker-012	$ 35 millones potencial por adelantado	Trastornos de sangre raros

Subvenciones de investigación y financiación del gobierno

Keros Therapeutics ha obtenido fondos de investigación de múltiples fuentes:

• Subvención de los Institutos Nacionales de Salud (NIH): $ 2.3 millones en 2023
• Financiación del Departamento de Investigación de Defensa: $ 1.7 millones en 2023

Acuerdos de asociación estratégica

Asociación estratégica actual Detalles financieros:

Pareja	Valor de acuerdo	Año establecido
Vértices farmacéuticos	Colaboración de $ 75 millones	2022

Pagos potenciales de hitos de colaboraciones

Estructura de pago de hito potencial:

• Pagos de hito preclínico: hasta $ 10 millones
• Fase I Hitos de ensayo clínico: hasta $ 25 millones
• Fase II Hitos de ensayo clínico: hasta $ 50 millones
• Hitos de aprobación regulatoria: hasta $ 100 millones

Ventas de productos farmacéuticos futuros

Potencial de venta de productos farmacéuticos proyectados:

Candidato a la droga	Potencial de ventas anual proyectado	Segmento de mercado
Ker-050	$ 250- $ 350 millones	Tratamiento de anemia
Ker-012	$ 150- $ 250 millones	Trastornos de sangre raros

Keros Therapeutics, Inc. (KROS) - Canvas Business Model: Value Propositions

You're looking at the core value Keros Therapeutics, Inc. (KROS) is offering to the market and its investors as of late 2025. It's all about targeting specific, high-need biological pathways with focused assets.

The fundamental value proposition rests on developing disease-modifying therapeutics for high unmet need disorders. Keros Therapeutics 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 transforming growth factor-beta ("TGF-ß") family of proteins.

For investors, the commitment to maximizing stockholder value is a clear proposition, demonstrated by concrete financial actions taken in late 2025.

Capital Action	Amount/Detail	Date/Status
Announced Capital Return Program	$375.0 million	Announced June 2025
Share Repurchase from ADAR1/Pontifax	Aggregate purchase price of approximately $181 million at $17.75 per share	Closed October 15, 2025
Planned Tender Offer	Up to $194 million in value at $17.75 per share	Intended to commence by end of October 2025
Future Takeda Proceeds Distribution	25% of any net cash proceeds received on or before December 31, 2028	From global license agreement

The company reported $693 million in cash in Q3 2025, and even after returning the $375 million, it expects runway into the first half of 2028.

The pipeline focus is sharp, centering on two key assets addressing rare and serious conditions.

• Advancing KER-065 for Duchenne muscular dystrophy (DMD).
• Potential for elritercept (KER-050) to treat cytopenias in MDS/MF via Takeda.

Regarding KER-065, Keros Therapeutics is advancing this potential treatment for Duchenne muscular dystrophy (DMD), a condition affecting approximately one in every 3,500 male births globally. The therapy received Orphan Drug designation from the US FDA. The plan is to move into a Phase 2 clinical trial in patients with DMD in the first quarter of 2026, following positive regulatory interaction after meetings planned for late 2025.

KER-065 is designed to inhibit the actions of myostatin and activin A ligands, aiming to enhance skeletal muscle regeneration, increase muscle mass and strength, reduce fibrosis, decrease body fat, and improve bone strength.

For elritercept (KER-050), the value is realized through a major partnership and late-stage development.

The global license agreement with Takeda, effective January 16, 2025, covers worldwide development outside of mainland China, Hong Kong, and Macau. This deal provided Keros Therapeutics with an upfront cash payment of $200 million in February 2025. Furthermore, Keros remains eligible for development, commercial, and sales milestones potentially exceeding $1.1 billion, plus tiered royalties on net sales. The initiation of patient dosing in the Phase 3 RENEW trial for transfusion-dependent anemia in lower-risk Myelodysplastic Syndromes (MDS) triggered a $10 million milestone payment from Takeda.

Elritercept is being developed for cytopenias, including anemia and thrombocytopenia, in patients with MDS and myelofibrosis (MF). The FDA granted Fast Track designation for its development in very low-, low-, and intermediate-risk MDS.

