D. E. Shaw reports 3.9% stake in Keros

Keros Therapeutics, Inc. received an updated ownership filing from D. E. Shaw entities and David E. Shaw.

Rhea-AI Filing Summary

Keros Therapeutics, Inc. received an updated ownership filing from D. E. Shaw entities and David E. Shaw. As of December 31, 2025, they report beneficial ownership of 756,156 shares of common stock, representing 3.9% of the outstanding shares.

The filing shows no sole voting or dispositive power; all authority over these shares is shared through various D. E. Shaw investment vehicles. David E. Shaw may be deemed a beneficial owner through his control of related entities but expressly disclaims beneficial ownership. The reporting persons also certify the shares are not held to change or influence control of Keros.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What percentage of Keros Therapeutics (KROS) does D. E. Shaw report owning?

D. E. Shaw entities and David E. Shaw report beneficial ownership of 3.9% of Keros Therapeutics’ common stock. This corresponds to 756,156 shares as of December 31, 2025, according to the amended Schedule 13G/A filing.

How many Keros Therapeutics (KROS) shares are beneficially owned by D. E. Shaw?

The filing reports beneficial ownership of 756,156 Keros Therapeutics common shares. These are held through several D. E. Shaw investment vehicles, including Valence, Oculus, Composite Portfolios, and accounts managed by D. E. Shaw Investment Management.

Does David E. Shaw directly own Keros Therapeutics (KROS) shares?

The filing states that David E. Shaw does not own any shares directly. He may be deemed to beneficially own 756,156 shares through his control of various D. E. Shaw entities, but he disclaims beneficial ownership of those shares.

What voting power does D. E. Shaw have over Keros Therapeutics (KROS) shares?

The reporting persons indicate no sole voting power over Keros shares. They report shared voting power over up to 756,156 shares and similarly shared dispositive power, reflecting control exercised through multiple affiliated investment entities.

Is D. E. Shaw seeking to influence control of Keros Therapeutics (KROS)?

The reporting persons certify the Keros shares were not acquired and are not held for the purpose of changing or influencing control of the company. They also state the holdings are not part of any control-related transaction, aside from limited proxy nomination activities.

Which entities are included in the Keros Therapeutics (KROS) Schedule 13G/A by D. E. Shaw?

The filing lists D. E. Shaw & Co., L.P., D. E. Shaw & Co., L.L.C., and David E. Shaw as reporting persons. Underlying positions are held by Valence, Oculus, Composite Portfolios, and accounts managed by D. E. Shaw Investment Management.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 02/17/2026 - 04:05 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

Keros Therapeutics, Inc.

(Name of Issuer)

Common Stock, $0.0001 par value per share

(Title of Class of Securities)

492327101

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 492327101

1

Names of Reporting Persons

D. E. Shaw & Co., L.P.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 756,156.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 756,156.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

756,156.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

3.9 %

12

Type of Reporting Person (See Instructions)

IA, PN

SCHEDULE 13G

CUSIP No. 492327101

1

Names of Reporting Persons

D. E. Shaw & Co., L.L.C.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 755,473.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 755,473.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

755,473.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

3.9 %

12

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13G

CUSIP No. 492327101

1

Names of Reporting Persons

David E. Shaw

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 756,156.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 756,156.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

