0001664710-26-000049 | 10-Q | XBRL Viewer

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REVENUE FROM CONTRACTS WITH CUSTOMERS - Narrative (Details) $ in Thousands			1 Months Ended	3 Months Ended			6 Months Ended		12 Months Ended
	Dec. 03, 2024 USD ($) performanceObligation	Dec. 12, 2021 USD ($)	Jul. 31, 2025 USD ($)	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)	Mar. 31, 2022 USD ($)	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2021 USD ($)
Disaggregation of Revenue [Line Items]
Total revenue				$ 0	$ 18,168		$ 367	$ 229,414
Accounts receivable				0			0		$ 3,567
License revenue
Disaggregation of Revenue [Line Items]
Total revenue				0	0		0	195,355
Service revenue
Disaggregation of Revenue [Line Items]
Total revenue									38,500
Takeda Pharmaceuticals U.S.A., Inc. \| License revenue
Disaggregation of Revenue [Line Items]
Upfront license fee	$ 200,000
Reimbursement from limited partnership investment	51,400
Takeda Pharmaceuticals U.S.A., Inc. \| License and Know-How
Disaggregation of Revenue [Line Items]
Upfront license fee	195,400
Takeda Pharmaceuticals U.S.A., Inc. \| Transition Services
Disaggregation of Revenue [Line Items]
Upfront license fee	$ 56,100
Hansoh Agreement \| Hansoh Shanghai Healthtech Co Ltd
Disaggregation of Revenue [Line Items]
Total revenue		$ 18,000				$ 18,000
Revenue, remaining performance obligation, development milestones, variable consideration				23,500			23,500
Revenue, remaining performance obligation, sales milestones, variable consideration amount				144,000			$ 144,000
Upfront license fee										$ 20,000
Withholding taxes from upfront fee										$ 2,000
License Agreement \| Maximum
Disaggregation of Revenue [Line Items]
Term of the TSA	fifteen
License Agreement \| Minimum
Disaggregation of Revenue [Line Items]
Term of the TSA	six
License Agreement \| Hansoh Shanghai Healthtech Co Ltd
Disaggregation of Revenue [Line Items]
Expiration period							10 years
License Agreement \| Takeda Pharmaceuticals U.S.A., Inc.
Disaggregation of Revenue [Line Items]
Total revenue			$ 10,000				$ 1,100,000
Expiration period							10 years
Accounts receivable				0			$ 0		3,600
License agreement upfront fee	$ 200,000
Potential milestone, development based milestones				80,000			80,000
Potential milestone payments, commercial-based milestones	280,000
Potential milestone payments, sales-based milestones	$ 740,000
Number of performance obligations \| performanceObligation	2
Tech Transfer Agreement \| Manufacturing Technology Transfer Agreement
Disaggregation of Revenue [Line Items]
Service revenue				0	0		0	100
Supply Agreement \| Hansoh Shanghai Healthtech Co Ltd
Disaggregation of Revenue [Line Items]
Accounts receivable				0			0		$ 0
Supply Agreement \| Clinical Product Supply Agreement
Disaggregation of Revenue [Line Items]
Upfront license fee				$ 0	$ 0		$ 300	$ 0

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Jun. 30, 2026
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Significant Accounting Policies The significant accounting policies and estimates used in preparation of the unaudited interim condensed consolidated financial statements are described in the Company’s audited consolidated financial statements as of and for the year ended December 31, 2025, and the notes thereto, which are included in the Annual Report. Except as detailed below, there have been no changes to the Company’s significant accounting policies during the six months ended June 30, 2026. Stock-Based Compensation The Company accounts for all stock-based awards granted to employees and non-employees as stock-based compensation expense at fair value. The Company’s stock-based awards include stock options and restricted stock unit ("RSU") awards. The measurement date for employee and non-employee awards is the date of grant. For stock-based awards that vest based on service conditions, stock-based compensation costs are recognized as expense over the requisite service period, which is the vesting period, on a straight-line basis. For stock options and RSUs with performance conditions, stock-based compensation costs are recognized as expense using the accelerated attribution method when it is probable that the performance condition will be achieved. For stock options with market-based conditions, stock-based compensation costs are recognized ratably for each vesting tranche from the grant date through the requisite service period using the correlated grant date fair value, regardless of when and if ever the market condition is met. If there is a non-substantive explicit service condition, the total compensation expense is recognized upon the date of grant. Stock-based compensation expense is classified in the accompanying consolidated statement of operations based on the function to which the related services are provided. Forfeitures are recorded as they occur. The fair value of each service-based and performance-based stock option grant is estimated on the date of grant using the Black-Scholes option-pricing model. The Company calculates expected volatility based solely on the historical volatilities of the common stock of the Company. The expected term of the Company’s stock options has been determined utilizing the “simplified” method for awards that qualify as “plain-vanilla” options. The risk-free interest rate is determined by reference to the U.S. Treasury yield curve in effect at the time of grant of the award for time periods approximately equal to the expected term of the award. Expected dividend yield is based on the fact that the Company has never paid cash dividends on common stock and does not expect to pay any cash dividends in the foreseeable future. The fair value of the market-based awards is estimated using a Monte Carlo Simulation, incorporating various option pricing inputs. The effect of the market condition is reflected in the grant-date fair value with valuation techniques developed to value path-dependent options. Recently Issued Accounting Pronouncements In November 2024, the Financial Accounting Standards Board issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU No. 2024-03”), which intends to improve financial reporting by requiring disclosure of additional information about specific expense categories. This guidance is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. Early adoption is permitted and the guidance is to be applied prospectively and may be applied retrospectively. The Company is currently evaluating the impact of this guidance on its consolidated financial statements and related disclosures. Risks and Uncertainties There have been significant disruptions to global financial markets that have contributed to a general global economic slowdown. Recent trends towards rising inflation and prices may materially affect the Company’s business and corresponding financial position and cash flows. Inflationary factors, such as increases in the cost of materials and supplies relating to the Company’s preclinical studies and clinical trials, interest rates and overhead costs may adversely affect its operating results. Rising interest rates and implementation of tariffs present a recent challenge impacting the U.S. economy and could make it more difficult for the Company to obtain traditional financing on acceptable terms, if at all, in the future. Although the Company does not believe that inflation, higher interest rates or tariffs have had a material impact on its financial position or results of operations to date, the Company may experience increases in the near future (especially if inflation rates rise more quickly) on its operating costs, including its labor costs and research and development costs, due to supply chain constraints, consequences associated with public health crises and global geopolitical tensions, such as the ongoing war between Russia and Ukraine and the wars in the Middle East, worsening global macroeconomic conditions and employee availability and wage increases, which may result in additional stress on the Company’s working capital resources. As of the date of issuance of these financial statements, the Company is not aware of any specific event or circumstance that would require the Company to update its estimates, assumptions and judgments or revise the carrying value of its assets or liabilities. Actual results could differ from those estimates, and any such differences may be material to the Company’s financial statements. In addition, the Company is subject to other challenges and risks specific to its business and its ability to execute on its business plan and strategy, as well as risks and uncertainties common to companies in the biopharmaceutical industry with research and development operations, including, without limitation, risks and uncertainties associated with: obtaining regulatory approval of its product candidates; delays or problems in obtaining clinical supply, loss of single source suppliers or failure to comply with manufacturing regulations; product development and the inherent uncertainty of clinical success; the challenges of protecting and enhancing its intellectual property rights; the challenges of complying with applicable regulatory requirements; and identifying, acquiring or in-licensing additional products or product candidates.

NATURE OF BUSINESS AND BASIS OF PRESENTATION	6 Months Ended
NATURE OF BUSINESS AND BASIS OF PRESENTATION	Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
NATURE OF BUSINESS AND BASIS OF PRESENTATION	NATURE OF BUSINESS AND BASIS OF PRESENTATION Keros Therapeutics, Inc. (“Keros” or the “Company”) was incorporated in 2015 as a Delaware corporation. Its principal offices are in Lexington, Massachusetts. The Company is a clinical-stage biopharmaceutical company focused on developing and commercializing novel therapeutics to treat a wide range of patients with disorders that are linked to dysfunctional signaling of the transforming growth factor-beta (“TGF-ß”) family of proteins. The Company's lead product candidate, rinvatercept (KER-065), is being developed for the treatment of Duchenne muscular dystrophy and for the treatment of amyotrophic lateral sclerosis. The Company’s most advanced product candidate, elritercept (KER-050), is being developed for the treatment of low blood cell counts (“cytopenias”), including anemia and thrombocytopenia, in patients with myelodysplastic syndromes (“MDS”) and in patients with myelofibrosis. Since its inception in 2015, the Company has devoted the majority of its resources to business planning, research and development of its product candidates, including conducting clinical trials and preclinical studies, raising capital and recruiting management and technical staff to support these operations. To date, the Company has not generated any revenue from product sales as none of its product candidates have been approved for commercialization. Liquidity and Capital Resources The Company’s condensed consolidated financial statements have been prepared on the basis of the Company continuing as a going concern for the next 12 months. Management believes that the Company’s existing cash and cash equivalents as of June 30, 2026 will allow the Company to continue its operations for at least the next 12 months. In the absence of a significant source of recurring revenue, the continued viability of the Company is dependent on its ability to continue to raise additional capital to finance its operations. If the Company is unable to obtain additional funding, the Company may be forced to delay, reduce or eliminate some or all of its research and development programs, product portfolio expansion or commercialization efforts, which could adversely affect its business prospects, or the Company may be unable to continue operations. The accompanying unaudited interim condensed consolidated financial statements as of June 30, 2026 and for the three and six months ended June 30, 2026 and 2025 have been prepared by the Company in conformity with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and, pursuant to the rules and regulations of Article 10 of Regulation S-X of the Securities Act published by the Securities and Exchange Commission (“SEC”) for interim financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. However, the Company believes the disclosures are adequate to make the information presented not misleading. These unaudited interim condensed consolidated financial statements should be read in conjunction with the Company’s audited financial statements and notes thereto for the year ended December 31, 2025 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC on March 4, 2026 (the “Annual Report”).

