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Keros Therapeutics (KROS) Faces ADAR1’s Push for Restructuring, $500M Capital Return, and Board Refresh

Summary

ADAR1 Capital (May 2025) blasted Keros Therapeutics for mismanaging its pipeline, wasting cash, and eroding shareholder value. It cites failed assets KER-012 and KER-065, which showed alarming safety issues and poor efficacy, yet continue to consume ~$40M per quarter despite $720M in cash on hand. ADAR1 plans to withhold votes from directors Mary Ann Gray and Alpna Seth, accusing them of poor oversight and rubber-stamping excessive pay. Its plan calls for cutting 70% of staff, discontinuing failed programs, returning $500M to shareholders, and focusing on the Takeda-backed KER-050 partnership to potentially double the stock price.

Company Name: Keros Therapeutics, Inc.
Symbol: KROS
Filing Date: May-12-2025
Filer Name: Adar1 Capital Management, LLC

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Source:

https://www.sec.gov/Archives/edgar/data/1664710/000090266425002254/p25-1180exhibitg.pdf

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