ADAR1 Announces ISS Recommends Keros Therapeutics Stockholders WITHHOLD Votes from Directors Dr. Mary Ann Gray and Dr. Alpna Seth

Core Viewpoint - ADAR1 Capital Management, the largest stockholder of Keros Therapeutics, is urging the company to disclose the results of its strategic review before the upcoming Annual Meeting of Stockholders on June 4, 2025, to allow stockholders to make informed voting decisions [1][2]. Group 1: Governance Concerns - Institutional Shareholder Services (ISS) has recommended that Keros stockholders WITHHOLD votes from incumbent directors Dr. Mary Ann Gray and Dr. Alpna Seth due to serious concerns regarding the company's governance [1][2]. - ADAR1 believes that the ISS recommendation highlights the need for improved governance and oversight at Keros, advocating for fresh, independent directors [2]. Group 2: Strategic Review and Capital Management - Keros plans to disclose the outcome of its strategic review process five days after the Annual Meeting, which ADAR1 argues is insufficient for stockholders to evaluate the board's decisions [2]. - ADAR1 criticizes the company's cash balance as excessive relative to its clinical opportunities and calls for a significant return of capital before the Annual Meeting [3].