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[Form 4] Keros Therapeutics, Inc. Insider Trading Activity

Filing Impact
(Low)
Filing Sentiment
(Neutral)
Form Type
4
Rhea-AI Filing Summary

ADAR1 Capital Management LLC and related entities reported significant trading activity in Keros Therapeutics (KROS) securities on June 20, 2025. The transactions involved both direct stock sales and put option exercises:

  • ADAR1 Partners LP disposed of 1,500 shares of common stock: - 100 shares at $60 per share - 1,400 shares at $70 per share
  • Spearhead Insurance Solutions IDF LLC disposed of 200 shares at $70 per share
  • Related put options were exercised, corresponding to the stock dispositions: - One $60 strike put option for 100 shares - Sixteen $70 strike put options for 1,600 shares total

Following these transactions, ADAR1 Partners LP maintains beneficial ownership of 4,391,237 shares, while Spearhead Insurance Solutions holds 743,358 shares. All reporting persons are considered 10% owners of Keros Therapeutics, with Daniel Schneeberger serving as the manager of the related entities.

ADAR1 Capital Management LLC e le entità correlate hanno segnalato un'attività di trading significativa sulle azioni di Keros Therapeutics (KROS) il 20 giugno 2025. Le operazioni hanno riguardato sia vendite dirette di azioni ordinarie sia l'esercizio di opzioni put:

  • ADAR1 Partners LP ha ceduto 1.500 azioni ordinarie: - 100 azioni a 60 dollari ciascuna - 1.400 azioni a 70 dollari ciascuna
  • Spearhead Insurance Solutions IDF LLC ha ceduto 200 azioni a 70 dollari ciascuna
  • Sono state esercitate opzioni put correlate alle vendite azionarie: - Un'opzione put con prezzo di esercizio di 60 dollari per 100 azioni - Sedici opzioni put con prezzo di esercizio di 70 dollari per un totale di 1.600 azioni

Dopo queste transazioni, ADAR1 Partners LP detiene la proprietà effettiva di 4.391.237 azioni, mentre Spearhead Insurance Solutions possiede 743.358 azioni. Tutti i soggetti segnalanti sono considerati possessori del 10% di Keros Therapeutics, con Daniel Schneeberger come gestore delle entità correlate.

ADAR1 Capital Management LLC y entidades relacionadas reportaron una actividad significativa de negociación en valores de Keros Therapeutics (KROS) el 20 de junio de 2025. Las transacciones incluyeron tanto ventas directas de acciones comunes como el ejercicio de opciones put:

  • ADAR1 Partners LP dispuso de 1,500 acciones comunes: - 100 acciones a 60 dólares por acción - 1,400 acciones a 70 dólares por acción
  • Spearhead Insurance Solutions IDF LLC dispuso de 200 acciones a 70 dólares por acción
  • Se ejercieron opciones put relacionadas con las disposiciones de acciones: - Una opción put con precio de ejercicio de 60 dólares para 100 acciones - Dieciséis opciones put con precio de ejercicio de 70 dólares para un total de 1,600 acciones

Tras estas transacciones, ADAR1 Partners LP mantiene la propiedad beneficiaria de 4,391,237 acciones, mientras que Spearhead Insurance Solutions posee 743,358 acciones. Todas las personas que reportan se consideran propietarios del 10% de Keros Therapeutics, con Daniel Schneeberger como administrador de las entidades relacionadas.

ADAR1 Capital Management LLC ë°� ê´€ë � 법ì¸ë“¤ì€ 2025ë…� 6ì›� 20ì� Keros Therapeutics(KROS) ì¦ê¶Œì—� 대í•� 중요í•� 거래 활ë™ì� 보고했습니다. 거래ëŠ� ì§ì ‘ ì£¼ì‹ ë§¤ë„와 풋옵ì…� 행사 모ë‘ë¥� í¬í•¨í–ˆìŠµë‹ˆë‹¤:

