Keros Therapeutics (KROS) has just posted Q1 2026 results, with revenue of US$0.4 million, a basic EPS loss of US$1.21 and a net loss of US$23.7 million, setting the tone for the quarter at a share price of US$10.99. The company has seen quarterly revenue move from US$211.2 million in Q1 2025 to US$0.4 million in Q1 2026, while basic EPS shifted from a profit of US$3.66 to a loss of US$1.21. This puts the spotlight on how changes in revenue expectations and potential margin developments could reshape the story from here.

See our full analysis for Keros Therapeutics.

With the headline numbers in place, the next step is to see how these results compare with the widely followed narratives around growth potential, risks and margins that have been building over the past year.

TTM revenue at US$33.2 million while losses remain heavy

• On a trailing twelve month basis, Keros generated US$33.2 million of revenue and reported a net loss of US$85.1 million, which compares with the single quarter Q1 2026 net loss of US$23.7 million on just US$0.4 million of revenue.
• What stands out against the broadly bullish view on revenue growth is that, even with forecasts calling for revenue to rise around 36.8% a year, the company is currently running sizeable losses. Recent quarters such as Q2 2025 showed a US$30.7 million loss and Q4 2024 showed a US$46.0 million loss, so any growth focused thesis has to be weighed against how long this loss profile might continue.

P/S of 6.6x prices in stronger growth than peers

• At a share price of US$10.99 and using the analysis figures, Keros is trading on a P/S of 6.6x, higher than the 4.0x peer average but below the 10.6x US Biotechs industry average. This means the stock is carrying a premium to closer peers while still sitting under the broader sector level.
• Critics highlight that paying a P/S premium to peers looks demanding while the company is loss making on a trailing basis, and the data here backs that concern because net income over the last twelve months came in at a loss of US$85.1 million even after earlier periods such as Q1 2025 showed a profit of US$148.5 million. Anyone arguing the stock is already priced for strong growth has to reconcile that with the current lack of profitability.

Losses narrowing over five years but near term still unprofitable

• Analysis of the past five years shows Keros has reduced its losses at an average rate of 8.7% per year, yet the latest trailing twelve month figures still show a loss of US$85.1 million and recent quarterly losses such as US$23.5 million in Q4 2025 and US$23.7 million in Q1 2026. The business is not yet close to break even.
• Bears argue that ongoing unprofitability remains a key risk, and the numbers support that view because forecasts currently expect the company to remain loss making for at least the next three years while recent insider activity has skewed to selling over the past three months. This can be read together with the repeated quarterly losses as a sign that management and early holders are reducing exposure while the financial profile is still heavily in the red.

If you want to see how other investors are interpreting these loss trends and forecasts, it is worth looking at the wider Community Narratives for Keros Therapeutics Curious how numbers become stories that shape markets? Explore Community Narratives

Next Steps

Don't just look at this quarter; the real story is in the long-term trend. We've done an in-depth analysis on Keros Therapeutics's growth and its valuation to see if today's price is a bargain. Add the company to your watchlist or portfolio now so you don't miss the next big move.

If this all feels like a mixed picture, that is exactly why it pays to look at the details yourself and decide where you stand. To help you weigh both sides of the story, take a closer look at the 1 key reward and 2 important warning signs.

See What Else Is Out There

Keros Therapeutics is still running sizeable losses, carries a higher P/S than closer peers and has forecasts pointing to several more years without profitability.

If you want stocks where the risk profile looks more comfortable today, check out the 67 resilient stocks with low risk scores and compare businesses with more resilient financial traits.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.