REVENUE FROM CONTRACTS WITH CUSTOMERS - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Statement [Line Items]
Total revenue from Takeda	$ 0	$ 18,168	$ 32	$ 229,360
License revenue
Statement [Line Items]
Total revenue from Takeda	0	0	0	195,355
Service revenue
Statement [Line Items]
Total revenue from Takeda	$ 0	$ 18,168	$ 32	$ 34,005

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

TREASURY STOCK	6 Months Ended
TREASURY STOCK	Jun. 30, 2026
Equity [Abstract]
TREASURY STOCK	TREASURY STOCK The Board may authorize the repurchase of shares of the Company’s common stock in the open market or through negotiated transactions, at such times and at such prices as management deems appropriate. On October 15, 2025, the Company entered into stock purchase agreements with certain entities affiliated with ADAR1 Capital Management (collectively, the “ADAR1 Parties”) and certain entities affiliated with Pontifax Venture Capital (collectively, the “Pontifax Parties”). Such stock purchase agreements for each of the Pontifax and ADAR1 Parties are collectively referred to as “Repurchase Agreements”. Pursuant to the terms and conditions of the Repurchase Agreements, the ADAR1 Parties and the Pontifax Parties sold all of the shares of common stock beneficially owned by them, being an aggregate of 10,176,595 shares of common stock, to the Company at a price of $17.75 per share for an aggregate purchase price of $180.6 million, excluding excise tax, direct fees and expenses related to the repurchases. The total cost of the repurchase was recorded as treasury stock using the cost method and is included as treasury stock in the Company’s consolidated balance sheets. On October 20, 2025, the Company commenced a tender offer to repurchase shares of its common stock at a cash purchase price of $17.75 per share (the “Tender Offer”). The Tender Offer expired at 5:00 p.m. Eastern time on November 18, 2025, and following such expiration the Company accepted for purchase a total of 10,950,165 shares, for an aggregate purchase price of approximately $194.4 million, excluding excise tax, direct fees and expenses related to the Tender Offer. More than 10,950,165 shares were tendered in the Tender Offer, and as such, shares were accepted for purchase on a pro rata basis, except for conditional tenders that were automatically regarded as withdrawn if the condition was not satisfied. The total cost of the repurchase was recorded as treasury stock using the cost method and is included as treasury stock in the accompanying consolidated balance sheets. The completion of the Repurchase Agreements in October 2025 and the Tender Offer in November 2025 concluded the Company’s previously announced $375.0 million capital return program. In connection with the Repurchase Agreements and Tender Offer, the Company incurred $9.6 million in excise tax, direct fees and expenses that were included in the cost of treasury stock in the accompanying consolidated balance sheets as of December 31, 2025. For the six months ended June 30, 2026, the Company did not acquire any shares of its common stock.

FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following table presents information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicates the level of the fair value hierarchy utilized to determine such fair values (in thousands):


DESCRIPTION	JUNE 30, 2026		QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1)		SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)
Assets
Money market funds	$	248,900	$	248,900	$	—	$	—
Total financial assets	$	248,900	$	248,900	$	—	$	—


DESCRIPTION	DECEMBER 31, 2025		QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1)		SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)
Assets
Money market funds	$	270,713	$	270,713	$	—	$	—
Total financial assets	$	270,713	$	270,713	$	—	$	—

INCOME TAXES (Tables)

6 Months Ended

Jun. 30, 2026

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax (Provision) Benefit

The Company’s income tax (provision) benefit and effective tax rate are presented below (income tax (provision) benefit in thousands):



	THREE MONTHS ENDED JUNE 30,				SIX MONTHS ENDED JUNE 30,
	2026		2025		2026		2025
Income tax (provision) benefit	—		2,222		—		(7,821)
Effective tax rate	—	%	(6.8)	%	—	%	6.2	%

INCOME (LOSS) PER SHARE - Schedule of Basic and Diluted Loss Per Share Calculation (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Numerator:
Net income (loss) attributable to common stockholders - basic	$ (28,710)	$ (30,696)	$ (52,418)	$ 117,755
Net income (loss) attributable to common stockholders - diluted	$ (28,710)	$ (30,696)	$ (52,418)	$ 117,755
Denominator:
Weighted-average shares of common stock outstanding - basic (in shares)	19,800,322	40,612,907	19,715,585	40,586,279
Dilutive effect of options and awards granted under the employee stock purchase plan (in shares)	0	0	0	567,479
Weighted-average shares of common stock outstanding used to compute diluted net loss (in shares)	19,800,322	40,612,907	19,715,585	41,153,758
Basic (in USD per share)	$ (1.45)	$ (0.76)	$ (2.66)	$ 2.90
Diluted (in USD per share)	$ (1.45)	$ (0.76)	$ (2.66)	$ 2.86
Effect of potentially dilutive stock options
Denominator:
Dilutive effect of options and awards granted under the employee stock purchase plan (in shares)	0	0	0	433,710
Effect of potentially dilutive employee stock purchase plan shares
Denominator:
Dilutive effect of options and awards granted under the employee stock purchase plan (in shares)	0	0	0	0
Effect of potentially dilutive restricted stock units
Denominator:
Dilutive effect of options and awards granted under the employee stock purchase plan (in shares)	0	0	0	133,769

PREPAID EXPENSES AND OTHER CURRENT ASSETS - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid external R&D costs	$ 2,771	$ 1,609
Prepaid external manufacturing costs	132	398
Prepaid insurance	1,048	609
Prepaid subscriptions	1,244	947
Interest and dividend receivable	507	555
Prepaid consultants	21	1,207
Refunds due from contract research organizations	544	14,480
Other	760	2,397
Total prepaid expenses and other current assets	$ 7,027	$ 22,202

STOCK-BASED COMPENSATION - Share-Based Payment Arrangement, Restricted Stock Unit, Activity (Details) - Restricted stock unit awards	6 Months Ended
	Jun. 30, 2026 $ / shares shares
Number of Units
Outstanding as of beginning of period (in shares) \| shares	716,850
Granted (in shares) \| shares	216,365
Vested (in shares) \| shares	(201,178)
Forfeited (in shares) \| shares	(11,672)
Outstanding as of end of period (in shares) \| shares	720,365
Weighted Average Grant-Date Fair Value
Outstanding as of beginning of period (in USD per share) \| $ / shares	$ 12.37
Granted (in USD per share) \| $ / shares	14.69
Vested (in USD per share) \| $ / shares	11.70
Forfeited (in USD per share) \| $ / shares	13.33
Outstanding as of end of period (in USD per share) \| $ / shares	$ 13.23

STOCKHOLDERS' EQUITY (Details) - $ / shares	Jun. 30, 2026	Dec. 31, 2025	Jun. 30, 2025	Apr. 09, 2025
Equity [Abstract]
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, par value (in USD per share)	$ 0.0001	$ 0.0001	$ 0.0001
Number of rights (in USD per share)				1
Number of shares right to purchase (in shares)				0.001
Preferred stock, par value (in USD per share)	$ 0.0001	$ 0.0001		$ 0.0001

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Payables and Accruals [Abstract]
Accrued external R&D costs	$ 664	$ 2,662
Accrued external manufacturing costs	1,643	429
Accrued compensation and benefits	4,270	5,870
Accrued excise tax	55	3,377
Accrued legal and consulting fees	626	3,484
Other	482	217
Total accrued expenses and other current liabilities	$ 7,740	$ 16,039

FAIR VALUE MEASUREMENTS

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS


DESCRIPTION	JUNE 30, 2026		QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1)		SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)
Assets
Money market funds	$	248,900	$	248,900	$	—	$	—
Total financial assets	$	248,900	$	248,900	$	—	$	—


DESCRIPTION	DECEMBER 31, 2025		QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1)		SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)
Assets
Money market funds	$	270,713	$	270,713	$	—	$	—
Total financial assets	$	270,713	$	270,713	$	—	$	—

There have been no transfers between fair value levels during the six months ended June 30, 2026. The carrying values of other current assets, accounts payable and accrued expenses approximate their fair values due to the short-term nature of these assets and liabilities.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

SEGMENT REPORTING (Tables)

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Schedule of Segment Reporting

The following table presents segment revenue and significant segment expenses (in thousands) for the three and six months ended June 30, 2026 and 2025:


	THREE MONTHS ENDED JUNE 30,		SIX MONTHS ENDED JUNE 30,
	2026	2025	2026	2025
REVENUE:


Total segment revenue	—	18,168	367	229,414
LESS:
Rinvatercept program expenses	(4,101)	(1,431)	(6,751)	(2,948)
Elritercept program expenses	(14)	(15,636)	(17)	(34,531)
Cibotercept program expenses	(267)	(4,059)	57	(9,967)
Preclinical & development expenses	(6,111)	(1,981)	(8,117)	(3,725)
Compensation costs (excluding stock based compensation)	(7,725)	(13,842)	(15,915)	(27,619)
Other external costs	(6,874)	(11,737)	(13,921)	(19,533)
Other segment items2	(3,618)	(178)	(8,121)	(13,336)
Net income (loss)	(28,710)	(30,696)	(52,418)	117,755

Schedule of Accrued Compensation and Benefits Costs

2 Other segment items include other expense, income tax provision, bank fees, depreciation expense, dividend income and stock-based compensation.

