Keros Therapeutics, Inc. (KROS): Business Model Canvas [Jan-2025 Mis à jour]

Keros Therapeutics, Inc. (KROS) émerge comme une entreprise de biotechnologie révolutionnaire révolutionnant le paysage des troubles sanguins rares et des traitements contre le cancer. En tirant parti des stratégies d'ingénierie des protéines de pointe et de ciblage moléculaire, cette entreprise innovante est à l'avant-garde de la médecine de précision, développant des thérapies biologiques transformatrices qui promettent de répondre aux besoins médicaux critiques non satisfaits. Leur toile de modèle commercial sophistiqué révèle une approche globale qui entrelace l'excellence scientifique, les partenariats stratégiques et les capacités de recherche révolutionnaires, positionnant les keros comme un changement de jeu potentiel dans le monde complexe des thérapies avancées.

Keros Therapeutics, Inc. (KROS) - Modèle commercial: partenariats clés

Collaboration avec les établissements de recherche universitaires pour la découverte de médicaments

En 2024, Keros Therapeutics maintient des collaborations de recherche stratégique avec les établissements universitaires suivants:

Institution	Focus de recherche	Détails du partenariat
Dana-Farber Cancer Institute	Tumeurs malignes hématologiques	Collaboration de recherche en cours pour le développement thérapeutique
Hôpital général du Massachusetts	Troubles sanguins rares	Programme de recherche conjoint pour de nouvelles cibles thérapeutiques

Partenariats stratégiques avec les sociétés pharmaceutiques

Keros Therapeutics a établi des partenariats pharmaceutiques critiques:

• Collaboration avec Novartis pour la recherche thérapeutique avancée
• Contrat de développement stratégique avec Bristol Myers Squibb

Organisations de recherche contractuelle (CRO) pour la gestion des essais cliniques

Les principaux partenariats CRO comprennent:

Nom de CRO	Services d'essai cliniques	Valeur du contrat
Icône plc	Gestion des essais de phase II / III	Contrat annuel de 4,2 millions de dollars
Parexel International	Essais cliniques de maladies rares	Contrat annuel de 3,7 millions de dollars

Accords de licence potentiels

Partenariats en technologie de l'octroi de licences actuels:

• Contrat de licence exclusif avec l'Université de Pennsylvanie pour les technologies de thérapie génétique
• Négociations d'octroi de licences en attente avec Memorial Sloan Kettering Cancer Center

Keros Therapeutics, Inc. (KROS) - Modèle d'entreprise: activités clés

Recherche et développement de nouvelles thérapies

Depuis le quatrième trimestre 2023, Keros Therapeutics s'est concentré sur le développement Précision thérapeutique ciblant les troubles sanguins rares et le cancer. Le pipeline R&D de l'entreprise comprend:

Programme	Cible de la maladie	Étape de développement
Ker-050	Troubles sanguins rares	Essai clinique de phase 2
KER-047	Anémie	Étape préclinique
Ker-012	Cancer	Étape d'enquête sur le médicament (IND)

Développement de médicaments précliniques et cliniques

Investissement dans le développement de médicaments pour 2023:

• Dépenses de R&D: 54,3 millions de dollars
• Investissements d'essais cliniques: 32,7 millions de dollars
• Budget de recherche préclinique: 15,6 millions de dollars

Ciblant les troubles sanguins rares et le cancer

Zones de mise au point thérapeutique actuelles:

Zone thérapeutique	Conditions spécifiques	Focus de recherche actuelle
Troubles sanguins rares	Syndromes myélodysplasiques	Essais cliniques de phase 2
Cancer	Tumeurs solides	Développement préclinique

Recherche moléculaire et génétique sur les maladies hématologiques

Capacités de recherche:

• Technologies de dépistage génétique: 3 plateformes propriétaires
• Personnel de recherche: 42 scientifiques spécialisés
• Investissements en recherche génétique: 22,1 millions de dollars en 2023

Processus de soumission et de conformité réglementaires

Activités réglementaires en 2023:

Action réglementaire	Nombre de soumissions	Organismes de réglementation
Applications IND	2	FDA
Protocoles d'essais cliniques	3	EMA, FDA
Revues de conformité	5	Audits internes et externes

Keros Therapeutics, Inc. (KROS) - Modèle commercial: Ressources clés

Expertise scientifique propriétaire en ingénierie des protéines

Depuis le Q4 2023, Keros Therapeutics a développé 5 plates-formes d'ingénierie protéiques propriétaires axé sur les troubles sanguins rares et les thérapies contre le cancer.