  • ADAR1 Partners LPëŠ� 1,500ì£�ì� 보통주를 처분했습니다: - 주당 60달러ì—� 100ì£� - 주당 70달러ì—� 1,400ì£�
  • Spearhead Insurance Solutions IDF LLCëŠ� 주당 70달러ì—� 200ì£�ë¥� 처분했습니다
  • ì£¼ì‹ ì²˜ë¶„ê³� ê´€ë ¨ëœ í’‹ì˜µì…˜ì´ í–‰ì‚¬ë˜ì—ˆìŠµë‹ˆë‹�: - 60달러 행사가ì� 풋옵ì…� 1ê±�, 100ì£� - 70달러 행사가ì� 풋옵ì…� 16ê±�, ì´� 1,600ì£�

ì� 거래 ì´í›„ ADAR1 Partners LPëŠ� 4,391,237ì£�ì� 실질 ì†Œìœ ê¶Œì„ ìœ ì§€í•˜ë©°, Spearhead Insurance SolutionsëŠ� 743,358ì£�ë¥� 보유하고 있습니다. 모든 ë³´ê³ ìžëŠ” Keros Therapeuticsì� 10% 소유ìžë¡œ 간주ë˜ë©°, Daniel Schneebergerê°€ ê´€ë � 법ì¸ì� ê´€ë¦¬ìž ì—­í• ì� ë§¡ê³  있습니다.

ADAR1 Capital Management LLC et les entités associées ont déclaré une activité de trading importante sur les titres de Keros Therapeutics (KROS) le 20 juin 2025. Les transactions ont impliqué à la fois des ventes directes d'actions ordinaires et l'exercice d'options de vente (put) :

  • ADAR1 Partners LP a cédé 1 500 actions ordinaires : - 100 actions à 60 dollars chacune - 1 400 actions à 70 dollars chacune
  • Spearhead Insurance Solutions IDF LLC a cédé 200 actions à 70 dollars chacune
  • Des options de vente liées ont été exercées, correspondant aux cessions d'actions : - Une option put avec un prix d'exercice de 60 dollars pour 100 actions - Seize options put avec un prix d'exercice de 70 dollars pour un total de 1 600 actions

À la suite de ces transactions, ADAR1 Partners LP conserve la propriété bénéficiaire de 4 391 237 actions, tandis que Spearhead Insurance Solutions détient 743 358 actions. Toutes les personnes déclarantes sont considérées comme propriétaires de 10 % de Keros Therapeutics, Daniel Schneeberger étant le gestionnaire des entités associées.

ADAR1 Capital Management LLC und verbundene Unternehmen meldeten am 20. Juni 2025 bedeutende Handelsaktivitäten mit Wertpapieren von Keros Therapeutics (KROS). Die Transaktionen umfassten sowohl direkte Aktienverkäufe als auch die Ausübung von Put-Optionen:

  • ADAR1 Partners LP veräußerte 1.500 Stammaktien: - 100 Aktien zu je 60 USD - 1.400 Aktien zu je 70 USD
  • Spearhead Insurance Solutions IDF LLC veräußerte 200 Aktien zu 70 USD pro Aktie
  • Zugehörige Put-Optionen wurden ausgeübt, entsprechend den Aktienveräußerungen: - Eine Put-Option mit Ausübungspreis 60 USD für 100 Aktien - Sechzehn Put-Optionen mit Ausübungspreis 70 USD für insgesamt 1.600 Aktien

Nach diesen Transaktionen hält ADAR1 Partners LP weiterhin den wirtschaftlichen Eigentum an 4.391.237 Aktien, während Spearhead Insurance Solutions 743.358 Aktien besitzt. Alle meldenden Personen gelten als 10%-Eigentümer von Keros Therapeutics, wobei Daniel Schneeberger als Manager der verbundenen Unternehmen fungiert.