Accrued compensation and benefits costs as of June 30, 2026 is as follows (in thousands):


			RESTRUCTURING LIABILITY
Balance as of December 31, 2025			145
Expenses incurred			—
Cash payments			(145)
Balance as of June 30, 2026			—

- Definition

Tabular disclosure of segment reporting. Includes, but is not limited to, reconciliation of reportable segment amount to corresponding consolidated total.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
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-Section 50
-Paragraph 31
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

STOCK-BASED COMPENSATION - Schedule of Option Activity (Details) - $ / shares	6 Months Ended
	Jun. 30, 2026
NUMBER OF OPTIONS
Outstanding as of beginning of period (in shares)	3,901,706
Granted (in shares)	870,503
Exercised (in shares)	(82,304)
Cancelled or Forfeited (in shares)	(75,625)
Expired (in shares)	(154,144)
Outstanding as of end of period (in shares)	4,460,136
Exercisable (in shares)	3,127,451
WEIGHTED-AVERAGE EXERCISE PRICE
Outstanding as of beginning of period (in USD per share)	$ 38.52
Granted (in USD per share)	15.21
Exercised (in USD per share)	0.36
Cancelled or Forfeited (in USD per share)	58.15
Expired (in USD per share)	39.51
Outstanding as of end of period (in USD per share)	34.30
Exercisable (in USD per share)	$ 36.62

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	6 Months Ended
COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	Jun. 30, 2026 USD ($)
Loss Contingencies [Line Items]
Purchase obligation	$ 7.0
Takeda Pharmaceuticals U.S.A., Inc.
Loss Contingencies [Line Items]
Licenses agreement, planned stockholder distribution from proceeds, percentage	25.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147483076/450-20-50-1

+ Details

INCOME (LOSS) PER SHARE (Tables)

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Loss Per Share Calculation

Basic and diluted income (loss) per share of common stock are calculated as follows (in thousands, except share and per share data):


	THREE MONTHS ENDED JUNE 30,				SIX MONTHS ENDED JUNE 30,
	2026		2025		2026		2025
Numerator:


Net income (loss) attributable to common stockholders - basic and diluted	$	(28,710)	$	(30,696)	$	(52,418)	$	117,755
Denominator:
Weighted-average shares of common stock outstanding - basic	19,800,322		40,612,907		19,715,585		40,586,279
Effect of potentially dilutive stock options	—		—		—		433,710
Effect of potentially dilutive employee stock purchase plan shares	—		—		—		—
Effect of potentially dilutive restricted stock units	—		—		—		133,769
Total potentially dilutive securities	—		—		—		567,479
Weighted-average shares of common stock outstanding used to compute diluted net loss1	19,800,322		40,612,907		19,715,585		41,153,758
Net income (loss) per share of common stock
Basic	$	(1.45)	$	(0.76)	$	(2.66)	$	2.90
Diluted	$	(1.45)	$	(0.76)	$	(2.66)	$	2.86

In periods where there is a net loss, zero incremental shares are included as the effect would be antidilutive.

Schedule of Antidilutive Securities Excluded From Computation of Diluted Net Loss Per Share

The Company excluded the following from the computation of diluted net income (loss) per share attributable to common stockholders as of June 30, 2026 and 2025 because including them would have had an anti-dilutive effect:


	THREE MONTHS ENDED JUNE 30,		SIX MONTHS ENDED JUNE 30,
	2026	2025	2026	2025
Restricted stock unit awards	277,474	12,462	164,024	6,265
Options to purchase common stock	4,139,826	4,838,595	3,906,745	4,865,192
Employee stock purchase plan shares	7,176	29,517	5,957	35,628
Total	4,424,476	4,880,574	4,076,726	4,907,085

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Jun. 30, 2026
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies The significant accounting policies and estimates used in preparation of the unaudited interim condensed consolidated financial statements are described in the Company’s audited consolidated financial statements as of and for the year ended December 31, 2025, and the notes thereto, which are included in the Annual Report. Except as detailed below, there have been no changes to the Company’s significant accounting policies during the six months ended June 30, 2026.
Stock-Based Compensation	Stock-Based Compensation The Company accounts for all stock-based awards granted to employees and non-employees as stock-based compensation expense at fair value. The Company’s stock-based awards include stock options and restricted stock unit ("RSU") awards. The measurement date for employee and non-employee awards is the date of grant. For stock-based awards that vest based on service conditions, stock-based compensation costs are recognized as expense over the requisite service period, which is the vesting period, on a straight-line basis. For stock options and RSUs with performance conditions, stock-based compensation costs are recognized as expense using the accelerated attribution method when it is probable that the performance condition will be achieved. For stock options with market-based conditions, stock-based compensation costs are recognized ratably for each vesting tranche from the grant date through the requisite service period using the correlated grant date fair value, regardless of when and if ever the market condition is met. If there is a non-substantive explicit service condition, the total compensation expense is recognized upon the date of grant. Stock-based compensation expense is classified in the accompanying consolidated statement of operations based on the function to which the related services are provided. Forfeitures are recorded as they occur. The fair value of each service-based and performance-based stock option grant is estimated on the date of grant using the Black-Scholes option-pricing model. The Company calculates expected volatility based solely on the historical volatilities of the common stock of the Company. The expected term of the Company’s stock options has been determined utilizing the “simplified” method for awards that qualify as “plain-vanilla” options. The risk-free interest rate is determined by reference to the U.S. Treasury yield curve in effect at the time of grant of the award for time periods approximately equal to the expected term of the award. Expected dividend yield is based on the fact that the Company has never paid cash dividends on common stock and does not expect to pay any cash dividends in the foreseeable future. The fair value of the market-based awards is estimated using a Monte Carlo Simulation, incorporating various option pricing inputs. The effect of the market condition is reflected in the grant-date fair value with valuation techniques developed to value path-dependent options.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In November 2024, the Financial Accounting Standards Board issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU No. 2024-03”), which intends to improve financial reporting by requiring disclosure of additional information about specific expense categories. This guidance is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. Early adoption is permitted and the guidance is to be applied prospectively and may be applied retrospectively. The Company is currently evaluating the impact of this guidance on its consolidated financial statements and related disclosures.
Risks and Uncertainties	Risks and Uncertainties There have been significant disruptions to global financial markets that have contributed to a general global economic slowdown. Recent trends towards rising inflation and prices may materially affect the Company’s business and corresponding financial position and cash flows. Inflationary factors, such as increases in the cost of materials and supplies relating to the Company’s preclinical studies and clinical trials, interest rates and overhead costs may adversely affect its operating results. Rising interest rates and implementation of tariffs present a recent challenge impacting the U.S. economy and could make it more difficult for the Company to obtain traditional financing on acceptable terms, if at all, in the future. Although the Company does not believe that inflation, higher interest rates or tariffs have had a material impact on its financial position or results of operations to date, the Company may experience increases in the near future (especially if inflation rates rise more quickly) on its operating costs, including its labor costs and research and development costs, due to supply chain constraints, consequences associated with public health crises and global geopolitical tensions, such as the ongoing war between Russia and Ukraine and the wars in the Middle East, worsening global macroeconomic conditions and employee availability and wage increases, which may result in additional stress on the Company’s working capital resources. As of the date of issuance of these financial statements, the Company is not aware of any specific event or circumstance that would require the Company to update its estimates, assumptions and judgments or revise the carrying value of its assets or liabilities. Actual results could differ from those estimates, and any such differences may be material to the Company’s financial statements. In addition, the Company is subject to other challenges and risks specific to its business and its ability to execute on its business plan and strategy, as well as risks and uncertainties common to companies in the biopharmaceutical industry with research and development operations, including, without limitation, risks and uncertainties associated with: obtaining regulatory approval of its product candidates; delays or problems in obtaining clinical supply, loss of single source suppliers or failure to comply with manufacturing regulations; product development and the inherent uncertainty of clinical success; the challenges of protecting and enhancing its intellectual property rights; the challenges of complying with applicable regulatory requirements; and identifying, acquiring or in-licensing additional products or product candidates.

- Definition

Disclosure of accounting policy for award under share-based payment arrangement. Includes, but is not limited to, methodology and assumption used in measuring cost.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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+ Details

STOCK-BASED COMPENSATION - Narrative (Details) $ / shares in Units, $ in Thousands		3 Months Ended		6 Months Ended
	Jan. 01, 2026 shares	Jun. 30, 2026 USD ($) purchasePeriod $ / shares shares	Jun. 30, 2025 USD ($)	Jun. 30, 2026 USD ($) purchasePeriod $ / shares shares	Jun. 30, 2025 USD ($) $ / shares	Dec. 31, 2025 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of additional shares authorized (in shares)				3,082,375
Total stock-based compensation expense \| $		$ 5,377	$ 8,542	$ 11,576	$ 17,405
Granted (in USD per share) \| $ / shares				$ 11.00	$ 10.36
Number of shares, outstanding (in shares)		4,460,136		4,460,136		3,901,706
Expired (in shares)				154,144
Granted (in shares)				870,503
Options outstanding, value \| $		$ 3,400		$ 3,400
Options exercisable, value \| $		$ 3,400		3,400
Aggregate intrinsic value of stock options exercised \| $				$ 900	$ 600
Term Loan Credit Agreement Three Amendment
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation arrangement by share based payment award, annual increase percent of shares outstanding				1.00%
Employee stock option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)		4,130,341		4,130,341
Unvested award, period for recognition				2 years 5 months 19 days
Restricted stock unit awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)		720,365		720,365
Granted (in shares)		720,365		720,365		716,850
Unrecognized stock-based compensation expense related to unvested stock options \| $		$ 7,900		$ 7,900
Unvested award, period for recognition				1 year 11 months 19 days
Aggregate fair value of restricted shares \| $				$ 3,200	$ 0
Performance Based Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)						90,500
Total stock-based compensation expense \| $				0
Unrecognized stock-based compensation expense related to unvested stock options \| $		$ 1,400		$ 1,400
Number of shares, outstanding (in shares)		125,000		125,000
Expired (in shares)				62,500
Unvested Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation expense related to unvested stock options \| $		$ 23,000		$ 23,000
Performance Based Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense \| $				200
Unrecognized stock-based compensation expense related to unvested stock options \| $		$ 200		200
Market Based Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense \| $				$ 1,100
Granted (in shares)				100,000
Granted (in USD per share) \| $ / shares		$ 10.85		$ 10.85
2017 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)		329,795		329,795
2020 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Annual percentage increase in shares authorized				4.00%
Number of additional shares authorized (in shares)	781,748
Contractual term	10 years
Number of shares available for future grants (in shares)		455,852		455,852
2020 Plan \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	2 years
2020 Plan \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	4 years
2020 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of additional shares authorized (in shares)	195,437
Purchase price as a percentage of fair market value of stock				85.00%
Total duration of consecutive and overlapping offering periods				24 months
Share based compensation arrangement by share based payment award, number of period \| purchasePeriod		2		2
Share based compensation arrangement by share based payment award purchase period				12 months
Issuance of common stock under the employee stock purchase plan (in shares)				11,806
Common stock, reserved for future issuance (in shares)		1,837,039		1,837,039

