<SEC-DOCUMENT>0001013594-25-000650.txt : 20250514
<SEC-HEADER>0001013594-25-000650.hdr.sgml : 20250514
<ACCEPTANCE-DATETIME>20250514174952
ACCESSION NUMBER:		0001013594-25-000650
CONFORMED SUBMISSION TYPE:	SCHEDULE 13G
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20250514
DATE AS OF CHANGE:		20250514

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Keros Therapeutics, Inc.
		CENTRAL INDEX KEY:			0001664710
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		ORGANIZATION NAME:           	03 Life Sciences
		EIN:				811173868
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-91484
		FILM NUMBER:		25947417

	BUSINESS ADDRESS:	
		STREET 1:		1050 WALTHAM STREET, SUITE 302
		CITY:			LEXINGTON
		STATE:			MA
		ZIP:			02421
		BUSINESS PHONE:		617-314-6297

	MAIL ADDRESS:	
		STREET 1:		1050 WALTHAM STREET, SUITE 302
		CITY:			LEXINGTON
		STATE:			MA
		ZIP:			02421

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Madison Avenue Partners, LP
		CENTRAL INDEX KEY:			0001801265
		ORGANIZATION NAME:           	
		EIN:				320567414
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G

	BUSINESS ADDRESS:	
		STREET 1:		150 EAST 58TH STREET
		STREET 2:		14TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10155
		BUSINESS PHONE:		212-702-8644

	MAIL ADDRESS:	
		STREET 1:		150 EAST 58TH STREET
		STREET 2:		14TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10155
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13G
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/schedule13g" xmlns:com="http://www.sec.gov/edgar/common">
<headerData>
<submissionType>SCHEDULE 13G</submissionType>
<filerInfo>
<filer>
<filerCredentials>
<cik>0001801265</cik>
<ccc>XXXXXXXX</ccc>
</filerCredentials>
</filer>
<liveTestFlag>LIVE</liveTestFlag>



</filerInfo>
</headerData>
<formData>
<coverPageHeader>
<securitiesClassTitle>Common Stock, $0.0001 par value per share (the "Common Stock")</securitiesClassTitle>
<eventDateRequiresFilingThisStatement>05/07/2025</eventDateRequiresFilingThisStatement>
<issuerInfo>
<issuerCik>0001664710</issuerCik>
<issuerName>Keros Therapeutics, Inc.</issuerName>
<issuerCusip>492327101</issuerCusip>
<issuerPrincipalExecutiveOfficeAddress>
<com:street1>1050 WALTHAM STREET, SUITE 302</com:street1>
<com:city>LEXINGTON</com:city>
<com:stateOrCountry>MA</com:stateOrCountry>
<com:zipCode>02421</com:zipCode>
</issuerPrincipalExecutiveOfficeAddress>
</issuerInfo>
<designateRulesPursuantThisScheduleFiled>
<designateRulePursuantThisScheduleFiled>Rule 13d-1(c)</designateRulePursuantThisScheduleFiled>
</designateRulesPursuantThisScheduleFiled>
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<coverPageHeaderReportingPersonDetails>

<reportingPersonName>Madison Avenue Partners, LP</reportingPersonName>
<citizenshipOrOrganization>DE</citizenshipOrOrganization>
<reportingPersonBeneficiallyOwnedNumberOfShares>
<soleVotingPower>0</soleVotingPower>
<sharedVotingPower>2614402</sharedVotingPower>
<soleDispositivePower>0</soleDispositivePower>
<sharedDispositivePower>2614402</sharedDispositivePower>
</reportingPersonBeneficiallyOwnedNumberOfShares>
<reportingPersonBeneficiallyOwnedAggregateNumberOfShares>2614402</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
<aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
<classPercent>6.4</classPercent>
<typeOfReportingPerson>PN</typeOfReportingPerson>
</coverPageHeaderReportingPersonDetails>
<coverPageHeaderReportingPersonDetails>

<reportingPersonName>Madison Avenue International LP</reportingPersonName>
<citizenshipOrOrganization>E9</citizenshipOrOrganization>
<reportingPersonBeneficiallyOwnedNumberOfShares>
<soleVotingPower>0</soleVotingPower>
<sharedVotingPower>2614402</sharedVotingPower>
<soleDispositivePower>0</soleDispositivePower>
<sharedDispositivePower>2614402</sharedDispositivePower>
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<reportingPersonBeneficiallyOwnedAggregateNumberOfShares>2614402</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
<aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
<classPercent>6.4</classPercent>
<typeOfReportingPerson>PN</typeOfReportingPerson>
</coverPageHeaderReportingPersonDetails>
<coverPageHeaderReportingPersonDetails>

