ADAR1资本管理公司向凯罗斯治疗公司股东发布公开信-动脉网

ADAR1 Capital Management Issues Open Letter to Keros Therapeutics Stockholders

CISION 等信源发布 2025-05-09 02:10

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Announces Intention to Withhold Votes for Directors Dr.

宣布有意扣留对董事的投票 Dr.

Mary Ann Gray

玛丽·安·格雷

and Dr.

和博士。

Alpna Seth

阿尔普娜·塞思

AUSTIN, Texas

德克萨斯州奥斯汀

，

May 8, 2025

2025年5月8日

/PRNewswire/ -- ADAR1 Capital Management, LLC (together with its affiliates, 'ADAR1'), the largest stockholder of Keros Therapeutics (Nasdaq:

/PRNewswire/ -- ADAR1资本管理公司（连同其附属公司“ADAR1”），是Keros Therapeutics（纳斯达克：

KROS

) ('Keros' or the 'Company') with approximately 13.3% of the Company's outstanding shares, today released a public letter to fellow Keros stockholders outlining its concerns with the Company's capital allocation decisions, strategic direction, and prolonged underperformance.

）（“Keros”或“公司”）持有公司约13.3%的流通股，近日向其他Keros股东发布了一封公开信，概述了其对公司资本配置决策、战略方向及长期表现不佳的担忧。

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ADAR 1 Letter to Keros Shareholderrs

ADAR 1 致凯罗斯股东的信

In the letter, ADAR1 details the Company's alarming clinical results for two of its three drug candidates — KER-012 and KER-065 — and expresses serious concern that continued investment in these programs risks further shareholder value destruction. ADAR1 calls for Keros to restructure the business, significantly reduce headcount, return excess capital to stockholders, and ensure the Takeda licensing partnership is managed to maximize value for investors..

在信中，ADAR1详细说明了公司对其三个药物候选物中的两个——KER-012 和 KER-065——令人担忧的临床结果，并表达了对继续投资这些项目可能导致股东价值进一步受损的严重关切。ADAR1呼吁Keros重组业务，大幅减少员工人数，将多余资本返还给股东，并确保与武田的授权合作伙伴关系得到管理，以最大化投资者的价值。

Given its loss of confidence in the Company's management and Board of Directors, ADAR1 announced its intention to

鉴于其对公司的管理层和董事会失去信心，ADAR1宣布了其打算

'WITHHOLD'

'扣留'

votes on the re-election of Dr.

关于博士连任的投票

Mary Ann Gray

玛丽·安·格雷

and Dr.

和博士。

Alpna Seth

阿尔普娜·塞思

at Keros' upcoming Annual Meeting of Stockholders, scheduled to be held on

在即将到来的基罗斯年度股东大会上，该会议计划于

June 4, 2025

2025年6月4日

。

The full text of the letter is below.

信件的全文如下。

* * *

Dear Fellow Stockholders,

亲爱的股东们，

Keros Therapeutics ('Keros' or the 'Company') is at a crossroads. Two of the Company's three drug candidates, KER-012 and KER-065, have demonstrated concerning side effects in clinical trials. In our view, any further development would be dilutive to stockholder value and, potentially, put patients at risk..

Keros Therapeutics（“Keros”或“公司”）正处于十字路口。公司三个药物候选物中的两个，KER-012 和 KER-065，在临床试验中显示出令人担忧的副作用。我们认为，任何进一步的开发都会稀释股东价值，并且可能使患者面临风险。

As Keros' largest stockholder with approximately 13.3% of the Company's outstanding shares, ADAR1 Capital Management, LLC (together with its affiliates, 'we' or 'us') has been a committed investor for nearly two years, carefully analyzing the Company's pipeline developments and capital allocation decisions.

作为持有Keros约13.3%已发行股份的最大股东，ADAR1资本管理公司（连同其附属机构，“我们”）近二年来一直是该公司的忠实投资者，仔细分析了公司的渠道发展和资本配置决策。

We have urged Keros to discontinue development of KER-012 and KER-065 and to narrow its focus to deliver value from KER-050 ('elritercept'), which the Company is developing in partnership with Takeda Pharmaceuticals ('Takeda'). We believe that KER-050 has a path to commercialization and could achieve peak sales of more than .

