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Keros Therapeutics cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$3.3M in Q3 2026 · −$48.3M over twelve months

Operating cash flow$3.4M
Capital spending−$59K
Free cash flow+$3.3M
Cash / net income0.2×

Analysis

In Q3 2026, Keros Therapeutics generated $3.4M of operating cash flow and spent $59K on capital projects, leaving free cash flow of $3.3M. That is $214K more than in Q3 2025 ($3.1M).

Over the twelve months to Sep 30, 2026, operating cash flow was −$47.9M; the largest uses were buybacks ($377M), operating cash flow ($47.9M), other financing ($9.3M); besides operations, cash came from shares issued ($159K); the cash balance fell by $434M.

Operating cash flow was $3.4M against net income of $14.2M — 0.2× profit, less cash than reported earnings, worth checking against working capital. The largest differences: receivables −$20.0M, stock-based pay +$4.2M, payables +$2.0M.

Free cash flow

Keros Therapeutics: free cash flow by quarterKeros Therapeutics: free cash flow by quarter−$46.3MQ4 2024$161MQ1 2025−$30.3MQ2 2025$3.1MQ3 2025−$27.4MQ4 2025−$3.6MQ1 2026−$20.6MQ2 2026$3.3MQ3 2026
Operating cash flow less capital spending.
Keros Therapeutics: operating cash flow against capital spendingKeros Therapeutics: operating cash flow against capital spendingOperating cash flowCapital spending−$46.0M$289KQ4 2024$161M$565KQ1 2025−$29.6M$720KQ2 2025$3.2M$132KQ3 2025−$27.3M$134KQ4 2025−$3.5M$73KQ1 2026−$20.4M$155KQ2 2026$3.4M$59KQ3 2026
Latest (Q3 2026): Operating cash flow $3.4M, Capital spending $59K.

Capital allocation, year by year

Keros Therapeutics: where the cash came from (up) and went (down), by fiscal yearKeros Therapeutics: where the cash came from (up) and went (down), by fiscal yearOperating cash flowShares issuedCapital spendingBuybacksFY2021: Operating cash flow −$62.1MFY2021: Shares issued $379KFY2021: Capital spending −$1.0M$379KFY2021FY2022: Operating cash flow −$70.1MFY2022: Shares issued $818KFY2022: Capital spending −$1.2M$818KFY2022FY2023: Operating cash flow −$125MFY2023: Shares issued $3.2MFY2023: Capital spending −$2.5M$3.2MFY2023FY2024: Operating cash flow −$161MFY2024: Shares issued $12.1MFY2024: Capital spending −$1.9M$12.1MFY2024FY2025: Operating cash flow $108MFY2025: Shares issued $150KFY2025: Capital spending −$1.6MFY2025: Buybacks −$375M$108MFY2025
Over these 5 years operating cash flow totalled −$310M; the largest uses were operating cash flow ($418M) and buybacks ($375M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$259M
Debtnone
Net cash$259M
Cash runway5.4 years

Keros Therapeutics is burning cash: its operations consume cash, a free cash flow of −$48.3M a year at the current rate against $259M of cash and investments: a runway of about 5.4 years before any new financing.

Where the cash came from and went

Keros Therapeutics: sources (+) and uses (−) of cash, Q3 2026Keros Therapeutics: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$3.4MCash drawn (+) / kept (−)−$1.9MOther financing−$1.5MCapital spending−$59KShares issued$2K
Keros Therapeutics: sources (+) and uses (−) of cash, TTM to Q3 2026Keros Therapeutics: sources (+) and uses (−) of cash, TTM to Q3 2026Cash drawn (+) / kept (−)$434MBuybacks−$377MOperating cash flow−$47.9MOther financing−$9.3MCapital spending−$421KShares issued$159K

From profit to cash

Keros Therapeutics: net income to operating cash flow, Q3 2026Keros Therapeutics: net income to operating cash flow, Q3 2026Net income$14.2MDepreciation & amortization$384KStock-based pay$4.2MReceivables−$20.0MPayables$2.0MAccrued liabilities$916KPrepaid and other assets$1.1MIncome taxes payable$615KOperating cash flow$3.4M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksShares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$3.4M−$59K—$2K−$1.9M$3.3M
Q2 2026−$20.4M−$155K—$23K$23.9M−$20.6M
Q1 2026−$3.5M−$73K—$7K$5.9M−$3.6M
Q4 2025−$27.3M−$134K−$375M$127K$406M−$27.4M
Q3 2025$3.2M−$132K—$2K−$3.3M$3.1M
Q2 2025−$29.6M−$720K—$17K$30.3M−$30.3M
Q1 2025$161M−$565K—$4K−$161M$161M
Q4 2024−$46.0M−$289K—$2.4M−$29.2M−$46.3M

Keros Therapeutics: income statement and cash flow

Keros Therapeutics, Q3 2026: revenue $40.0M (+183% year over year), operating margin 32.0%. The chart follows the revenue to costs, profit and cash.

Keros Therapeutics: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.