Keros Therapeutics, Inc. (KROS) Balance Sheet
KROS balance sheet, 2025
December 31, 2025 · U.S. dollars$338.0M assets = $34.9M liabilities + $303.1M equity
Both columns are drawn to the same scale: what KROS owns equals what it owes plus shareholders’ equity. Hover a block for its value.
KROS financial health
Descriptive bands, not a rating. Fiscal 2025.
KROS balance sheet trends, 2018–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $27.4M2018 | $338.0M2025 | +43.2%/yr | |
| Total liabilities | $14.7M2018 | $34.9M2025 | +13.2%/yr | |
| Shareholders’ equity | $12.8M2018 | $303.1M2025 | +57.2%/yr | |
| Cash & short-term investments | $23.3M2018 | $287.4M2025 | +43.2%/yr | |
| Total debt | $2.6M2018 | $16.9M2025 | +30.9%/yr | |
| Net cash (debt) | $20.7M2018 | $270.5M2025 | +$249.8M | |
| Working capital | $14.1M2018 | $295.0M2025 | +$281.0M | |
| Book value per share | $1.442018 | $8.012025 | +27.8%/yr | |
| Debt / equity | 0.202018 | 0.062025 | −0.14 | |
| Shares outstanding | 8.9M2018 | 37.9M2025 | +23.0%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
KROS assets
KROS liabilities and equity
KROS debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
KROS balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Cash & short-term investments | $287.4M | $559.9M | $331.1M | $279.0M | $230.0M | $265.9M | $7.0M | $23.3M |
| Cash & equivalents | $287.4M | $559.9M | $331.1M | $279.0M | $230.0M | $265.9M | $7.0M | $23.3M |
| Receivables | $6.4M | $4.5M | $1.1M | $841,000 | $18.2M | $216,000 | $922,000 | $0 |
| Inventory | $0 | $0 | $14.1M | −$841,000 | $3.1M | $1.5M | $759,000 | $0 |
| Other current assets | $21.6M | $24.5M | $1.0M | $6.7M | $143,000 | $160,000 | $226,000 | $2.3M |
| Total current assets | $315.4M | $588.9M | $347.3M | $285.8M | $251.4M | $267.7M | $8.9M | $25.5M |
| Property, plant & equipment (net) | $21.1M | $23.5M | $19.5M | $17.6M | $2.4M | $1.6M | $1.9M | $1.4M |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $1.4M | $3.5M | $3.3M | $3.4M | $1.4M | $115,000 | $115,000 | $501,000 |
| Total assets | $338.0M | $615.9M | $370.0M | $306.8M | $255.3M | $269.4M | $11.0M | $27.4M |
| Liabilities | ||||||||
| Accounts payable | $2.0M | $4.6M | $5.5M | $3.3M | $3.6M | $2.1M | $2.1M | $501,000 |
| Short-term debt | $2.4M | $2.0M | $1.0M | $455,000 | $862,000 | $423,000 | $376,000 | $166,000 |
| Deferred revenue | — | — | $17.3M | — | $7.1M | $4.4M | $1.9M | $10.0M |
| Total current liabilities | $20.4M | $27.4M | $24.4M | $16.5M | $11.8M | $7.2M | $4.5M | $11.5M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $5.0M | $2.4M |
| Lease obligations | $16.9M | $18.9M | $14.4M | $13.3M | $1.1M | $899,000 | $1.3M | $788,000 |
| Other long-term liabilities | $14.5M | $16.9M | $13.4M | $12.8M | $231,000 | $538,000 | $0 | $793,000 |
| Total liabilities | $34.9M | $44.3M | $37.8M | $29.4M | $12.1M | $7.7M | $5.5M | $14.7M |
| Shareholders' equity | ||||||||
| Common stock & paid-in capital | $4,000 | $4,000 | $3,000 | $2,000 | $2,000 | $2,000 | $2,000 | $1,000 |
| Retained earnings (deficit) | −$481.8M | −$568.8M | −$381.4M | −$228.4M | −$123.8M | −$65.0M | −$19.6M | −$7.3M |
| Accumulated other comprehensive income | — | — | $0 | $0 | $0 | −$269.4M | −$19.9M | −$246,000 |