SEGMENT REPORTING - Narrative (Details)	6 Months Ended
SEGMENT REPORTING - Narrative (Details)	Jun. 30, 2026 segment
Segment Reporting [Abstract]
Number of reportable segments	1
Number of operating segments	1

INCOME TAXES

6 Months Ended

Jun. 30, 2026

Income Tax Disclosure [Abstract]

INCOME TAXES

The Company calculates income taxes at each interim reporting period based on the estimated annual effective tax rate for the full year, adjusted for any discrete events which are recorded in the period they occur. Cumulative adjustments to the income tax provision are recorded in the interim reporting period in which a change in the estimated annual effective tax rate is determined. The Company’s income tax (provision) benefit and effective tax rate are presented below (income tax (provision) benefit in thousands):



	THREE MONTHS ENDED JUNE 30,				SIX MONTHS ENDED JUNE 30,
	2026		2025		2026		2025
Income tax (provision) benefit	—		2,222		—		(7,821)
Effective tax rate	—	%	(6.8)	%	—	%	6.2	%

The Company did not record any income tax provision during the six months ended June 30, 2026 as the Company was in a net loss position during the period. The income tax (provision) benefit and the effective tax rate for the three and six months ended June 30, 2025 is primarily due to taxable income during the period resulting from the Takeda Agreement, partially offset by available net operating loss and tax credit carryforwards. The Company has evaluated the positive and negative evidence bearing upon its ability to realize the deferred tax assets. Management has considered the Company’s history of cumulative net losses incurred since inception and its lack of commercialization of any products that would generate revenue from product sales and has concluded that it is more likely than not that the Company will not realize the benefits of the deferred tax assets. Accordingly, a full valuation allowance is maintained against the net deferred tax assets.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
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-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
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-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Paragraph 2
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-Publisher FASB
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

INCOME (LOSS) PER SHARE - Schedule of Antidilutive Securities Excluded From Computation of Diluted Net Loss Per Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	4,424,476	4,880,574	4,076,726	4,907,085
Restricted stock unit awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	277,474	12,462	164,024	6,265
Options to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	4,139,826	4,838,595	3,906,745	4,865,192
Employee stock purchase plan shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	7,176	29,517	5,957	35,628

CORPORATE RESTRUCTURING - Schedule of Accrued Compensation and Benefits Costs (Details) - 2025 Restructuring $ in Thousands	6 Months Ended
	Jun. 30, 2026 USD ($)
Restructuring Reserve [Roll Forward]
Beginning balance	$ 145
Expenses incurred	0
Cash payments	(145)
Ending balance	$ 0

- Definition

Amount of expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses related to a discontinued operation or an asset retirement obligation.

+ References + Details

INCOME (LOSS) PER SHARE

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

INCOME (LOSS) PER SHARE

Basic and diluted income (loss) per share of common stock are calculated as follows (in thousands, except share and per share data):


	THREE MONTHS ENDED JUNE 30,				SIX MONTHS ENDED JUNE 30,
	2026		2025		2026		2025
Numerator:


Net income (loss) attributable to common stockholders - basic and diluted	$	(28,710)	$	(30,696)	$	(52,418)	$	117,755
Denominator:
Weighted-average shares of common stock outstanding - basic	19,800,322		40,612,907		19,715,585		40,586,279
Effect of potentially dilutive stock options	—		—		—		433,710
Effect of potentially dilutive employee stock purchase plan shares	—		—		—		—
Effect of potentially dilutive restricted stock units	—		—		—		133,769
Total potentially dilutive securities	—		—		—		567,479
Weighted-average shares of common stock outstanding used to compute diluted net loss1	19,800,322		40,612,907		19,715,585		41,153,758
Net income (loss) per share of common stock
Basic	$	(1.45)	$	(0.76)	$	(2.66)	$	2.90
Diluted	$	(1.45)	$	(0.76)	$	(2.66)	$	2.86

In periods where there is a net loss, zero incremental shares are included as the effect would be antidilutive.


	THREE MONTHS ENDED JUNE 30,		SIX MONTHS ENDED JUNE 30,
	2026	2025	2026	2025
Restricted stock unit awards	277,474	12,462	164,024	6,265
Options to purchase common stock	4,139,826	4,838,595	3,906,745	4,865,192
Employee stock purchase plan shares	7,176	29,517	5,957	35,628
Total	4,424,476	4,880,574	4,076,726	4,907,085

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2026	Jul. 27, 2026
Statement [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2026
Document Transition Report	false
Entity File Number	001-39264
Entity Registrant Name	KEROS THERAPEUTICS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-1173868
Entity Address, Address Line One	1050 Waltham Street,
Entity Address, Address Line Two	Suite 302
Entity Address, City or Town	Lexington,
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02421
City Area Code	617
Local Phone Number	314-6297
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		19,827,188
Amendment Flag	false
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0001664710
Common Stock
Statement [Line Items]
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Trading Symbol	KROS
Security Exchange Name	NASDAQ
Preferred Stock
Statement [Line Items]
No trading symbol	true

SEGMENT REPORTING - Schedule of Segment Revenue and Significant Segment Expenses (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025
REVENUE:
Total segment revenue	$ 0		$ 18,168		$ 367	$ 229,414
LESS:
Research and development	(22,331)		(43,503)		(38,428)	(92,212)
Other external costs	(5,377)		(8,542)		(11,576)	(17,405)
Net income (loss)	(28,710)	$ (23,708)	(30,696)	$ 148,451	(52,418)	117,755
Reportable Segment
REVENUE:
Total segment revenue	0		18,168		367	229,414
LESS:
Compensation costs (excluding stock based compensation)	(7,725)		(13,842)		(15,915)	(27,619)
Other segment items	(3,618)		(178)		(8,121)	(13,336)
Net income (loss)	(28,710)		(30,696)		(52,418)	117,755
Reportable Segment \| Rinvatercept program expenses
LESS:
Research and development	(4,101)		(1,431)		(6,751)	(2,948)
Reportable Segment \| Elritercept program expenses
LESS:
Research and development	(14)		(15,636)		(17)	(34,531)
Reportable Segment \| Cibotercept program expenses
LESS:
Research and development	(267)		(4,059)		57	(9,967)
Reportable Segment \| Preclinical & development expenses
LESS:
Research and development	(6,111)		(1,981)		(8,117)	(3,725)
Reportable Segment \| Other external costs
LESS:
Other external costs	$ (6,874)		$ (11,737)		$ (13,921)	$ (19,533)

REVENUE FROM CONTRACTS WITH CUSTOMERS

6 Months Ended

Jun. 30, 2026

Revenue from Contract with Customer [Abstract]

REVENUE FROM CONTRACTS WITH CUSTOMERS

Hansoh License Agreement

On December 12, 2021, the Company entered into a license agreement (the “Hansoh Agreement”) with Hansoh (Shanghai) Healthtech Co., Ltd. (“Hansoh”). Under the Hansoh Agreement, the Company granted to Hansoh the exclusive right to develop, manufacture and commercialize elritercept and licensed products containing elritercept within the territories of mainland China, Hong Kong and Macau (the “Hansoh Territory”).

In connection with the Hansoh Agreement, Hansoh will purchase clinical trial supply of elritercept from the Company, and the parties will also negotiate in good faith to enter into an agreement for commercial supply prior to any anticipated commercialization in the Hansoh Territory. In addition, Hansoh will use commercially reasonable efforts to develop, obtain regulatory approval for, and commercialize licensed products in any region in the Hansoh Territory.

Pursuant to the Hansoh Agreement, the Company received a one-time, net $18.0 million upfront license payment in January 2022. In addition to the upfront payment and development milestones achieved to date, the Company will also be eligible to receive up to an aggregate of (i) $23.5 million upon the achievement of specified development milestones and (ii) $144.0 million upon the achievement of specified net sales thresholds for all licensed products in the Hansoh Territory. If a licensed product is approved for marketing in the Hansoh Territory, the Company will be entitled to receive royalty payments based on a tiered percentage of annual net sales in each region within the Hansoh Territory, with such percentage ranging from the low double digit to high teens, subject to specified potential royalty reductions.

Hansoh’s obligation to pay royalties for a given licensed product in a given region in the Hansoh Territory will begin on the date of the first commercial sale for such licensed product in such region and continue until the latest of (i) 10 years from the date of the first commercial sale for such licensed product in such region, (ii) the expiration of the last valid claim of certain licensed patents or joint patents, and (iii) expiration of regulatory exclusivity in such region. During the royalty term, neither party will directly nor indirectly commercialize a competing product in the Hansoh Territory.

The Hansoh Agreement will continue in force on a region-by-region basis until the expiration of the royalty term. Hansoh may terminate the Hansoh Agreement in its entirety for convenience, with notice. The Company may terminate the Hansoh Agreement in its entirety for a patent challenge brought by Hansoh or its affiliates or their sublicensees. Either party may terminate the Hansoh Agreement in its entirety (i) if the other party materially breaches the Hansoh Agreement and fails to cure such breach or (ii) upon the bankruptcy of the other party.

The Company evaluated the Hansoh Agreement and concluded that it was subject to ASC 606, as the Company viewed the Hansoh Agreement as a contract with a customer. As such, the Company assessed the terms of the Hansoh Agreement and identified a single performance obligation for the Company to provide Hansoh an exclusive license to develop, manufacture and commercialize elritercept and licensed products containing elritercept in the Hansoh Territory, including the underlying know-how related to such licenses. All other promised goods/services were deemed immaterial in the context of the Hansoh Agreement. Under the Hansoh Agreement, the Company recognized a one-time, upfront license fee of $20.0 million as revenue and $2.0 million in withholding tax expense during the year ended December 31, 2021. The Company received the net payment of $18.0 million during the three months ended March 31, 2022.

