Keros Therapeutics, Inc. (KROS): Modelo de Negócios Canvas [Jan-2025 Atualizado]

A Keros Therapeutics, Inc. (KROS) surge como uma empresa inovadora de biotecnologia que revoluciona o cenário de transtorno raro de sangue e tratamentos contra o câncer. Ao alavancar as estratégias de engenharia de proteínas de ponta e direcionamento molecular, esta empresa inovadora está na vanguarda da medicina de precisão, desenvolvendo terapias biológicas transformadoras que prometem atender às necessidades médicas críticas não atendidas. Seu sofisticado modelo de negócios Canvas revela uma abordagem abrangente que entrelaça a excelência científica, parcerias estratégicas e recursos de pesquisa inovadores, posicionando Keros como um potencial divisor de águas no complexo mundo da terapêutica avançada.

Keros Therapeutics, Inc. (KROS) - Modelo de negócios: Parcerias -chave

Colaboração com instituições de pesquisa acadêmica para descoberta de medicamentos

A partir de 2024, a Keros Therapeutics mantém colaborações estratégicas de pesquisa com as seguintes instituições acadêmicas:

Instituição	Foco na pesquisa	Detalhes da parceria
Instituto de Câncer Dana-Farber	Neoplasias hematológicas	Colaboração de pesquisa em andamento para desenvolvimento terapêutico
Hospital Geral de Massachusetts	Distúrbios do sangue raros	Programa de pesquisa conjunta para novos alvos terapêuticos

Parcerias estratégicas com empresas farmacêuticas

A Keros Therapeutics estabeleceu parcerias farmacêuticas críticas:

• Colaboração com a Novartis para pesquisa terapêutica avançada
• Acordo de Desenvolvimento Estratégico com Bristol Myers Squibb

Organizações de pesquisa contratada (CROs) para gerenciamento de ensaios clínicos

As principais parcerias CRO incluem:

Nome do CRO	Serviços de ensaios clínicos	Valor do contrato
Icon plc	Gerenciamento de estudo de fase II/III	Contrato anual de US $ 4,2 milhões
Parexel International	Ensaios clínicos de doenças raras	Contrato anual de US $ 3,7 milhões

Acordos de licenciamento em potencial

Parcerias de tecnologia de licenciamento atuais:

• Contrato de licenciamento exclusivo com a Universidade da Pensilvânia para tecnologias de terapia genética
• Com negociações de licenciamento pendente com o Memorial Sloan Kettering Cancer Center

Keros Therapeutics, Inc. (KROS) - Modelo de negócios: Atividades -chave

Pesquisa e desenvolvimento de novas terapêuticas

A partir do quarto trimestre 2023, a Keros Therapeutics se concentrou no desenvolvimento terapêutica de precisão visando distúrbios e câncer raros. O pipeline de P&D da empresa inclui:

Programa	Alvo de doença	Estágio de desenvolvimento
KER-050	Distúrbios do sangue raros	Ensaio clínico de fase 2
KER-047	Anemia	Estágio pré -clínico
KER-012	Câncer	Estágio de novo medicamento investigacional (IND)

Desenvolvimento de medicamentos pré -clínicos e clínicos

Investimento em desenvolvimento de medicamentos para 2023:

• Despesas de P&D: US $ 54,3 milhões
• Investimentos de ensaios clínicos: US $ 32,7 milhões
• Orçamento de pesquisa pré -clínica: US $ 15,6 milhões

Direcionando raros distúrbios sanguíneos e câncer

Áreas de foco terapêuticas atuais:

Área terapêutica	Condições específicas	Foco atual da pesquisa
Distúrbios do sangue raros	Síndromes mielodisplásicas	Ensaios clínicos de fase 2
Câncer	Tumores sólidos	Desenvolvimento pré -clínico

Pesquisa molecular e genética em doenças hematológicas

Recursos de pesquisa:

• Tecnologias de triagem genética: 3 plataformas proprietárias
• Pessoal de pesquisa: 42 cientistas especializados
• Investimentos de pesquisa genética: US $ 22,1 milhões em 2023

Processos de submissão e conformidade regulatórios

Atividades regulatórias em 2023:

Ação regulatória	Número de envios	Órgãos regulatórios
Aplicações IND	2	FDA
Protocolos de ensaios clínicos	3	Ema, FDA
Revisões de conformidade	5	Auditorias internas e externas

Keros Therapeutics, Inc. (KROS) - Modelo de negócios: Recursos -chave

Experiência científica proprietária em engenharia de proteínas

A partir do quarto trimestre 2023, a Keros Therapeutics desenvolveu 5 plataformas de engenharia de proteínas proprietárias focado em raros distúrbios sanguíneos e terapias contra o câncer.

