ADAR1 Capital Management, LLC, Keros Therapeutics' largest stockholder, sent an open letter to the Keros Board of Directors on August 21, 2025. The letter expressed disappointment with the Board's refusal to engage directly on critical issues such as company strategy, capital allocation priorities, and Board refreshment.
ADAR1 reiterated its request for a meeting with the independent directors and voiced concern over the lack of follow-through on the company's June 9 announcement regarding the planned return of $375 million in excess capital. Shareholders have waited over two months without an update on the timing or process for this capital return.
The activist investor urged Keros to promptly communicate a clear and detailed plan to return capital, specifically through the declaration of a special dividend. ADAR1 warned that if the Board continues to refuse engagement, it will seek to elect new directors at the next Annual Meeting, emphasizing its commitment to ensuring investor interests are respected.
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