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Keros Therapeutics is developing elritercept for low blood-cell counts, including anemia and low platelet counts associated with certain bone-marrow diseases. It is also developing rinvatercept for Duchenne muscular dystrophy and amyotrophic lateral sclerosis. Both remain in clinical trials; Keros has no medicine approved for sale and has earned no product-sales revenue.
Pharmaceutical partners pay Keros for exclusive rights to develop, manufacture and sell elritercept. Takeda holds those rights worldwide except mainland China, Hong Kong and Macau, where Hansoh holds them. Takeda supplies overwhelmingly most of Keros’s revenue, chiefly through an upfront license payment and a development milestone, with additional revenue from transition services that are substantially complete. The agreements provide for further payments when specified development or commercial milestones are met, and royalties on partners’ sales if a licensed medicine is approved.
Keros therefore depends heavily on its partners, especially Takeda, which controls further elritercept development in its territory. Future sales-based income requires regulatory approval and successful commercialization by those partners.
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Keros’s results hinge on clinical progress and licensing payments from Takeda and Hansoh, its exclusive elritercept partner in mainland China, Hong Kong and Macau.
Keros depends on Takeda to develop elritercept outside mainland China, Hong Kong and Macau and pay license fees, transition-service payments, milestones and potential sales royalties. Watch the Phase 3 RENEW trial: its first patient dosing triggered a $10 million milestone for Keros.
Geron sells RYTELO for transfusion-dependent anemia in lower-risk myelodysplastic syndromes (MDS), competing for patients targeted by Keros’s licensed elritercept program. RYTELO sales show how an already-approved treatment is reaching this patient group.
Bristol Myers Squibb’s luspatercept anemia treatments compete with Keros’s programs that help red blood cells mature in MDS and myelofibrosis. Its completed Phase 3 luspatercept trial in myelofibrosis is a concrete development to watch alongside Keros’s program.
Disc Medicine is developing treatments for anemia in myelofibrosis, competing for the same patients as Keros’s elritercept program. It had no product-sales revenue through December 2025, so its clinical progress in this population matters more to Keros than its sales.
Scholar Rock’s treatments that block myostatin in neuromuscular diseases overlap with Keros’s muscle-building programs. Watch apitegromab and SRK-439 development in rare neuromuscular diseases for progress in this competing approach.
Sarepta sells Duchenne muscular dystrophy therapies that compete with Keros’s candidates for patients and treatment spending. Watch ELEVIDYS’s eligible population: in November 2025, Sarepta announced removal of non-ambulatory patients from its U.S. indication and a boxed warning for acute liver injury and failure.
GSK’s approved Ojjaara treats myelofibrosis patients with anemia, overlapping with the patients Keros targets in elritercept development. Ojjaara’s use in this group is the relevant competitive signal, rather than GSK’s broader medicine and vaccine sales.
Incyte’s myelofibrosis business and development programs compete in a disease market targeted by Keros’s candidates. Its U.S. JAKAFI sales through specialty pharmacies and wholesalers offer a concrete view of the established treatment business in that market.
GSK plc earningsGSK
GSK’s report can show how Ojjaara is being used for myelofibrosis-related anemia, a treatment market Keros’s elritercept would enter.
Focus on GSK’s reported Ojjaara use or sales, and whether it identifies activity among patients with myelofibrosis-related anemia. Rising use in that group would show an established treatment reaching patients Keros’s elritercept targets; limited or weaker use would show less reach for this treatment, not that patients will switch to Keros.
Takeda Pharmaceutical Company Limited earningsTAK
Takeda’s report can show whether it is advancing the elritercept program licensed from Keros, which could generate future milestones and royalties for Keros.
Look for Takeda’s update on the Phase 3 RENEW trial and further elritercept development. Continued progress would support the possibility of future development milestones and payments to Keros; delays or reduced activity would make that potential revenue path less certain. Takeda’s progress does not mean Keros has received a new payment.
Keros Therapeutics, Inc. earningsThis company
Keros Therapeutics’ report will show how much cash its clinical programs use and whether its funds can support the planned work.
Read research-and-development spending alongside the change in cash. Controlled spending and a slower cash decline would suggest Keros is advancing its programs while broadly preserving the runway management estimated would last into the first half of 2028. Higher spending or a faster cash decline would mean that cushion is shrinking and the company may need to choose among programs or seek funding. The large 2025 license revenue came mainly from a one-time Takeda payment, not repeat product sales.
Geron Corp earningsGERN
Geron’s report will show how RYTELO is reaching patients with transfusion-dependent anemia in lower-risk MDS, a group that overlaps with Keros’s licensed elritercept program.
Look for growth in RYTELO sales or use and what Geron says about patient uptake. Growth would show an approved treatment reaching these patients, giving Keros’s elritercept program licensed to Takeda a more established competitor; weak uptake would show limited reach for RYTELO, not an absence of patient need or proof elritercept will prevail.
Sarepta Therapeutics,, Inc. earningsSRPT
Sarepta’s report can show how ELEVIDYS is reaching people with Duchenne muscular dystrophy after its U.S. eligible population changed and a liver-injury warning was added, a competitive signal for Keros’s planned DMD program.
Look for Sarepta’s updates on ELEVIDYS sales, eligible patients, and use. Continued use after the changes would show that this approved therapy is still reaching people with DMD and competing for treatment spending; restricted or falling use would show a constraint on ELEVIDYS, not that Keros’s candidate works or will be approved.
