Company: KROS
Filing Date: 2025-10-15
Form Type: SC TO-C
Source: 0001104659-25-099513
Chunk: 2

Company: Keros Therapeutics, Inc.
Filing Date: 2025-10-15
Form: SC TO-C
Chunk 2
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 Common Stock as of October 14, 2025. The Pontifax Parties, in the aggregate, beneficially own 4,787,331
shares of Common Stock, representing in the aggregate approximately 11.8% of the Company’s issued and outstanding shares of Common
Stock as of October 14, 2025.

Pursuant to the terms and
conditions of the Repurchase Agreements, the ADAR1 Parties and the Pontifax Parties (collectively, the “Repurchase Parties”)
agreed to sell all of the shares of Common Stock beneficially owned by them, being an aggregate of 10,176,595 shares of Common Stock,
to the Company at a per share purchase price of $17.75 per share (collectively, the “Repurchase Transactions”), for an aggregate
purchase price of approximately $181 million. In addition, concurrently with the execution of the Pontifax Repurchase Agreement, each
of Tomer Kariv and Ran Nussbaum delivered their resignations from the Company’s board of directors and all committees thereof.

The Company expects to complete
the Repurchase Transactions on or about October 15, 2025 in accordance with the terms of their respective Repurchase Agreements.
Pursuant to the Repurchase Agreements, the Repurchase Parties have agreed to certain customary standstill restrictions and voting commitments,
which will remain in effect until immediately following the final certification of the voting results for the Company’s 2028 annual
stockholder meeting. The Company and the Repurchase Parties have also agreed to certain customary mutual non-disparagement obligations
to remain in effect during the same period.

The foregoing descriptions
of the Repurchase Agreements are summaries, do not purport to be complete, and are qualified in their entirety by reference to the full
text of the ADAR1 Repurchase Agreement and the Pontifax Repurchase Agreement, copies of which are filed as Exhibits 2.1 and 2.2, respectively,
to this Current Report on Form 8-K and incorporated herein by reference.

Item 2.02 Results of Operations and Financial Condition.

As of September 30,
2025, the Company’s cash and cash equivalents are expected to be approximately $693.5 million. The preceding preliminary unaudited
financial information are estimates prepared by the Company’s management, are based on information available to management as of
the date of this Current Report on Form 8-K, are subject to change, and should not be viewed as a substitute for