<reportingPersonName>EMAI Management, LLC</reportingPersonName>
<citizenshipOrOrganization>DE</citizenshipOrOrganization>
<reportingPersonBeneficiallyOwnedNumberOfShares>
<soleVotingPower>0</soleVotingPower>
<sharedVotingPower>2614402</sharedVotingPower>
<soleDispositivePower>0</soleDispositivePower>
<sharedDispositivePower>2614402</sharedDispositivePower>
</reportingPersonBeneficiallyOwnedNumberOfShares>
<reportingPersonBeneficiallyOwnedAggregateNumberOfShares>2614402</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
<aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
<classPercent>6.4</classPercent>
<typeOfReportingPerson>OO</typeOfReportingPerson>
</coverPageHeaderReportingPersonDetails>
<coverPageHeaderReportingPersonDetails>

<reportingPersonName>Madison Avenue GP, LLC</reportingPersonName>
<citizenshipOrOrganization>DE</citizenshipOrOrganization>
<reportingPersonBeneficiallyOwnedNumberOfShares>
<soleVotingPower>0</soleVotingPower>
<sharedVotingPower>2614402</sharedVotingPower>
<soleDispositivePower>0</soleDispositivePower>
<sharedDispositivePower>2614402</sharedDispositivePower>
</reportingPersonBeneficiallyOwnedNumberOfShares>
<reportingPersonBeneficiallyOwnedAggregateNumberOfShares>2614402</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
<aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
<classPercent>6.4</classPercent>
<typeOfReportingPerson>OO</typeOfReportingPerson>
</coverPageHeaderReportingPersonDetails>
<coverPageHeaderReportingPersonDetails>

<reportingPersonName>Caraway Jackson Investments LLC</reportingPersonName>
<citizenshipOrOrganization>DE</citizenshipOrOrganization>
<reportingPersonBeneficiallyOwnedNumberOfShares>
<soleVotingPower>0</soleVotingPower>
<sharedVotingPower>2614402</sharedVotingPower>
<soleDispositivePower>0</soleDispositivePower>
<sharedDispositivePower>2614402</sharedDispositivePower>
</reportingPersonBeneficiallyOwnedNumberOfShares>
<reportingPersonBeneficiallyOwnedAggregateNumberOfShares>2614402</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
<aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
<classPercent>6.4</classPercent>
<typeOfReportingPerson>OO</typeOfReportingPerson>
</coverPageHeaderReportingPersonDetails>
<coverPageHeaderReportingPersonDetails>