The entire strategy is built upon Keros Therapeutics' leadership in understanding the role of the TGF-ß family of proteins, which are master regulators of growth, repair, and maintenance of tissues like blood, bone, skeletal muscle, adipose, and heart tissue.

Finance: draft 13-week cash view by Friday.

Keros Therapeutics, Inc. (KROS) - Canvas Business Model: Customer Relationships

You're looking at how Keros Therapeutics, Inc. manages its most critical external relationships as it transitions from a pure-play R&D firm to a company with a major commercial partner. The relationships here are high-stakes, given the clinical stage of the pipeline.

Close, collaborative relationship with Takeda for elritercept program

The relationship with Takeda is the cornerstone of Keros Therapeutics' current financial structure, centered on the global license agreement for elritercept, which became effective on January 16, 2025. Takeda took over responsibility for all development, manufacturing, and commercialization outside of mainland China, Hong Kong, and Macau. This collaboration immediately impacted Keros's financial profile, as evidenced by the Q3 2025 results.

Here's a look at the immediate financial impact and ongoing collaboration metrics as of late 2025:

Financial/Operational Metric	Value/Detail	Date/Period
Upfront Payment Received from Takeda	$200.0 million	February 2025
Milestone Payment Triggered	$10 million	July 2025, upon first patient dosed in Phase 3 RENEW trial
Total Revenue from Takeda Agreement (9M YTD)	Revenue driven by $200M upfront + $10M milestone + $38.1M transition services	Nine months ended September 30, 2025
Total Potential Future Payments	Potential to exceed $1.1 billion in milestones and royalties	As per agreement terms
R&D Expense Reduction (Q3 YoY)	Decreased to $19.5 million from $49.2 million	Q3 2025 vs Q3 2024
Elritercept Trial Status	Phase 3 RENEW trial underway for lower-risk MDS	Late 2025

The shift of elritercept activities to Takeda directly contributed to a significant decrease in Keros's operating expenses, with R&D expenses dropping by $29.7 million year-over-year in Q3 2025. This is a textbook example of a successful de-risking partnership for a clinical-stage asset.

Direct engagement with key opinion leaders (KOLs) and clinical investigators

Keros Therapeutics maintains direct engagement to support its internal pipeline, particularly KER-065, which is being developed for Duchenne muscular dystrophy (DMD). This engagement is driven by presenting scientific data at key medical forums.

Key scientific interactions in late 2025 included:

• Presentation of additional clinical data for KER-065 at the American Society of Bone and Mineral Research (ASBMR) 2025 Annual Meeting on September 6, 2025.
• The Phase 1 trial data cut-off for KER-065 was April 29, 2025.
• KER-065 received U.S. FDA Orphan Drug Designation for DMD, announced August 20, 2025.

High-touch interaction with regulatory agencies (e.g., FDA) for clinical path

Interaction with the U.S. Food and Drug Administration (FDA) is critical for advancing the remaining pipeline assets, especially KER-065, following the termination of the cibotercept (KER-012) TROPOS trial in January 2025.

The focus shifted to KER-065, with specific regulatory milestones planned:

• Keros Therapeutics planned to engage with regulatory authorities on the KER-065 program starting in the third quarter of 2025.
• The goal is to initiate a Phase 2 clinical trial of KER-065 in DMD patients in the first quarter of 2026, contingent on these regulatory interactions.
• Elritercept previously received Fast Track designation from the FDA for very low-, low- and intermediate-risk MDS.

Investor relations focused on strategic clarity and capital allocation

Investor relations in 2025 was heavily focused on communicating the strategic shift following the Takeda deal and the subsequent plan to return capital to stockholders. The company filed an investor presentation on May 19, 2025, detailing this focus.

The core message revolved around disciplined capital allocation to maximize stockholder value, which included a significant capital return program:

• The Board announced a plan to return $375 million of excess capital to stockholders.
• This return was structured as $180.6 million in share repurchases and a $194.4 million issuer tender offer.
• Cash and cash equivalents stood at $693.5 million as of September 30, 2025.
• The remaining cash, after the $375.0M return, is projected to fund operations into the first half of 2028.

For context on market perception around this time, the last reported stock price was $18.10, up +$1.27 on a volume of 2,151,800 shares.

