Keros Therapeutics (KROS) shareholder, ADAR1 Capital Management, which owns roughly 13.3% of the company's outstanding shares, said Thursday it issued a letter to stockholders, expressing concerns about the company's underperformance, unfocused strategy, and capital allocation decisions.

The shareholder highlighted "alarming clinical results" for two of the company's three drug candidates and noted that further investment in these programs could destroy shareholder value, according to a statement.

ADAR1 said it plans to withhold votes on the re-election of directors Mary Ann Gray and Alpna Seth at the company's annual meeting.

The stockholder proposed a business overhaul, including a 70% workforce reduction and the return of excess cash to shareholders.

Keros Therapeutics didn't immediately respond to a comment request from MT Newswires.

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