Reneo Pharmaceuticals reported a Q2 2024 net loss of $5.4 million ($0.16 per share), compared to $19.5 million ($0.65 per share) in Q2 2023. The company held $76.7 million in cash, cash equivalents, and short-term investments as of June 30, 2024. Research and development expenses decreased significantly to $0.6 million from $14.4 million year-over-year due to the suspension of mavodelpar development activities.The company has entered into a definitive merger agreement with OnKure, Inc. in an all-stock transaction, expected to close in H2 2024. The merger includes a concurrent $65 million PIPE financing, with the combined company projected to have approximately $120 million in cash post-closing. The transaction aims to create a Nasdaq-listed clinical stage biopharmaceutical company focused on advancing OnKure's precision oncology therapies portfolio.General and administrative expenses decreased to $5.8 million from $6.6 million in Q2 2023, reflecting reduced facility and personnel costs following workforce reductions, offset by $2.4 million in merger-related legal and advisory fees. The merger completion is subject to stockholder approval and other closing conditions.

Reneo Pharmaceuticals reported a Q2 2024 net loss of $5.4 million ($0.16 per share), compared to $19.5 million ($0.65 per share) in Q2 2023. The company held $76.7 million in cash, cash equivalents, and short-term investments as of June 30, 2024. Research and development expenses decreased significantly to $0.6 million from $14.4 million year-over-year due to the suspension of mavodelpar development activities.The company has entered into a definitive merger agreement with OnKure, Inc. in an all-stock transaction, expected to close in H2 2024. The merger includes a concurrent $65 million PIPE financing, with the combined company projected to have approximately $120 million in cash post-closing. The transaction aims to create a Nasdaq-listed clinical stage biopharmaceutical company focused on advancing OnKure's precision oncology therapies portfolio.General and administrative expenses decreased to $5.8 million from $6.6 million in Q2 2023, reflecting reduced facility and personnel costs following workforce reductions, offset by $2.4 million in merger-related legal and advisory fees. The merger completion is subject to stockholder approval and other closing conditions.