Keros Therapeutics Inc Stock price
Is Keros Therapeutics Inc a Top Scorer Stock based on the Dividend, High-Growth-Investing or Leverman Strategy?
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Key metrics
📘 Market Capitalization
📈 What is it?
Market capitalization shows how much a company is currently worth on the stock market.
🧮 How is it calculated?
🏛️ Why is it important?
It helps classify companies by size (Large, Mid, Small Cap) and indicates their market presence and relative stability.
🧮 Calculation
🎯 What does this mean for investors?
- Large-cap companies tend to be more stable, often pay dividends, but may grow more slowly.
- Smaller firms may offer higher growth potential but come with more volatility.
- Market capitalization is a useful indicator of company size — but not a measure of whether a stock is undervalued or overvalued.
📘 Enterprise Value (EV)
📈 What is it?
Enterprise Value represents the total cost to acquire a company — including its debt and excluding its cash reserves.
🧮 How is it calculated?
(= Market Cap + Net Debt)
🏛️ Why is it important?
EV gives a more complete picture of a company's value than market cap alone and is used in key valuation ratios like EV/FCF or EV/Sales.
🧮 Calculation
🎯 What does this mean for investors?
- Enterprise Value shows the true cost of buying a company, including all financial obligations.
- It is more accurate than just looking at market cap, especially when comparing companies with different levels of debt or cash.
- Professional investors prefer EV-based multiples because they better reflect the company’s full financial footprint.
📘 Net Debt
📈 What is it?
Net Debt shows how much debt remains after subtracting a company’s available cash reserves.
🧮 How is it calculated?
🏛️ Why is it important?
It indicates how dependent a company is on borrowed money and how easily it can service its debt in the short term.
🧮 Calculation
🎯 What does this mean for investors?
- Low or negative net debt signals financial strength and flexibility.
- Companies with strong cash positions are better positioned in crises.
- High net debt increases financial risk — especially in environments with rising interest rates or economic downturns.
📘 Cash
📈 What is it?
Cash represents all liquid assets a company can access immediately — including cash, bank deposits, and short-term investments.
🧮 How is it calculated?
🏛️ Why is it important?
It reflects a company’s financial flexibility and resilience — enabling investments, buybacks, or buffer in downturns.
🧮 Calculation
🎯 What does this mean for investors?
- A strong cash position means greater room for maneuver and crisis resistance.
- Cash-rich companies can invest, pay down debt, or repurchase shares.
- But excess idle cash might indicate a lack of growth opportunities.
📘 Shares Outstanding
📈 What is it?
Shares outstanding represent the total number of a company’s shares currently held by investors — excluding treasury stock.
🧮 How is it calculated?
🏛️ Why is it important?
It’s the basis for key metrics like Earnings Per Share (EPS), Market Capitalization, or the Price/Earnings ratio (P/E).
🧮 Calculation
🎯 What does this mean for investors?
- Fewer shares in circulation typically increase earnings per share — making each share more valuable.
- Share buybacks reduce the number of shares and boost per-share metrics.
- Issuing new shares does the opposite — diluting shareholder value and lowering per-share figures.
📘 Price-to-Earnings Ratio (P/E)
📈 What is it?
The P/E ratio shows how many times a company's earnings per share are reflected in its current share price — in other words, how "expensive" the stock appears relative to its profits.
🧮 How is it calculated?
🏛️ Why is it important?
The P/E ratio is one of the most widely used valuation metrics. It helps investors assess whether a stock appears cheap or expensive compared to its earnings power.
🧮 Calculation
📊 P/E (TTM) = Based on earnings from the last 12 months (Trailing Twelve Months):🎯 What does this mean for investors?
- A low P/E may indicate undervaluation — or signal underlying issues.
- A high P/E may reflect strong growth expectations — or an overvalued stock.
📘 Price-to-Sales Ratio (P/S)
📈 What is it?
The P/S ratio shows how much investors are paying for $1 of the company’s revenue – regardless of profitability.
🧮 How is it calculated?
🏛️ Why is it important?
P/S is especially useful for evaluating growth companies or businesses not yet profitable. It reflects how the market values the company’s sales.
🧮 Calculation
Market Cap = $221.67m | Revenue (TTM) = $15.01m
Market Cap = $221.67m | Estimated Revenue = $15.87m
🎯 What does this mean for investors?
- A low P/S may indicate undervaluation — or low profitability.
- A high P/S can reflect strong growth expectations — or excessive optimism.
- Especially helpful when evaluating companies where profits are low, volatile, or negative.
📘 Enterprise Value to Sales (EV/Sales)
📈 What is it?
EV/Sales shows how much investors are paying for $1 of revenue — considering not just equity, but also debt and cash. It’s the capital structure–adjusted version of the P/S ratio.
🧮 How is it calculated?
🏛️ Why is it important?
It’s ideal for comparing companies with different levels of debt. It reflects a company's true cost relative to its revenue.
🧮 Calculation
Enterprise Value = $-35.94m | Revenue (TTM) = $15.01m
Enterprise Value = $-35.94m | Forward Revenue = $15.87m
🎯 What does this mean for investors?
- EV/Sales allows for capital structure–neutral company comparisons.
- A lower ratio may indicate undervaluation; a higher one may signal strong growth expectations or overvaluation.
- Especially helpful when evaluating high-growth companies with low or negative earnings.
📘 Enterprise Value to Free Cash Flow (EV/FCF) | ex SBC
📈 What is it?
EV/FCF compares a company’s enterprise value with its free cash flow. The metric therefore shows the multiple of current free cash flow at which a company is valued. EV/FCF ex SBC additionally accounts for stock-based compensation (SBC). While SBC does not represent a direct cash outflow, issuing shares as compensation can dilute existing shareholders. Therefore, SBC is deducted from free cash flow in this adjusted version.
🧮 How is it calculated?
EV/FCF ex SBC = Enterprise Value ÷ (Free Cash Flow (TTM) − SBC)
🏛️ Why is it important?
EV/FCF provides a valuation based on free cash flow and therefore complements earnings-based valuation metrics such as the P/E ratio. The ex SBC version additionally accounts for the economic impact of stock-based compensation and provides a more conservative view from a shareholder perspective.
🧮 Calculation
🎯 What does this mean for investors?
- A low EV/FCF means that enterprise value is low relative to current free cash flow. The reasons should always be considered in the context of the company and its industry.
- A high EV/FCF means that enterprise value is high relative to current free cash flow. This can, for example, reflect high growth expectations or temporarily weak cash generation.
- When SBC is positive and adjusted free cash flow remains positive, EV/FCF ex SBC is generally higher than the standard EV/FCF.
- The metric is particularly useful for companies with relatively stable and predictable cash flows.
- If free cash flow is negative or very low, EV/FCF has limited usefulness and should not be interpreted like a standard valuation multiple.
📘 Price-to-Book Ratio (P/B)
📈 What is it?