<reportingPersonName>Eli Samaha</reportingPersonName>
<citizenshipOrOrganization>X1</citizenshipOrOrganization>
<reportingPersonBeneficiallyOwnedNumberOfShares>
<soleVotingPower>0</soleVotingPower>
<sharedVotingPower>2614402</sharedVotingPower>
<soleDispositivePower>0</soleDispositivePower>
<sharedDispositivePower>2614402</sharedDispositivePower>
</reportingPersonBeneficiallyOwnedNumberOfShares>
<reportingPersonBeneficiallyOwnedAggregateNumberOfShares>2614402</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
<aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
<classPercent>6.4</classPercent>
<typeOfReportingPerson>IN</typeOfReportingPerson>
</coverPageHeaderReportingPersonDetails>
<items>
<item1>
<issuerName>Keros Therapeutics, Inc.</issuerName>
<issuerPrincipalExecutiveOfficeAddress>1050 WALTHAM STREET, SUITE 302, LEXINGTON, Massachusetts, 02421</issuerPrincipalExecutiveOfficeAddress>
</item1>
<item2>
<filingPersonName>The names of the persons filing this statement on Schedule 13G (collectively, the "Reporting Persons") are: &#13;
Madison Avenue International LP,&#13;
&#13;
Madison Avenue Partners, LP,&#13;
&#13;
EMAI Management, LLC,&#13;
&#13;
Madison Avenue GP, LLC,&#13;
&#13;
Caraway Jackson Investments LLC, and&#13;
&#13;
Eli Samaha.</filingPersonName>
<principalBusinessOfficeOrResidenceAddress>The principal business address for each of the Reporting Persons is 150 East 58th St, 14th Fl, New York, NY 10155.</principalBusinessOfficeOrResidenceAddress>
<citizenship>Madison Avenue International LP is a Cayman Islands exempted limited partnership. Madison Avenue Partners, LP is a Delaware limited partnership. Each of EMAI Management, LLC, Madison Avenue GP, LLC and Caraway Jackson Investments LLC is a Delaware limited liability company. Mr. Samaha is a citizen of the United States of America.</citizenship>
</item2>
<item3>
<notApplicableFlag>N</notApplicableFlag>
<typeOfPersonFiling>IA</typeOfPersonFiling>
</item3>
<item4>
<amountBeneficiallyOwned>As of May 14, 2025, Madison Avenue International LP beneficially owned 2,614,402 shares of Common Stock.&#13;
Madison Avenue Partners, LP and Madison Avenue GP, LLC, as the investment manager and general partner of Madison Avenue International LP, respectively, may be deemed to be the beneficial owner of the Common Stock owned directly by Madison Avenue International LP.&#13;
EMAI Management, LLC, as the general partner of Madison Avenue Partners, LP, may be deemed to be the beneficial owner of the Common Stock owned directly by Madison Avenue International LP.&#13;
Caraway Jackson Investments LLC, as the owner of Madison Avenue GP, LLC, may be deemed to be the beneficial owner of the Common Stock owned directly by Madison Avenue International LP.&#13;
Mr. Samaha, as the non-member manager of Madison Avenue GP, LLC, the managing member of EMAI Management, LLC, and the majority owner of Caraway Jackson Investments LLC, may be deemed to be the beneficial owner of the Common Stock owned by Madison Avenue International LP.</amountBeneficiallyOwned>
<classPercent>The following percentage is based on 40,615,414 Common Stock outstanding as of May 1, 2025, as disclosed in the Issuer's Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission on May 6, 2025.&#13;
As of May 14, 2025, the Reporting Persons may be deemed to have beneficially owned approximately 6.4% of the outstanding Common Stock.</classPercent>
<numberOfSharesPersonHas>
<solePowerOrDirectToVote>See Cover Pages Items 5-9.</solePowerOrDirectToVote>
<sharedPowerOrDirectToVote>See Cover Pages Items 5-9.</sharedPowerOrDirectToVote>
<solePowerOrDirectToDispose>See Cover Pages Items 5-9.</solePowerOrDirectToDispose>
<sharedPowerOrDirectToDispose>See Cover Pages Items 5-9.</sharedPowerOrDirectToDispose>
</numberOfSharesPersonHas>
</item4>
<item5>
<notApplicableFlag>Y</notApplicableFlag>
</item5>
<item6>
<notApplicableFlag>Y</notApplicableFlag>
</item6>
<item7>
<notApplicableFlag>Y</notApplicableFlag>
</item7>
<item8>
<notApplicableFlag>N</notApplicableFlag>
<identificationAndClassificationOfGroupMembers>See Exhibit A.</identificationAndClassificationOfGroupMembers>
</item8>
<item9>
<notApplicableFlag>Y</notApplicableFlag>
</item9>
<item10>
<notApplicableFlag>N</notApplicableFlag>
<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.</certifications>
</item10>
</items>
<exhibitInfo>Exhibit 99.1 - Joint Filing Agreement</exhibitInfo>
<signatureInformation>
<reportingPersonName>Madison Avenue Partners, LP</reportingPersonName>
<signatureDetails>
<signature>/s/ Eli Samaha</signature>
<title>Eli Samaha, as Managing Member of EMAI Management, LLC, the General Partner of Madison Avenue Partners, LP</title>
<date>05/14/2025</date>
</signatureDetails>
</signatureInformation>
<signatureInformation>
<reportingPersonName>Madison Avenue International LP</reportingPersonName>
<signatureDetails>
<signature>/s/ Eli Samaha</signature>
<title>Eli Samaha, as Manager of Madison Avenue GP, LLC, the General Partner of Madison Avenue International LP</title>
<date>05/14/2025</date>
</signatureDetails>
</signatureInformation>
<signatureInformation>
<reportingPersonName>EMAI Management, LLC</reportingPersonName>
<signatureDetails>
<signature>/s/ Eli Samaha</signature>
<title>Eli Samaha, as Managing Member</title>
<date>05/14/2025</date>
</signatureDetails>
</signatureInformation>
<signatureInformation>
<reportingPersonName>Madison Avenue GP, LLC</reportingPersonName>
<signatureDetails>
<signature>/s/ Eli Samaha</signature>
<title>Eli Samaha, as Manager</title>
<date>05/14/2025</date>
</signatureDetails>
</signatureInformation>
<signatureInformation>
<reportingPersonName>Caraway Jackson Investments LLC</reportingPersonName>
<signatureDetails>
<signature>/s/ Eli Samaha</signature>