我们已敦促Keros停止KER-012和KER-065的开发，集中精力于KER-050（“elritercept”）的价值实现，该药物正由公司与武田制药（“Takeda”）合作开发。我们认为，KER-050具备商业化途径，并可能实现超过峰值的销售。

$2 billion

20亿美元

。

Unfortunately, the Company has dismissed our recommendations and continues to operate with what we believe is an excessive cost structure, an unfocused strategy, and an unnecessarily bloated balance sheet with too much cash. Rather than right-sizing its capital structure and concentrating on high-potential opportunities, the Company has persisted with developing programs that we believe are value-destructive..

不幸的是，公司驳回了我们的建议，继续以我们认为过度的成本结构、不集中的战略以及持有过多现金的不必要的臃肿资产负债表进行运营。公司没有调整其资本结构至合理规模并专注于高潜力的机会，而是坚持开发我们认为破坏价值的项目。

We invested in Keros because we saw enormous potential. But in our view, that potential is being squandered.

我们投资了Keros，因为我们看到了巨大的潜力。但在我看来，这种潜力正在被浪费。

The numbers speak for themselves. Keros has generated negative total stockholder returns across every relevant timeframe since its initial public offering, underperforming its proxy peers and relevant market and biotechnology sector benchmarks.

数字本身就能说明问题。自首次公开募股以来，Keros在所有相关时间段内的股东总回报均为负值，表现逊于其代理同行及相关的市场和生物技术行业基准。

1-Year

1年

2-Year

两年期

3-Year

三年

4-Year

四年制

5-Year

五年

Since IPO

自从首次公开募股以来

Keros Therapeutics

Keros治疗学

(77 %)

（77％）

(69 %)

（69％）

(71 %)

（71 %）

(75 %)

（75％）

(51 %)

（51 %）

(34 %)

vs. Proxy Peers

与代理同行的对比

(18 %)

（18 %）

(20 %)

（20％）

(38 %)

（38 %）

(25 %)

（25%）

(9 %)

(50 %)

（50%）

vs. Nasdaq Composite Index

与纳斯达克综合指数对比

(86 %)

（86 %）

(116 %)

(120 %)

(109 %)

(159 %)

(167 %)

vs. Nasdaq Biotechnology Index

与纳斯达克生物技术指数对比

(69 %)

（69％）

(64 %)

(85 %)

（85％）

(63 %)

(54 %)

（54 %）

(54 %)

（54 %）

vs. SPDR S&P Biotech ETF

与SPDR S&P生物科技ETF

(62 %)

（62 %）

(59 %)

（59 %）

(81 %)

（81 %）

(36 %)

(30 %)

（30 %）

(32 %)

Source: Bloomberg. Data as of May 6, 2025. 'Proxy Peers' include Akero Therapeutics, Arcturus Therapeutics, Crinetics Pharmaceuticals, Editas Medicine, Geron Corp., IDEAYA Biosciences, Iovance Biotherapeutics, KalVista Pharmaceuticals, Kura Oncology, Mersana Therapeutics, Morphic Holding, Protagonist Therapeutics, Replimune Group, Rocket Pharmaceuticals, Scholar Rock Holding Corp., Springworks Therapeutics, Syndax Pharmaceuticals and Zentalis Pharmaceuticals.

来源：彭博社。数据截至2025年5月6日。“代理同行”包括Akero Therapeutics、Arcturus Therapeutics、Crinetics Pharmaceuticals、Editas Medicine、Geron Corp.、IDEAYA Biosciences、Iovance Biotherapeutics、KalVista Pharmaceuticals、Kura Oncology、Mersana Therapeutics、Morphic Holding、Protagonist Therapeutics、Replimune Group、Rocket Pharmaceuticals、Scholar Rock Holding Corp.、Springworks Therapeutics、Syndax Pharmaceuticals和Zentalis Pharmaceuticals。

Peer data refers to median..