756,156.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

3.9 %

12

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Keros Therapeutics, Inc.
(b)	Address of issuer's principal executive offices: 1050 Waltham Street, Suite 302, Lexington, MA 02421
Item 2.
(a)	Name of person filing: D. E. Shaw & Co., L.P. D. E. Shaw & Co., L.L.C. David E. Shaw
(b)	Address or principal business office or, if none, residence: The business address for each reporting person is: Two Manhattan West 375 Ninth Avenue, 52nd Floor New York, NY 10001
(c)	Citizenship: D. E. Shaw & Co., L.P. is a limited partnership organized under the laws of the state of Delaware. D. E. Shaw & Co., L.L.C. is a limited liability company organized under the laws of the state of Delaware. David E. Shaw is a citizen of the United States of America.
(d)	Title of class of securities: Common Stock, $0.0001 par value per share
(e)	CUSIP No.: 492327101
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: D. E. Shaw & Co., L.P.: 756,156 shares This is composed of (i) 527,201 shares in the name of D. E. Shaw Valence Portfolios, L.L.C., (ii) 228,258 shares in the name of D. E. Shaw Oculus Portfolios, L.L.C., (iii) 14 shares in the name of D. E. Shaw Composite Portfolios, L.L.C., and (iv) 683 shares under the management of D. E. Shaw Investment Management, L.L.C. D. E. Shaw & Co., L.L.C.: 755,473 shares This is composed of (i) 527,201 shares in the name of D. E. Shaw Valence Portfolios, L.L.C., (ii) 228,258 shares in the name of D. E. Shaw Oculus Portfolios, L.L.C., and (iii) 14 shares in the name of D. E. Shaw Composite Portfolios, L.L.C. David E. Shaw: 756,156 shares This is composed of (i) 527,201 shares in the name of D. E. Shaw Valence Portfolios, L.L.C., (ii) 228,258 shares in the name of D. E. Shaw Oculus Portfolios, L.L.C., (iii) 14 shares in the name of D. E. Shaw Composite Portfolios, L.L.C., and (iv) 683 shares under the management of D. E. Shaw Investment Management, L.L.C. David E. Shaw does not own any shares directly. By virtue of David E. Shaw's position as President and sole shareholder of D. E. Shaw & Co., Inc., which is the general partner of D. E. Shaw & Co., L.P., which in turn is the investment adviser of D. E. Shaw Valence Portfolios, L.L.C., D. E. Shaw Oculus Portfolios, L.L.C., and D. E. Shaw Composite Portfolios, L.L.C. and the managing member of D. E. Shaw Investment Management, L.L.C., and by virtue of David E. Shaw's position as President and sole shareholder of D. E. Shaw & Co. II, Inc., which is the managing member of D. E. Shaw & Co., L.L.C., which in turn is the manager of D. E. Shaw Valence Portfolios, L.L.C., D. E. Shaw Oculus Portfolios, L.L.C., and D. E. Shaw Composite Portfolios, L.L.C., David E. Shaw may be deemed to have the shared power to vote or direct the vote of, and the shared power to dispose or direct the disposition of, the 756,156 shares as described above constituting 3.9% of the outstanding shares, and, therefore, David E. Shaw may be deemed to be the beneficial owner of such shares. David E. Shaw disclaims beneficial ownership of such 756,156 shares.
(b)	Percent of class: D. E. Shaw & Co., L.P.: 3.9% D. E. Shaw & Co., L.L.C.: 3.9% David E. Shaw: 3.9%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: D. E. Shaw & Co., L.P.: 0 shares D. E. Shaw & Co., L.L.C.: 0 shares David E. Shaw: 0 shares
	(ii) Shared power to vote or to direct the vote: D. E. Shaw & Co., L.P.: 756,156 shares D. E. Shaw & Co., L.L.C.: 755,473 shares David E. Shaw: 756,156 shares
	(iii) Sole power to dispose or to direct the disposition of: D. E. Shaw & Co., L.P.: 0 shares D. E. Shaw & Co., L.L.C.: 0 shares David E. Shaw: 0 shares
	(iv) Shared power to dispose or to direct the disposition of: D. E. Shaw & Co., L.P.: 756,156 shares D. E. Shaw & Co., L.L.C.: 755,473 shares David E. Shaw: 756,156 shares
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

D. E. Shaw & Co., L.P.

Signature:	/s/ Daniel R. Marcus
Name/Title:	Daniel R. Marcus / Chief Compliance Officer
Date:	02/17/2026

D. E. Shaw & Co., L.L.C.

Signature:	/s/ Daniel R. Marcus
Name/Title:	Daniel R. Marcus / Authorized Signatory
Date:	02/17/2026

David E. Shaw

Signature:	/s/ Daniel R. Marcus
Name/Title:	Daniel R. Marcus / Attorney-in-Fact for David E. Shaw
Date:	02/17/2026

Comments accompanying signature: Exhibit 1: Power of Attorney, granted by David E. Shaw relating to D. E. Shaw & Co., Inc., in favor of the signatories hereto, among others, dated August 1, 2024. Exhibit 2: Power of Attorney, granted by David E. Shaw relating to D. E. Shaw & Co. II, Inc., in favor of the signatories hereto, among others, dated August 1, 2024.

Exhibit Information

Exhibit 3: Joint Filing Agreement, by and among the Reporting Persons, dated February 17, 2026.