| Total shareholders' equity | $303.1M | $571.6M | $332.2M | $277.4M | $243.2M | $261.7M | $5.5M | $12.8M |
| Key figures | ||||||||
| Total debt | $16.9M | $18.9M | $14.4M | $13.3M | $1.1M | $899,000 | $5.3M | $2.6M |
| Net cash (debt) | $270.5M | $541.1M | $316.7M | $265.8M | $228.9M | $265.0M | $1.7M | $20.7M |
| Working capital | $295.0M | $561.4M | $322.9M | $269.2M | $239.6M | $260.5M | $4.4M | $14.1M |
| Tangible book value | $303.1M | $571.6M | $332.2M | $277.4M | $243.2M | $261.7M | $5.5M | $12.8M |
| Book value per share | $8.01 | $15.27 | $11.28 | $10.99 | $10.42 | $16.88 | $0.61 | $1.44 |
| Shares outstanding | 37.9M | 37.4M | 29.4M | 25.2M | 23.3M | 15.5M | 8.9M | 8.9M |
| Current ratio | 15.45 | 21.45 | 14.25 | 17.27 | 21.23 | 37.27 | 1.99 | 2.23 |
| Quick ratio | 14.39 | 20.56 | 13.63 | 16.91 | 20.96 | 37.04 | 1.77 | 2.03 |
| Debt / equity | 0.06 | 0.03 | 0.04 | 0.05 | 0.00 | 0.00 | 0.98 | 0.20 |
| Equity / assets | 89.7% | 92.8% | 89.8% | 90.4% | 95.3% | 97.1% | 49.8% | 46.5% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $257.6M | $281.5M | $287.4M | $693.5M | $690.2M | $720.5M | $559.9M | $530.7M | $405.9M | $442.4M | $331.1M | $287.9M |
| Cash & equivalents | $257.6M | $281.5M | $287.4M | $693.5M | $690.2M | $720.5M | $559.9M | $530.7M | $405.9M | $442.4M | $331.1M | $287.9M |
| Receivables | $2.8M | $3.0M | $6.4M | $5.6M | $17.7M | $19.4M | $4.5M | $1.9M | $1.3M | $1.8M | $1.1M | $898,000 |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1 | $1 | $14.1M | $15.3M |
| Other current assets | $6.5M | $6.2M | $21.6M | $20.3M | $24.9M | $19.6M | $24.5M | $19.4M | $25.5M | $18.9M | $1.0M | $319,000 |
| Total current assets | $266.9M | $290.7M | $315.4M | $719.3M | $732.8M | $759.5M | $588.9M | $552.0M | $432.7M | $463.1M | $347.3M | $304.4M |
| Property, plant & equipment (net) | $19.3M | $20.2M | $21.1M | $22.0M | $22.9M | $23.1M | $23.5M | $24.2M | $18.9M | $19.4M | $19.5M | $19.0M |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $1.4M | $1.4M | $1.4M | $1.4M | $1.4M | $1.9M | $3.5M | $3.0M | $3.4M | $3.3M | $3.3M | $2.8M |
| Total assets | $287.6M | $312.3M | $338.0M | $742.8M | $757.2M | $784.6M | $615.9M | $579.3M | $455.0M | $485.8M | $370.0M | $326.2M |
| Liabilities | ||||||||||||
| Accounts payable | $1.8M | $1.5M | $2.0M | $2.3M | $5.3M | $6.6M | $4.6M | $5.0M | $6.5M | $5.0M | $5.5M | $3.9M |
| Short-term debt | $2.6M | $2.5M | $2.4M | $2.3M | $2.2M | $2.1M | $2.0M | $1.9M | $1.1M | $1.1M | $1.0M | $611,000 |
| Deferred revenue | — | — | — | $155,000 | $925,000 | $3.3M | — | — | — | −$1.1M | $17.3M | $11.8M |
| Total current liabilities | $12.2M | $12.9M | $20.4M | $24.1M | $34.7M | $39.4M | $27.4M | $29.0M | $21.2M | $18.7M | $24.4M | $16.7M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | $15.7M | $16.3M | $16.9M | $17.4M | $18.0M | $18.4M | $18.9M | $19.3M | $14.0M | $14.2M | $14.4M | $14.3M |
| Other long-term liabilities | $13.1M | $13.8M | $14.5M | $15.1M | $15.7M | $16.3M | $16.9M | $17.4M | $12.9M | $13.2M | $13.4M | $13.7M |
| Total liabilities | $25.3M | $26.7M | $34.9M | $39.2M | $50.4M | $55.7M | $44.3M | $46.4M | $34.1M | $31.9M | $37.8M | $30.4M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $4,000 | $4,000 | $4,000 | $4,000 | $4,000 | $4,000 | $4,000 | $4,000 | $3,000 | $3,000 | $3,000 | $3,000 |
