Short answer

Keros Therapeutics, Inc. (KROS) filed its Q3 2025 10-Q quarterly report on Nov 5, 2025 for the quarter ended Sep 30, 2025. Quarterly revenue was $14M (up 3575.8% year over year) with net income of −$7M.

Q3 2025 key financials · XBRL

Revenue: $14M; +3575.8% YoY · −21.5% QoQ
Net income: −$7M; +86.3% YoY · +76.3% QoQ
Operating margin: -107.9%
EPS (diluted): −$0.18; +87.3% YoY · +76.3% QoQ

Source: XBRL data from the Keros Therapeutics, Inc. (KROS) Q3 2025 10-Q on SEC EDGAR. USD.

Keros Therapeutics, Inc. Q3 2025 10-Q analysis

AI summary of MD&A and risk factor updates

Management Discussion & Analysis

Revenue $14.3M vs $0.4M YoY, driven by $10.0M Takeda milestone and $4.1M transition-services revenue
Net loss $7.3M vs $53.0M YoY; operating loss $15.4M vs $58.7M
Research and development expense $19.5M vs $49.2M YoY
Cash and equivalents $693.5M at September 30, 2025; $10.0M Takeda milestone received in August
Phase 2 KER-065 trial in DMD expected to begin first quarter 2026; inflation, tariffs and higher rates potential headwinds

Risk Factors

Newly triggered clinical risk: Early termination of TROPOS Phase 2 trial in January 2025 after pericardial-effusion adverse events
Financial risk: $693.5 million cash and cash equivalents, reduced by $375.0 million planned stockholder returns, funding operations into first half of 2028
Regulatory risk: FDA or foreign regulators may impose clinical holds or reject approvals over safety, efficacy, trial-design, or endpoint concerns
Operational risk: KER-065 Phase 2 DMD trial commencement expected to substantially increase research and development expenses
Financial performance risk: Nine-month net income of $110.5 million driven by one-time Takeda upfront payment versus $7.3 million quarterly net loss

Generated from the filing text; verify against the original. 10-K vs 10-Q vs 8-K

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