OnKure Therapeutics Inc · Q2 2024 earnings

Briefing

Reneo Pharmaceuticals reported financial results for the second quarter ended June 30, 2024.

Reneo Pharmaceuticals reported a net loss of $5.4 million, or $0.16 per share, during the second quarter of 2024. The company had $76.7 million in cash, cash equivalents, and short-term investments as of June 30, 2024. A merger agreement with OnKure, Inc. was entered into, expected to close in the second half of 2024.

• Entered into a definitive merger agreement with OnKure, Inc. in an all-stock transaction.
• The merger is expected to create a Nasdaq-listed, clinical stage biopharmaceutical company focused on advancing OnKure’s portfolio of precision oncology therapies.
• The Merger and a concurrent $65 million private investment in public equity (PIPE) financing are expected to close in the second half of 2024, subject to receipt of stockholder approval and satisfaction of other closing conditions.
• Including proceeds from the concurrent PIPE financing, the combined company is expected to have approximately $120 million of cash, cash equivalents and short-term investments at the closing of the Merger.

Headline financials

Revenue & EPS history

Forward-looking statements include the timing and completion of the proposed business combination involving Reneo and OnKure, the concurrent PIPE investment and any related proposed transactions.