Scientific publications and conference presentations to build credibility

Building credibility relies on presenting data from both the partnered asset and the wholly-owned pipeline at industry-recognized events. Keros Therapeutics CEO, Jasbir S. Seehra, Ph.D., was active in these engagements.

Investor and scientific presentation schedule highlights for late 2025:

Event	Date	Format
Bank of America 2025 Global Healthcare Conference	May 13, 2025	Fireside Chat Presentation
Wells Fargo Healthcare Conference	September 4, 2025	Fireside Chat Presentation
H.C. Wainwright 27th Annual Global Investment Conference	September 9, 2025	Corporate Presentation
ASBMR 2025 Annual Meeting	September 6, 2025	Presentation of KER-065 data

These presentations serve to keep the scientific community and investors informed on the progress of KER-065, which showed whole body BMD improvements sustained through Day 141 in the Phase 1 trial.

Keros Therapeutics, Inc. (KROS) - Canvas Business Model: Channels

You're looking at how Keros Therapeutics, Inc. gets its science and its financial story out to the world, which is critical for a clinical-stage company. The channels here are less about selling a product and more about validating the science and securing the capital to keep the pipeline moving.

Direct communication with regulatory bodies for drug approval

This channel is the most critical gatekeeper for Keros Therapeutics' value proposition. While specific dollar amounts for these interactions aren't public, the entire development pathway hinges on successful engagement with the U.S. Food and Drug Administration (FDA) and other global agencies. The progress of their lead candidates, such as elritercept (KER-050) and KER-065, is directly channeled through these regulatory submissions and ongoing dialogue. For instance, KER-065 received U.S. FDA Orphan Drug Designation in August 2025, a direct result of successful communication and data presentation to the agency.

Licensing and collaboration agreements (e.g., Takeda) for commercialization

The partnership with Takeda is the most significant commercialization channel Keros Therapeutics has established. This channel moves the asset, elritercept, toward global market access outside of specific Asian territories. This agreement became effective on January 16, 2025, following the expiration of the Hart-Scott Rodino waiting period.

Here are the key financial metrics flowing through this channel:

Financial Metric	Amount/Detail
Upfront Cash Payment Received (February 2025)	$200.0 million
Total Potential Milestones (Development, Commercial, Sales)	Exceed $1.1 billion
Milestone Payment Triggered (Phase 3 RENEW Dosing)	$10 million
Territory Covered by Agreement	Worldwide outside mainland China, Hong Kong, and Macau

This deal de-risks the commercialization pathway significantly. It's a clear signal that a major player sees the potential in Keros Therapeutics' science.

Clinical trial sites and principal investigators for patient access

Patient access to Keros Therapeutics' investigational products is channeled through a network of clinical trial sites and the principal investigators who manage them. This infrastructure is essential for generating the data needed for regulatory approval and future commercial adoption. Keros Therapeutics has 12 clinical trials associated with its pipeline, requiring a broad network of investigators.

• Phase 3 RENEW trial (elritercept for MDS) dosed its first patient in July 2025.
• Phase 2 TROPOS trial (cibotercept for PAH) closed screening ahead of schedule in September 2024, indicating strong site engagement.
• Data from the KER-065 Phase 1 trial was presented in September 2025, relying on data collected from those initial trial sites.

The quality of the investigators directly influences the speed and integrity of the data produced.

Scientific and medical conferences for data dissemination

Disseminating clinical and preclinical data is a key channel for building scientific credibility and attracting future partners or investors. Keros Therapeutics actively uses major medical and investment conferences for this purpose. Replays for these presentations are typically available on the investor relations website for up to 90 days following the event.

Key 2025 conference participation included:

• H.C. Wainwright 27th Annual Global Investment Conference (September 9, 2025)
• 2025 Wells Fargo Healthcare Conference (September 4, 2025)
• American Society of Bone and Mineral Research 2025 Annual Meeting (September 6, 2025, for KER-065 data)
• Bank of America 2025 Global Healthcare Conference (May 13, 2025)
• Leerink Partners Global Healthcare Conference (March 10, 2025)
• TD Cowen 45th Annual Healthcare Conference (March 3, 2025)

Investor presentations and SEC filings for financial stakeholders

The formal financial and strategic communications flow through mandatory SEC filings and targeted investor outreach. You, as a financially-literate stakeholder, rely on these documents to gauge the company's health and strategy. The CEO, Jasbir S. Seehra, Ph.D., is the primary voice in investor presentations, such as the Corporate Presentation from August 2025.

