Keros Therapeutics, Inc. reported its financial results for the three and nine months ended September 30, 2024, highlighting significant changes in revenue, operating expenses, and net loss compared to the previous fiscal period. The company, which focuses on developing therapeutics for disorders linked to TGF-ß signaling, recorded total revenue of $388,000 for the three months ended September 30, 2024, a notable increase from $8,000 in the same period of 2023. For the nine months ended September 30, 2024, total revenue reached $508,000, up from $8,000 in the prior year, primarily due to the shipment of clinical product supply under the Supply Agreement with Hansoh.
Total operating expenses for the three months ended September 30, 2024, were $59.0 million, compared to $43.3 million for the same period in 2023. The net loss for the three months was $53.0 million, an increase from $39.4 million in the prior year. For the nine-month period, the net loss was $141.3 million, compared to $112.7 million for the same period in 2023. Research and development expenses surged to $128.0 million for the nine months ended September 30, 2024, up from $97.8 million in 2023, driven by increased spending on clinical trials for its lead product candidates, elritercept and cibotercept.
Keros Therapeutics reported cash and cash equivalents of $530.7 million as of September 30, 2024, a significant increase from $331.1 million at the end of 2023. This cash position is expected to sustain operations for at least the next 12 months. The company raised $316.3 million in net cash from financing activities during the nine months ended September 30, 2024, compared to $109.7 million in the same period of 2023. This included $151.1 million from a public offering and $155.5 million from the sale of common stock under its ATM Program.
The company has not generated revenue from product sales since its inception in 2015 and does not expect to do so until successful development and regulatory approval of its product candidates. As of September 30, 2024, Keros Therapeutics had an accumulated deficit of $522.8 million, reflecting ongoing operating losses. The company continues to rely on equity financings, research collaborations, and licensing agreements to fund its operations.
About Keros Therapeutics, Inc.
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