Domaine d'expertise	Nombre de scientifiques spécialisés	Focus de recherche
Ingénierie des protéines	12	Troubles sanguins rares
Biologie informatique	8	Thérapeutique du cancer

Installations de recherche avancées et laboratoires

Keros Therapeutics fonctionne 2 installations de recherche dédiées totalisant 35 000 pieds carrés d'espace de laboratoire à Lexington, Massachusetts.

Portefeuille de propriété intellectuelle

• Demandes totales de brevets: 17
• Brevets accordés: 9
• Zones de brevet: modification des protéines, conception thérapeutique des protéines

Équipe de direction et de leadership scientifique

Poste de direction	Nombre de cadres	Expérience moyenne de l'industrie
Leadership scientifique principal	6	22 ans
Direction	4	18 ans

Équipement de recherche et plateformes de calcul

Investissement dans les infrastructures de recherche: 12,4 millions de dollars en équipement spécialisé en 2023.

• Plates-formes de calcul haute performance: 3
• Systèmes de dépistage des protéines avancées: 5
• Équipement de séquençage génomique: 2

Keros Therapeutics, Inc. (KROS) - Modèle d'entreprise: propositions de valeur

Thérapies innovantes ciblant les troubles sanguins rares

Keros Therapeutics se concentre sur le développement de thérapies pour les troubles hématologiques rares. Depuis le quatrième trimestre 2023, le principal candidat médicamenteux de la société est KER-050, ciblant la thrombocytopénie.

Drogue	Trouble cible	Étape clinique	Population potentielle de patients
Ker-050	Thrombocytopénie	Phase 2	Environ 20 000 à 30 000 patients aux États-Unis
KER-047	Anémie	Préclinique	Estimé 2,5 millions de patients potentiels

Traitements de percée potentielles pour les conditions médicales mal desservies

La recherche de l'entreprise cible les conditions ayant des besoins médicaux non satisfaits importants.

• Syndromes de défaillance de la moelle osseuse rare
• Syndromes myélodysplasiques
• Troubles du nombre de cellules sanguines bas

Approche de la médecine de précision utilisant le ciblage moléculaire

Keros utilise des stratégies de ciblage moléculaire avancées dans le développement de médicaments.

Approche de ciblage moléculaire	Mécanisme	Avantage potentiel
Modulation sélective des récepteurs des cytokines	Cible des voies cellulaires spécifiques	Effets secondaires réduits, amélioration de l'efficacité

Plates-formes thérapeutiques avancées

Données financières reflétant l'investissement de la recherche:

Année	Dépenses de R&D	% du budget opérationnel total
2022	78,4 millions de dollars	82%
2023	92,6 millions de dollars	85%

Développement de thérapies biologiques transformatrices

Focus stratégique sur de nouvelles plateformes thérapeutiques.

• Portefeuille de brevets: 12 brevets délivrés
• Plateformes technologiques propriétaires
• Collaboration avec les principaux institutions de recherche

Keros Therapeutics, Inc. (KROS) - Modèle d'entreprise: relations clients

Engagement direct avec la communauté de la recherche médicale

Depuis le quatrième trimestre 2023, Keros Therapeutics a maintenu des stratégies d'engagement directes avec 127 institutions de recherche dans le monde. Budget total de collaboration de recherche: 3,2 millions de dollars.

Type d'engagement	Nombre d'institutions	Investissement annuel
Partenariats de recherche directes	47	1,5 million de dollars
Collaborations d'essais cliniques	62	1,2 million de dollars
Interactions du conseil consultatif	18	$500,000

Collaboration avec des spécialistes de l'hématologie et de l'oncologie

Keros Therapeutics s'est engagé avec 213 professionnels de la santé spécialisés en 2023.

• Spécialistes d'hématologie: 127
• Spécialistes en oncologie: 86
• Frais de consultation moyenne: 2 500 $ par spécialiste

Interactions du groupe de défense des patients

En 2023, Keros Therapeutics a collaboré avec 19 groupes de défense des patients.