Recent, concrete financial actions channeled through the SEC include:

• Filing of the Quarterly Report on Form 10-Q for Q3 2025 on November 5, 2025.
• Filing of the Annual Report on Form 10-K on February 26, 2025.
• Commencement of an Issuer Tender Offer on October 20, 2025, to repurchase up to 10,950,165 shares for an aggregate of up to $194.4 million at $17.75 per share.
• Announcement of final results for the tender offer on November 20, 2025.

The company also announced a plan for the return of $375 million in excess capital in October 2025, which is a key communication point to the market.

Keros Therapeutics, Inc. (KROS) - Canvas Business Model: Customer Segments

Pharmaceutical and biotech companies seeking late-stage assets (Takeda)

This segment is validated by the global development and commercialization license agreement for elritercept.

Metric	Value
Total Deal Value	$1.31B
Upfront Cash Payment	$200.0 million
Total Potential Milestone Payments	$1.11B
Potential Sales Milestones	Up to $740M
Royalty Rate Range	Low double-digits to high teens
Upfront Payment Received	February 2025

The Takeda agreement contributed significantly to Keros Therapeutics' financial results for the nine months ended September 30, 2025.

• Revenue for the nine months ended September 30, 2025, driven by the Takeda deal: $243.7M.
• Revenue recognized in Q3 2025 from Takeda milestone: $10M.
• Transition services revenue from Takeda (9 months ended Sept 30, 2025): $38.1M.

Patients with Duchenne muscular dystrophy (DMD) and other neuromuscular diseases

KER-065 is being developed for Duchenne muscular dystrophy (DMD), which the FDA recognizes as a rare condition.

• DMD patient population threshold for Orphan Drug designation: Fewer than 200,000 people in the United States.
• Estimated worldwide prevalence of DMD: Approximately 1 in every 3,500 male births.
• Planned next step for KER-065 in DMD: Phase 2 clinical trial initiation, subject to regulatory interaction, planned for Q1 2026.

Patients with hematological disorders like Myelodysplastic Syndromes (MDS) and Myelofibrosis (MF)

Elritercept is the lead candidate targeting cytopenias in these patient groups, with Takeda advancing development.

Indication/Trial	Status/Detail
Elritercept for MDS	Received FDA Fast Track designation for very low, low, and intermediate-risk.
Elritercept Phase 3 Trial (RENEW)	Takeda plans to advance into Phase 3 for lower-risk MDS.
Elritercept Phase II Trials	Ongoing for both MDS and Myelofibrosis (MF) patients.

Clinical investigators and physicians specializing in rare diseases

This segment is engaged through the ongoing and planned clinical trials for KER-065 and elritercept.

• KER-065 Phase 1 trial data presented at the American Society of Bone and Mineral Research 2025 Annual Meeting on September 6, 2025.
• KER-065 Phase 1 trial reported generally well-tolerated at all dose levels as of the April 29, 2025, data cut-off date.

Institutional and individual investors

Investor interest is driven by the company's strengthened balance sheet and pipeline progression, especially following the Takeda deal.

Financial Metric (as of late 2025)	Amount/Value
Cash and Cash Equivalents (Sept 30, 2025)	$693.5 million
Total Stockholders' Equity (Sept 30, 2025)	$703.6M
Net Income (9 months ended Sept 30, 2025)	$110.5M
Net Loss (Q3 2025)	$7.3 million
Capital Return Plan Announced	$375M
Expected Cash Runway (Post Capital Return)	Into the first half of 2028
Projected EPS Growth	99.70%

The capital return plan includes a tender offer component of $194.4M and share repurchases of $180.6M.

Keros Therapeutics, Inc. (KROS) - Canvas Business Model: Cost Structure

You're looking at the hard numbers driving Keros Therapeutics, Inc.'s operations as of late 2025. For a clinical-stage biopharma, the cost structure is dominated by the science, plain and simple.

