Keros Q4 2023 Earnings Report
Key Takeaways
Keros Therapeutics reported a net loss of $40.2 million for the fourth quarter of 2023, driven by increased research and development expenses and investments to support clinical and corporate goals. The company's cash and cash equivalents totaled $331.1 million as of December 31, 2023, which, along with proceeds from a January 2024 offering, is expected to fund operations into 2027.
Keros made continued clinical progress across its pipeline in 2023.
Phase 2 clinical trial evaluating KER-012 in patients with pulmonary arterial hypertension (PAH) was commenced.
Exciting data was presented from two ongoing Phase 2 clinical trials of KER-050 in patients with myelodysplastic syndromes (MDS) and myelofibrosis.
KER-065 advanced into a Phase 1 healthy volunteer clinical trial at the beginning of 2024.
Keros
Keros
Forward Guidance
Keros anticipates several program milestones, including engaging with regulators on the Phase 3 trial design for KER-050 in MDS, reporting additional data from KER-050 trials in MDS and myelofibrosis, providing an update on KER-012 enrollment in PAH patients, reporting initial data from the KER-012 biomarker trial in chronic heart failure patients, and reporting initial data from the KER-065 Phase 1 trial in healthy volunteers.
Positive Outlook
- Engage with regulators on the design of the planned Phase 3 clinical trial of KER-050 in patients with MDS in the first half of 2024
- Report additional data from Part 2 of the ongoing Phase 2 clinical trial of KER-050 in patients with MDS in the second and fourth quarters of 2024
- Report additional data from the ongoing Phase 2 clinical trial of KER-050 in patients with myelofibrosis in the second and fourth quarters of 2024
- Provide an update on enrollment of the ongoing Phase 2 clinical trial evaluating KER-012 in patients with PAH (the “TROPOS trial”) in the first half of 2024
- Report initial data from the ongoing Phase 2 open-label biomarker trial of KER-012 in patients with chronic heart failure with preserved injection and in such patients with reduced ejection fraction in the second half of 2024
Challenges Ahead
- Limited operating history and historical losses
- Ability to raise additional funding to complete the development and any commercialization of its product candidates
- Dependence on the success of its product candidates, KER-050, KER-012 and KER-065
- Potential delays in initiating, enrolling or completing any clinical trials
- Competition from third parties that are developing products for similar uses