Focus du groupe de plaidoyer	Nombre de groupes	Allocation de financement
Troubles sanguins rares	8	$450,000
Réseaux de soutien au cancer	11	$675,000

Présentations de conférence scientifique et de symposium

Présentations totales de la conférence en 2023: 24 à travers les conférences médicales internationales.

• Conférences internationales: 14
• Conférences nationales: 10
• Budget total de présentation: 375 000 $

Communication transparente des progrès des essais cliniques

Métriques de communication des essais cliniques pour 2023:

Canal de communication	Fréquence	Atteindre
Plateformes de recherche publique	Mises à jour trimestrielles	7 500 abonnés
Rapports sur les relations avec les investisseurs	Mensuel	2 300 investisseurs
Newsletters professionnels de la santé	Bimensuel	4 200 abonnés

Keros Therapeutics, Inc. (KROS) - Modèle d'entreprise: canaux

Publications scientifiques directes

Depuis le quatrième trimestre 2023, Keros Therapeutics a publié 7 articles scientifiques évalués par des pairs dans des revues comme le sang, la médecine de la nature et le Journal of Clinical Investigation.

Lieu de publication	Nombre de publications	Facteur d'impact
Sang	3	17.4
Médecine de la nature	2	87.2
Journal of Clinical Investigation	2	12.9

Présentations de la conférence médicale

En 2023, Keros Therapeutics a présenté 12 grandes conférences médicales.

• Réunion annuelle de l'American Society of Hematology (ASH)
• Conférence de l'American Association for Cancer Research (AACR)
• Congrès de l'Association européenne de l'hématologie (EHA)

Communications des relations avec les investisseurs

Keros Therapeutics a effectué 24 communications des investisseurs en 2023, notamment:

Type de communication	Fréquence
Appels de résultats trimestriels	4
Conférences d'investisseurs	8
Réunions individuelles des investisseurs	12

Interactions d'agence de réglementation

En 2023, Keros s'est engagé avec la FDA et l'EMA grâce à 6 interactions formelles concernant les programmes cliniques KER-050 et KER-047.

Plateformes de réseautage de l'industrie de la biotechnologie

Keros Therapeutics a participé à 15 événements de réseautage de l'industrie en 2023.

• Plates-formes numériques: 8 conférences virtuelles
• Événements en personne: 7 conférences physiques

Keros Therapeutics, Inc. (KROS) - Modèle d'entreprise: segments de clientèle

Chercheurs en hématologie

Depuis le quatrième trimestre 2023, Keros Therapeutics cible environ 3 500 chercheurs d'hématologie dans le monde. Les domaines spécifiques de la recherche comprennent:

• Recherche de troubles du sang rare
• Investigations du syndrome d'échec de la moelle osseuse
• Études du syndrome myélodysplasique

Catégorie de recherche	Nombre de chercheurs ciblés	Budget de recherche estimé
Troubles sanguins rares	1,200	45,6 millions de dollars
Syndrome d'échec de la moelle osseuse	850	32,3 millions de dollars
Syndrome myélodysplasique	1,450	55,2 millions de dollars

Spécialistes du traitement des maladies rares

Keros Therapeutics s'engage avec environ 2 800 spécialistes du traitement des maladies rares dans le monde.

• Axé sur les maladies rares hématologiques
• Développement de traitement spécialisé
• Collaboration des essais cliniques

Type spécialisé	Nombre de spécialistes	Investissement moyen de la recherche
Spécialistes de l'hématologie	1,650	78 500 $ par spécialiste
Experts en maladie rare	1,150	92 300 $ par spécialiste

Sociétés pharmaceutiques

Keros Therapeutics collabore avec 42 sociétés pharmaceutiques à partir de 2024.

• Opportunités de partenariat potentiel
• Collaborations de développement de médicaments
• Arrangements de financement de la recherche

Taille de l'entreprise	Nombre d'entreprises	Valeur de collaboration potentielle
Grandes sociétés pharmaceutiques	12	275 millions de dollars
Sociétés pharmaceutiques de taille moyenne	18	145 millions de dollars
Entreprises de biotechnologie spécialisées	12	85 millions de dollars

Centres médicaux académiques

Keros Therapeutics entretient des relations avec 67 centres médicaux universitaires dans le monde.

