Just caught up on Keros' full-year results and honestly, the turnaround is pretty striking. We're talking about going from a $187.4 million net loss in 2024 to $87 million in net income for 2025. That's the kind of swing that usually signals something meaningful happened in the business.

Looking at the numbers, the revenue jump to $244.1 million was driven largely by their Takeda licensing deal, which makes sense - that's the kind of partnership that can reshape a clinical-stage biotech's trajectory. But what actually matters for long-term investors is what's happening in the pipeline.

Keros has two main shots on goal right now. There's Rinvatercept, which is targeting muscle-wasting conditions like Duchenne muscular dystrophy and ALS. They ran a Phase 1 in healthy volunteers and the safety profile looked solid. The company is moving into Phase 2 for DMD in the second quarter of this year, and they're planning to engage regulators on ALS dosing later in 2026. That's a pretty aggressive timeline for a muscle disease play.

Then there's Elritercept for blood disorders - specifically anemia and low platelet counts in patients with myelodysplastic syndrome and myelofibrosis. This one's interesting because Takeda took over development costs, which is why we saw that revenue bump. It signals confidence from a major pharma partner, which is worth paying attention to.

Cash-wise, Keros ended the year with $287.4 million, which should carry them through the first half of 2028. That's enough runway to see meaningful clinical data from both programs. The stock has been choppy - trading between $9.12 and $22.55 over the past year - but if either of these pipeline assets shows compelling Phase 2 data, that narrative could shift pretty quickly.

The board and leadership changes they announced (new director Charles Newton and Esther Cho as Chief Legal Officer) suggest they're positioning for the next phase of growth. Worth keeping on the radar if you're into clinical-stage biotech with focused pipelines.