The Company will recognize development milestone payments as revenue at the point in time when it is determined that it is probable such milestones will be achieved as all performance obligations will have been satisfied at the point which a milestone might occur (i.e., Hansoh will have assumed all responsibility for the activities under the Hansoh Agreement). The Company will recognize royalty payments and commercial milestone payments as the associated sales of licensed products are recorded by Hansoh, as they predominantly relate to the license granted with the Hansoh Agreement. The Company did not recognize any revenue related to milestones for the three and six months ended June 30, 2026 or 2025.

In connection with the Hansoh Agreement, the Company entered into a manufacturing technology transfer agreement (the “Tech Transfer Agreement”) with Hansoh, effective in June 2023. The Tech Transfer Agreement governs the transfer to Hansoh, by the Company of all documents and information required to complete the manufacturing technology transfer. Under the Tech Transfer Agreement, Hansoh is obligated to make certain payments to the Company, at the rates set forth in the Tech Transfer Agreement, as manufacturing technology transfer services are provided over the term of the Tech Transfer Agreement. The Company did not recognize any revenue during the three and six months ended June 30, 2026. The Company recognized zero and $0.1 million of service and other revenue during the three and six months ended June 30, 2025, respectively.

In connection with the Hansoh Agreement, the Company entered into a clinical product supply agreement (the “Supply Agreement”) with Hansoh, effective February 2024. The Company evaluated the Supply Agreement and concluded that it was subject to ASC 606, as the Company viewed the Supply Agreement as a contract with a customer. As such, the Company assessed the terms of the Supply Agreement and identified a single performance obligation for the Company to supply Hansoh with clinical product supply. The Company will recognize revenue at a point in time when control transfers, which is deemed to be at the shipping point when the clinical product supply is ready for shipment. The Company recognized zero and $0.3 million of service and other revenue during the three and six months ended June 30, 2026, respectively. The Company did not recognize any revenue during the three and six months ended June 30, 2025. The Company did not have any accounts receivable due from Hansoh as of June 30, 2026 and as of December 31, 2025.

Takeda License Agreement

On December 3, 2024, the Company entered into a license agreement with Takeda Pharmaceuticals U.S.A., Inc. ("Takeda"), which became effective on January 16, 2025. Under the terms of the license agreement with Takeda (the "Takeda Agreement"), the Company granted to Takeda the exclusive right to develop, manufacture and commercialize elritercept and certain derivative compounds globally, excluding the territories of mainland China, Hong Kong and Macau (collectively, the "Takeda Territory"). Concurrent with the Takeda Agreement, the Company entered into a separate Transition Services Agreement with Takeda (“TSA”), pursuant to which the Company will provide certain transitional services to Takeda, including, but not limited to, clinical trial and manufacturing services, during the term of the TSA (the "Transition Services"). In January 2026, the initial fifteen month term of the TSA was extended for six months through October 2026. The Company will receive reimbursement of certain costs incurred by the Company in connection with providing the Transition Services.

Pursuant to the terms of the Takeda Agreement, the Company received a $200.0 million upfront payment in February 2025. In July 2025, a one-time $10.0 million development milestone was achieved upon dosing of the first patient in the Phase 3 RENEW clinical trial of elritercept. In addition to the upfront and development milestone payments, the Company is entitled to receive up to an aggregate of (i) $80.0 million upon the achievement of specified development milestones; (ii) $280.0 million upon the achievement of specified commercial milestones; and (iii) $740.0 million upon the achievement of specified sales milestones. If a licensed product is approved for marketing in the Takeda Territory, the Company will be entitled to receive royalty payments based on tiered increments of annual net sales in the Takeda Territory, with such percentage ranging from the low double-digits to high teens, subject to specified potential royalty reductions. The Company recognized $10.0 million as revenue upon the achievement of this development milestone related to the Takeda Agreement on its consolidated statement of operations for the year ended December 31, 2025. Payment was received during the year ended December 31, 2025.

Takeda’s obligation to pay royalties for a given licensed product in a given country in the Takeda Territory will begin on the date of the first commercial sale for such licensed product in such country and continue until the latest of (i) 10 years from the date of the first commercial sale for such licensed product in such region, (ii) the expiration of the last valid claim of certain licensed patents, and (iii) expiration of regulatory exclusivity in such region.

The Takeda Agreement will continue in force until the expiration of the royalty term. Takeda may terminate the Takeda Agreement (i) in its entirety or on a country-by-country basis for convenience, with notice or (ii) if Takeda reasonably determines that the development, manufacture, and commercialization of the licensed compound or licensed product pose a safety or public health risk. The Company may terminate the Takeda Agreement in its entirety in the event that Takeda or its affiliates bring a patent challenge. Either party may terminate the Takeda Agreement in its entirety (i) if the other party materially breaches the Takeda Agreement and fails to cure such breach; or (ii) upon the bankruptcy of the other party.

The Company assessed this arrangement in accordance with ASC 606 and concluded it is a contract with a customer as defined in ASC 606. As the Company entered into the Takeda Agreement and the TSA concurrently, they were evaluated as a single contract under ASC 606. The Company identified two performance obligations in the Takeda Agreement and TSA including the license to its intellectual property (“License and Know-How”) and the Transition Services. The Company determined that the License and Know-How were distinct from the Transition Services as Takeda is able to derive benefit from the License and Know-How upon delivery and the Transition Services do not modify the License and Know-How.

The transaction price at contract inception included fixed consideration consisting of the upfront fee of $200.0 million. The transaction price at inception also included estimated variable consideration of $51.4 million relating to the Transition Services revenue that was not constrained. The transaction price has been allocated to the License and Know-How and the Transition Services on a relative standalone selling price basis. The Company allocated $195.4 million of the transaction price to the License and Know-How, which was recognized at a point in time, when control of the License and Know-How was transferred to Takeda on the effective date of the Takeda Agreement. The remaining $56.1 million of the transaction price was allocated to the Transition Services, which will be recognized over time as services are provided using the input method, based on costs incurred to provide the Transition Services, as the level of costs incurred over-time best reflect the transfer of services. As of December 31, 2025, the Company recognized $38.5 million of service revenue for the Transition Services and such services are substantially complete. Any remaining services to be performed pursuant to the TSA will be recognized as performed and based on rates agreed to in the TSA. The $10.0 million development milestone was recognized as license revenue upon achievement in July 2025.

The remaining $80.0 million of specified development milestones, $280.0 million of specified commercial milestones and $740.0 million of specified sales milestones were considered constrained at contract inception and excluded from the transaction price since the Company could not conclude it is probable that a significant revenue reversal in the amount recognized will not occur. The sales-based milestone payments and royalties will be recognized upon occurrence based on the sales and usage-based royalty exception. The Company will reevaluate the transaction price at the end of each reporting period and will adjust the estimate of the transaction price as uncertain events are resolved or other changes in circumstances occur. The Company determined that the Takeda Agreement and TSA did not contain a significant financing component.

Accounts receivable due from Takeda were zero as of June 30, 2026 and $3.6 million as of December 31, 2025.

Revenue recognized from Takeda for the three and six months ended June 30, 2026 and 2025 is as follows (in thousands):


	THREE MONTHS ENDED JUNE 30,				SIX MONTHS ENDED JUNE 30,
	2026		2025		2026		2025
License revenue	$	—	$	—	$	—	$	195,355
Service revenue	$	—	$	18,168	$	32	$	34,005
Total revenue from Takeda	$	—	$	18,168	$	32	$	229,360

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
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-Topic 606
-SubTopic 10
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-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 606
-SubTopic 10
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-Topic 606
-SubTopic 10
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

CORPORATE RESTRUCTURING - Narrative (Details) - 2025 Restructuring - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2026	Dec. 31, 2025
Restructuring Cost and Reserve [Line Items]
Number of positions eliminated (as a percent)		45.00%
Restructuring and related, expected cost		$ 3,100
Expenses incurred	$ 0
Income Statement Location [Axis]: us-gaap:GeneralAndAdministrativeExpense
Restructuring Cost and Reserve [Line Items]
Expenses incurred		$ 500
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration]		General and Administrative Expense
Income Statement Location [Axis]: us-gaap:ResearchAndDevelopmentExpense
Restructuring Cost and Reserve [Line Items]
Expenses incurred		$ 2,500
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration]		Research and Development Expense

- Definition

Amount of expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses related to a discontinued operation or an asset retirement obligation.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

STOCK-BASED COMPENSATION - Schedule of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 5,377	$ 8,542	$ 11,576	$ 17,405
Income Statement Location [Axis]: us-gaap:GeneralAndAdministrativeExpense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	2,897	3,569	6,809	7,167
Income Statement Location [Axis]: us-gaap:ResearchAndDevelopmentExpense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 2,480	$ 4,973	$ 4,767	$ 10,238

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Tax Disclosure [Abstract]
Income tax (provision) benefit	$ 0	$ 2,222	$ 0	$ (7,821)
Effective tax rate	0.00%	6.80%	0.00%	6.20%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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+ Details

SEGMENT REPORTING

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

SEGMENT REPORTING

The following table presents segment revenue and significant segment expenses (in thousands) for the three and six months ended June 30, 2026 and 2025:


	THREE MONTHS ENDED JUNE 30,		SIX MONTHS ENDED JUNE 30,
	2026	2025	2026	2025
REVENUE:


Total segment revenue	—	18,168	367	229,414
LESS:
Rinvatercept program expenses	(4,101)	(1,431)	(6,751)	(2,948)
Elritercept program expenses	(14)	(15,636)	(17)	(34,531)
Cibotercept program expenses	(267)	(4,059)	57	(9,967)
Preclinical & development expenses	(6,111)	(1,981)	(8,117)	(3,725)
Compensation costs (excluding stock based compensation)	(7,725)	(13,842)	(15,915)	(27,619)
Other external costs	(6,874)	(11,737)	(13,921)	(19,533)
Other segment items2	(3,618)	(178)	(8,121)	(13,336)
Net income (loss)	(28,710)	(30,696)	(52,418)	117,755

The Company manages operations on a consolidated basis as a single reportable and single operating segment focused on developing novel therapeutics. Segment revenue above is 100 percent attributed to the Company’s agreements with Takeda and Hansoh and is equal to consolidated total revenue. All revenues are derived in the United States where the agreements originated. The Company manages expenses on a program level. The significant expense categories outlined above align with the segment-level information that is regularly provided to the chief operating decision maker (“CODM”) to allocate resources, assess performance of the reportable segment, and make key operating decisions. On a quarterly basis, the Company's CODM, who is its Chief Executive Officer, reviews financial information, including consolidated net income, clinical expenses by program, other company expenses and a long-range cash flow projection, to make resource decisions for the Company’s programs to achieve the approved corporate goals. No segment asset information is provided above as the CODM is focused on how expenses impact ending cash by period and overall cash runway. Any review of segment assets, which would focus on cash and cash equivalents, would be at the same level as the consolidated balance sheet. All long-lived assets are held in the United States.