The P/B ratio compares a company’s market value to its book value — showing how much investors are paying for each dollar of net assets.
🧮 How is it calculated?
🏛️ Why is it important?
P/B is commonly used for asset-heavy industries like banks or industrials. It helps assess whether a stock is trading above or below its net asset value.
🧮 Calculation
🎯 What does this mean for investors?
- A P/B below 1 may signal undervaluation — or weak profitability.
- A P/B above 1 implies the market expects future value creation (e.g., brand, IP, growth).
- Best used for companies with tangible assets and strong balance sheets.
📘 Equity Ratio
📈 What is it?
The equity ratio indicates what portion of a company’s total assets is financed by shareholders’ equity – in other words, how much it relies on its own capital.
🧮 How is it calculated?
🏛️ Why is it important?
A high equity ratio reflects financial strength and stability, especially during downturns. It’s a key indicator of a company’s solvency and long-term risk profile.
🧮 Calculation
🎯 What does this mean for investors?
- Companies with high equity ratios are generally more resilient and less dependent on external debt.
- Low equity ratios can signal higher risk or aggressive financial strategies.
- Important: Always assess the equity ratio in combination with the return on equity (ROE). This shows not just how stable the company is – but also how efficiently it uses shareholder capital.
📘 Return on Equity (ROE)
📈 What is it?
Return on equity (ROE) shows how efficiently a company uses its shareholders’ equity to generate profit. In other words: how much net income is earned per dollar of equity.
🧮 How is it calculated?
🏛️ Why is it important?
ROE is a core profitability metric. It helps investors understand whether a company delivers attractive returns on the capital provided by its shareholders.
🧮 Calculation
🎯 What does this mean for investors?
- A high ROE indicates that the company is using its capital efficiently and profitably.
- It’s especially meaningful for capital-intensive businesses or firms with high equity bases.
- Important: A very high ROE can also result from high debt levels – always interpret it alongside the equity ratio to assess financial health.
📘 Return on Capital Employed (ROCE)
📈 What is it?
ROCE measures how efficiently a company generates profits from its total capital – including both equity and interest-bearing debt.
🧮 How is it calculated?
It evaluates the return on all capital employed, regardless of how it’s financed.
🏛️ Why is it important?
ROCE is ideal for comparing companies with different financing structures. It shows how well management uses capital to create value for both shareholders and creditors.
🧮 Calculation
🎯 What does this mean for investors?
- A high ROCE means the company uses its capital efficiently – regardless of whether it's funded by debt or equity.
- The higher the ROCE compared to peers, the more value the company creates with its invested capital.
- Especially relevant for capital-intensive sectors like industrials, energy, or infrastructure.
📘 Return on Invested Capital (ROIC)
📈 What is it?
ROIC measures how efficiently a company generates returns from the capital invested in its core operations – regardless of whether the capital comes from equity or debt.
🧮 How is it calculated?
- NOPAT = Net Operating Profit After Taxes
- Invested Capital = Operating assets minus non-interest-bearing liabilities
🏛️ Why is it important?
ROIC is one of the most accurate indicators of capital efficiency. Unlike return on equity, it is not distorted by leverage and shows how much value is created for all capital providers.
🧮 Calculation
🎯 What does this mean for investors?
- A high ROIC shows how effectively a company uses the capital that is truly invested in its core operations.
- Unlike ROCE, ROIC focuses only on the capital that is actively used to run the business – and that requires a return (i.e. interest-bearing).
- Especially useful when comparing companies with large amounts of excess cash or non-interest-bearing liabilities – giving a more realistic picture of capital efficiency.
📘 Leverage Ratio (Debt-to-Equity)
📈 What is it?
The leverage ratio indicates how much a company relies on interest-bearing debt (such as loans and bonds) relative to its shareholders’ equity.
🧮 How is it calculated?
🏛️ Why is it important?
This ratio helps assess a company’s financial structure and risk profile. High leverage can enhance returns – but also increases exposure to interest rate changes and financial stress.
🧮 Calculation
🎯 What does this mean for investors?
- A low leverage ratio signals financial strength and independence.
- A higher ratio can improve returns in good times but increases risk during downturns or rising interest rate periods.
- 👉 Always interpret in the context of industry, capital intensity, and interest rate environment.
📘 SBC | in % Revenue
📈 What is it?
SBC (Stock-Based Compensation) refers to equity-based compensation granted by a company to its employees and executives. The percentage shows SBC relative to revenue.
🧮 How is it calculated?
SBC as % of Revenue = (SBC ÷ Revenue) × 100
🏛️ Why is it important?
Stock-based compensation is a real cost factor for shareholders. It can increase the number of shares outstanding and therefore dilute existing shareholders. The percentage of revenue shows how heavily a company relies on equity-based compensation and how significant this form of compensation is relative to the size of the business.
🧮 Calculation
🎯 What does this mean for investors?
- A lower figure is generally positive: Stock-based compensation is relatively small compared with the company's revenue.
- A high figure can indicate greater reliance on stock-based compensation and a higher potential risk of dilution. However, it is also important to consider whether the company offsets dilution through share buybacks.
- The trend over time should also be considered. A high but declining percentage presents a different picture from a persistently high or increasing percentage.
- A single-digit SBC-to-revenue ratio is not unusual among many growth-oriented and technology companies.
📘 SBC as % of FCF
📈 What is it?
SBC (Stock-Based Compensation) refers to equity-based compensation granted by a company to its employees and executives. The percentage shows SBC relative to free cash flow (FCF).
🧮 How is it calculated?
SBC as % of FCF = (SBC ÷ Free Cash Flow) × 100
🏛️ Why is it important?
Stock-based compensation is a real cost factor for shareholders. It can increase the number of shares outstanding and therefore dilute existing shareholders. The percentage of free cash flow shows how significant SBC is relative to the cash generated by the company. Since SBC is non-cash compensation, it is typically not deducted as a cash outflow when calculating FCF.
🎯 What does this mean for investors?
- A lower value is generally favorable. Stock-based compensation is relatively small compared with the company's cash generation.
- A high value means that SBC represents a significant portion of the company's reported free cash flow, even though SBC itself is non-cash.
- The higher the value, the more significant SBC can be as an economic cost to shareholders, particularly when it results in share dilution.
📘 SBC Growth 1Y
📈 What is it?
SBC Growth 1Y shows how much a company's stock-based compensation has changed compared to the previous year.
🧮 How is it calculated?
🏛️ Why is it important?
SBC Growth shows whether stock-based compensation is becoming more or less significant for shareholders. If SBC increases significantly, it can lead to greater shareholder dilution over time. At the same time, SBC is a non-cash expense that reduces earnings on the income statement but is added back in the cash flow statement.
🧮 Calculation
🎯 What does this mean for investors?
- A high positive value is generally negative, as rising SBC can increase the burden on shareholders, particularly through potential dilution.
