Company: KROS
Filing Date: 2025-10-15
Form Type: SC TO-C
Source: 0001104659-25-099513
Chunk: 1

Company: Keros Therapeutics, Inc.
Filing Date: 2025-10-15
Form: SC TO-C
Chunk 1
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 is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter)
or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ¨

If an emerging growth company,
indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial
accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Introductory Note.

In furtherance of its previously
announced plan to initiate a process to return $375.0 million of excess capital to stockholders, on October 15, 2025, Keros Therapeutics, Inc.
(the “Company”) announced (i) that it had entered into stock purchase agreements with certain entities affiliated with
ADAR1 Capital Management (collectively, the “ADAR1 Parties”, and such stock purchase agreement, the “ADAR1 Repurchase
Agreement”) and certain entities affiliated with Pontifax Venture Capital (collectively, the “Pontifax Parties”, and
such stock purchase agreement, the “Pontifax Repurchase Agreement” and, together with the ADAR1 Repurchase Agreement, the
“Repurchase Agreements”) to repurchase the shares of the Company’s common stock, $0.0001 par value per share (the “Common
Stock”), held by the ADAR1 Parties and the Pontifax Parties, respectively, at a price of $17.75 per share, and (ii) following
the entry into the Repurchase Agreements, that it intends to commence a tender offer to all holders of Common Stock to complete the return
of capital to stockholders, subject to market conditions, at a cash purchase price of $17.75 per share. The Company expects to complete
the repurchases under each of the Repurchase Agreements on or about October 15, 2025. The Company presently intends to commence the
tender offer by the end of October 2025.

Item 1.01 Entry into a Material Definitive Agreement.

The information set forth
in the Introductory Note is incorporated by reference in this Item 1.01.

The ADAR1 Parties, in the
aggregate, beneficially own 5,389,264 shares of Common Stock representing in the aggregate approximately 13.3% of the Company’s
issued and outstanding shares of