Core Insights - Keros Therapeutics, Inc. reported a net loss of $30.7 million for Q2 2025, a decrease from a net loss of $45.3 million in Q2 2024, primarily due to revenue from a license agreement with Takeda Pharmaceuticals [3][4] - The company is focusing on advancing its pipeline, particularly KER-065, which is set to enter a Phase 2 clinical trial for Duchenne muscular dystrophy in Q1 2026 [2][6] - Keros' cash and cash equivalents increased to $690.2 million as of June 30, 2025, compared to $559.9 million at the end of 2024, allowing for operational funding into the first half of 2028 [5][12] Financial Performance - Total revenue for Q2 2025 was $18.2 million, compared to $37,000 in Q2 2024, with a significant portion attributed to service and other revenue [10] - Research and development expenses rose to $43.5 million in Q2 2025 from $40.5 million in Q2 2024, reflecting increased R&D efforts [4][10] - General and administrative expenses increased to $14.5 million in Q2 2025 from $10.0 million in Q2 2024, mainly due to higher external expenses [4][10] Balance Sheet Highlights - Keros' total assets as of June 30, 2025, were $757.2 million, up from $615.9 million at the end of 2024 [12][13] - The company reported total liabilities of $50.4 million as of June 30, 2025, compared to $44.3 million at the end of 2024 [12][13] - Stockholders' equity increased to $706.7 million as of June 30, 2025, from $571.6 million at the end of 2024, driven by a reduction in accumulated deficit [13]