On May 7, 2024, Reneo Pharmaceuticals, Inc. released its financial results for the first quarter ending March 31, 2024, and provided a business update. The company reported a net loss of $8.4 million, or $0.25 per share, a decrease from the $15.1 million, or $0.60 per share, loss in the same period the previous year. Reneo Pharmaceuticals ended the quarter with $82.8 million in cash, cash equivalents, and short-term investments. Research and development expenses decreased to $4.9 million from $11.0 million in the prior year, primarily due to the suspension of development activities for mavodelpar and workforce reductions. General and administrative expenses also decreased to $4.6 million from $5.1 million, attributed to the same cost-saving measures. The company had previously announced in December 2023 that the STRIDE study of mavodelpar did not meet its primary or secondary efficacy endpoints, leading to the suspension of the drug's development and a significant workforce reduction of approximately 90%. Additionally, Reneo Pharmaceuticals has engaged an independent financial advisor to explore potential strategic alternatives.

On May 7, 2024, Reneo Pharmaceuticals, Inc. released its financial results for the first quarter ending March 31, 2024, and provided a business update. The company reported a net loss of $8.4 million, or $0.25 per share, a decrease from the $15.1 million, or $0.60 per share, loss in the same period the previous year. Reneo Pharmaceuticals ended the quarter with $82.8 million in cash, cash equivalents, and short-term investments. Research and development expenses decreased to $4.9 million from $11.0 million in the prior year, primarily due to the suspension of development activities for mavodelpar and workforce reductions. General and administrative expenses also decreased to $4.6 million from $5.1 million, attributed to the same cost-saving measures. The company had previously announced in December 2023 that the STRIDE study of mavodelpar did not meet its primary or secondary efficacy endpoints, leading to the suspension of the drug's development and a significant workforce reduction of approximately 90%. Additionally, Reneo Pharmaceuticals has engaged an independent financial advisor to explore potential strategic alternatives.