Company: KROS
Filing Date: 2025-05-19
Form Type: DEFA14A
Source: 0001104659-25-050245
Chunk: 3

Company: Keros Therapeutics, Inc.
Filing Date: 2025-05-19
Form: DEFA14A
Chunk 3
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 milestones   
 of up to $1.1 billion along with tiered annual net sales royalties. It also brought on a strong strategic partner that we believe will         
 not only support our near-term development goals but may also open the door for additional indications that could drive significant long-term  
 value creation.                                                                                                                                |

| · | Our last product candidate is cibotercept (KER-012). We expect to present topline data from our Phase 2 clinical trial evaluating            
 cibotercept in patients with pulmonary arterial hypertension (“PAH”), which we refer to as the TROPOS trial, in the second                   
 quarter of 2025. We announced the early termination of the TROPOS trial in January 2025, based on an ongoing safety review due to the        
 unanticipated observation of pericardial effusion adverse events in the trial. Following completion of the TROPOS trial, we plan to evaluate 
 the appropriate development strategy for cibotercept.                                                                                        |

The Company’s pipeline is supported by a disciplined
approach to capital allocation and robust cash position, which has been bolstered by recent strategic initiatives such as the Takeda partnership.

The Company’s seasoned management team has more than
150 years of combined biotech experience primarily focused on the TGF-β space, with more than 100 issued U.S. patents and critical
expertise gained from co-inventing two blockbuster FDA-approved pharmaceutical drugs. We are confident that Keros is well-positioned to
advance its robust pipeline of novel therapies, leveraging deep scientific insights into TGF-β biology, and driving innovative treatments
for conditions with high unmet medical need.

<div align='center'>Keros’ Board Is Undertaking a Formal Review Process to Evaluate Strategic Alternatives to Maximize Stockholder Value</div>

Following the announcement of the early termination of the
TROPOS trial in January 2025, and in response to feedback gathered from stockholders – including ADAR 1 – on April 10, 2025,
the Board determined to undertake a formal review process to evaluate strategic alternatives to maximize stockholder value.

This process is led by a strategic committee consisting of
independent and disinterested directors (the “Strategic Committee”). The Strategic Committee, with the assistance of outside
financial and legal advisors, intends to consider a comprehensive range of strategic alternatives, including but not limited to a sale
of the Company or other business combination transaction, continued investment in the Company’s pipeline, and/or return of excess
capital to stock