Positive
  • None.
Negative
  • 10% owner ADAR1 Capital Management disposed of a total of 1,700 shares through put option exercises at $60-70 per share, reducing their significant holdings

ADAR1 Capital Management LLC e le entità correlate hanno segnalato un'attività di trading significativa sulle azioni di Keros Therapeutics (KROS) il 20 giugno 2025. Le operazioni hanno riguardato sia vendite dirette di azioni ordinarie sia l'esercizio di opzioni put:

  • ADAR1 Partners LP ha ceduto 1.500 azioni ordinarie: - 100 azioni a 60 dollari ciascuna - 1.400 azioni a 70 dollari ciascuna
  • Spearhead Insurance Solutions IDF LLC ha ceduto 200 azioni a 70 dollari ciascuna
  • Sono state esercitate opzioni put correlate alle vendite azionarie: - Un'opzione put con prezzo di esercizio di 60 dollari per 100 azioni - Sedici opzioni put con prezzo di esercizio di 70 dollari per un totale di 1.600 azioni

Dopo queste transazioni, ADAR1 Partners LP detiene la proprietà effettiva di 4.391.237 azioni, mentre Spearhead Insurance Solutions possiede 743.358 azioni. Tutti i soggetti segnalanti sono considerati possessori del 10% di Keros Therapeutics, con Daniel Schneeberger come gestore delle entità correlate.

ADAR1 Capital Management LLC y entidades relacionadas reportaron una actividad significativa de negociación en valores de Keros Therapeutics (KROS) el 20 de junio de 2025. Las transacciones incluyeron tanto ventas directas de acciones comunes como el ejercicio de opciones put:

  • ADAR1 Partners LP dispuso de 1,500 acciones comunes: - 100 acciones a 60 dólares por acción - 1,400 acciones a 70 dólares por acción
  • Spearhead Insurance Solutions IDF LLC dispuso de 200 acciones a 70 dólares por acción
  • Se ejercieron opciones put relacionadas con las disposiciones de acciones: - Una opción put con precio de ejercicio de 60 dólares para 100 acciones - Dieciséis opciones put con precio de ejercicio de 70 dólares para un total de 1,600 acciones

Tras estas transacciones, ADAR1 Partners LP mantiene la propiedad beneficiaria de 4,391,237 acciones, mientras que Spearhead Insurance Solutions posee 743,358 acciones. Todas las personas que reportan se consideran propietarios del 10% de Keros Therapeutics, con Daniel Schneeberger como administrador de las entidades relacionadas.

ADAR1 Capital Management LLC ë°� ê´€ë � 법ì¸ë“¤ì€ 2025ë…� 6ì›� 20ì� Keros Therapeutics(KROS) ì¦ê¶Œì—� 대í•� 중요í•� 거래 활ë™ì� 보고했습니다. 거래ëŠ� ì§ì ‘ ì£¼ì‹ ë§¤ë„와 풋옵ì…� 행사 모ë‘ë¥� í¬í•¨í–ˆìŠµë‹ˆë‹¤:

  • ADAR1 Partners LPëŠ� 1,500ì£�ì� 보통주를 처분했습니다: - 주당 60달러ì—� 100ì£� - 주당 70달러ì—� 1,400ì£�
  • Spearhead Insurance Solutions IDF LLCëŠ� 주당 70달러ì—� 200ì£�ë¥� 처분했습니다
  • ì£¼ì‹ ì²˜ë¶„ê³� ê´€ë ¨ëœ í’‹ì˜µì…˜ì´ í–‰ì‚¬ë˜ì—ˆìŠµë‹ˆë‹�: - 60달러 행사가ì� 풋옵ì…� 1ê±�, 100ì£� - 70달러 행사가ì� 풋옵ì…� 16ê±�, ì´� 1,600ì£�

ì� 거래 ì´í›„ ADAR1 Partners LPëŠ� 4,391,237ì£�ì� 실질 ì†Œìœ ê¶Œì„ ìœ ì§€í•˜ë©°, Spearhead Insurance SolutionsëŠ� 743,358ì£�ë¥� 보유하고 있습니다. 모든 ë³´ê³ ìžëŠ” Keros Therapeuticsì� 10% 소유ìžë¡œ 간주ë˜ë©°, Daniel Schneebergerê°€ ê´€ë � 법ì¸ì� ê´€ë¦¬ìž ì—­í• ì� ë§¡ê³  있습니다.

