Kuros Biosciences AG

KURN.SW

Biotechnology · Healthcare

Also trades as: 0RHR.L

Price

CHF 21.52

-0.94 (-4.19%)

Market Cap

CHF 848.7M

Exchange

SIX Swiss Exchange

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Good

Growth

Good

Cash Flow

Weak

Stability

Strong

Valuation

Good

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Share count rising — dilution

+26.2% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 32.8M (2021) → 41.4M (2025)

Winston Score History

The full picture

Kuros Biosciences is a Swiss biotechnology company that develops products to help bones heal after surgery. Its main product, MagnetOs, is a synthetic bone graft substitute used by surgeons during spine and orthopedic procedures. The company sells primarily to hospitals and surgical centers, competing in the global bone regeneration market.

Kuros makes money by selling its bone graft products directly to healthcare providers, mainly in the United States and Europe. Its 87% gross margin reflects the high value of specialized medical materials relative to their production cost, which is typical for niche medical device and biotech companies. The company recently reached operating profitability, a meaningful milestone for a small-cap biotech, but its key challenge is expanding its commercial footprint in the competitive U.S. spine surgery market, where larger players like Medtronic and Stryker have significantly more resources and established relationships with surgeons.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+14.5% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+273.5% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

CHF 9M/ year

↑ Rising (+27% vs prior year)

7.3% of revenue

Below sector average (18%)

R&D investment increasing — building for the future

Insider Activity

26.6%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~3 months

CHF 8M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

Short runway — potential dilution ahead through share issuance

Cash watch

Kuros Biosciences AG has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

85.2%

Premium pricing power — 85.2% gross margin

Profit after running costs

Operating Margin

5.6%

Thin — 5.6% operating margin

Return on the money invested

ROCE

10.9%

Below par — 10.9% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+29.4%

Fast-growing sales (+29.4% YoY)

Profit growth

EPS YoY

N/A

—

Data not available

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

-4%

Weak — only -4% of profit becomes cash

Spare cash per sale

FCF Margin

-4.8%

Burning cash (-4.8%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

0.06

Conservative — low debt load (0.06)

Covers its interest

Interest Cover

4.43x

Adequate interest coverage (4.4x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

118.9x

Expensive — P/E 118.9

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year

P/E vs Forward

+94.7

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (118.9 → 24.2)

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Dividends

Not applicable for this business.

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