Keros Therapeutics

What Keros Therapeutics does

Keros Therapeutics is a clinical-stage biopharmaceutical company founded in 2015 and headquartered in Lexington, Massachusetts, that develops novel therapeutics modulating the transforming growth factor-beta (TGF-β) superfamily signaling pathway. The company's pipeline centers on two investigational candidates: elritercept (KER-050), an activin receptor type IIA fusion protein targeting ineffective hematopoiesis in myelodysplastic syndromes (MDS) and myelofibrosis; and rinvatercept (KER-065), a selective activin receptor ligand trap designed to address neuromuscular disorders including Duchenne muscular dystrophy (DMD) and amyotrophic lateral sclerosis (ALS). Both candidates are designed to address multiple pathophysiologies simultaneously — affecting muscle, bone, fat, fibrosis, and blood cell lineages — based on deep expertise in the TGF-β superfamily, which encompasses more than 30 ligands and 12 receptors.

Keros operates a traditional pharma commercialization model, advancing candidates through clinical trials and seeking regulatory approvals, with global commercialization of elritercept (excluding mainland China, Hong Kong, and Macau) licensed to Takeda Pharmaceuticals under an agreement signed in December 2024 and effective January 2025. The company generates nominal revenue from this license (Q1 2026 revenue of approximately $0.39M) while incurring ongoing R&D expenses, and funds operations through equity financing — including a $140M public offering in January 2024 — supplemented by a $375M capital return program announced in October 2025 that returned cash to shareholders. The company has 101-250 employees and is led by founder/CEO Jasbir Seehra, with a board chaired by former BioMarin CEO Jean-Jacques Bienaimé.

The company's target patient populations include 60,000-170,000 MDS patients in the US, 16,000-18,500 myelofibrosis patients in the US, and approximately 1 in 3,500 male births worldwide affected by DMD, representing rare disease markets with significant unmet medical need and potential for orphan drug exclusivity. Distribution is currently restricted to clinical trial sites for ongoing Phase 2 and Phase 3 studies, with future commercial distribution expected through traditional pharmaceutical channels via the Takeda partnership for elritercept.

Name

Keros Therapeutics

Legal name

Keros Therapeutics, Inc.

Website

https://kerostx.com

Company type

Public

Founded year

2015

Operating status

Operating

Headcount range

101–250 employees

Short description

Keros Therapeutics is a clinical-stage biopharmaceutical company developing TGF-β-modulating therapeutics for hematological disorders (MDS, myelofibrosis) and neuromuscular diseases (DMD, ALS), with elritercept licensed to Takeda for global commercialization.

Ownership category

akta.pro rank

Product category

Clinical-stage biopharmaceuticals

NAICS

Research and Development in Biotechnology (except Nanobiotechnology) (541714), Biological Product (except Diagnostic) Manufacturing (325414)

SIC

Biological Products, (No Disgnostic Substances) (2836), Pharmaceutical Preparations (2834)

akta.pro primary industry

Genetic & Genomic Rare Disease Therapeutics (HLAIAIAA)

Keywords

• Clinical-stage biopharmaceuticals
• TGF-beta therapeutics
• Hematology drug development
• Neuromuscular disorder treatments
• Activin receptor fusion proteins

Headquarters

HQ city

Lexington

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Others

Revenue model

1. License Agreement Revenue: Keros receives revenue from its exclusive license agreement with Takeda Pharmaceuticals U.S.A., Inc. for elritercept. The agreement was signed in December 2024 and became effective January 2025, granting Takeda rights to develop, manufacture and commercialize elritercept worldwide outside mainland China, Hong Kong and Macau. Keros may receive milestone payments and royalties on net sales.
2. Pharmaceutical Product Sales: Pre-revenue clinical-stage company. Future revenue will come from commercialization of approved therapeutics following successful clinical development and regulatory approval.

Go-to-market motion2 records

Distribution channels2 records

Marketing channels4 records

Core offering

Keros Therapeutics is a clinical-stage biopharmaceutical company that discovers, develops, and commercializes novel therapeutics targeting the transforming growth factor-beta (TGF-β) superfamily signaling pathway. Its lead product candidates are elritercept (KER-050), an ActRIIA fusion protein for hematological disorders such as myelodysplastic syndromes (MDS) and myelofibrosis, and rinvatercept (KER-065), a selective activin receptor ligand trap for neuromuscular disorders including Duchenne muscular dystrophy (DMD) and amyotrophic lateral sclerosis (ALS). Elritercept has been licensed to Takeda for global commercialization outside mainland China, Hong Kong, and Macau.

