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Investment Firm ADAR1 Adjusts Massive Keros Therapeutics Position Through Options Play

Filing Impact
(Neutral)
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.

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
Insider ADAR1 Capital Management, LLC, ADAR1 Partners, LP, ADAR1 Capital Management GP, LLC, Schneeberger Daniel
Role 10% Owner | 10% Owner | 10% Owner | 10% Owner
Type Security Shares Price Value
X Put Option (right to sell) 1 $0.00 --
X Put Option (right to sell) 14 $0.00 --
X Put Option (right to sell) 2 $0.00 --
X Common Stock 100 $60.00 $6K
X Common Stock 1,400 $70.00 $98K
X Common Stock 200 $70.00 $14K
Holdings After Transaction: Put Option (right to sell) — 0 shares (Indirect, By ADAR1 Partners, LP); Common Stock — 4,392,637 shares (Indirect, By ADAR1 Partners, LP)
Footnotes (1)
  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. 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.
Form 4 Insider Transactions: What Each Field Means →
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.

Source: View Original Filing on SEC EDGAR

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.