Keros Therapeutics : KER-012 Investor Call Deck August 2023

KER-012 Update

August 8, 2023

Disclaimer

Statements contained in this presentation regarding matters that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Words such as "anticipates," "believes," "expects," "intends," "plans," "potential," "projects,"

"would" and "future" or similar expressions are intended to identify forward-looking statements. Examples of these forward-looking statements include statements concerning: Keros' expectations regarding its growth, strategy, progress and the design, objectives, expected results and timing of its preclinical studies and clinical trials for KER-050,KER-047,KER-012 and KER-065; and the potential of KER-012 to treat diseases such as pulmonary arterial hypertension without a dose-limiting red blood cell effect (including with respect to the TROPOS trial). Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties include, among others: Keros' limited operating history and historical losses; Keros' ability to raise additional funding to complete the development and any commercialization of its product candidates; Keros' dependence on the success of its product candidates, KER-050,KER-047,KER-012 and KER-065; that Keros may be delayed in initiating, enrolling or completing any clinical trials; competition from third parties that are developing products for similar

uses; Keros' ability to obtain, maintain and protect its intellectual property; and Keros' dependence on third parties in connection with manufacturing, clinical trials and preclinical studies.

These and other risks are described more fully in Keros' filings with the Securities and Exchange Commission ("SEC"), including the "Risk Factors" section of the Company's Quarterly Report on Form 10-Q, filed with the SEC on August 7, 2023, and its other documents subsequently filed with or furnished to the SEC. All forward-looking statements contained in this presentation speak only as of the date on which they were made. Except to the extent required by law, Keros undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.

Certain information contained in this presentation relates to or is based on studies, publications, surveys and other data obtained from third-party sources and the Company's own internal estimates and research. While we believe these third-party sources to be reliable as of the date of this presentation, it has not independently verified, and makes no representation as to the adequacy, fairness, accuracy or completeness of, any information obtained from third -party sources. Finally, while we believe our own internal research is reliable, such research has not been verified by any independent source.

The trademarks included in this presentation are the property of the owners thereof and are used for reference purposes only.

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Agenda

Topic	Discussant(s)
Welcome and Introduction	Jasbir Seehra
PAH Overview and Unmet Medical Needs	Mardi Gomberg-Maitland
KER-012 Predicted MoA & Differentiation	Simon Cooper
KER012 Phase 2 PAH (TROPOS) Trial Rationale, Design	Mardi Gomberg-Maitland
Anticipated Key Milestone	Jasbir Seehra
Q&A	Open Panel
Closing Remarks & Adjourn	Jasbir Seehra

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Focused on Transforming the Lives of Wide Range of Patients with Disorders Linked to Dysfunctional TGF-β superfamily signaling

Keros is a clinical-stage biopharmaceutical company

Developing potentially differentiated product candidates designed to alter transforming growth factor-beta(TGF-β) signaling and target pathways critical for the growth, repair and maintenance of a number of tissue and organ systems

We believe our product candidates have the potential to unlock the full therapeutic benefits of modulating the TGF-β superfamily and provide disease-modifying benefit to patients

H E M A T O L O G Y

KER-050 therapeutic protein KER-050 therapeutic protein KER-047 small molecule

P U L M O N A R Y &

C A R D I O V A S C U L A R

KER-012 therapeutic protein KER-012 therapeutic protein

N E U R O M U S C U L A R

KER-065 therapeutic protein

P R E C L I N I C A L

Musculoskeletal

Undisclosed Assets

P R E C L I N I C A L

P H A S E 1

P H A S E 2

P H A S E 3

Myelodysplastic Syndromes (MDS)

Myelofibrosis (MF)

Functional Iron Deficiency (FID)-Anemia in MDS and MF

Pulmonary Arterial Hypertension

Chronic Heart Failure with Preserved Ejection Fraction/Reduced Ejection Fraction

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Duchenne Muscular Dystrophy

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Mardi Gomberg-Maitland, MD, MSC

TROPOS Steering Committee Chair

Director of the Pulmonary Hypertension Program at The George

Washington University Heart and Vascular Institute.

Over 150 publications, including, CHEST, Circulation, Circulation

Heart Failure, European Respiratory Journal, Journal of American

College of Cardiology (JACC), JACC Heart Failure, JAMA-Internal

Medicine, and the New England Journal of Medicine.

Past Chair of the Pulmonary Hypertension Council at the International Society of Heart and Lung Transplantation, Vice-Chair of the Education Committee at the International Society of Heart and Lung Transplantation, Section Editor at Journal of American College of Cardiology, and an Associate Editor at both CHEST and the European Respiratory Journal.

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