ADAR1 Capital Management LLC et les entités associées ont déclaré une activité de trading importante sur les titres de Keros Therapeutics (KROS) le 20 juin 2025. Les transactions ont impliqué à la fois des ventes directes d'actions ordinaires et l'exercice d'options de vente (put) :

  • ADAR1 Partners LP a cédé 1 500 actions ordinaires : - 100 actions à 60 dollars chacune - 1 400 actions à 70 dollars chacune
  • Spearhead Insurance Solutions IDF LLC a cédé 200 actions à 70 dollars chacune
  • Des options de vente liées ont été exercées, correspondant aux cessions d'actions : - Une option put avec un prix d'exercice de 60 dollars pour 100 actions - Seize options put avec un prix d'exercice de 70 dollars pour un total de 1 600 actions

À la suite de ces transactions, ADAR1 Partners LP conserve la propriété bénéficiaire de 4 391 237 actions, tandis que Spearhead Insurance Solutions détient 743 358 actions. Toutes les personnes déclarantes sont considérées comme propriétaires de 10 % de Keros Therapeutics, Daniel Schneeberger étant le gestionnaire des entités associées.

ADAR1 Capital Management LLC und verbundene Unternehmen meldeten am 20. Juni 2025 bedeutende Handelsaktivitäten mit Wertpapieren von Keros Therapeutics (KROS). Die Transaktionen umfassten sowohl direkte Aktienverkäufe als auch die Ausübung von Put-Optionen:

  • ADAR1 Partners LP veräußerte 1.500 Stammaktien: - 100 Aktien zu je 60 USD - 1.400 Aktien zu je 70 USD
  • Spearhead Insurance Solutions IDF LLC veräußerte 200 Aktien zu 70 USD pro Aktie
  • Zugehörige Put-Optionen wurden ausgeübt, entsprechend den Aktienveräußerungen: - Eine Put-Option mit Ausübungspreis 60 USD für 100 Aktien - Sechzehn Put-Optionen mit Ausübungspreis 70 USD für insgesamt 1.600 Aktien

Nach diesen Transaktionen hält ADAR1 Partners LP weiterhin den wirtschaftlichen Eigentum an 4.391.237 Aktien, während Spearhead Insurance Solutions 743.358 Aktien besitzt. Alle meldenden Personen gelten als 10%-Eigentümer von Keros Therapeutics, wobei Daniel Schneeberger als Manager der verbundenen Unternehmen fungiert.

SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number: 3235-0287
Estimated average burden
hours per response: 0.5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.
1. Name and Address of Reporting Person*
ADAR1 Capital Management, LLC

(Last) (First) (Middle)
3503 WILD CHERRY DRIVE, BUILDING 9

(Street)
AUSTIN TX 78738

(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
Keros Therapeutics, Inc. [ KROS ]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
Director X 10% Owner
Officer (give title below) Other (specify below)
3. Date of Earliest Transaction (Month/Day/Year)
06/20/2025
4. If Amendment, Date of Original Filed (Month/Day/Year)
6. Individual or Joint/Group Filing (Check Applicable Line)
Form filed by One Reporting Person
X Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 06/20/2025 X 100 D $60 4,392,637 I By ADAR1 Partners, LP(1)(2)
Common Stock 06/20/2025 X 1,400 D $70 4,391,237 I By ADAR1 Partners, LP(1)(2)
Common Stock 06/20/2025 X 200 D $70 743,358 I By Spearhead Insurance Solutions IDF, LLC(1)(2)
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Put Option (right to sell) $60 06/20/2025 X 1 10/02/2024 06/20/2025 Common Stock 100 $0 0 I By ADAR1 Partners, LP(1)(2)
Put Option (right to sell) $70 06/20/2025 X 14 10/01/2024 06/20/2025 Common Stock 1,400 $0 0 I By ADAR1 Partners, LP(1)(2)
Put Option (right to sell) $70 06/20/2025 X 2 10/01/2024 06/20/2025 Common Stock 200 $0 0 I By Spearhead Insurance Solutions IDF, LLC(1)(2)
1. Name and Address of Reporting Person*
ADAR1 Capital Management, LLC

(Last) (First) (Middle)
3503 WILD CHERRY DRIVE, BUILDING 9

(Street)
AUSTIN TX 78738

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer
Director X 10% Owner
Officer (give title below) Other (specify below)
1. Name and Address of Reporting Person*
ADAR1 Partners, LP