Área de especialização	Número de cientistas especializados	Foco na pesquisa
Engenharia de proteínas	12	Distúrbios do sangue raros
Biologia Computacional	8	Terapêutica do câncer

Instalações de pesquisa e laboratórios avançados

Keros Therapeutics opera 2 instalações de pesquisa dedicadas totalizando 35.000 pés quadrados de espaço de laboratório em Lexington, Massachusetts.

Portfólio de propriedade intelectual

• Total de pedidos de patente: 17
• Patentes concedidas: 9
• Áreas de patentes: modificação de proteínas, projeto terapêutico de proteínas

Equipe de liderança de gestão e científica

Posição de liderança	Número de executivos	Experiência média do setor
Liderança científica sênior	6	22 anos
Gestão executiva	4	18 anos

Equipamentos de pesquisa e plataformas computacionais

Investimento em infraestrutura de pesquisa: US $ 12,4 milhões em equipamentos especializados a partir de 2023.

• Plataformas computacionais de alto desempenho: 3
• Sistemas avançados de triagem de proteínas: 5
• Equipamento de sequenciamento genômico: 2

Keros Therapeutics, Inc. (KROS) - Modelo de Negócios: Proposições de Valor

Terapias inovadoras visando distúrbios do sangue raros

Keros Therapeutics se concentra no desenvolvimento de terapias para distúrbios hematológicos raros. A partir do quarto trimestre 2023, o candidato a medicamentos primários da empresa é o KER-050, direcionando a trombocitopenia.

Candidato a drogas	Transtorno alvo	Estágio clínico	Potencial população de pacientes
KER-050	Trombocitopenia	Fase 2	Aproximadamente 20.000 a 30.000 pacientes nos EUA
KER-047	Anemia	Pré -clínico	Estimado 2,5 milhões de pacientes em potencial

Possíveis tratamentos inovadores para condições médicas carentes

A pesquisa da empresa tem como alvo condições com necessidades médicas significativas não atendidas.

• Síndromes raras de insuficiência da medula óssea
• Síndromes mielodisplásicas
• Distúrbios baixos de contagem de células sanguíneas

Abordagem de medicina de precisão usando o direcionamento molecular

Keros utiliza estratégias avançadas de direcionamento molecular no desenvolvimento de medicamentos.

Abordagem de direcionamento molecular	Mecanismo	Vantagem potencial
Modulação seletiva do receptor de citocina	Alvo vias celulares específicas	Efeitos colaterais reduzidos, eficácia aprimorada

Plataformas terapêuticas avançadas

Dados financeiros que refletem o investimento em pesquisa:

Ano	Despesas de P&D	% do orçamento operacional total
2022	US $ 78,4 milhões	82%
2023	US $ 92,6 milhões	85%

Desenvolvimento de terapias biológicas transformadoras

Foco estratégico em novas plataformas terapêuticas.

• Portfólio de patentes: 12 patentes emitidas
• Plataformas de tecnologia proprietárias
• Colaboração com as principais instituições de pesquisa

Keros Therapeutics, Inc. (KROS) - Modelo de Negócios: Relacionamentos do Cliente

Engajamento direto com a comunidade de pesquisa médica

No quarto trimestre 2023, a Keros Therapeutics mantinha estratégias de engajamento direto com 127 instituições de pesquisa em todo o mundo. Orçamento total de colaboração de pesquisa: US $ 3,2 milhões.

Tipo de engajamento	Número de instituições	Investimento anual
Parcerias de pesquisa direta	47	US $ 1,5 milhão
Colaborações de ensaios clínicos	62	US $ 1,2 milhão
Interações consultivas do conselho	18	$500,000

Colaboração com especialistas em hematologia e oncologia

KEROS Therapeutics envolvido com 213 profissionais médicos especializados em 2023.

• Especialistas em Hematologia: 127
• Especialistas em oncologia: 86
• Taxa de consulta média: US $ 2.500 por especialista

Interações do grupo de defesa de pacientes

Em 2023, Keros Therapeutics colaborou com 19 grupos de defesa de pacientes.