- What matters is whether the development of SBC is sustainable over the long term. Some level of SBC is common among many growth and technology companies.
📘 Share Count Growth 1Y
📈 What is it?
Share Count Growth 1Y shows how much the number of shares outstanding has increased or decreased over a one-year period.
🧮 How is it calculated?
🏛️ Why is it important?
The number of shares determines how many shares the company's earnings and assets are distributed across. If the share count decreases, existing shareholders' relative ownership increases. If it increases, existing shareholders are diluted. The metric therefore makes dilution and share buybacks directly visible.
🧮 Calculation
🎯 What does this mean for investors?
- A negative value is generally positive, as the number of shares outstanding is decreasing.
- A positive value indicates dilution of existing shareholders.
- A declining share count is not automatically positive: It also matters at what price the shares are repurchased and how the buybacks are financed.
📘 Shareholder Yield
📈 What is it?
Shareholder Yield measures how much capital a company returns to shareholders or uses to reduce debt relative to its market capitalization. It goes beyond dividend yield by also including share buybacks and debt reduction.
🧮 How is it calculated?
🏛️ Why is it important?
Dividend yield only tells part of the story. Companies can also return capital through share buybacks, while reducing debt can strengthen the balance sheet. Shareholder Yield combines all three components into one metric, giving investors a broader view of how a company uses its capital.
🧮 Calculation
🎯 What does this mean for investors?
- A higher Shareholder Yield generally indicates more capital being returned to shareholders or used to reduce debt.
- The mix matters: dividends, buybacks, and debt reduction can affect shareholders in different ways.
- Share buybacks are most beneficial when shares are repurchased at attractive valuations.
- Investors should also consider whether dividends, buybacks, and debt reduction are sustainable over time.
📘 Revenue
📈 What is it?
Revenue shows how much a company earns in total from selling its products and services – the gross income before any costs are deducted.
🧮 How is it calculated?
🏛️ Why is it important?
Revenue is one of the key figures to assess a company’s size, market position, and growth potential.
🧮 Calculation
🎯 What does this mean for investors?
- Growing revenue indicates rising demand and can be an early signal of future earnings growth.
- Comparing actual and expected revenue reveals trends in the market environment and analyst sentiment.
- Note: Strong revenue alone isn’t enough – margins and profitability matter just as much.
📘 EBITDA
📈 What is it?
EBITDA stands for “Earnings Before Interest, Taxes, Depreciation, and Amortization.” It reflects a company’s operating profit before the effects of financing, taxes, and accounting depreciation.
🧮 How is it calculated?
🏛️ Why is it important?
EBITDA is widely used to evaluate a company’s operating performance – especially across capital-intensive sectors or international comparisons.
🧮 Calculation
🎯 What does this mean for investors?
- A high or growing EBITDA indicates strong operational profitability – independent of taxes, interest, or accounting methods.
- It’s especially useful for comparing companies across sectors or geographies.
- Important: EBITDA is not a net income figure – it excludes key costs like depreciation and interest.
📘 EBIT
📈 What is it?
EBIT stands for “Earnings Before Interest and Taxes.” It reflects a company’s operating profit after depreciation, but before interest and tax expenses.
🧮 How is it calculated?
🏛️ Why is it important?
EBIT is a core profitability metric that shows how well the company performs in its main business operations – independent of capital structure and tax environment.
🧮 Calculation
🎯 What does this mean for investors?
- A high EBIT indicates strong profitability from the company’s core business – before financial and tax effects.
- It allows better comparison between companies with different debt levels or tax structures.
- Compared to EBITDA, EBIT already accounts for depreciation and reflects capital intensity more clearly.
📘 Net Income
📈 What is it?
Net income is the company’s total profit – the amount left after all expenses, taxes, interest, and depreciation have been deducted.
🧮 How is it calculated?
🏛️ Why is it important?
Net income is the most comprehensive measure of a company’s profitability – showing how much actual profit remains after all business and financing costs.
🧮 Calculation
🎯 What does this mean for investors?
- Growing net income indicates that the company is managing all of its costs efficiently.
- It directly influences valuation metrics like P/E ratio and the company’s dividend capacity.
- Over time, net income trends reveal how resilient and profitable the business model really is.
📘 Free Cash Flow (FCF) | ex SBC
📈 What is it?
Free cash flow shows how much cash remains after a company has covered its operating and capital expenditures. FCF ex SBC additionally deducts stock-based compensation (SBC) to adjust the cash flow for the effect of non-cash SBC.
🧮 How is it calculated?
Free Cash Flow ex SBC = Operating Cash Flow − SBC − Capital Expenditures (CAPEX)
🏛️ Why is it important?
FCF reflects a company’s actual financial strength – independent of reported accounting earnings. It shows how much flexibility a company has for dividends, share buybacks, or debt reduction. FCF ex SBC also deducts stock-based compensation and shows how much cash generation remains after SBC.
🧮 Calculation
🎯 What does this mean for investors?
- High free cash flow indicates that a company has strong financial strength – independent of reported earnings.
- It is often a solid basis for sustainable dividends and share buybacks.
- Declining FCF can be a warning sign, even if reported earnings remain stable.
📘 Revenue Growth
📈 What is it?
Revenue growth shows how much a company’s sales have changed compared to the previous year – both on a trailing basis (TTM) and based on forward projections.
🧮 How is it calculated?
Forward = (Expected revenue ÷ Revenue in prior year − 1) × 100
Forward growth is based on analyst estimates for the current fiscal year.
🏛️ Why is it important?
Rising revenue signals growing demand, business expansion, and market share gains – especially important for growth-oriented companies.
🧮 Calculation
🎯 What does this mean for investors?
- Growth is the engine of long-term value creation – especially in tech and growth sectors.
- What matters is not just current growth, but its sustainability.
- Forward projections reflect whether analysts expect continued momentum – or a slowdown.
📘 EBITDA Growth
📈 What is it?
EBITDA growth shows how much a company’s operating profit (before interest, taxes, depreciation, and amortization) has increased or decreased compared to the previous year.
🧮 How is it calculated?
Forward = (Expected EBITDA ÷ EBITDA from prior year − 1) × 100
The forward estimate is based on analyst projections for the current fiscal year.
🏛️ Why is it important?
Growing EBITDA indicates improving operational profitability – regardless of financing or accounting effects.
🧮 Calculation
🎯 What does this mean for investors?
- Strong EBITDA growth signals operational efficiency and scalability – especially during growth phases.
- EBITDA growth can be an early indicator of margin and earnings expansion – but should be assessed alongside revenue and EBIT.
📘 EBIT Growth
📈 What is it?
EBIT growth shows how much a company’s operating profit (after depreciation, but before interest and taxes) has increased compared to the previous year.
🧮 How is it calculated?
Forward = (Expected EBIT ÷ EBIT from prior year − 1) × 100
The forward estimate is based on analyst projections for the current fiscal year.