(Last) (First) (Middle)
3503 WILD CHERRY DRIVE, BUILDING 9

(Street)
AUSTIN TX 78738

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer
Director X 10% Owner
Officer (give title below) Other (specify below)
1. Name and Address of Reporting Person*
ADAR1 Capital Management GP, LLC

(Last) (First) (Middle)
3503 WILD CHERRY DRIVE, BUILDING 9

(Street)
AUSTIN TX 78738

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer
Director X 10% Owner
Officer (give title below) Other (specify below)
1. Name and Address of Reporting Person*
Schneeberger Daniel

(Last) (First) (Middle)
3503 WILD CHERRY DRIVE, BUILDING 9

(Street)
AUSTIN TX 78738

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer
Director X 10% Owner
Officer (give title below) Other (specify below)
Explanation of Responses:
1. As the investment manager of ADAR1 Partners, LP and as the sub-advisor of Spearhead Insurance Solutions IDF, LLC, ADAR1 Capital Management, LLC may be deemed to indirectly beneficially own securities held by ADAR1 Partners, LP and Spearhead Insurance Solutions IDF, LLC. As the general partner of ADAR1 Partners, LP, ADAR1 Capital Management GP, LLC may be deemed to indirectly beneficially own securities held by ADAR1 Partners, LP. As the manager of ADAR1 Capital Management, LLC and ADAR1 Capital Management GP, LLC, Mr. Schneeberger may be deemed to indirectly beneficially own securities held by ADAR1 Partners, LP and Spearhead Insurance Solutions IDF, LLC.
2. For purposes of Section 16 of the Securities Exchange Act of 1934, as amended, each Reporting Person disclaims beneficial ownership of any such securities, except to the extent of his/its pecuniary interest therein, if any, and this report shall not be deemed an admission that such Reporting Person is the beneficial owner of such securities for purposes of Section 16 or otherwise.
ADAR1 Capital Management, LLC By: Daniel Schneeberger, Manager /s/ Daniel Schneeberger 06/24/2025
ADAR1 Partners, LP By: Daniel Schneeberger, Manager /s/ Daniel Schneeberger 06/24/2025
ADAR1 Capital Management GP, LLC By: Daniel Schneeberger, Manager /s/ Daniel Schneeberger 06/24/2025
Daniel Schneeberger, Manager /s/ Daniel Schneeberger 06/24/2025
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider trading activity occurred at KROS on June 20, 2025?

On June 20, 2025, ADAR1 Partners, LP disposed of 1,500 shares of KROS common stock (100 shares at $60 and 1,400 shares at $70), while Spearhead Insurance Solutions IDF, LLC disposed of 200 shares at $70. These transactions were related to put option exercises.

How many shares does ADAR1 Partners own of KROS after the June 2025 transactions?

Following the reported transactions, ADAR1 Partners, LP beneficially owns 4,391,237 shares of KROS common stock indirectly, after disposing of 1,500 shares through put option exercises.

What put options were exercised in KROS stock by ADAR1 Partners?

ADAR1 Partners exercised put options for KROS stock on June 20, 2025, including 1 contract (100 shares) with a strike price of $60 and 14 contracts (1,400 shares) with a strike price of $70. All put options had an expiration date of June 20, 2025.

Who is Daniel Schneeberger's role in relation to KROS stock ownership?

Daniel Schneeberger serves as the manager of ADAR1 Capital Management, LLC and ADAR1 Capital Management GP, LLC. Through these positions, he may be deemed to indirectly beneficially own securities held by both ADAR1 Partners, LP and Spearhead Insurance Solutions IDF, LLC.

What is ADAR1 Capital Management's relationship to KROS?

ADAR1 Capital Management, LLC is a 10% owner of KROS and serves as the investment manager of ADAR1 Partners, LP and sub-advisor of Spearhead Insurance Solutions IDF, LLC, allowing them to indirectly beneficially own securities held by both entities.
Keros Therapeutics, Inc.

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Biotechnology
Pharmaceutical Preparations
United States
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