同行数据指的是中位数。。

The Company's current market value barely reflects our estimate of the net present value of potential milestone payments from the Takeda partnership, suggesting that investors assign zero value to the rest of Keros' pipeline and believe that the Company will deploy its substantial capital — more than .

公司的当前市场价值几乎未能反映我们对来自武田合作的潜在里程碑付款净现值的估计，这表明投资者对Keros其余研发管线赋予了零价值，并且认为公司将动用其巨额资本——超过。

$720 million

7.2亿美元

as of

截至

March 31, 2025

2025年3月31日

— on unproductive or misguided initiatives.

— 在无成效或误导性的举措上。

We think a new approach is urgently needed and the best path forward for Keros and its stockholders is to:

我们认为迫切需要一种新的方法，而对Keros及其股东来说，前进的最佳路径是：

Restructure the business and reduce headcount by at least 70%;

重组业务并至少裁员70%；

Return excess cash to stockholders, preserving only what is necessary to support high-confidence opportunities; and

将多余的现金返还给股东，仅保留支持高信心机会所必需的资金；并且

Ensure that stockholders capture the upside from the Takeda partnership through a contingent value right or similar mechanism.

确保股东通过或有价值权利或类似机制从与武田的合作中获得上行收益。

We believe these initiatives could ultimately deliver between

我们相信这些举措最终可能带来между

$24

24美元

and

和

$35

35美元

per share in value for stockholders, encompassing net cash value and the net present value of the elritercept partnership. And yet, rather than embracing our recommendations and taking what we believe to be the necessary steps to enhance value, the Board rejected our offer of assistance and appears content to continue down a path that, in our view, is actively destroying shareholder value..

每股的价值包括股东的净现金价值和依那西普（Enbrel）合作伙伴关系的净现值。然而，董事会没有采纳我们的建议并采取我们认为必要的步骤来提升价值，反而拒绝了我们的协助提议，似乎满足于继续沿着一条我们认为正在积极摧毁股东价值的道路前行。

We see no reason to be optimistic about the prospects of KER-012 or KER-065. Without a change in oversight and strategy, we believe the Company's poor performance and depressed valuation will persist. Keros needs a Board that will ask tough questions, challenge management, and act with a sense of urgency.

我们没有理由对KER-012或KER-065的前景感到乐观。如果不改变监督和战略，我们认为公司的糟糕表现和低迷估值将持续下去。Keros需要一个能够提出尖锐问题、挑战管理层并以紧迫感采取行动的董事会。

It is time for accountability..

是时候追究责任了。

To that end, we intend to vote 'WITHHOLD' on the re-election of Dr.

为此，我们打算在博士连任选举中投票“弃权”。

Mary Ann Gray

玛丽·安·格雷

and Dr.

和博士。

Alpna Seth

阿尔普娜·塞斯

— two directors who have presided over the Company's challenges — to send a clear message that stockholders are dissatisfied with the Company's current direction and that meaningful change is necessary.

——两位监督公司挑战的董事——传达一个明确的信息，即股东对公司当前的方向感到不满，且有必要进行有意义的变革。

We also believe that significant stockholders – such as ADAR1 and Pontifax, which owns approximately 11.9% of the Company's outstanding shares - should have direct representation on the Board to help ensure shareholder interests remain aligned with long-term strategic decision making. Accordingly, we intend to vote 'FOR' Ran Nussbaum, the Managing Partner and Co-Founder of Pontifax..

我们还认为，重要股东——如ADAR1和持有公司约11.9%流通股的Pontifax——应直接在董事会中拥有代表权，以确保股东利益与长期战略决策保持一致。因此，我们打算投票支持Pontifax的管理合伙人兼联合创始人Ran Nussbaum。

At this Annual Meeting, stockholders have an opportunity to make an unequivocal statement that the Company cannot continue along the same path that has led to significant value destruction.

