Reports Q1: Phase II DMD Trial Initiation Pushed To Q3; Potential H1:2027 Data

研报英文原文证据摘录

Reports Q1: Phase II DMD Trial Initiation Pushed To Q3; Potential H1:2027 Data

Biotechnology

Keros Therapeutics

TD SECURITIES (USA) LLC EARNINGS UPDATE

May 14, 2026

Price: $11.99 (05/13/2026) Reports Q1: Phase II DMD Trial Initiation

Price Target: NA Pushed To Q3; Potential H1:2027 Data

HOLD (2)

ESG SCORE: 58/100

Nicholas Lorusso THE TD COWEN INSIGHT

646 562 1390

Keros is exclusively developing rinvatercept and the Phase I healthy volunteer data provided

nick.lorusso@tdsecurities.com

initial proof-of-concept for the ActRII ligand trap MOA. The company pushed the Phase II DMD

Tyler Van Buren trial initiation to Q3 (previously Q1 and Q2) and expects initial data in H1:27. Management

646 562 1343 plans to engage with regulators in H2:26 regarding a Phase II ALS trial design. Cash is

tyler.vanburen@tdsecurities.com

sufficient through initial data.

Tara Bancroft, Ph.D.

646 562 1410 Rinvatercept Phase II DMD Trial Initiation Pushed To Q3:2026 With Regulatory Discussions

tara.bancroft@tdsecurities.com For ALS Phase II In H2:2026

Key Data Rinvatercept (KER-065) is an ActRII ligand trap designed to increase skeletal muscle/bone

Symbol NASDAQ: KROS

mass and fat metabolism (described in more detail here). In March 2025, Keros presented

Beta: 0.95 Phase I SAD/MAD data from healthy volunteers demonstrating meaningful improvements in

52-Week Range: $21.84-$10.61 body composition (increased lean mass alongside decreased fat mass) and improved bone

Market Cap: $237.3MM density after 85 days of treatment – both of which have important read-through to DMD (note

Net Debt (MM): $(270.5) here) and ALS. Keros also recently reported proteomic data suggesting that rinvatercept can

Cash/Share: $2.80 improve fibrosis and inflammation, further supporting the potentially favorable profile in DMD