Keros Therapeutics (KROS) said Thursday its board has decided to initiate a formal review process to evaluate strategic alternatives for the company.

As a result, the board has authorized the formation of a committee to consider a range of strategic alternatives, including a sale of the company and make a recommendation to the board with the help of outside financial and legal advisers.

The company said there is no guarantee that this will result in any transaction or strategic outcome and there is no deadline set for completion of the review process. However, Keros plans to provide a preliminary update within 60 days.

The company also said the board has adopted a limited-duration stockholder rights plan, effective immediately, in response to a significant and rapid accumulation of its common stock by a few investors who have indicated a desire to influence the control of Keros.

The board declared a dividend of one preferred share purchase right for each outstanding share of the company's common stock as of April 24. The rights will expire on April 9, 2026.

The rights will become exercisable if an entity, person or group acquires beneficial ownership of 10% or more of Keros' outstanding common stock in a transaction not approved by the board.