Reneo Pharmaceuticals, a company historically focused on therapies for rare genetic mitochondrial diseases, reported a significant decrease in research and development expenses for the three and six months ended June 30, 2024, compared to the same periods in 2023. The decrease, amounting to $13.8 million for the three-month period and $19.9 million for the six-month period, was primarily due to the suspension of development activities for its product candidate mavodelpar and workforce reductions. General and administrative expenses also saw a decrease due to similar cost-saving measures. The company reported a net loss of $5.4 million for the three months and $13.8 million for the six months ended June 30, 2024, which is an improvement from the previous year's losses. Reneo has ceased further clinical development...Show More

Reneo Pharmaceuticals, a company historically focused on therapies for rare genetic mitochondrial diseases, reported a significant decrease in research and development expenses for the three and six months ended June 30, 2024, compared to the same periods in 2023. The decrease, amounting to $13.8 million for the three-month period and $19.9 million for the six-month period, was primarily due to the suspension of development activities for its product candidate mavodelpar and workforce reductions. General and administrative expenses also saw a decrease due to similar cost-saving measures. The company reported a net loss of $5.4 million for the three months and $13.8 million for the six months ended June 30, 2024, which is an improvement from the previous year's losses. Reneo has ceased further clinical development of mavodelpar after the STRIDE study failed to meet its primary or secondary efficacy endpoints. In terms of business development, Reneo has entered into a Merger Agreement with OnKure, Inc., which is expected to close in the second half of 2024, subject to stockholder approval and other conditions. The company has also engaged in a Subscription Agreement with certain investors for a private placement transaction concurrent with the Mergers. Reneo's future plans include evaluating strategic alternatives to maximize stockholder value, which may involve mergers, sales, business combinations, strategic partnerships, or the licensing, sale, or divestiture of assets.