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Keros Therapeutics

KROS on Nasdaq. Kros sells protein drugs to treat blood disorders and muscle diseases in patients. Market value $228m.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.

Its cash exceeds its market value plus debt, so price to profit isn't meaningful.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

What to watch out for

See Health care stocks that passed both tests

This is not advice. Check the numbers below.

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Cash yield
past 12 months to June 2026
-22.2%low

For every $100 of what the whole company costs, it produced $-22.21 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to June 2026
n/a

The filings do not give us enough to work this out.

Return on capital
five annual reports to December 2025
-886.1%five-year median

Each dollar kept in the business earns -886 cents a year. Above 10 is good.

Quality score: 34 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.

$11.01 a share, 14% above its 1-year low

Over the past year the price has ranged from $9.69 to $22.55.

Pays no dividend

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

-0.1
-0.1
-0.1
-0.2
0.1
-0.0
2021202220232024202512 monthsto Jun '26

Spare cash swings from quarter to quarter here: a shortfall of $48 million in the past 12 months, $106 million in the year to December 2025.

Revenue
$20m$0$151,000$0$244m
Operating margin
-280.5%n/a-112543.7%n/a27.7%
Debt to equity
0.000.000.000.000.00
Shares outstanding
0.03bn0.03bn0.04bn0.03bn0.02bn

Health checks

  • Free cash flow positive1 of 5 years
  • Accounting looks honest (Beneish)Not enough data
  • Financial strength (Piotroski)6 of 8 checks we could run
  • Profit backed by cash (accruals)Yes
  • Debt0.00× equity
  • Revenue growth, five yearsUnknown
  • Buying back its own sharesYes, 28% fewer since 2021

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $0 last quarter, down 100% on a year ago.
  • A loss of $29 million, compared with a loss of $31 million a year ago.
  • It loses 698 cents on each $1 of sales, after keeping 0 cents a year earlier.
  • Over the past 12 months it spent $48 million more cash than it brought in. A year earlier it had $53 million spare.
  • 51% fewer shares than a year ago. Each share owns a bit more of the company.
  • It has $258 million more cash than debt, down from $690 million a year ago.
  • Sales grew on a year ago in 2 of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$0
December 2024$0
March 2025$211m
June 2025$18m
September 2025$14m
December 2025$380,000
March 2026$32,000
June 2026$0
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024-$53m
December 2024-$46m
March 2025$148m
June 2025-$31m
September 2025-$7m
December 2025-$23m
March 2026-$24m
June 2026-$29m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
4 March 2026
Next quarterly (estimated, 10-Q)
2 November 2026

Who owns it

None of the long-term investors we follow own it. 132 funds in all.

Jun '25
Dec '25
Jun '26

Sold out this quarter

Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

7 investors own more than 5%; 1 of them is pushing for change.

  • Daniel Schneeberger
    Activist
    at least 13.3%0.0 pts
    (filed with 1 related holder)
    Since 21 August 2025
    What they said

    On August 21, 2025, ADAR1 Capital Management issued a press release (the "August 21 Press Release"), including an open letter, expressing its disappointment with the Board's refusal to engage with ADAR1 Capital Management on the Issuer's strategy, capital allocation priorities…

    Read the filing
  • BlackRock, Inc.
    Passive investor
    8.4%−1.7 pts
    Since 30 June 2026
  • at least 6.9%
    (filed with 2 related holders)
    Since 31 March 2026
  • BlackRock Portfolio Management LLC
    Passive investor
    5.7%
    Since 30 June 2026
  • D. E. Shaw & Co., L.L.C.
    Passive investor
    at least 3.9%−1.2 pts
    (filed with 1 related holder)
    Since 31 December 2025
  • at least 2.7%−3.7 pts
    (filed with 5 related holders)
    Since 31 December 2025
  • at least 2.7%
    (filed with 1 related holder)
    Since 31 December 2024
  • FMR LLC
    Passive investor
    Sold down below 5%
    Since 31 January 2025
  • JPMORGAN CHASE & CO.
    Passive investor
    Sold down below 5%
    Since 30 April 2025
  • Sold down below 5%
    Since 31 December 2025
  • The Vanguard Group
    Passive investor
    Sold down below 5%
    Since 13 March 2026
  • Sold down below 5%
    Since 31 December 2025
  • Pontifax Management 4 GP (2015) Ltd.
    Activist
    Wants board seats
    Sold down below 5%
    Since 15 October 2025
    What they said

    Item 4 is hereby amended and supplemented with the addition of the following: On October 15, 2025, certain of the Reporting Persons (collectively, the "Pontifax Parties") and the Issuer entered into a Stock Purchase Agreement (the "Repurchase Agreement"). Pursuant to the…

    Read the filing
  • Sold down below 5%
    Since 15 October 2025
    What they said

    Item 4 of the Schedule 13D is hereby amended and supplemented by the addition of the following: On October 15, 2025, ADAR 1 Partners, LP, ADAR1 SPV I, LP and Spearhead Insurance Solutions IDF, LLC (the "ADAR1 Funds") and ADAR1 Capital Management (together with the ADAR1 Funds,…

    Read the filing

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

In the last 12 months, 1 insider bought $75,770 of shares on the open market. 10 sold $85m, $95,670 of it under preset trading plans.

  • Tanini Annita
    Corp. Controller & VP, Finance
    Sold
    Date
    18 August 2026
    Shares
    1,224
    Price
    $10.29
    Value
    $12,595
  • Cho Esther
    Chief Legal Officer
    Sold
    Date
    18 August 2026
    Shares
    4,485
    Price
    $10.29
    Value
    $46,151
  • Lerner Lorena Raquel
    Chief Scientific Officer
    Sold
    Date
    18 August 2026
    Shares
    3,568
    Price
    $10.29
    Value
    $36,715
  • Newton Charles W.
    Director
    Sold
    under a preset trading plan
    Date
    18 August 2026
    Shares
    551
    Price
    $10.30
    Value
    $5,675
  • BIENAIME JEAN JACQUES
    Director
    Bought
    under a preset trading plan
    Date
    17 August 2026
    Shares
    1,000
    Price
    $10.27
    Value
    $10,270
  • BIENAIME JEAN JACQUES
    Director
    Bought
    under a preset trading plan
    Date
    15 July 2026
    Shares
    1,000
    Price
    $10.61
    Value
    $10,610
  • BIENAIME JEAN JACQUES
    Director
    Bought
    under a preset trading plan
    Date
    15 June 2026
    Shares
    1,000
    Price
    $10.19
    Value
    $10,190
  • Newton Charles W.
    Director
    Sold
    under a preset trading plan
    Date
    11 June 2026
    Shares
    550
    Price
    $10.04
    Value
    $5,522
  • Knowles Julius
    Director
    Sold
    under a preset trading plan
    Date
    4 June 2026
    Shares
    2,625
    Price
    $10.73
    Value
    $28,166
  • Farzan Nima
    Director
    Sold
    under a preset trading plan
    Date
    4 June 2026
    Shares
    2,625
    Price
    $10.73
    Value
    $28,166

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the warning signs we check for were found.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 4 Mar 2026, plus the 10-Q filed 3 Aug 2026 and 12 later 8-Ks.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.