- Definition

The entire disclosure for segment reporting.

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+ Details

REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables)

6 Months Ended

Jun. 30, 2026

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

Revenue recognized from Takeda for the three and six months ended June 30, 2026 and 2025 is as follows (in thousands):


	THREE MONTHS ENDED JUNE 30,				SIX MONTHS ENDED JUNE 30,
	2026		2025		2026		2025
License revenue	$	—	$	—	$	—	$	195,355
Service revenue	$	—	$	18,168	$	32	$	34,005
Total revenue from Takeda	$	—	$	18,168	$	32	$	229,360

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

6 Months Ended

Jun. 30, 2026

Payables and Accruals [Abstract]

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Accrued expenses and other current liabilities consisted of the following (in thousands):


	JUNE 30, 2026		DECEMBER 31, 2025
Accrued external R&D costs	$	664	$	2,662
Accrued external manufacturing costs	1,643		429
Accrued compensation and benefits	4,270		5,870
Accrued excise tax	55		3,377
Accrued legal and consulting fees	626		3,484
Other	482		217
Total accrued expenses and other current liabilities	$	7,740	$	16,039

Accrued compensation and benefits consisted primarily of accrued payroll and accrued vacation.

SUBSEQUENT EVENTS (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended		6 Months Ended
SUBSEQUENT EVENTS (Details) - USD ($) $ in Thousands	Jul. 31, 2026	Jul. 31, 2025	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Subsequent Event [Line Items]
Total revenue			$ 0	$ 18,168	$ 367	$ 229,414
Takeda Pharmaceuticals U.S.A., Inc. \| License Agreement
Subsequent Event [Line Items]
Total revenue		$ 10,000			$ 1,100,000
Takeda Pharmaceuticals U.S.A., Inc. \| License Agreement \| Subsequent Event
Subsequent Event [Line Items]
Revenue, remaining performance obligation, development milestones, variable consideration	$ 20,000
Licenses agreement, expected stockholder distribution from proceeds, percentage	25.00%

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

+ Details

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
CURRENT ASSETS:
Cash and cash equivalents	$ 257,606	$ 287,415
Accounts receivable	0	3,567
Prepaid expenses and other current assets	7,027	22,202
Current income tax receivable	2,250	2,250
Total current assets	266,883	315,434
Operating lease right-of-use assets	15,553	16,841
Property and equipment, net	3,715	4,297
Restricted cash	1,449	1,449
TOTAL ASSETS	287,600	338,021
CURRENT LIABILITIES:
Accounts payable	1,816	1,967
Current portion of operating lease liabilities	2,597	2,408
Accrued expenses and other current liabilities	7,740	16,039
Total current liabilities	12,153	20,414
Operating lease liabilities, net of current portion	13,127	14,475
Total liabilities	25,280	34,889
STOCKHOLDERS' EQUITY:
Preferred stock, par value of $0.0001 per share; 10,000,000 shares authorized as of June 30, 2026 and December 31, 2025; no shares issued and outstanding	0	0
Common stock, par value of $0.0001 per share; 200,000,000 shares authorized as of June 30, 2026 and December 31, 2025; 40,953,948 shares issued and 19,827,188 shares outstanding as of June 30, 2026 and 40,670,466 shares issued and 19,543,706 shares outstanding as of December 31, 2025	4	4
Treasury stock, at cost; 21,126,760 shares as of June 30, 2026 and December 31, 2025	(384,558)	(384,558)
Additional paid-in capital	1,181,057	1,169,451
Accumulated deficit	(534,183)	(481,765)
Total stockholders' equity	262,320	303,132
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	287,600	338,021
Series A Preferred Stock
STOCKHOLDERS' EQUITY:
Preferred stock, par value of $0.0001 per share; 10,000,000 shares authorized as of June 30, 2026 and December 31, 2025; no shares issued and outstanding	$ 0	$ 0

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
REVENUE:
Total revenue	$ 0	$ 18,168	$ 367	$ 229,414
OPERATING EXPENSES:
Research and development	(22,331)	(43,503)	(38,428)	(92,212)
General and administrative	(8,606)	(14,482)	(18,753)	(24,979)
Total operating expenses	(30,937)	(57,985)	(57,181)	(117,191)
INCOME (LOSS) FROM OPERATIONS	(30,937)	(39,817)	(56,814)	112,223
OTHER INCOME (EXPENSE), NET
Dividend income	2,287	7,120	4,622	13,912
Other expense, net	(60)	(221)	(226)	(559)
Total other income, net	2,227	6,899	4,396	13,353
Income (loss) before income taxes	(28,710)	(32,918)	(52,418)	125,576
Income tax (provision) benefit	0	2,222	0	(7,821)
Net income (loss)	(28,710)	(30,696)	(52,418)	117,755
Net income (loss) attributable to common stockholders - basic	(28,710)	(30,696)	(52,418)	117,755
Net income (loss) attributable to common stockholders - diluted	$ (28,710)	$ (30,696)	$ (52,418)	$ 117,755
Weighted-average shares of common stock outstanding — basic (in shares)	19,800,322	40,612,907	19,715,585	40,586,279
Weighted-average shares of common stock outstanding — diluted (in shares)	19,800,322	40,612,907	19,715,585	41,153,758
Net income (loss) per share of common stock — basic (in USD per share)	$ (1.45)	$ (0.76)	$ (2.66)	$ 2.90
Net income (loss) per share of common stock — diluted (in USD per share)	$ (1.45)	$ (0.76)	$ (2.66)	$ 2.86
Service and other revenue
REVENUE:
Total revenue	$ 0	$ 18,168	$ 367	$ 34,059
License revenue
REVENUE:
Total revenue	$ 0	$ 0	$ 0	$ 195,355

STOCK-BASED COMPENSATION

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION

2017 Stock Incentive Plan

The Board adopted the 2017 Stock Incentive Plan (the "2017 Plan") in February 2017, and the stockholders approved the 2017 Plan in March 2017. The 2017 Plan was most recently amended in March 2020.

As of June 30, 2026, there was an aggregate of 329,795 shares of common stock issuable upon the exercise of outstanding options under the 2017 Plan. Any options or awards outstanding under the 2017 Plan remain outstanding and effective.

2020 Equity Incentive Plan

In April 2020, the 2020 Equity Incentive Plan (the "2020 Plan") became effective, and, as a result, no further awards will be made under the 2017 Plan. The 2020 Plan provides for the grant of stock options qualifying as incentive stock options, to employees and for the grant of nonstatutory stock options, restricted stock awards, RSU awards, stock appreciation rights, performance stock awards and other forms of stock compensation to employees, consultants and directors. The 2020 Plan also provides for the grant of performance cash awards to employees, consultants and directors. Any previously granted awards under the 2017 Plan will remain outstanding in accordance with their respective terms.

Under the 2020 Plan, there is an annual increase on January 1 of each year from January 1, 2021 continuing through January 1, 2030, by 4.0% of the total number of shares of common stock outstanding on December 31 of the preceding calendar year, or a lesser number of shares as may be determined by the Board. On January 1, 2026, the Company increased the number of shares available for future grant under the 2020 Plan by 781,748 shares. The awards granted under the 2020 Plan typically vest over a two- to four-year period and have a 10-year contractual term.

As of June 30, 2026, there was an aggregate of 4,130,341 shares of common stock issuable upon the exercise of outstanding options and 720,365 shares of common stock issuable upon the vesting of the outstanding RSU awards under the 2020 Plan. Additionally, there were an aggregate of 3,082,375 shares reserved for future issuance under the 2020 Plan, including shares forfeited from the 2017 Plan.

Restricted Stock Units

A summary of RSU award activity during the six months ended June 30, 2026 is as follows (in thousands except share and per share data):


	Number of Units	Weighted Average Grant-Date Fair Value
Outstanding RSU awards as of December 31, 2025	716,850	$	12.37
Granted	216,365	14.69
Vested	(201,178)	11.70
Forfeited	(11,672)	13.33
Outstanding RSU awards as of June 30, 2026	720,365	$	13.23

The summary of RSU award activity includes 90,500 performance-based awards granted during the year ended December 31, 2025. As of June 30, 2026, there has been no expense recognized for the performance-based awards, for which the performance criteria was not deemed probable as of June 30, 2026. As of June 30, 2026, there was approximately $7.9 million of unrecognized stock-based compensation expense related to RSU awards that is expected to vest, including $1.4 million unrecognized stock-based compensation expense related to performance-based awards. These costs are expected to be recognized over a weighted-average remaining vesting period of approximately 1.97 years.

The aggregate fair value of RSU awards that vested during the six months ended June 30, 2026 and 2025 was $3.2 million and zero, respectively.