🏛️ Why is it important?
EBIT growth is a direct indicator of a company’s business performance – taking into account capital intensity through depreciation.
🧮 Calculation
🎯 What does this mean for investors?
- Rising EBIT signals improving operating profitability – even after accounting for depreciation.
- It’s especially important for evaluating companies with significant capital expenditures.
- Combined with revenue and EBITDA growth, EBIT growth provides a well-rounded view of operational progress.
📘 Net Income Growth
📈 What is it?
Net income growth shows how much a company’s bottom-line profit has increased or decreased compared to the previous year – both on a trailing basis (TTM) and based on analyst projections.
🧮 How is it calculated?
Forward = (Expected net income ÷ Net income from prior year − 1) × 100
The forward estimate reflects analysts’ expectations for the current fiscal year.
🏛️ Why is it important?
Net income is the ultimate measure of profitability. Growing net income signals stronger efficiency, cost control, and sustainable earnings power.
🧮 Calculation
🎯 What does this mean for investors?
- Stronger net income boosts valuation, dividend potential, and investor confidence.
- If profits stall while revenue grows, it may signal margin pressure.
📘 Free Cash Flow Growth
📈 What is it?
Free cash flow (FCF) growth shows how a company’s available cash – after covering operating expenses and capital expenditures – has changed compared to the previous year.
🧮 How is it calculated?
🏛️ Why is it important?
Free cash flow reflects real financial strength. Growing FCF indicates more flexibility for dividends, share buybacks, and reinvestment.
🧮 Calculation
🎯 What does this mean for investors?
- Declining FCF may point to rising investments, increasing costs, or weaker operating performance.
- Especially for dividend investors, FCF growth is critical – since dividends are paid from actual available cash.
- A negative trend isn't always bad, but it deserves closer attention.
📘 Gross Margin
📈 What is it?
Gross margin shows how much of a company’s revenue remains after deducting the direct costs of goods sold (like materials and production). It represents the company’s “raw profit” before fixed costs, taxes, and interest.
🧮 How is it calculated?
Or simply: Gross Margin = Gross Profit ÷ Revenue × 100
🏛️ Why is it important?
Gross margin indicates how efficiently a company can produce or procure what it sells. It is a key measure of product-level profitability and pricing power.
🎯 What does this mean for investors?
- A high gross margin suggests strong pricing power and efficient production.
- Falling margins may signal rising input costs or competitive pressure.
- Compared to peers, gross margin offers insights into the quality of a business model.
📘 EBITDA Margin
📈 What is it?
The EBITDA margin shows how much of a company’s revenue remains as operating profit before interest, taxes, depreciation, and amortization.It reflects operating efficiency without being distorted by financing or accounting factors.
🧮 How is it calculated?
🏛️ Why is it important?
The EBITDA margin reveals how much operating income a company generates per dollar of revenue – independent of capital structure and tax effects.
🧮 Calculation
🎯 What does this mean for investors?
- A high EBITDA margin reflects strong core profitability – before accounting distortions.
- It allows for effective comparisons across companies and sectors.
- A stable or growing margin signals efficient cost control and business scalability.
📘 EBIT Margin
📈 What is it?
The EBIT margin shows what percentage of revenue remains as operating profit after depreciation but before interest and taxes.
🧮 How is it calculated?
🏛️ Why is it important?
The EBIT margin reflects a company’s core profitability while accounting for capital intensity (e.g. machinery, infrastructure). It’s especially useful for comparing businesses with different levels of depreciation.
🧮 Calculation
🎯 What does this mean for investors?
- A high EBIT margin shows that the company remains efficient even after factoring in depreciation.
- It’s especially relevant for capital-intensive industries.
- Stable or rising EBIT margins over time are a strong indicator of pricing power and business quality.
📘 Net Margin
📈 What is it?
Net margin shows how much of a company’s revenue remains as bottom-line profit after deducting all costs, interest, taxes, and depreciation.
🧮 How is it calculated?
🏛️ Why is it important?
Net margin reflects a company’s overall efficiency – across operations, financing, and taxation. It shows how much actual profit is generated from each dollar of revenue.
🧮 Calculation
🎯 What does this mean for investors?
- A high net margin means the company is not only strong operationally but also manages financing and taxes efficiently.
- Peer comparisons reveal business quality and competitiveness.
- Declining margins despite revenue growth can be a red flag for rising costs or inefficiencies.
📘 Free Cash Flow Margin | ex SBC
📈 What is it?
The Free Cash Flow Margin shows how much free cash flow a company generates relative to its revenue. In simplified terms, free cash flow is calculated as operating cash flow minus capital expenditures. The Free Cash Flow Margin ex SBC additionally accounts for stock-based compensation (SBC). While SBC does not represent a direct cash outflow, issuing shares as compensation can dilute existing shareholders. Therefore, SBC is deducted from free cash flow in this adjusted metric.
🧮 How is it calculated?
Free Cash Flow Margin ex SBC = (Free Cash Flow − SBC) ÷ Revenue × 100
🏛️ Why is it important?
The Free Cash Flow Margin shows how efficiently a company converts its revenue into free cash flow. Strong free cash flow can provide financial flexibility for dividends, share buybacks, debt repayment, or further investments. The ex SBC version additionally accounts for the economic impact of stock-based compensation and therefore provides a more conservative view of cash generation from a shareholder perspective.
🧮 Calculation
🎯 What does this mean for investors?
- A high Free Cash Flow Margin shows that a company converts a high proportion of its revenue into free cash flow.
- This can provide greater financial flexibility for dividends, share buybacks, debt repayment, or investments.
- The Free Cash Flow Margin ex SBC additionally accounts for potential shareholder dilution from stock-based compensation.
- The long-term trend is particularly important. Declining margins can, for example, result from higher investments, changes in working capital, or weaker operating performance.
📘 Earnings per share (EPS)
📈 What is it?
Earnings per Share (EPS) shows how much profit is attributable to a single share – and is one of the most important metrics for evaluating a company's performance.
🧮 How is it calculated?
The diluted share count reflects potential new shares that could be issued through options, convertible bonds, or other rights.
🏛️ Why is it important?
EPS is the basis for many key valuation metrics like P/E ratio, PEG ratio, or payout ratio. It enables comparisons of profitability across companies, regardless of their size.
🧮 Calculation
🎯 What does this mean for investors?
- EPS captures per-share profitability and is especially useful for comparisons over time or with analyst estimates.
- Rising EPS may signal consistent growth or share buybacks.
- Important: Always use diluted EPS for more realistic valuations – especially in companies with stock-based compensation.
📘 Free cash flow per share (FCF per share)
📈 What is it?
Free Cash Flow per Share shows how much free cash flow a company generates per outstanding share – after investments, but before dividends or debt repayments.
🧮 How is it calculated?
Free cash flow is calculated as operating cash flow minus capital expenditures (CapEx).
