On August 13, 2024, Reneo Pharmaceuticals, Inc., also known as Reneo, reported its financial results for the second quarter ending June 30, 2024, and provided a business update. The company announced a net loss of $5.4 million, or $0.16 per share, a significant reduction from the $19.5 million loss, or $0.65 per share, in the same period the previous year. Reneo's cash, cash equivalents, and short-term investments totaled $76.7 million as of June 30, 2024. Research and development expenses decreased to $0.6 million from $14.4 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 $5.8 million from $6.6 million, attributed to reduced facility and personnel costs, offset by increased legal and advisory fees related to the proposed...Show More

On August 13, 2024, Reneo Pharmaceuticals, Inc., also known as Reneo, reported its financial results for the second quarter ending June 30, 2024, and provided a business update. The company announced a net loss of $5.4 million, or $0.16 per share, a significant reduction from the $19.5 million loss, or $0.65 per share, in the same period the previous year. Reneo's cash, cash equivalents, and short-term investments totaled $76.7 million as of June 30, 2024. Research and development expenses decreased to $0.6 million from $14.4 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 $5.8 million from $6.6 million, attributed to reduced facility and personnel costs, offset by increased legal and advisory fees related to the proposed merger with OnKure, Inc. The merger, along with a concurrent $65 million private investment in public equity (PIPE) financing, is expected to close in the second half of 2024, subject to stockholder approval and other closing conditions. The combined company is anticipated to have approximately $120 million in cash, cash equivalents, and short-term investments post-merger.