Stock Options

A summary of option activity during the six months ended June 30, 2026 is as follows (in thousands except share and per share data):


	NUMBER OF OPTIONS	WEIGHTED-AVERAGE EXERCISE PRICE
Outstanding as of December 31, 2025	3,901,706	$	38.52
Granted	870,503	15.21
Exercised	(82,304)	0.36
Cancelled or Forfeited	(75,625)	58.15
Expired	(154,144)	$	39.51
Outstanding as of June 30, 2026	4,460,136	$	34.30

Options exercisable as of June 30, 2026	3,127,451	$	36.62

The weighted-average grant date fair value price per share of options granted during the six months ended June 30, 2026 and 2025 was $11.00 and $10.36, respectively. As of June 30, 2026, there was $23.0 million of unrecognized stock-based compensation expense related to unvested service-based stock options and $0.2 million of unrecognized stock-based compensation expense related to performance-based and market-based stock options. The unrecognized stock-based compensation expense is estimated to be recognized over a period of 2.47 years.

The summary of option activity includes 125,000 performance-based stock options, 62,500 of which were cancelled during the six months ended June 30, 2026. The options include performance-based and service-based vesting criteria. During the six months ended June 30, 2026, the Company recognized $0.2 million of stock-based compensation expense related to these performance-based options. As of June 30, 2026, there was $0.2 million of unrecognized stock-based compensation expense related to service-based vesting criteria that the Company expects to recognize.

The summary of option activity also includes 100,000 market-based stock options that were granted during the six months ended June 30, 2026. The Company measured the fair value of the market-based awards on the grant date using a Monte Carlo Simulation, incorporating various option pricing inputs. The weighted-average grant date fair value of the market-based awards is estimated as $10.85 per share and the total compensation expense is $1.1 million. Due to a non-substantive explicit service condition, the total compensation expense was recognized during the six months ended June 30, 2026.

The aggregate intrinsic value of stock options is calculated as the difference between the exercise price of the stock options and the fair value of the Company’s common stock for those stock options that had exercise prices lower than the fair value of the Company’s common stock. The aggregate intrinsic value of the stock options outstanding and stock options exercisable was $3.4 million and $3.4 million as of June 30, 2026, respectively. The aggregate intrinsic value of stock options exercised was $0.9 million and $0.6 million during the six months ended June 30, 2026 and 2025, respectively.

2020 Employee Stock Purchase Plan

In March 2020, the Board adopted and the Company's stockholders approved the 2020 Employee Stock Purchase Plan ("ESPP"). The ESPP became effective on April 7, 2020. Under the ESPP, eligible employees can purchase shares of the Company's common stock, based on a percentage of their compensation, subject to certain limits. The purchase price per share is equal to the lower of 85% of the fair market value of the Company's common stock on the first trading day of the twenty-four month offering period, or on the applicable purchase date. Each offering under the ESPP consists of two twelve-month purchase periods.

Under the ESPP, there is an annual increase on January 1 of each year from January 1, 2021 continuing through January 1, 2030, by the lesser of (i) 1.0% of the total number of shares of common stock outstanding on December 31 of the preceding calendar year, (ii) 455,852 shares or (iii) a lesser number of shares as may be determined by the Board. On January 1, 2026, the Company increased the number of shares available for future grant under the ESPP by 195,437 shares. If purchase rights

granted under the ESPP terminate without having been exercised, the shares of our common stock not purchased under such purchase rights will again become available for issuance under the ESPP.

As of June 30, 2026, 11,806 shares of common stock were purchased under the ESPP. As of June 30, 2026, there was an aggregate of 1,837,039 shares reserved for future issuance under the ESPP.

Stock-Based Compensation Expense

Total stock-based compensation expense recorded for employees, directors and non-employees during the three and six months ended June 30, 2026 and 2025 was as follows (in thousands):


	THREE MONTHS ENDED JUNE 30,				SIX MONTHS ENDED JUNE 30,
	2026		2025		2026		2025
Research and development	$	2,480	$	4,973	$	4,767	$	10,238
General and administrative	2,897		3,569		6,809		7,167
Total stock-based compensation expense	$	5,377	$	8,542	$	11,576	$	17,405

STOCKHOLDERS' EQUITY	6 Months Ended
STOCKHOLDERS' EQUITY	Jun. 30, 2026
Equity [Abstract]
STOCKHOLDERS' EQUITY	STOCKHOLDERS' EQUITY As of June 30, 2026, the Company’s amended and restated certificate of incorporation authorized the Company to issue 200,000,000 shares of common stock at a par value of $0.0001 per share. Stockholder Rights Plan On April 9, 2025, the Company’s board of directors (the “Board”) declared a dividend of one right (“Right”) to purchase one-thousandth of one share of the Company’s newly designated Series A Junior Participating Preferred Stock, par value $0.0001 per share (each, a “Preferred Share” and collectively, the “Preferred Shares”), for each outstanding share of common stock to the stockholders of record as of the close of business on April 24, 2025. The Company also adopted a limited duration stockholder rights plan (the “Rights Plan”), effective immediately, as set forth in the Rights Agreement, dated as of April 9, 2025 (the “Rights Agreement”), by and between the Company and Computershare Trust Company, N.A., as Rights Agent. The Rights Agent currently serves as the Company’s transfer agent with respect to the common stock and also has been appointed transfer agent with respect to the Preferred Shares, if any, that may be issued pursuant to the exercise of rights under the Rights Agreement. The Rights expired on April 9, 2026.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

SUBSEQUENT EVENTS	6 Months Ended
SUBSEQUENT EVENTS	Jun. 30, 2026
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Takeda License Agreement Under the terms of the Takeda Agreement, the Company is eligible to receive development, commercial and sales milestones with the potential to exceed $1.1 billion. In July 2026, a $20.0 million development milestone was achieved upon the dosing of the first patient in the open-label, randomized Phase 3 ELRiSE MDS clinical trial evaluating the efficacy and safety of elritercept versus epoetin alfa for the treatment of anemia due to very low, low, or intermediate risk MDS. The Company expects to distribute 25% of the net cash proceeds from this milestone payment to its stockholders following receipt of the payment.

TREASURY STOCK (Details) - USD ($) $ / shares in Units, $ in Millions			6 Months Ended
	Oct. 20, 2025	Oct. 15, 2025	Jun. 30, 2026
Equity, Class of Treasury Stock [Line Items]
Authorized, number of shares repurchase		10,176,595
Shares acquired, average cost per share (in USD per share)		$ 17.75
Repurchase of treasury stock	$ 194.4	$ 180.6
Shares acquired, price per share on commencement of tender offer (in USD per share)	$ 17.75
Treasury stock, shares, acquired (in shares)	10,950,165
Share repurchase program, authorized, amount	$ 375.0
TREASURY STOCK
Equity, Class of Treasury Stock [Line Items]
Repurchase of treasury stock			$ 9.6

- Definition

Number of shares that have been repurchased during the period and are being held in treasury.

+ References

+ Details

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Assets
Money market funds	$ 248,900	$ 270,713
Total financial assets	248,900	270,713
QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1)
Assets
Money market funds	248,900	270,713
Total financial assets	248,900	270,713
SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2)
Assets
Money market funds	0	0
Total financial assets	0	0
SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)
Assets
Money market funds	0	0
Total financial assets	$ 0	$ 0

PREPAID EXPENSES AND OTHER CURRENT ASSETS

6 Months Ended

Jun. 30, 2026

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

PREPAID EXPENSES AND OTHER CURRENT ASSETS

Prepaid expenses and other current assets consisted of the following (in thousands):


	JUNE 30, 2026		DECEMBER 31, 2025
Prepaid external R&D costs	$	2,771	$	1,609
Prepaid external manufacturing costs	132		398




Prepaid insurance	1,048		609
Prepaid subscriptions	1,244		947
Interest and dividend receivable	507		555
Prepaid consultants	21		1,207
Refunds due from contract research organizations	544		14,480
Other	760		2,397
Total prepaid expenses and other current assets	$	7,027	$	22,202

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ (52,418)	$ 117,755
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation expense	805	714
Gain on disposal of fixed asset	0	(14)
Stock-based compensation expense	11,576	17,405
Non-cash lease expense	1,288	1,179
Changes in operating assets and liabilities:
Accounts receivable	3,567	(13,074)
Prepaid expenses and other current assets	15,175	(557)
Other assets	0	2,056
Accounts payable	215	651
Right-of-use assets and operating lease liabilities	(1,159)	(907)
Deferred revenue	0	925
Current tax liability	0	6,321
Accrued expenses and other current liabilities	(2,999)	(906)
Net cash provided by (used in) operating activities	(23,950)	131,548
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment	(228)	(1,285)
Net cash used in investing activities	(228)	(1,285)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payment of direct expenses associated with the treasury stock repurchase	(5,661)	0
Proceeds from exercise of stock options	30	21
Net cash provided by (used in) financing activities	(5,631)	21
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	(29,809)	130,284
Cash, cash equivalents and restricted cash at beginning of period	288,864	561,380
Cash, cash equivalents and restricted cash at end of period	259,055	691,664
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for taxes	0	1,500
Property and equipment purchases in accounts payable and accrued expenses	0	14
Reconciliation of cash, cash equivalents and restricted cash
Cash and cash equivalents	257,606	690,215
Restricted cash	1,449	1,449
Total cash, cash equivalents and restricted cash	$ 259,055	$ 691,664

Condensed Consolidated Statements of Stockholders’ Equity (Parenthetical) - $ / shares	Jun. 30, 2026	Dec. 31, 2025	Jun. 30, 2025
Statement of Stockholders' Equity [Abstract]
Common stock, par value (in USD per share)	$ 0.0001	$ 0.0001	$ 0.0001

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2026	Dec. 31, 2025
Statement [Line Items]
Preferred stock, par value (in USD per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in USD per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares issued (in shares)	40,953,948	40,670,466
Common stock, shares outstanding (in shares)	19,827,188	19,543,706
Treasury stock, at cost (in shares)	21,126,760	21,126,760
Series A Preferred Stock
Statement [Line Items]
Preferred stock, par value (in USD per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	500,000	500,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0