🏛️ Why is it important?
FCF per Share reveals how much real cash is available per share – useful for dividends, buybacks, or reducing debt. Unlike net income, free cash flow is harder to manipulate and often seen as a more reliable metric.
🧮 Calculation
🎯 What does this mean for investors?
- High FCF per share signals strong financial flexibility.
- It shows how much capital the company can effectively reinvest or return to shareholders.
- Particularly relevant for dividend payers and capital-efficient businesses.
📘 Short interest
📈 What is it?
Short interest indicates how many shares of a company are currently sold short – that is, borrowed and sold by investors who expect the price to decline.
🧮 How is it calculated?
It reflects the percentage of a company’s shares that are being shorted relative to the total shares available.
🏛️ Why is it important?
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Keros Therapeutics Inc Stock Analysis
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Keros Therapeutics Inc Events
Upcoming Event
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JUN
8
Goldman Sachs 47th Annual Global Healthcare Conference 2026
5 months ago
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StocksGuide Free
Keros Therapeutics Inc — Goldman Sachs 47th Annual Global Healthcare Conference 2026
1. Question Answer
All right. Good afternoon, everyone. Thanks for joining us here at the Goldman Sachs Global Healthcare Conference, including to all the people who are joining us online. And we have the cocktail slot, meaning we're preventing everyone from drinking a cocktail. So we're going to keep this interesting, I hope. And it's great to see you today.
So maybe just first, Jas, we could talk about kind of a little bit of background on the company and what you think about as the core competencies of Keros, particularly as you embark on a new development program here.
Yes. I think, first of all. We are a company that's been focused on TGF-Beta biology. And it's a complex area of biology, but we've been working in it through various iterations for the last 25-plus years. So I think we have a deep understanding that is unique to us in terms of what's druggable and what are the indications that you can target. And then when it comes to the remainder of core competencies, clinical development, manufacturing and so on, they're transportable from one company to another. So focusing on TGF-Beta biology, focusing on biologics in the TGF-Beta space gives us a unique perspective on which molecules and which therapeutic areas to target.
Great. So I know it's not the lead program in the sense that it's not the most advanced, but it has become kind of the focal point of your development program, which is KER-065. Maybe we could just start with some background. What's the rationale for TGF-Beta directed therapies in the context of muscle generation and regeneration?
Yes. So like many other tissues, the TGF-Beta pathway is involved in differentiation. So it's really involved in both self-renewal of stem cells that then go on to populate the tissue. That happens during embryogenesis. But in the adult, this pathway is constantly involved in generating new differentiated cells to replace the ones that are aging okay and therefore, ready on their path to senescence.
Great. And then in terms of the specifically relevant TGF-Beta members, obviously, it's a very large family, as you know probably better than most. What are the specifically relevant family members in the context of muscle?
So in the context of muscle, there's the TGF-Beta members that are involved in as negative regulators. So they keep the cells from differentiating. And then there's those okay, that allow differentiation to occur. And 25 years ago, 26 years ago, Se-Jin Lee discovered one of those that is a negative regulator of skeletal muscle. So when he knocked it out, the mice were twice as muscular as their normal peers, and they call that myostatin. But and others soon learned that myostatin was not the only regulator because it acts through a particular receptor. Other ligands can signal through. So today, we know that myostatin is important, but activin is equally and sometimes more important. And especially in primates, including humans, activin is more important than in rodents and myostatin is less important in adult humans than in rodents, okay, right? So I think you have to go and inhibit both of these ligands in order to increase muscle regeneration and thereby build stronger muscles
Great. So I guess with that in mind, how is 065 developed to specifically target these members? And what can you share around its interaction with those specific family members versus some of the others that would be less relevant in this context?
Yes. So as you started this conversation, you said there's lots of members of the TGF-Beta pathway. And indeed, there are 33 ligands plus, a dozen receptors and tens of receptors, co-receptors and other members of the family that regulate this pathway. So it's really important that you target the ligands that have the benefit that you desire and not have the off-target biology that can lead to safety events. So inhibiting myostatin and activin important increases skeletal muscle.
On the other hand, if you start inhibiting some of the bone morphogenic proteins, then you can have bleeding events if it's BMP9 because that's involved in vascular development. And then as was observed with bimagrumab, Lilly molecule, you can have gastrointestinal symptoms like diarrhea because BMPs are involved in the motility of the gastrointestinal tract, okay, right? So you want to inhibit activin myostatin, but minimize these other binding so that you don't have the safety signals. And that's how we thought about coming up with 065 rinvatercept.
Okay. So it was originally developed in the context of muscular dystrophies. There was a pivot a period to obesity and then you're kind of back to focusing on the muscular dystrophies. Maybe you could walk through some of the clinical background here and why you feel like this is now the right approach to be targeting DMD in particular?
Yes. So I think when you're increasing skeletal muscle, you are going to increase energy expenditure, right? So really, rinvatercept could have been taken into any indications. And hence, okay, right, we were originally thinking about neuromuscular indications. But as we had at that time, elritercept advancing and sotatercept advancing, we could even think about 065 in the context of obesity and a partnerable asset, right? There's only so many things that you can have in your own pipeline that you can develop on your own.
However, once we got to the stage of having found a partner with Takeda for elritercept, it was clear we needed to have another asset that we could develop on our own. Hence, the pivot back to neuromuscular. But it was always the same thing. You can increase skeletal muscle. If you increase skeletal muscle, it can lead to stronger muscles, right, and more functional benefit. But that, in turn, is also going to lead to increased energy expenditure and therefore, loss of fat, right? And just because these molecules do bind activin A, activin A is also a potent negative regulator of bone. So you're going to make the bone stronger, right, as well.
Okay. So then narrowed back to muscular dystrophies, but then specifically selected DMD. I guess why does DMD make sense from a both kind of scientific basis, but also a strategic basis?
Yes. So from a scientific point of view, okay, right, it's muscle that is weak. But then as a consequence of that muscle being weaker, every time it's used, it breaks down, leads to inflammation and the inflammation then lead to replacement of that muscle with fatty and a fibrotic tissue, okay?
So it's a complex biology that arises from one missing protein dystrophin. That is a common feature of all of the muscular dystrophy. It's just a different protein in that linkage from the contractile apparatus all the way to the extracellular matrix of the muscle fiber. And any one of those can be weak, and therefore, okay, that muscle is weak and breaks down easily. But the pathology that follows is always the same, inflammation, fibrosis, fat. Now the difference, right, between all these is the time of onset, some of the congenital muscular dystrophies, for example, onset at birth, right? And therefore, the endpoint there becomes survival. That's a real challenging endpoint, right, to show and you're going to treat babies and newborns, right? Very, very difficult, right, to go after.
