Filing Flows › Keros Therapeutics (KROS) › Q3 2025
Keros Therapeutics (KROS) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 5, 2025
Keros Therapeutics (KROS) reported revenue of $14.1M for the third quarter 2025 (Q3 2025), up 36-fold from a year earlier and -22% from the quarter before. Operating margin was -108.9%, net loss $7.3M (51.5% of revenue).
Keros Therapeutics, Q3 2025: revenue $14.1M (36× year over year), operating margin -108.9%, net loss $7.3M, operating cash flow $3.2M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $14.1M | -22% | 36× |
| Operating profit | −$15.4M | — | — |
| Net earnings | −$7.3M | — | — |
| Operating cash flow | $3.2M | — | — |
| Free cash flow | $3.1M | — | — |
What changed
Revenue was $14.1M in Q3 2025, up 3540% year over year and down 22% from the previous quarter. License revenue was the largest line at 71% of revenue.
Operating costs exceeded revenue by $15.4M, an operating margin of -108.9%. Total costs fell 50% while revenue rose 3540%. The quarter ended with a net loss of $7.3M, narrower than the previous quarter's $30.7M loss. Non-operating items added $6.7M, -77% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $3.2M. Non-cash charges added back $395K of depreciation and $4.0M of share-based compensation. Working capital and other items added $6.1M. Capital expenditures of $132K left free cash flow of $3.1M.
Questions
What was Keros Therapeutics' revenue in the third quarter 2025?
Keros Therapeutics (KROS) reported revenue of $14.1M for the third quarter 2025 (Q3 2025), up 36-fold from a year earlier and -22% from the quarter before.
Was Keros Therapeutics profitable in the third quarter 2025?
Operating loss was $15.4M (-108.9% of revenue) and net loss $7.3M.
Source: Keros Therapeutics 10-Q on SEC EDGAR.