STOCK-BASED COMPENSATION (Tables)

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Share-Based Payment Arrangement, Restricted Stock Unit, Activity

A summary of RSU award activity during the six months ended June 30, 2026 is as follows (in thousands except share and per share data):


	Number of Units	Weighted Average Grant-Date Fair Value
Outstanding RSU awards as of December 31, 2025	716,850	$	12.37
Granted	216,365	14.69
Vested	(201,178)	11.70
Forfeited	(11,672)	13.33
Outstanding RSU awards as of June 30, 2026	720,365	$	13.23

Schedule of Option Activity

A summary of option activity during the six months ended June 30, 2026 is as follows (in thousands except share and per share data):


	NUMBER OF OPTIONS	WEIGHTED-AVERAGE EXERCISE PRICE
Outstanding as of December 31, 2025	3,901,706	$	38.52
Granted	870,503	15.21
Exercised	(82,304)	0.36
Cancelled or Forfeited	(75,625)	58.15
Expired	(154,144)	$	39.51
Outstanding as of June 30, 2026	4,460,136	$	34.30

Options exercisable as of June 30, 2026	3,127,451	$	36.62

Schedule of Stock-Based Compensation Expense

Total stock-based compensation expense recorded for employees, directors and non-employees during the three and six months ended June 30, 2026 and 2025 was as follows (in thousands):


	THREE MONTHS ENDED JUNE 30,				SIX MONTHS ENDED JUNE 30,
	2026		2025		2026		2025
Research and development	$	2,480	$	4,973	$	4,767	$	10,238
General and administrative	2,897		3,569		6,809		7,167
Total stock-based compensation expense	$	5,377	$	8,542	$	11,576	$	17,405

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)

6 Months Ended

Jun. 30, 2026

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following (in thousands):


	JUNE 30, 2026		DECEMBER 31, 2025
Prepaid external R&D costs	$	2,771	$	1,609
Prepaid external manufacturing costs	132		398




Prepaid insurance	1,048		609
Prepaid subscriptions	1,244		947
Interest and dividend receivable	507		555
Prepaid consultants	21		1,207
Refunds due from contract research organizations	544		14,480
Other	760		2,397
Total prepaid expenses and other current assets	$	7,027	$	22,202

COMMITMENTS AND CONTINGENCIES	6 Months Ended
COMMITMENTS AND CONTINGENCIES	Jun. 30, 2026
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Purchase Commitments The Company enters into agreements in the normal course of business with contract manufacturing organizations for process development, raw material purchases and manufacturing services. These contracts typically do not contain minimum purchase commitments and are generally cancellable by the Company upon written notice. Payments due upon cancellation consist of payments for services provided or expenses incurred, including noncancellable obligations of the Company’s service providers, up to the date of cancellation and, in the case of certain arrangements with contract manufacturing organizations, may include noncancellable fees. Under such agreements, the exact amounts owed by the Company in the event of termination will be based on the timing of the termination and the exact terms of the agreement. As of June 30, 2026, the Company has committed up to approximately $7.0 million under these agreements which are expected to be paid through 2028. Distribution of Proceeds The Company plans to distribute 25% of any net cash proceeds it receives on or before December 31, 2028 from the Takeda Agreement (as defined below) to its stockholders.

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)

6 Months Ended

Jun. 30, 2026

Payables and Accruals [Abstract]

Schedule of of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following (in thousands):


	JUNE 30, 2026		DECEMBER 31, 2025
Accrued external R&D costs	$	664	$	2,662
Accrued external manufacturing costs	1,643		429
Accrued compensation and benefits	4,270		5,870
Accrued excise tax	55		3,377
Accrued legal and consulting fees	626		3,484
Other	482		217
Total accrued expenses and other current liabilities	$	7,740	$	16,039

Condensed Consolidated Statements of Stockholders’ Equity - USD ($) $ in Thousands	Total	COMMON STOCK	TREASURY STOCK	ADDITIONAL PAID-IN CAPITAL	ACCUMULATED DEFICIT
Beginning balance (in shares) at Dec. 31, 2024		40,554,705
Beginning balance at Dec. 31, 2024	$ 571,553	$ 4	$ 0	$ 1,140,328	$ (568,779)
Beginning balance (in shares) at Dec. 31, 2024			0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of common stock options (in shares)		7,342
Exercise of common stock options	4			4
Stock-based compensation	8,863			8,863
Net income (loss)	148,451				148,451
Ending balance (in shares) at Mar. 31, 2025		40,562,047
Ending balance at Mar. 31, 2025	728,871	$ 4	$ 0	1,149,195	(420,328)
Ending balance (in shares) at Mar. 31, 2025			0
Beginning balance (in shares) at Dec. 31, 2024		40,554,705
Beginning balance at Dec. 31, 2024	571,553	$ 4	$ 0	1,140,328	(568,779)
Beginning balance (in shares) at Dec. 31, 2024			0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	117,755
Ending balance (in shares) at Jun. 30, 2025		40,615,414
Ending balance at Jun. 30, 2025	706,734	$ 4	$ 0	1,157,754	(451,024)
Ending balance (in shares) at Jun. 30, 2025			0
Beginning balance (in shares) at Mar. 31, 2025		40,562,047
Beginning balance at Mar. 31, 2025	728,871	$ 4	$ 0	1,149,195	(420,328)
Beginning balance (in shares) at Mar. 31, 2025			0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of common stock options (in shares)		53,367
Exercise of common stock options	17			17
Stock-based compensation	8,542			8,542
Net income (loss)	(30,696)				(30,696)
Ending balance (in shares) at Jun. 30, 2025		40,615,414
Ending balance at Jun. 30, 2025	706,734	$ 4	$ 0	1,157,754	(451,024)
Ending balance (in shares) at Jun. 30, 2025			0
Beginning balance (in shares) at Dec. 31, 2025		40,670,466
Beginning balance at Dec. 31, 2025	$ 303,132	$ 4	$ (384,558)	1,169,451	(481,765)
Beginning balance (in shares) at Dec. 31, 2025	(21,126,760)		(21,126,760)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of common stock options (in shares)		15,304
Exercise of common stock options	$ 7			7
Vesting of restricted stock (in shares)		173,827
Stock-based compensation	6,199			6,199
Net income (loss)	(23,708)				(23,708)
Ending balance (in shares) at Mar. 31, 2026		40,859,597
Ending balance at Mar. 31, 2026	285,630	$ 4	$ (384,558)	1,175,657	(505,473)
Ending balance (in shares) at Mar. 31, 2026			(21,126,760)
Beginning balance (in shares) at Dec. 31, 2025		40,670,466
Beginning balance at Dec. 31, 2025	$ 303,132	$ 4	$ (384,558)	1,169,451	(481,765)
Beginning balance (in shares) at Dec. 31, 2025	(21,126,760)		(21,126,760)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of common stock options (in shares)	82,304
Net income (loss)	$ (52,418)
Ending balance (in shares) at Jun. 30, 2026		40,953,948
Ending balance at Jun. 30, 2026	$ 262,320	$ 4	$ (384,558)	1,181,057	(534,183)
Ending balance (in shares) at Jun. 30, 2026	(21,126,760)		(21,126,760)
Beginning balance (in shares) at Mar. 31, 2026		40,859,597
Beginning balance at Mar. 31, 2026	$ 285,630	$ 4	$ (384,558)	1,175,657	(505,473)
Beginning balance (in shares) at Mar. 31, 2026			(21,126,760)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of common stock options (in shares)		67,000
Exercise of common stock options	23			23
Vesting of restricted stock (in shares)		27,351
Stock-based compensation	5,377			5,377
Net income (loss)	(28,710)				(28,710)
Ending balance (in shares) at Jun. 30, 2026		40,953,948
Ending balance at Jun. 30, 2026	$ 262,320	$ 4	$ (384,558)	$ 1,181,057	$ (534,183)
Ending balance (in shares) at Jun. 30, 2026	(21,126,760)		(21,126,760)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Number of shares issued during the period related to Restricted Stock Awards, net of any shares forfeited.

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+ Details

- Definition

Number of share options (or share units) exercised during the current period.

+ References

+ Details

- Definition

Value of stock issued as a result of the exercise of stock options.

+ References

+ Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

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+ Details

CORPORATE RESTRUCTURING (Tables)

6 Months Ended

Jun. 30, 2026

Restructuring and Related Activities [Abstract]

Schedule of Accrued Compensation and Benefits Costs

2 Other segment items include other expense, income tax provision, bank fees, depreciation expense, dividend income and stock-based compensation.

Accrued compensation and benefits costs as of June 30, 2026 is as follows (in thousands):


			RESTRUCTURING LIABILITY
Balance as of December 31, 2025			145
Expenses incurred			—
Cash payments			(145)
Balance as of June 30, 2026			—

CORPORATE RESTRUCTURING

6 Months Ended

Jun. 30, 2026

Restructuring and Related Activities [Abstract]

CORPORATE RESTRUCTURING

In May 2025, the Board formally approved a plan to reduce the overall workforce by approximately 45% (the "2025 Restructuring"). In connection with the 2025 Restructuring, the Company incurred one-time employee termination benefits, including severance, retention and benefits costs. The total costs associated with the 2025 Restructuring was $3.1 million, including severance, retention and benefits costs, of which $2.5 million and $0.5 million were recognized as part of total research and development and general and administrative expenses, respectively, during the year ended December 31, 2025.

2 Other segment items include other expense, income tax provision, bank fees, depreciation expense, dividend income and stock-based compensation.

All costs have been incurred under the Company’s single reportable segment. The 2025 Restructuring was complete as of December 31, 2025.

Accrued compensation and benefits costs as of June 30, 2026 is as follows (in thousands):


			RESTRUCTURING LIABILITY
Balance as of December 31, 2025			145
Expenses incurred			—
Cash payments			(145)
Balance as of June 30, 2026			—