<title>Eli Samaha, as Member</title>
<date>05/14/2025</date>
</signatureDetails>
</signatureInformation>
<signatureInformation>
<reportingPersonName>Eli Samaha</reportingPersonName>
<signatureDetails>
<signature>/s/ Eli Samaha</signature>
<title>Eli Samaha</title>
<date>05/14/2025</date>
</signatureDetails>
</signatureInformation>
<signatureComments>*The Reporting Persons disclaim beneficial ownership in the Common Stock reported herein except to the extent of their pecuniary interest therein.</signatureComments>
</formData>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex99.htm
<DESCRIPTION>JOINT FILING AGREEMENT
<TEXT>
<html>
  <head>
    <title></title>
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         Copyright 1995 - 2025 Broadridge -->
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<body bgcolor="#ffffff" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;">
  <div style="text-align: right;">Exhibit 99.1<br>
  </div>
  <div style="text-align: right;"> <br>
  </div>
  <div style="text-align: right;">
    <div style="text-align: center; line-height: 11.4pt; margin-bottom: 12pt; font-weight: bold;">EXHIBIT A</div>
    <div style="text-align: center; line-height: 11.4pt; margin-bottom: 12pt; font-weight: bold;">JOINT FILING AGREEMENT</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt;">The undersigned hereby agree that the statement on Schedule 13G with respect to the Common Stock of Keros Therapeutics, Inc. dated as of May 14, 2025 is, and
      any further amendments thereto signed by each of the undersigned shall be, filed on behalf of each of the undersigned pursuant to and in accordance with the provisions of Rule 13d-1(k)(2) under the Securities Exchange Act of 1934, as amended.</div>
    <div style="text-align: justify; text-indent: -54pt; margin-left: 54pt; line-height: 11.4pt; margin-bottom: 12pt;">Dated: May 14, 2025</div>
    <div style="line-height: 14.4pt;">
      <div style="text-align: left; line-height: 11.4pt; color: #000000; font-weight: bold;">MADISON AVENUE INTERNATIONAL LP</div>
      <div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;">
      </div>
      <div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;">
      </div>
      <div style="text-align: left; line-height: 11.4pt; color: #000000;">By: <u>/s/ Eli Samaha</u></div>
      <div style="text-align: left; line-height: 11.4pt; color: #000000;">&#160;&#160;&#160;&#160;Eli Samaha, as Manager of Madison Avenue GP, LLC, the General Partner of Madison Avenue International LP</div>
      <div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;">
      </div>
      <div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;">
      </div>
      <div style="text-align: left; line-height: 11.4pt; color: #000000; font-weight: bold;">MADISON AVENUE PARTNERS, LP</div>
      <div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;">
      </div>
      <div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;">
      </div>
      <div style="text-align: left; line-height: 11.4pt; color: #000000;">By: <u>/s/ Eli Samaha</u></div>
      <div style="text-align: left; line-height: 11.4pt; color: #000000;">&#160;&#160;&#160;&#160;Eli Samaha, as Managing Member of EMAI Management, LLC, the General Partner of Madison Avenue Partners, LP</div>
      <div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;">
      </div>
      <div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;">
      </div>
      <div style="text-align: left; line-height: 11.4pt; color: #000000; font-weight: bold;">EMAI MANAGEMENT, LLC</div>
      <div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;">
      </div>
      <div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;">
      </div>
      <div style="text-align: left; line-height: 11.4pt; color: #000000;">By: <u>/s/ Eli Samaha</u></div>
      <div style="text-align: left; line-height: 11.4pt; color: #000000;">&#160;&#160;&#160;&#160;Eli Samaha, as Managing Member</div>
      <div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;">
      </div>
      <div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;">
      </div>
      <div style="text-align: left; line-height: 11.4pt; color: #000000; font-weight: bold;">MADISON AVENUE GP, LLC</div>
      <div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;">
      </div>
      <div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;">
      </div>
      <div style="text-align: left; line-height: 11.4pt; color: #000000;">By: <u> /s/ Eli Samaha</u></div>
      <div style="text-align: left; line-height: 11.4pt; color: #000000;">&#160;&#160;&#160;&#160;Eli Samaha, as Manager</div>
      <div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;">
      </div>
      <div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;">
      </div>
      <div style="text-align: left; line-height: 11.4pt; color: #000000; font-weight: bold;">CARAWAY JACKSON INVESTMENTS, LLC</div>
      <div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;">
      </div>
      <div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;">
      </div>
      <div style="text-align: left; line-height: 11.4pt; color: #000000;">By: <u> /s/ Eli Samaha</u></div>
      <div style="text-align: left; line-height: 11.4pt; color: #000000;">&#160;&#160;&#160;&#160;Eli Samaha, as Member</div>
      <div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;">
      </div>
      <div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;">
      </div>
      <div style="text-align: left; line-height: 11.4pt; color: #000000;"><u>/s/ Eli Samaha</u></div>
    </div>
    <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt; color: #000000;">Eli Samaha</div>
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</SEC-DOCUMENT>
