Just caught Keros Therapeutics' full-year results and there's actually some solid momentum here worth paying attention to. The company swung to $87M in net income for 2025 after burning through $187M the year before - that's a massive turnaround, though a lot of it came from that Takeda licensing deal that brought in $244M in total revenue.

What's more interesting to me is what's happening in their actual pipeline. Their Keros classification strategy seems focused on two main therapeutic areas - hematology and muscle disorders - which makes sense given their lead programs.

Rinvatercept is the one getting the most attention. This selective activin receptor ligand trap is targeting myostatin and activin A for Duchenne muscular dystrophy and ALS. Phase 1 in healthy volunteers went smoothly, and now they're planning to kick off Phase 2 in DMD in Q2 2026 (so basically right now or very soon). They're also supposed to start regulatory discussions on an ALS Phase 2 trial in the second half of this year.

Then there's Elritercept for blood-related issues - anemia and thrombocytopenia in MDS and myelofibrosis patients. The Takeda deal basically took over development costs for this one, which is why you're seeing such a dramatic revenue number.

They've got $287M in cash at year-end, which should carry them through mid-2028. Stock's been trading between $9 and $22.50 over the past year, closed yesterday around $13.77.

The real question is whether these muscle and hematology programs can deliver clinically. The financial engineering with Takeda bought them runway, but execution on Phase 2 data will be what actually matters for long-term value. Worth monitoring if you're into biotech plays.