Company: KROS
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001664710-25-000089
Chunk: 417

Company: Keros Therapeutics, Inc.
Filing Date: 2025-11-05
Form: 10-Q
Item: Item 8
Chunk 417
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 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 conditions set forth in the tender offer documents that were filed with the SEC on October 20, 2025. Such purchases through the ongoing issuer tender offer may be subject to a nondeductible excise tax under the Inflation Reduction Act of 2022 equal to 1% of the fair market value of the shares repurchased, subject to certain exceptions and limitations. Returning excess capital, including via the ADAR1 Repurchase Agreement, the Pontifax Repurchase Agreement and the ongoing issuer tender offer, may reduce the market liquidity for our stock, potentially affecting its trading volatility and price, and would also diminish our cash reserves, which may impact our ability to advance the clinical development of our product candidates. Therefore, if we do not properly allocate our capital, we may fail to produce optimal financial results and experience a reduction in stockholder value.

Our executive officers, directors and stockholders and their affiliates who beneficially own more than 5% of our common stock have the ability to exercise significant influence over our company, which will limit your ability to influence corporate matters and could delay or prevent a change in corporate control. 

As of September 30, 2025, our executive officers, directors and stockholders and their affiliates who beneficially own more than 5% of our common stock beneficially held a significant percentage of our outstanding common stock, which would further increase if they do not participate in our ongoing issuer tender offer and do not otherwise sell their shares, assuming that our ongoing tender offer is consummated and we repurchase shares pursuant to the issuer tender offer. As a result, these stockholders, if they act together, will be able to exercise significant influence over our management and affairs and the outcome of matters submitted to our stockholders for approval, including the election of directors and any sale, merger, consolidation, or sale of all or substantially all of our assets. In addition, this concentration of ownership might adversely affect the market price of our common stock by:

■delaying, deferring or preventing a change of control of our company; 

■impeding a merger, consolidation, takeover or other business combination involving