And then there's others like the limb-girdles that don't get diagnosed until late ad -- late childhood into early adult. And there, the progression is so slow that it's going to take you multiple years to get to your endpoint. So you want to find something that's sort of right in the middle, and Duchenne falls into that category. These boys get diagnosed between the ages of 18 months and 3 years of age because they're slow to walk, but they all eventually walk, okay? And then they go into the decline phase of their life. But they all start off at a point, right, where they're getting stronger and then they get into that decline phase, right? So you can get to an endpoint in 12 months, right, as opposed to 2, 3 years with some of the other indications.
Okay. So it was a development strategy...
Well the pathology and the molecular biology fit in very, very nicely.
Perfect. DMD is something of a crowded field, although there has been a number of clinical challenges and failures and -- it's been a bit of a messy one as well in terms of drug development. How do you think about the unmet need that 065 is therefore positioned to address relative to that competitive landscape?
So when you really look at the landscape, there's a lot of molecules, but many of them don't provide functional benefit. When you really think about it, glucocorticoids are the standard of care, and they slow down progression of the disease, so the time to a wheelchair is extended. The exon skippers, they increase a truncated dystrophin, but we still have not seen any meaningful benefit from that.
I think if you go back 15 years ago, you would have been talking about gene therapy in the future as being a cure. We now know that gene therapy is not a cure, okay? It slowed down the progression. But after 2 to 3 years, nevertheless, the effect starts waning off. So there is room for additional treatments as a consequence. And what I think rinvatercept does uniquely is that it's taking care of the pathology that arises as a consequence of missing dystrophin. So as the landscape continues to change with molecules that are targeting dystrophin, okay, right? Nevertheless, okay, right, they're not taking care of the underlying pathology that arose in the first place.
So there's always going to be room for combination treatment. And we've seen that preclinically in the presence of glucocorticoid. Rinvatercept has additional benefit. It makes the muscle stronger. It ameliates the bone loss, okay, right, and decreases the fat. So taking care of the pathology that arises from the treatment itself. And then in the presence of exon skippers, you actually see more truncated dystrophin because exon skippers don't get into muscle fibers. They get into the myoblasts, which fuse with the muscle fibers. And therefore, if you increase the population of myoblasts, which by increasing muscle regeneration, that's what you're doing, you're actually providing more vehicles for delivery of that genetic material to the existing muscle fibers.
You're kind of alluding to this, but maybe you could put a finer point on this. What do you think the treatment landscape is going to look like for boys with DMD in the next, let's call it, 5-plus years?
Yes. I think you're still going to have gene therapy, right? They're going to get better. You're going to have better exon skippers. You're still going to have many patients on glucocorticoids. HDAC inhibitors have got approved. They do provide some benefit, okay, right? But these are all incremental. So I think regardless of what the background therapy is rinvatercept can be used on top of that, right, to provide additional benefit. But in many instances, it will actually improve the efficacy of those other treatments.
Okay. You previously have reported Phase I data evaluating 065 a year ago. These are primarily safety and tolerability, but can you remind us what that showed?
Yes. So in the Phase I healthy volunteer study, there was the single ascending dose and the multiple ascending dose. In the single ascending dose, we had 1, 3 and 5 mg per kg. The drug was well tolerated, and we moved on to the multiple ascending dose. And because it was well tolerated, by the time we started the first cohort in the multiple ascending dose, we've already gone up to 5 mg per kg in the SAD. And therefore, our initial dose was 2 mg per kg in that cohort.
As we found out more about the PK properties, we found that we're very close to full target engagement. Therefore, knowing that we were going to go into potentially into pediatric population, you always wanted to look at lower doses. Hence, our second dose was the lower dose. What we saw was, one, is in red blood cells, hemoglobin that we have to manage by dose titration. But in terms of skeletal muscle, we saw increases in lean mass by DEXA, and we saw reductions in fat mass. So increasing skeletal muscle increases energy expenditure.
Therefore, you should see a decrease in fat mass. We see that in 3 months of treatment and then increases in bone mineral density, right? Small study, not powerful statistical significance, right? And 2 doses of 2 mg per kg and 1.25 in the MAD overlapping exposures, right.
Okay. Another thing that you did disclose was the grade 4 increase in CK levels, but I didn't believe it was related to study drug. Maybe you could just walk through that patient history.
Yes. So that particular participant did 45 minutes of curls prior to coming to the Phase I center for their first dosing, okay? So they got dosed.
A lot of bicep curls.
Yes, okay, right? And as you will note that every time you exercise, you do damage your muscle, right? So you see increases in creatine kinase. That individual had high elevated creatine kinase. It resolved in about a week as would be anticipated. And then they went on to get 2 more doses where there was no increases in creatine kinase. So it's not drug related.
Okay. You mentioned the increases in hemoglobin, though. Maybe you could talk about the strategy around managing those on the forward?
Yes. So with many of these ligand traps, you do get increases in hemoglobin. The magnitude of the increase in hemoglobin is usually the greatest from the first dose. So you have to dose titrate. You start at a lower dose, you allow that hemoglobin to increase, right. And then at the next dose, you can either go up, right or remain at the same time so that you get to that stable hemoglobin after that, you can continue dosing at that dose level.
Okay.
And sotatercept is exactly that, right? 0.3 followed by 0.7 and you continue at 0.7.
Okay. I think you also showed biomarkers of increased bone mineral density. And could you talk about the importance of BMD in this patient population?
Yes. So when you don't put weight on your limbs, the bone start -- bone mineral density start decreasing. Those bones become more fragile. You hear about it with astronauts, okay, up on the space that happens with each one of us, okay, right? If you're not moving around and not using your limbs, then you're actually losing bone mineral density. Now in boys with DMD, it's worsened by the fact that they're all on glucocorticoids. And glucocorticoids metabolize not only bone, but muscle, right? So they've got accelerated bone loss.
So by the time they're in their late ambulatory stage, they are actually 4 to 5x at higher risk of fracture, vertebral fractures than their peers. And they are osteoporotic. We never think of these boys as being osteoporotic or being having metabolic disease. But because of glucocorticoids, they put on a lot of fat, right? They become insulin resistance, hence, the metabolic syndrome that they have and at the same time, lose bone and become osteoporotic.
I think some of the changes you reported were not necessarily dose dependent. And so maybe you could speak to what that reflects and how the data then informed your dose selection in future studies.
Yes. So it was a small study with Ns are small. And what you want to see is directionality and not necessarily a dose response, especially when you got 2 doses, 2 mgs per kg and 1.25, where in some individuals, okay, there's going to be overlap. So it's not surprising. But when you look at the data closely, okay, you can convince yourself that you're getting close to maximum target engagement and you're seeing individual variability rather than a true biological difference, right? So I think it tells us, okay, that 2 mg per kg is maximum target engagement, and we need to titrate up to that.
Okay. So then as you look to the Phase II design, what were some of the aims you had in mind when designing that trial? And how did you think about the key parameters for that study?
