Company: KROS
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001664710-25-000089
Chunk: 444

Company: Keros Therapeutics, Inc.
Filing Date: 2025-11-05
Form: 10-Q
Item: Item 2
Chunk 444
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, 2024, we filed a new registration statement on Form S-3ASR, or the New Shelf Registration Statement, to replace the Prior Shelf Registration Statement that was set to expire, which became automatically effective upon filing, and which permitted us to offer, from time to time, an unspecified amount of common stock, preferred stock, debt securities and warrants, including through an “at the market” program with Leerink, as sales agent, or the ATM Program. As of the filing of the Annual Report, we were not able to use the New Shelf Registration Statement, as we no longer met the criteria of a well-known seasoned issuer. As of September 30, 2025, we sold 4,290,096 shares of our common stock pursuant to the ATM Program. As of September 30, 2025, we were not eligible to offer and sell any shares of our common stock under the ATM Program. 

In October 2025, we entered into the ADAR1 Repurchase Agreement and the Pontifax Repurchase Agreement to repurchase the shares of our common stock held by the ADAR1 Parties and the Pontifax Parties, respectively, at a price of $17.75 per share. Pursuant to the terms and conditions of the ADAR1 Repurchase Agreement and the Pontifax Repurchase Agreement, the ADAR1 Parties and the Pontifax Parties sold all of the shares of our common stock beneficially owned by them, being an aggregate of 10,176,595 shares of common stock, to us at a per share purchase price of $17.75 per share, for an aggregate purchase price of $180.6 million. 

On October 20, 2025, we announced the commencement of an issuer tender offer to repurchase shares of our common stock for an aggregate cash purchase price of up to $194.4 million, at a cash purchase price of $17.75 per share, subject to market conditions and upon the terms and subject to the conditions set forth in the tender offer documents that were filed with the SEC on October 20, 2025.

As of September 30, 2025, we had cash and cash equivalents of $693.5 million. Based on our current operating assumptions, we believe that our existing cash and cash equivalents, less $375.0 million of excess capital that our board of directors has determined to return to stockholders via the ADAR1 Repurchase Agreement, the Pontifax Repurchase Agreement and the ongoing issuer tender offer, will