Differentiator

Problem solved

Functional benefit

Products and services

• Elritercept (KER-050) Investigational activin receptor type IIA (ActRIIA) fusion protein designed to inhibit select TGF-β ligands including activin A. Being developed for treatment of ineffective hematopoiesis in myelodysplastic syndromes (MDS) and myelofibrosis (MF). Has potential to increase red blood cell and platelet production while improving bone health. Licensed to Takeda for global commercialization outside mainland China, Hong Kong and Macau.
• Rinvatercept (KER-065) Investigational selective activin receptor ligand trap designed to inhibit biological effects of myostatin and activin A. Targets neuromuscular disorders including Duchenne muscular dystrophy (DMD) and ALS. Designed to increase skeletal muscle regeneration, muscle size and strength, reduce body fat, reduce skeletal muscle fibrosis, and increase bone strength.

Quantifiable outcome

• Phase 1 trial of KER-065 showed it was generally well-tolerated with no serious adverse events or dose-limiting toxicities reported
• +2 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Seven partnerships are on record, tiered core and minor.

• Sean M. Healey & AMG Center for ALS (Massachusetts General Hospital)coreStrategic or Co-development Partner · 9 March 2026Collaboration for design of Phase 2 clinical trial evaluating rinvatercept in patients with amyotrophic lateral sclerosis (ALS) within the Healey ALS MyMatch program. This biomarker-driven personalized trial initiative matches ALS patient subgroups to experimental therapies based on genetic and biofluid markers.
• Takeda Pharmaceuticals U.S.A., Inc.coreOEM/ Whitelabel/ Licensing Partner · 1 December 2024Exclusive license agreement for elritercept (KER-050) granted to Takeda to further develop, manufacture and commercialize worldwide outside mainland China, Hong Kong and Macau. Agreement became effective January 2025. This partnership leverages Takeda's global commercial infrastructure for hematology products.
• Aplastic Anemia & MDS International FoundationminorOthersPatient advocacy organization for MDS patients, listed as a patient resource on Keros website.
• The MDS FoundationminorOthersPatient advocacy organization supporting MDS patients, listed as a patient resource on Keros website.
• MPN Research FoundationminorOthersPatient advocacy organization for myeloproliferative neoplasms including myelofibrosis, listed as a patient resource on Keros website.
• Parent Project Muscular DystrophyminorOthersPatient advocacy organization for Duchenne muscular dystrophy, listed as a patient resource on Keros website.
• Treat-NMD Neuromuscular NetworkminorOthersInternational patient advocacy network for neuromuscular diseases, listed as a patient resource on Keros website.

Scale indicators11 records

Recent moves10 records

Expansion highlights4 records

Direct peers

• Acceleron Pharma: Founded by Keros CEO Jasbir Seehra, Acceleron pioneered the activin receptor ligand-trap approach (luspatercept/Reblozyl, sotatercept) and was acquired by Merck for ~$11.5B. Closest platform analog and direct precedent for the value of Keros' TGF-β assets.
• Scholar Rock: Clinical-stage biotech developing apitegromab, a myostatin-activating antibody for SMA — directly targets the same TGF-β / myostatin axis Keros is pursuing with KER-065 in DMD and ALS.
• Sarepta Therapeutics: Established DMD franchise (Elevidys gene therapy, EXONDYS 51, VYONDYS 53). Defines the competitive standard and pricing precedent for any DMD therapy including KER-065.
• BioMarin Pharmaceutical: Developed and commercialized the first DMD therapy (drisapersen program) and operates a rare-hematology/rare-disease commercial platform. Keros Chairman Jean-Jacques Bienaime is BioMarin's former CEO/Chair.

Broad incumbents

• Bristol Myers Squibb: Markets Reblozyl (luspatercept), an activin receptor Fc fusion approved in lower-risk MDS — the most direct competitive and mechanistic overlap with elritercept. BMS sets the benchmark Keros must beat in MDS.

Emerging players

• Geron Corporation: Late-stage biotech with imetelstat approved in lower-risk MDS — competing for the same prescriber base as elritercept in MDS, making it a relevant adjacent competitor in Keros' core indication.
• FibroGen: Clinical-stage rare-disease biotech (roxadustat, pamrevlumab) with comparable size, clinical-stage profile and rare-disease focus. Useful comparator for Keros' market cap and burn dynamics.
• Disc Medicine: Clinical-stage hematology biotech focused on rare anemias and disorders of ineffective erythropoiesis — overlapping therapeutic area with Keros' elritercept MDS/MF program.
• Ionis Pharmaceuticals: Antisense oligonucleotide platform with neuromuscular programs (e.g., tofersen in SOD1-ALS). Direct overlap with Keros' ALS strategy via the Healey MyMatch program.
• Catalyst Biosciences: Rare hematology biotech with pipeline assets targeting complement-mediated and bleeding disorders. Comparable clinical-stage rare-hematology profile to Keros' elritercept franchise.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/keros-therapeutics

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Funding overview

Funding rounds5 records

Investors10 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Keros Therapeutics