Yes. So I think when you think about it, it's boys with DMD early on, they're actually getting stronger. So you don't want to enroll those individuals because now each individual, right, is getting stronger. So how do you show, right, either stabilization or improvements. So you want to pick a cohort that is in the late ambulatory stage where they've got to stable muscle function or they're in decline, okay?
Now you can show differences, right, as a consequence. And then the early non-ambulatory are the patients that got into a wheelchair within the last 6 months to 12 months, they still have upper body functionality. And that's really important for continuing with their everyday activities, right, and maintaining that is important. So I think that's the first criteria. The second criteria, right, really is do you put patients that are on gene therapies on exon skippers, on glucocorticoid. That becomes pretty heterogeneous okay, right? So you have to start thinking about cohorts that are specific to the type of treatment that are on. more than 60% of the patients are not eligible for exon skippers, right? They don't have the mutations that are amenable to exon skippers. So 60-odd percent are on glucocorticoids, small percentage are on gene therapy. So by focusing on the glucocorticoids, you are actually dealing with a larger population that don't have any other treatments at the moment and then the non-ambulatory. So that's how we came to the design. Now that doesn't preclude us at future adding cohorts, right, that are on exon skippers, right? But that's at a later date.
Okay. And then in terms of like what you're looking for to establish early proof of concept, what would kind of be the data you need to see to feel like this is a program worth investing further behind? And how long a follow-up do you need before that can start to emerge?
Yes. So I think -- let's look at the quick wins. First of all, it's still a safety study in pediatric population. So we need to demonstrate safety. I think by the time you've treated 3 to 6 months, you are beginning to understand the safety profile. It just so happens that, that's the time in which you can see changes in lean mass, fat mass and bone mass, okay, right? And for all intended purposes, when you're using imaging methods, they're almost like laboratory measurements, okay, right? So those are the early things that you can see.
Now as you're seeing increases in lean mass, eventually, they're going to start showing functional benefit. And when you look at the boys with DMD, as we said earlier, over 12 months, right, you can actually see decline, okay, right, in the late ambulatory -- and therefore, okay, right, if they're stabilizing or improving, that's the time that you're going to begin to see. This is an open-label study. So we'll be able to look at the data on a constant basis and start reporting that to investors through medical meetings as we get more and more confidence with the data.
Remind me in this patient population, what you would expect to see in boys in these kind of populations treated with glucocorticoids after 12 months with respect to the clinical and functional endpoints.
Yes. So in the late ambulatory, right, what used to be a very popular endpoint, which was a 6-minute walk test. In the late ambulatory, you would have seen an 85-meter decline in the course of a year. So [ ataluren ], right, was able to reduce that down to 65 meters, I believe, okay, right? And there was a benefit there, okay, right? So I think if you're able to get it down to half that, right, then that would be clinically meaningful. And that today, 6-minute walk test is not used, okay? It's a 10-meter walkaround test. It's easier for the kids to do. So seeing changes in that appropriately would also be the way to look at it.
Okay. So I guess, how should we think about next steps? Maybe first, what should we look for in terms of the cadence of clinical data that you'll share in 2027 and beyond? And at what point would you move forward into a larger study? And what does that kind of trial design look like?
Yes. I think in 2027, we'll start reporting the data, starting with safety and then the biomarkers of changes in muscle as we talked about through imaging methods and then the functional benefits, okay, that's going to be the cadence of events. I think once you see robust changes in the biomarkers and you begin to see changes in functional benefits, that's the time you take that data package and engage with the regulator and say, okay, what are the primary endpoints that you are looking for at this point in time that would get us approval. This is going to be functional benefit that we're going to be providing. We're not going to be able to go on the basis of increasing in a biomarker like dystrophin, okay, right? So we are going to have to demonstrate functional benefit.
Okay. What kind of patient number and recognizing a lot of this is going to be contingent on the magnitude of clinical benefit you see, what kind of patient numbers and time lines do you think you would need to run to generate that?
It's really hard to say that today, okay, right? But I don't think it's a study of hundreds of patients. It's probably a placebo-controlled study with placebo for some period of time that would have to be determined in discussions with regulators and with patient advocacy groups, right? Is it 12 months of placebo control? Or is it just 6 months of placebo controlled? Don't know that today, okay? I think my suspicion is it's probably around 100-patient trial, but it all depends upon the magnitude the trial, of course.
We talk about competitive clinical candidates in DMD. But in terms of the development path that you think most closely mirrors what you would need to show for the patient population you're talking about and the breadth of applicability of this drug across different patient populations in DMD. Are there any that you'd point to as good proxies for what you need?
I think I would go back to the glucocorticoids, where in 12 months, you can actually see improvements or slowing down, in loss of function in muscle, right? I think that's the well established. When you look at the exon skippers, right, they didn't really have biological activity that you could measure, right? In the case of gene therapy, you're treating very young kids that are already getting stronger anyway. So it's really hard to compare to any one of these...
Okay. What about the market opportunity as you think about it in DMD?
Well, as I said, it's on top of any other standard of care that there may be. I think we've seen data from our preclinical studies that it could be glucocorticoid sparing or replace glucocorticoid. So I think we have to let the data speak for it. But I think it's a treatment that can be on top of everything else.
Okay. In terms of then broadening the development path beyond DMD, the next indication you guys have talked about is ALS. Maybe you could walk through the rationale for that indication selection and the role you think that it could play there.
So in the case of ALS, like SMA and other neuromuscular indications, it is muscle wasting that is arising as a consequence of failure to stimulate that muscle. Now in the case of ALS, you've got a single motor neuron that branches off and innovates, right, individual muscle fibers. And it is that neuromuscular junction loses that ability to be stimulated. But that one motor neuron is stimulating hundreds of myofibers.
So even though you've lost one, okay, there's many others that are still being stimulated. If you increase muscle regeneration and strength of those that are innovated, you can compensate for those that are atrophying due to the loss of neuromuscular junction. After all, that's what happens in a rehabilitative medicine, okay, right? Often, you're not really able to deal with the muscle that group that's lost. You're strengthening the adjoining muscle. Here, you're doing the individual myofibers within the muscle, right?
So what it means, right, is that you'll be able to make the muscle stronger, maintain its functionality for a longer period of time and therefore, provide a quality of life benefit. You may not have an effect at all on survival whatsoever, right? But you may have an effect on something like tracheometry,, right, because that's dependent upon your diaphragm, right, and your intercostal muscles, right? There you might be able to have some effect. So we think of this as a treatment that's going to improve muscle function in the innovated muscle and therefore, maintain functionality. So it's going to be a clinically meaningful improvements in quality of life for these patients, not necessarily a survival.
Okay. So in terms of then the endpoints that you would be testing in the clinical trial, what are the relevant endpoints that you're looking to improve? And what are kind of the clinically meaningful benchmarks there?
Yes. So I think it's a little early. We're still in the design phase of that trial, okay? And we will share that as soon as we engage with regulators. But I think in the end, the approvable endpoints, right, the validated is the ALS functional score, right, revise. And that's a collection of many abilities that a patient has. And therefore, okay, I think it is still going to be likely that.