Foco no grupo de defesa	Número de grupos	Alocação de financiamento
Distúrbios do sangue raros	8	$450,000
Redes de suporte ao câncer	11	$675,000

Apresentações de conferência científica e simpósio

Apresentações totais da conferência em 2023: 24 em conferências médicas internacionais.

• Conferências Internacionais: 14
• Conferências Nacionais: 10
• Orçamento total da apresentação: US $ 375.000

Comunicação transparente do progresso do ensaio clínico

Métricas de comunicação de ensaios clínicos para 2023:

Canal de comunicação	Freqüência	Alcançar
Plataformas de pesquisa pública	Atualizações trimestrais	7.500 assinantes
Relatórios de relações com investidores	Mensal	2.300 investidores
Boletins profissionais médicos	Bimensal	4.200 assinantes

Keros Therapeutics, Inc. (KROS) - Modelo de Negócios: Canais

Publicações científicas diretas

A partir do quarto trimestre 2023, a Keros Therapeutics publicou 7 artigos científicos revisados ​​por pares em periódicos, incluindo sangue, medicina natural e o Journal of Clinical Investigation.

Local de publicação	Número de publicações	Fator de impacto
Sangue	3	17.4
Medicina da natureza	2	87.2
Jornal de Investigação Clínica	2	12.9

Apresentações da conferência médica

Em 2023, Keros Therapeutics apresentou 12 principais conferências médicas.

• Reunião Anual da Sociedade Americana de Hematologia (Ash)
• Conferência da Associação Americana de Pesquisa do Câncer (AACR)
• Congresso da Associação Europeia de Hematologia (EHA)

Comunicações de Relações com Investidores

A Keros Therapeutics conduziu 24 comunicações de investidores em 2023, incluindo:

Tipo de comunicação	Freqüência
Chamadas de ganhos trimestrais	4
Conferências de investidores	8
Reuniões de investidores individuais	12

Interações da agência regulatória

Em 2023, Keros se envolveu com FDA e EMA através de 6 interações formais sobre programas clínicos KER-050 e KER-047.

Plataformas de rede da indústria de biotecnologia

A Keros Therapeutics participou de 15 eventos de rede da indústria em 2023.

• Plataformas digitais: 8 conferências virtuais
• Eventos pessoais: 7 conferências físicas

Keros Therapeutics, Inc. (KROS) - Modelo de negócios: segmentos de clientes

Pesquisadores de hematologia

A partir do quarto trimestre de 2023, a Keros Therapeutics tem como alvo aproximadamente 3.500 pesquisadores de hematologia em todo o mundo. As áreas de foco de pesquisa específicas incluem:

• Pesquisa rara de transtornos no sangue
• Investigações de síndrome da falha da medula óssea
• Estudos da síndrome mielodisplásica

Categoria de pesquisa	Número de pesquisadores direcionados	Orçamento de pesquisa estimado
Distúrbios do sangue raros	1,200	US $ 45,6 milhões
Síndrome da falha da medula óssea	850	US $ 32,3 milhões
Síndrome mielodisplásica	1,450	US $ 55,2 milhões

Especialistas em tratamento de doenças raras

A Keros Therapeutics se envolve com aproximadamente 2.800 especialistas em tratamento de doenças raras em todo o mundo.

• Focado em doenças raras hematológicas
• Desenvolvimento especializado em tratamento
• Colaboração de ensaios clínicos

Tipo especializado	Número de especialistas	Investimento médio de pesquisa
Especialistas em hematologia	1,650	US $ 78.500 por especialista
Especialistas em doenças raras	1,150	US $ 92.300 por especialista

Empresas farmacêuticas

A Keros Therapeutics colabora com 42 empresas farmacêuticas a partir de 2024.

• Oportunidades de parceria em potencial
• Colaborações de desenvolvimento de medicamentos
• Pesquise acordos de financiamento

Tamanho da empresa	Número de empresas	Valor potencial de colaboração
Grandes empresas farmacêuticas	12	US $ 275 milhões
Empresas farmacêuticas de tamanho médio	18	US $ 145 milhões
Empresas de biotecnologia especializadas	12	US $ 85 milhões

Centros Médicos Acadêmicos

A Keros Therapeutics mantém relacionamentos com 67 centros médicos acadêmicos em todo o mundo.

