Keros Therapeutics Announces $20M Milestone After First Phase 3 Dosing

What Happened Keros Therapeutics, Inc. announced on September 29, 2026 that it will receive a $20.0 million development milestone payment from partner Takeda Pharmaceuticals U.S.A., Inc. The payment is triggered by dosing the first patient in ELRiSE MF, a Phase 3, multicenter, double-blind, randomized trial comparing elritercept to placebo in patients with myelofibrosis and anemia who are on concurrent ruxolitinib therapy. The company furnished a press release as Exhibit 99.1 to its Form 8-K.

Key Details

• $20.0 million development milestone payable to Keros from Takeda.
• Trigger: dosing of the first patient in the ELRiSE MF Phase 3 trial.
• Trial: Phase 3, multicenter, double-blind, randomized study of elritercept vs placebo in myelofibrosis patients with anemia on ruxolitinib.
• Disclosure: press release furnished on Form 8-K (Item 7.01); information is furnished, not “filed,” under the Exchange Act.

Why It Matters This milestone represents a near-term, non-dilutive cash inflow tied to advancement of Keros’s partnered drug program, and it signals progression of elritercept into a pivotal Phase 3 study with a major partner (Takeda). For investors, the payment may improve short-term liquidity and validates a key development milestone, but it does not guarantee clinical or regulatory success. The filing is a Regulation FD disclosure of the milestone and trial update rather than a financial statement filing.