| Retained earnings (deficit) | −$534.2M | −$505.5M | −$481.8M | −$458.3M | −$451.0M | −$420.3M | −$568.8M | −$522.8M | −$469.8M | −$424.5M | −$381.4M | −$341.2M |
| Accumulated other comprehensive income | — | — | — | — | — | — | — | — | — | — | $0 | $0 |
| Total shareholders' equity | $262.3M | $285.6M | $303.1M | $703.6M | $706.7M | $728.9M | $571.6M | $532.8M | $420.9M | $453.9M | $332.2M | $295.8M |
| Key figures | ||||||||||||
| Total debt | $15.7M | $16.3M | $16.9M | $17.4M | $18.0M | $18.4M | $18.9M | $19.3M | $14.0M | $14.2M | $14.4M | $14.3M |
| Net cash (debt) | $241.9M | $265.2M | $270.5M | $676.0M | $672.3M | $702.1M | $541.1M | $511.4M | $391.9M | $428.2M | $316.7M | $273.6M |
| Working capital | $254.7M | $277.8M | $295.0M | $695.2M | $698.1M | $720.1M | $561.4M | $523.0M | $411.5M | $444.4M | $322.9M | $287.7M |
| Tangible book value | $262.3M | $285.6M | $303.1M | $703.6M | $706.7M | $728.9M | $571.6M | $532.8M | $420.9M | $453.9M | $332.2M | $295.8M |
| Book value per share | $13.25 | $14.55 | $11.15 | $17.32 | $17.40 | $17.77 | $14.17 | $14.76 | $11.66 | $15.42 | $11.03 | $9.97 |
| Shares outstanding | 19.8M | 19.6M | 27.2M | 40.6M | 40.6M | 41.0M | 40.3M | 36.1M | 36.1M | 29.4M | 30.1M | 29.7M |
| Current ratio | 21.96 | 22.62 | 15.45 | 29.86 | 21.11 | 19.29 | 21.45 | 19.03 | 20.37 | 24.74 | 14.25 | 18.23 |
| Quick ratio | 21.42 | 22.13 | 14.39 | 29.02 | 20.40 | 18.79 | 20.56 | 18.36 | 19.17 | 23.73 | 13.63 | 17.29 |
| Debt / equity | 0.06 | 0.06 | 0.06 | 0.02 | 0.03 | 0.03 | 0.03 | 0.04 | 0.03 | 0.03 | 0.04 | 0.05 |
| Equity / assets | 91.2% | 91.5% | 89.7% | 94.7% | 93.3% | 92.9% | 92.8% | 92.0% | 92.5% | 93.4% | 89.8% | 90.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 4, 2026); data from EODHD.
KROS financial position
At the end of fiscal 2025 (December 31, 2025), Keros Therapeutics had total assets of $338.0 million (down 45.1% from a year earlier), total liabilities of $34.9 million and shareholders' equity of $303.1 million. It held $287.4 million in cash and short-term investments against $16.9 million of debt, a net cash position of $270.5 million. Its current ratio was 15.45. In the latest quarter (ended June 30, 2026) total assets were $287.6 million and equity $262.3 million.
Related: KROS income statement, KROS cash flow statement, KROS key metrics. See the KROS stock overview for the latest quote and news.
KROS balance sheet FAQ
What are Keros Therapeutics's total assets?
Keros Therapeutics reported total assets of $338.0 million at the end of fiscal 2025 (December 31, 2025), compared with $615.9 million a year earlier.
How much debt does Keros Therapeutics have?
Keros Therapeutics had $16.9 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.06.
How much cash does Keros Therapeutics have?
Keros Therapeutics held $287.4 million in cash and short-term investments at the end of fiscal 2025; with $16.9 million of debt that is net cash of $270.5 million.
What is Keros Therapeutics's book value?
Keros Therapeutics's shareholders' equity (book value) was $303.1 million at the end of fiscal 2025, or $8.01 per share.
What is Keros Therapeutics's current ratio?
Keros Therapeutics had current assets of $315.4 million and current liabilities of $20.4 million, a current ratio of 15.45 (it can cover its short-term obligations).