KEROS THERAPEUTICS, INC.

Consolidated Statements of Operations

$($In thousands, except share and per share data$)$

See notes to consolidated financial statements.

$*$NOTE: Keros shows expenses with negative numbers around them. Moderna shows numbers mostly

as absolute numbers. Looking at the the Moderna and Keros' income statements, what observations do you have for each company regarding their revenues expenses, and net income or loss? $2.)$ On Moderna's income statement, their revenue increased $2019$ to $2020,$ but so did their net loss? What are your thoughts as an potential investor? $3)$ Keros does not show revenue during $2020$ but they did in $2019.$ What are your thoughts as a potential investor? Keros does not show revenue during $2020$ but they did in $2019.$ What are your thoughts as a potential investor? What other factors would you consider $($outside the financial statements$)$ in making an investment decision?