On September 30, 2024, Reneo Pharmaceuticals, Inc. reported significant financial changes following its merger with Legacy OnKure, which was completed on October 4, 2024. The company, now known as OnKure Therapeutics, Inc., experienced a notable increase in cash and cash equivalents, rising to $60.7 million from $27.6 million at the end of 2023. However, total current assets decreased to $77.0 million from $106.6 million, and total assets fell to $77.6 million from $107.4 million during the same period.
The company reported a substantial reduction in total current liabilities, which decreased to $3.2 million from $18.2 million. Despite these improvements, total stockholders’ equity declined to $74.0 million from $88.6 million.
Operating expenses for the three months ended September 30, 2024, were $4.7 million, a significant decrease from $20.9 million in the same period in 2023. For the nine months ended September 30, 2024, operating expenses totaled $20.6 million, down from $58.0 million in 2023. This reduction was primarily attributed to a suspension of development activities for the product mavodelpar and workforce reductions, which led to a decrease in research and development expenses by $32.6 million for the nine-month period.
Net loss for the three months ended September 30, 2024, was $(3.7 million), an improvement from $(19.2 million) in the prior year. For the nine months, the net loss was $(17.5 million), compared to $(53.8 million) in 2023. The net loss per share for the three months was $(1.10), down from $(5.68) in the previous year.
In terms of strategic developments, Reneo executed a reverse stock split of 1:10 as part of the merger process and raised approximately $65.0 million through a private placement of Class A Common Stock. The merger resulted in Legacy OnKure becoming a wholly-owned subsidiary, with stockholders of Legacy OnKure owning approximately 53.6% of the combined company.
As of September 30, 2024, Reneo had not generated any revenue from product sales and has relied on equity financing to fund operations. The company anticipates that its available cash and investments will be sufficient to support its operations for at least the next 12 months. Future funding requirements will depend on various factors, including the development of its lead product candidate, OKI-219, which is currently in a Phase 1 trial.
About Reneo Pharmaceuticals, Inc.
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