Company: KROS
Filing Date: 2025-05-19
Form Type: DEFA14A
Source: 0001104659-25-050245
Chunk: 4

Company: Keros Therapeutics, Inc.
Filing Date: 2025-05-19
Form: DEFA14A
Chunk 4
---
holders or any combination thereof.

Keros is not like many other biotech companies that are currently
evaluating strategic alternatives – the Company has a demonstrated track record of creating stockholder value through developing
its portfolio of differentiated product candidates, as shown by the $200 million upfront and $1.1 billion of potential milestones under
the Takeda partnership. Additionally, the Company still has promising product candidates in the pipeline, including KER-065, which the
Company expects to advance into a Phase 2 clinical trial in DMD in the first quarter of 2026, subject to regulatory interactions. The
Board believes the Company is well-positioned to create value for stockholders coming out of the strategic review process, and intends
to provide an update on the Strategic Committee’s work no later than June 9, 2025.

Despite this, ADAR1, which at the end of 2024 reported holding
less than 24,000 shares of the Company, but since has rapidly accumulated a large stake, has embarked on an aggressive campaign against
the Company which could jeopardize the strategic review process. We believe their actions are self-serving, aimed at influencing the outcome
of the strategic review process without a full understanding of the facts, and not aligned with the best interests of all stockholders.

<div align='center'>Keros Has the Right Board to Oversee the Strategic Review Process and Ultimately the Value-Maximizing Path Forward</div>

Today, the Keros Board is comprised of nine directors, all
of whom are independent except for the Company’s CEO. This includes four representatives of Keros stockholders, two of whom are
representatives of Pontifax, the Company’s second largest stockholder. Additionally, 44% of our Board is already comprised of investor
perspectives. This is compared to only ~17% for the median of our performance peer group, and only 13% for our proxy peers.

Our Board offers a deep and diverse range of experienceacross the biotechnology and pharmaceutical sectors, including drug discovery,
clinical development, regulatory strategy, and commercialization. Collectively, our Board members bring extensive experience through their
senior leadership roles at biopharma companies, service on boards of public and private life sciences firms, and contributions to the
successful development and launch of innovative therapies. Their combined scientific, operational, and strategic expertise provides strong
governance and guidance as Keros advances its pipeline of treatments. Additionally, our Board members bring substantial M&A and capital