Company: KROS
Filing Date: 2025-05-19
Form Type: DEFA14A
Source: 0001104659-25-050245
Chunk: 1

Company: Keros Therapeutics, Inc.
Filing Date: 2025-05-19
Form: DEFA14A
Chunk 1
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 of proteins,today filed an investor presentation with the U.S. Securities and Exchange Commission (the “SEC”)
and issued an open letter to stockholders in connection with its upcoming Annual Meeting of Stockholders (the “Annual Meeting”)
scheduled to be held on June 4, 2025. Stockholders of record as of April 7, 2025, will be entitled to vote at the Annual Meeting.

Keros recommends stockholders vote “FOR” each of its three
director nominees: Mary Ann Gray, Ph.D., Ran Nussbaum and Alpna Seth, Ph.D.

The full text of the letter being mailed to stockholders is as follows:

Dear Fellow Keros Stockholders,

At the upcoming Annual Meeting, you have an important decision
to make regarding your investment in Keros.

Our Board of Directors (the “Board”) is focused
on acting in the best interests of the Company and its stockholders and is in the middle of a comprehensive strategic review process to
evaluate all potential options to maximize stockholder value, including a sale or other business combination transaction, continued investment
in the Company’s pipeline, and/or return of excess capital or any combination thereof, and expects to announce an interim update
by June 9, 2025. While that process should be the Board’s top priority and focus, ADAR1 Capital Management, LLC (“ADAR1”)
has launched a distracting and self-serving campaign designed to dictate the outcome of the strategic review by eliminating all options
for the Board except an immediate liquidation strategy.

We strongly recommend that you vote “FOR” each
of Keros’ three highly qualified and experienced director nominees and protect the value of your investment.

<div align='center'>Keros Has Successfully Developed a Differentiated Clinical Pipeline of Therapies</div>

Keros, under the guidance of a highly experienced management
team and with effective oversight by its Board, has discovered and is developing protein therapeutics that have the potential to provide
meaningful and potentially disease-modifying benefits to patients, highlighted by three key assets targeting indications with high unmet
clinical need.

| · | One of our product candidates, KER-065, is being developed for the treatment of neuromuscular diseases. We recently announced initial         
 topline results from the Phase 1 clinical trial of KER-065 in healthy volunteers which we believe support advancement of the program into     
 a Phase 2 clinical trial of KER-065 in Duchenne muscular dystrophy (“DMD”).