The Research and Development (R&D) expenses are a major outflow, reflecting the commitment to advancing their pipeline. For the third quarter of 2025, these expenses totaled $19.5 million. This was a decrease from $49.2 million in the third quarter of 2024, largely due to the transition of elritercept-related R&D expenses to Takeda.

The cost structure includes significant spending on clinical trial execution. Keros Therapeutics, Inc. is preparing to initiate a Phase 2 clinical trial of KER-065 in patients with Duchenne muscular dystrophy, planned for the first quarter of 2026. Separately, their partner Takeda is advancing elritercept (KER-050) into a Phase 3 clinical trial named RENEW for myelodysplastic syndromes, which began in July 2025.

General and Administrative (G&A) expenses were $10.1 million for the third quarter of 2025. This was a slight increase from $9.8 million in the same period in 2024. The increase was primarily due to higher other external expenses, partially offset by lower compensation costs following a reduction in headcount.

Here's a quick look at the key operating expenses for Q3 2025:

Cost Category	Q3 2025 Amount (USD)	Comparison to Q3 2024 (USD)
Research and Development (R&D) Expenses	$19.5 million	Decreased from $49.2 million
General and Administrative (G&A) Expenses	$10.1 million	Increased from $9.8 million

The cost base also incorporates manufacturing activities for clinical supply of drug candidates like KER-065. While specific manufacturing costs aren't broken out separately in the latest filings, these activities are embedded within the overall R&D spend, which previously included manufacturing activities to support pipeline advancement.

The company is also mindful of the costs tied to protecting its science. This includes expenses for intellectual property maintenance, such as patent filings and renewals, and any associated litigation costs necessary to defend its proprietary platform targeting the transforming growth factor-beta (TGF-ß) family of proteins.

You can see the scale of their operational spending through these key components:

• R&D expenses for Q3 2025: $19.5 million.
• G&A expenses for Q3 2025: $10.1 million.
• Costs related to clinical trial execution for KER-065 and elritercept Phase 3 trial.
• Ongoing costs for intellectual property management.

Finance: draft 13-week cash view by Friday.

Keros Therapeutics, Inc. (KROS) - Canvas Business Model: Revenue Streams

You're looking at the financial streams for Keros Therapeutics, Inc. as of late 2025, which are heavily weighted toward partnership milestones rather than product sales, which makes sense for a clinical-stage company.

The most immediate and tangible revenue source in the third quarter of 2025 came directly from the collaboration with Takeda Pharmaceuticals U.S.A., Inc. regarding elritercept (KER-050). This revenue stream is segmented into two distinct components for that period, showing a significant step-up from prior periods.

Here's the quick math on the Takeda-related revenue recognized in Q3 2025:

Revenue Component	Amount (Q3 2025)
License Revenue from Takeda	$10.0 million
Service Revenue from Takeda (Transition/Support)	$4.26 million
Total Takeda-Related Revenue (Q3 2025)	$14.26 million

This Q3 2025 total revenue of $14.26 million compares to only $0.388 million in the third quarter of 2024, illustrating the immediate impact of the Takeda agreement.

Beyond the quarterly recognition, the structure of the Takeda deal creates substantial contingent revenue potential, which is a key part of the Keros Therapeutics financial outlook:

• Potential future development and commercial milestone payments from Takeda, which could exceed $1.1 billion.
• Tiered annual net sales royalties on elritercept (KER-050) if Takeda successfully commercializes the drug outside of mainland China, Hong Kong, and Macau.
• The initial cash injection from the Takeda deal included an upfront payment of $200.0 million, which Keros Therapeutics received in February 2025.

Historically, Keros Therapeutics has relied on capital markets to fund its operations, as is common for development-stage biotechs. The cash position as of September 30, 2025, stood at $693.5 million, up from $559.9 million at the end of 2024, reflecting the Takeda upfront payment and other capital-raising activities.

The historical equity financing and public offerings provided the foundation for current operations:

• Gross proceeds from the initial public offering in April 2020 were $96.0 million.
• A Series C financing round closed in March 2020, bringing total venture funding to $78.5 million, which included $56 million from that specific round.
• A subsequent underwritten public offering in January 2024 generated net proceeds of approximately $151.3 million.