Just caught up on Keros' full-year 2025 results and honestly, the financial turnaround is pretty striking. Going from a $187.4 million net loss in 2024 to $87 million in net income this year - that's a significant swing, mainly driven by their Takeda licensing deal which brought in $244.1 million in revenue compared to basically nothing ($3.6M) the year before.

What's interesting is that Keros has shifted from pure cash burn to actually generating revenue while still advancing their clinical pipeline. The fourth quarter alone showed improvement too - net loss of $23.5 million versus $46 million in Q4 2024. That's the kind of trajectory you want to see from a biotech.

On the pipeline side, they've got two main programs moving forward. Rinvatercept (their KER-065 candidate) for muscle-wasting diseases is in early stages - Phase 1 data in healthy volunteers looked solid, and they're planning to kick off Phase 2 in DMD sometime this quarter or next. The ALS program should have regulatory discussions happening around mid-year. Then there's Elritercept for blood disorders in MDS and myelofibrosis patients, but that's now under Takeda's development costs following their licensing agreement.

Corporate-wise, Keros made some leadership moves recently - brought Charles Newton onto the board and promoted Esther Cho to Chief Legal Officer. Standard biotech shuffling, but signals they're building out the team.

The cash position is solid too. They ended the year with $287.4 million, which should carry them through the first half of 2028 based on their burn rate. Stock-wise, KROS has been ranging between $9.12 and $22.55 over the past 12 months, sitting around $13.77 last I checked.

The Keros story here is pretty straightforward - they've de-risked their balance sheet with the Takeda deal while keeping their own pipeline moving. Whether the clinical data validates the science is the real question, but at least they've bought themselves time to find out.