在这次年度会议上，股东们有机会明确表态，公司不能继续沿着导致重大价值损毁的同一道路走下去。

Sincerely,

诚挚地，

Daniel Schneeberger

丹尼尔·施内贝格尔

ADAR1 Capital Management

ADAR1资本管理

About ADAR1 Capital Management

关于ADAR1资本管理

ADAR1 Capital Management is an SEC-registered investment manager based in

ADAR1资本管理公司是一家在SEC注册的投资管理公司，总部位于

Austin, Texas

德克萨斯州奥斯汀市

, focused on public and private equity investments in the life sciences and biotechnology sectors. The firm was founded in

，专注于生命科学和生物技术领域的公共和私人股权投资。该公司成立于

October 2018

2018年10月

by Dr.

由博士

Daniel Schneeberger

丹尼尔·施内贝格尔

, who brings over 20 years of experience spanning scientific research, healthcare consulting, institutional investing, and executive leadership in the healthcare industry. He is supported by a team of experienced professionals with deep medical and scientific expertise and a strong track record of biopharmaceutical investing..

，他在科学研究、医疗咨询、机构投资和医疗行业的行政领导方面拥有超过20年的经验。他得到一支经验丰富、具备深厚医学和科学专业知识的团队支持，该团队在生物制药投资方面有着良好的业绩记录。

Forward-Looking Statements

前瞻性声明

Certain financial projections and statements made in this press release and accompanying letter have been derived or obtained from filings made with the Securities and Exchange Commission ('SEC') or other regulatory authorities and from other third-party reports. Neither ADAR1 nor any of its affiliates shall be responsible or have any liability for any misinformation contained in any third-party SEC or other regulatory filing or third-party report.

本新闻稿及随附信函中的一些财务预测和声明源自向证券交易委员会（“SEC”）或其他监管机构提交的文件，以及来自其他第三方报告的信息。ADAR1及其任何关联公司均不对任何第三方SEC或其他监管文件或第三方报告中包含的错误信息负责或承担任何责任。

Select figures presented in this press release and accompanying letter have not been calculated using generally accepted accounting principles ('GAAP') and have not been audited by independent accountants. Such figures may vary from GAAP accounting in material respects and there can be no assurance that the unrealized values reflected within such materials will be realized.

本新闻稿及随附信函中提供的部分数据并非按照普遍认可的会计原则（“GAAP”）计算，也未经独立会计师审计。这些数据可能在重大方面与GAAP会计准则存在差异，且无法保证其中反映的未实现价值能够实现。

Nothing in this press release and accompanying letter is intended to be a prediction of the future trading price or market value of securities of the Company. Words such as 'anticipate', 'believe', 'could', 'estimate', 'expect', 'may', 'ought to', 'plan', 'project', 'seek', 'should', 'will', 'would' and similar expressions, as they relate to the Company, are intended to identify forward-looking statements.

本新闻稿及随附信函中的任何内容均不构成对公司证券未来交易价格或市场价值的预测。诸如“预期”、“相信”、“可能”、“估计”、“预计”、“应该”、“计划”、“项目”、“寻求”、“应当”、“将”、“会”等词语以及类似表述，若涉及公司，旨在识别前瞻性陈述。

Reliance on any forward-looking statements involves known and unknown risks and uncertainties and there is no assurance or guarantee that actual results or performance of the Company will not differ, and such differences may be material. In addition, there can be no assurance or guarantee with respect to the prices at which any securities of the Company will trade, and such securities may not trade at prices that may be implied herein.

依赖任何前瞻性陈述均涉及已知和未知的风险与不确定性，且无法保证或确保公司的实际结果或表现不会出现差异，而这些差异可能会是重大的。此外，对于公司任何证券的交易价格，亦无法保证或确保其交易价格会达到本文中暗示的价格水平。

The estimates, projections and potential impact of the opportunities identified by ADAR1 herein are based on assumption.

本文中ADAR1确定的机会的估计、预测和潜在影响基于假设。

Contact:

联系：

info@adar1.com

512-254-3790

SOURCE ADAR1 Capital Management LLC

来源 ADAR1 资本管理有限公司

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