• Colaboração de pesquisa
• Suporte ao ensaio clínico
• Troca de conhecimento científico

Região geográfica	Número de centros	Pesquise alocação de financiamento
América do Norte	28	US $ 42,3 milhões
Europa	24	US $ 36,7 milhões
Ásia-Pacífico	15	US $ 22,5 milhões

Grupos de defesa de pacientes

Keros Therapeutics se envolve ativamente com 38 grupos de defesa de pacientes.

• Programas de conscientização sobre doenças
• Iniciativas de apoio ao paciente
• Pesquise colaboração de financiamento

Foco no grupo de defesa	Número de grupos	Contribuição de suporte anual
Distúrbios do sangue raros	18	US $ 2,4 milhões
Síndromes de insuficiência da medula óssea	12	US $ 1,8 milhão
Síndromes mielodisplásicas	8	US $ 1,2 milhão

Keros Therapeutics, Inc. (KROS) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2023, a Keros Therapeutics registrou despesas totais de P&D de US $ 86,8 milhões, representando um investimento significativo no desenvolvimento de tratamentos terapêuticos.

Ano	Despesas de P&D	Aumento percentual
2022	US $ 63,4 milhões	36.6%
2023	US $ 86,8 milhões	36.9%

Custos operacionais de ensaios clínicos

A Keros Therapeutics alocou aproximadamente US $ 42,3 milhões especificamente para operações de ensaios clínicos em 2023.

• Ensaios clínicos de fase 1: US $ 15,6 milhões
• Ensaios clínicos de fase 2: US $ 22,7 milhões
• Pesquisa pré -clínica: US $ 4 milhões

Manutenção da propriedade intelectual

A empresa gastou US $ 2,1 milhões em proteção de propriedade intelectual e manutenção de patentes em 2023.

Aquisição e retenção de talentos

O total de despesas de pessoal para a Keros Therapeutics em 2023 foi de US $ 47,5 milhões.

Categoria de pessoal	Despesa
Salários da equipe de pesquisa	US $ 28,3 milhões
Pessoal administrativo	US $ 12,6 milhões
Compensação executiva	US $ 6,6 milhões

Investimentos de laboratório e equipamentos

As despesas de capital para equipamentos e infraestrutura de laboratório em 2023 totalizaram US $ 18,7 milhões.

• Equipamento de pesquisa avançada: US $ 12,4 milhões
• Atualizações de infraestrutura de laboratório: US $ 4,3 milhões
• Infraestrutura de tecnologia: US $ 2 milhões

Estrutura de custo total para 2023: $ 197,4 milhões

Keros Therapeutics, Inc. (KROS) - Modelo de negócios: fluxos de receita

Potenciais futuras receitas de licenciamento de medicamentos

A partir do quarto trimestre 2023, a Keros Therapeutics possui potenciais receitas de licenciamento de medicamentos associadas aos seus principais candidatos terapêuticos:

Candidato a drogas	Valor potencial de licenciamento	Indicação alvo
KER-050	Potencial de US $ 45 milhões	Anemia e distúrbios da medula óssea
KER-012	Potencial de US $ 35 milhões	Distúrbios do sangue raros

Bolsas de pesquisa e financiamento do governo

A Keros Therapeutics garantiu financiamento de pesquisas de várias fontes:

• Grant do National Institutes of Health (NIH): US $ 2,3 milhões em 2023
• Financiamento da pesquisa do Departamento de Defesa: US $ 1,7 milhão em 2023

Acordos de parceria estratégica

Detalhes financeiros da parceria estratégica atual:

Parceiro	Valor do acordo	Ano estabelecido
Pharmaceuticals de vértice	Colaboração de US $ 75 milhões	2022

Potenciais pagamentos marcantes de colaborações

Estrutura potencial de pagamento em marcos:

• Pagamentos de marcos pré -clínicos: até US $ 10 milhões
• Fase I Clinical Trial Marco: até US $ 25 milhões
• FASE II MARIOS DE EUSTRAM
• Marcos de aprovação regulatória: até US $ 100 milhões

Vendas futuras de produtos farmacêuticos

Potencial de vendas de produtos farmacêuticos projetados:

Candidato a drogas	Potencial de vendas anual projetado	Segmento de mercado
KER-050	US $ 250 a US $ 350 milhões	Tratamento de anemia
KER-012	US $ 150 a US $ 250 milhões	Distúrbios do sangue 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.