Keros Therapeutics is developing protein therapeutics targeting the TGF-β family, with lead candidates rinvatercept for neuromuscular diseases including Duchenne muscular dystrophy and ALS, and elritercept for hematologic cytopenias. The company achieved profitability in 2025 driven by licensing revenues from Takeda Pharmaceuticals and marked clinical progress including completion of a Phase 1 trial for rinvatercept and initiation of a Phase 3 trial for elritercept. Keros's strong cash position and collaboration agreements support upcoming clinical milestones in 2026, though risks remain around clinical development, regulatory approvals, and competitive pressures.