On the other hand, we will have improvements in muscle function, right? And so do you start, right, prioritizing some of the muscle function over the ALS or is it a composite? Don't know today, okay? We need to collect the data from a pilot study, see what we're seeing in changes in terms of ALS functional score as well as the muscle and then engage with the regulators on the design of a registrational trial thereof. But it is going to be a different path from many other trials where they're totally dependent upon the ALS functional score.
Okay. In terms of the pilot study that you're thinking about running, I guess, it sounds like there are still some key decisions to be made. What are those key decisions you have to think through in terms of designing that pilot program?
I think it's really the patients that you choose, okay, since this is a muscle agent that's going to improve muscle, -- you don't want to take patients that are very late in their disease, right, where they've lost most of the innervation. So you want early patients, right?
Now do you have a heterogeneous mix of rapidly progressing and slow progressing? Well, the greatest benefit is probably in the slow progressors, right, because they have still innovation of those muscles. On the other hand, right, what is the decline, right, in their functional right? And can you measure that over a 6-month or a 12-month period? So those are the sort of the key things that we're looking at. And we're working with this program out of the Healey Center at MGH, MyMatch. They've been doing clinical trials in ALS patients for 30-odd years. So they've got a lot of experience, a lot of data in the -- from clinical trials as well as placebo patients that they can mine to help select the right patient population for this trial. It's actually amazing the amount of information they have. I couldn't be prouder that we were selected as one of the 4 or 5 programs, okay, that they put into this my Match program.
I don't want to end the conversation without touching on elritercept , which you have licensed to Takeda. Just remind us the economics associated with that program. And if you could, an update in terms of development time lines.
So it was $200 million upfront. It's a total out-license to Takeda with 2025 being the transition year where we were transitioning all activities to Takeda. In addition, there's $1.1 billion in biobucks. $90 million of that is development milestones and then the rest are upon approval and commercialization and from low double digits to high teens royalties on that. Now they're doing a great job because when we partnered, we had just initiated the Phase I -- Phase III in second line. They've been recruiting into that trial.
But in the meantime, they have made the decision to start the frontline trial as well. So that is on ClinicalTrials.gov. That study has started. They're recruiting into that study. And just recently, they also announced that they are going to start a Phase III trial in myelofibrosis treatment of anemia in transfusion-dependent patients, right? So that's pretty exciting. They've got 3 trials going on -- 3 Phase III trials going on. And in addition, they're still continuing with the Phase II MDS and myelofibrosis trial. And in the MDS, they're adding a cohort of luspatercept-treated patients. So they're really thinking broadly about the opportunity for Elritercept.
Okay. Great. Maybe a final question for me. Just could you provide an update in terms of cash runway and the milestones and activities that are embedded in that guidance? And maybe loop that into the conversation you just had about biobucks, how does that change the picture if things.
Yes. So we have $282 million, $281.5 million, okay, as of the Q filing end of Q1. Does not include any milestones from Takeda, does not include interest. So we have a very, very clean balance sheet, okay, right? And that's $281.5 million was in the bank, okay? That provides us a runway. We've guided into H1 2028, okay? And with milestones, of course, will be extended, right? Included in that is the DMD trial, the ALS trial, but also bringing forward another asset into the clinic, right? So it is pretty comprehensive development of our pipeline.
When will we get visibility on what that next asset is?
We have classically historically only shared that as soon as we're sort of ready to start the Phase I trial, right? I think what you can do is look at our website at the presentations at preclinical scientific conferences, and you can then get a mix of what's potentially in the pipeline.
All right. That's a good teaser to end the meeting. It was great chatting with you, Jas. Thanks so much to everyone who joined us and enjoy the rest of the conference.
Well, thank you for the opportunity.
Financial data from Keros Therapeutics Inc
Revenue
Revenue is the sum of all sales generated by a company, e.g. for its products or services.
Revenue (TTM) metric explainedDirect Costs
Direct costs are the costs incurred directly in connection with the manufacture of the product or service.
Gross Profit
Gross Profit indicates how much of the revenue remains in the company after deducting direct production costs. If the percentage share of sales is calculated, this is referred to as the gross margin.
Gross Profit metric explainedSelling and Administrative Expenses
Selling, general and administrative expenses (SG&A) include all expenses for marketing and sales as well as the general administration of the company.
Research and Development Expense
Research and development costs (R&D) provide information on how much the company invests in the research and development of its products. The costs are particularly interesting as a percentage of revenue and in comparison to direct competitors.
EBITDA
EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) is the company's earnings before interest, taxes, depreciation and amortization. The EBITDA margin is calculated as a percentage of sales.
Depreciation and Amortization
Depreciation represents reductions in the value of the company's assets (e.g. due to wear and tear on machinery).
EBIT (Operating Income)
EBIT (Earnings Before Interest and Taxes) is the company's profit before interest and taxes, also known as the operating income. The EBIT Margin is calculated as a percentage of sales at
.
Net Profit
Net Profit represents the profit or loss after deduction of all costs.
Net Profit metric explainedStocksGuide Premium
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| Revenue | 15 15 |
94%
94%
100%
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| - Direct Costs | - - |
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| Gross Profit | - - |
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| - Selling and Administrative Expenses | 41 41 |
11%
11%
271%
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| - Research and Development Expense | 76 76 |
59%
59%
505%
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| EBITDA | -100 -100 |
6,080%
6,080%
-665%
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| - Depreciation and Amortization | 1.60 1.60 |
18%
18%
11%
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| EBIT (Operating Income) EBIT | -101 -101 |
32,622%
32,622%
-676%
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| Net Profit | -83 -83 |
543%
543%
-554%
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In millions USD.
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Keros Therapeutics Inc Stock News
Company Profile
Keros Therapeutics, Inc., a clinical-stage biopharmaceutical company, focuses on the discovery, development, and commercialization of novel treatments for patients suffering from hematological and musculoskeletal disorders with high unmet medical need. The company's lead protein therapeutic product candidate is KER-050, which is being developed for the treatment of low blood cell counts, or cytopenias, including anemia and thrombocytopenia in patients with myelodysplastic syndromes, or MDS, and in patients with myelofibrosis. It is also developing small molecule product candidate KER-047 that is being developed for the treatment of anemia, as well as for the treatment of fibrodysplasia ossificans progressiva, or FOP, and is currently in a Phase 1 clinical trial; and KER-012 being developed for the treatment of disorders associated with bone loss, such as osteoporosis and osteogenesis imperfecta, and for the treatment of pulmonary arterial hypertension, or PAH. The company was founded in 2015 and is headquartered in Lexington, Massachusetts.
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| Head office | United States |
| CEO | Dr. Seehra |
| Employees | 87 |
| Founded | 2015 |
| Website | www.kerostx.com |