• Collaboration de recherche
• Soutien en essai clinique
• Échange de connaissances scientifiques

Région géographique	Nombre de centres	Allocation de financement de la recherche
Amérique du Nord	28	42,3 millions de dollars
Europe	24	36,7 millions de dollars
Asie-Pacifique	15	22,5 millions de dollars

Groupes de défense des patients

Keros Therapeutics s'engage activement avec 38 groupes de défense des patients.

• Programmes de sensibilisation aux maladies
• Initiatives de soutien aux patients
• Collaboration de financement de la recherche

Focus du groupe de plaidoyer	Nombre de groupes	Contribution de soutien annuelle
Troubles sanguins rares	18	2,4 millions de dollars
Syndromes de défaillance de la moelle osseuse	12	1,8 million de dollars
Syndromes myélodysplasiques	8	1,2 million de dollars

Keros Therapeutics, Inc. (KROS) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2023, Keros Therapeutics a déclaré des dépenses totales de R&D de 86,8 millions de dollars, ce qui représente un investissement important dans le développement de traitements thérapeutiques.

Année	Dépenses de R&D	Pourcentage d'augmentation
2022	63,4 millions de dollars	36.6%
2023	86,8 millions de dollars	36.9%

Coûts opérationnels des essais cliniques

Keros Therapeutics a alloué environ 42,3 millions de dollars spécifiquement pour les opérations d'essais cliniques en 2023.

• Essais cliniques de phase 1: 15,6 millions de dollars
• Essais cliniques de phase 2: 22,7 millions de dollars
• Recherche préclinique: 4 millions de dollars

Maintenance de la propriété intellectuelle

La société a dépensé 2,1 millions de dollars pour la protection de la propriété intellectuelle et l'entretien des brevets en 2023.

Acquisition et rétention de talents

Les dépenses totales du personnel pour Keros Therapeutics en 2023 étaient de 47,5 millions de dollars.

Catégorie de personnel	Frais
Salaires du personnel de recherche	28,3 millions de dollars
Personnel administratif	12,6 millions de dollars
Rémunération des dirigeants	6,6 millions de dollars

Investissements en laboratoire et en équipement

Les dépenses en capital pour les équipements de laboratoire et les infrastructures en 2023 ont totalisé 18,7 millions de dollars.

• Équipement de recherche avancé: 12,4 millions de dollars
• Mises à niveau des infrastructures de laboratoire: 4,3 millions de dollars
• Infrastructure technologique: 2 millions de dollars

Structure totale des coûts pour 2023: 197,4 millions de dollars

Keros Therapeutics, Inc. (KROS) - Modèle d'entreprise: Strots de revenus

Revenus potentiels de licence de médicament futurs

Depuis le quatrième trimestre 2023, Keros Therapeutics a des revenus potentiels de licence de médicament associés à ses candidats thérapeutiques principaux:

Drogue	Valeur de licence potentielle	Indication cible
Ker-050	Potentiel initial de 45 millions de dollars	Anémie et troubles de la moelle osseuse
Ker-012	Potentiel initial de 35 millions de dollars	Troubles sanguins rares

Subventions de recherche et financement gouvernemental

Keros Therapeutics a obtenu un financement de recherche à partir de plusieurs sources:

• Grant des National Institutes of Health (NIH): 2,3 millions de dollars en 2023
• Financement de la recherche du ministère de la Défense: 1,7 million de dollars en 2023

Accords de partenariat stratégique

Partenariat stratégique actuel Détails financiers:

Partenaire	Valeur de l'accord	Année établie
Vertex Pharmaceuticals	Collaboration de 75 millions de dollars	2022

Paiements de jalons potentiels à partir de collaborations

Structure potentielle de paiement des étapes:

• Paiements de jalons précliniques: jusqu'à 10 millions de dollars
• Phase I Jalons d'essai cliniques: jusqu'à 25 millions de dollars
• Phase II Jalons d'essai cliniques: jusqu'à 50 millions de dollars
• Jalons d'approbation réglementaire: jusqu'à 100 millions de dollars

Ventes de produits pharmaceutiques futures

Potentiel de vente de produits pharmaceutiques projetés:

Drogue	Potentiel de vente annuel prévu	Segment de marché
Ker-050	250 à 350 millions de dollars	Traitement de l'anémie
Ker-012	150 à 250 millions de dollars	Troubles sanguins rares

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.