Reneo Pharmaceuticals, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Reneo Pharmaceuticals, Inc. filed its quarterly report (10-Q) for the period ending March 31, 2024, detailing financial data and corporate information.</b>

AI Summary

Reneo Pharmaceuticals, Inc. (OKUR) filed a Quarterly Report (10-Q) with the SEC on May 7, 2024. Reneo Pharmaceuticals, Inc. filed a 10-Q report for the period ending March 31, 2024. The company's principal executive offices are located at 18575 Jamboree Road, Suite 275-S, Irvine, CA 92612. The filing includes data related to common stock, performance shares, and retained earnings as of various dates in 2023 and 2024. Financial data points such as Research and Development Expense and General and Administrative Expense for Q1 2024 and Q1 2023 are referenced. Information regarding fair value measurements, including Level 2 and Level 3 inputs for recurring fair value measurements, is presented.

Why It Matters

For investors and stakeholders tracking Reneo Pharmaceuticals, Inc., this filing contains several important signals. This 10-Q filing provides investors with an updated view of Reneo Pharmaceuticals' financial health and operational status for the first quarter of 2024. The detailed financial disclosures, including expenses and fair value measurements, are crucial for understanding the company's performance and potential risks.

Risk Assessment

Risk Level: — Reneo Pharmaceuticals, Inc. shows moderate risk based on this filing. The filing is a standard 10-Q, which typically contains a mix of positive and negative financial information, and the absence of specific revenue or net income figures in the provided snippet suggests a focus on operational and balance sheet data rather than immediate profitability metrics.

Analyst Insight

Investors should review the full 10-Q filing to understand the company's current financial position, R&D activities, and any disclosed risks.

Key Numbers

• 2024-03-31 — Period End Date (Conformed period of report)
• 2024-05-07 — Filing Date (Date the filing was made)
• Q1 2024 — Reporting Quarter (Indicates the first quarter of 2024)

Key Players & Entities

• Reneo Pharmaceuticals, Inc. (company) — Filer name
• 18575 Jamboree Road, Suite 275-S, Irvine, CA 92612 (location) — Business and mailing address
• 2024-03-31 (date) — Period of report
• 2024-05-07 (date) — Filed as of date
• 2834 (sic_code) — Standard Industrial Classification for Pharmaceutical Preparations
• 0000950170-24-054452 (accession_number) — Accession number for the filing

FAQ

Industry Context

Reneo Pharmaceuticals operates in the pharmaceutical preparations industry, focusing on the development and commercialization of therapies.

Regulatory Implications

As a public company, Reneo Pharmaceuticals is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the filing of quarterly reports (10-Q).

What Investors Should Do

1. Review the full 10-Q filing for detailed financial statements and management's discussion and analysis.
2. Analyze the company's research and development expenses and any updates on clinical trials or drug development pipeline.
3. Assess the company's cash position and any debt-to-equity ratios to understand its financial stability.

Key Dates

• 2024-03-31: Period End Date — End of the reporting quarter for the 10-Q filing.
• 2024-05-07: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This is a 10-Q filing for the quarter ending March 31, 2024, providing an update from previous filings.

Key Financial Figures

• $0.0001 — ch registered Common Stock, par value $0.0001 per share RPHM The Nasdaq Stock Mar

Filing Documents

• rphm-20240331.htm (10-Q) — 1527KB
• rphm-ex31_1.htm (EX-31.1) — 16KB
• rphm-ex31_2.htm (EX-31.2) — 16KB
• rphm-ex32_1.htm (EX-32.1) — 14KB
• img28448619_0.jpg (GRAPHIC) — 11KB
• 0000950170-24-054452.txt (&nbsp;) — 5777KB
• rphm-20240331.xsd (EX-101.SCH) — 969KB
• rphm-20240331_htm.xml (XML) — 806KB

Notes to Consolidated Financial Statements (Unaudited)

Notes to Consolidated Financial Statements (Unaudited) 7 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 17 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 23 Item 4.

Controls and Procedures

Controls and Procedures 23 Part II Other Information 25 Item 1.

Legal Proceedings

Legal Proceedings 25 Item 1A.

Risk Factors

Risk Factors 25 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 82 Item 3. Defaults Upon Senior Securities 82 Item 4. Mine Safety Disclosures 82 Item 5. Other Information 82 Item 6. Exhibits 83

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements RENEO PHARMACEUTICALS, INC. Consolidated Balance Sheets (In thousands, except share and par value data) March 31, 2024 December 31, 2023 (Unaudited) Assets Current assets: Cash and cash equivalents $ 20,375 $ 27,632 Short-term investments 62,460 75,331 Prepaid expenses and other current assets 1,092 3,659 Total current assets 83,927 106,622 Property and equipment, net 102 134 Right-of-use assets 546 599 Other non-current assets 64 81 Total assets $ 84,639 $ 107,436 Liabilities and stockholders' equity Current liabilities: Accounts payable $ 676 $ 8,717 Accrued expenses 1,807 9,129 Operating lease liabilities, current portion 331 331 Total current liabilities 2,814 18,177 Operating lease liabilities, less current portion 576 642 Performance award 7 7 Total liabilities 3,397 18,826 Commitments and contingencies Stockholders' equity: Common stock, $ 0.0001 par value; 200,000,000 shares authorized at March 31, 2024 and December 31, 2023; 33,420,808 shares issued and outstanding at March 31, 2024 and December 31, 2023 3 3 Additional paid-in capital 308,151 307,073 Accumulated deficit ( 226,900 ) ( 218,474 ) Accumulated other comprehensive (loss) income ( 12 ) 8 Total stockholders' equity 81,242 88,610 Total liabilities and stockholders' equity $ 84,639 $ 107,436 The accompanying notes are an integral part of these consolidated financial statements. 3 RENEO PHARMACEUTICALS, INC. Consolidated Statements of Operations and Comprehensive Loss (In thousands, except share and per share data) (Unaudited) Three Months Ended March 31, 2024 2023 Operating expenses: Research and development $ 4,942 $ 10,991 General and administrative 4,622 5,132 Total operating expenses 9,564 16,123 Loss from operations ( 9,564 ) ( 16,123 ) Other in

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements (Unaudited) 1. Organization and Business Organization Reneo Pharmaceuticals, Inc. (Reneo or the Company) commenced operations on September 22, 2014 as a pharmaceutical company and has historically focused on the development of therapies for patients with rare genetic mitochondrial diseases. In December 2017, the Company in-licensed mavodelpar (REN001), a novel oral peroxisome proliferator-activated receptor delta (PPAR) agonist. Risks and Uncertainties On December 14, 2023, the Company announced that its pivotal STRIDE study, a global, randomized, double-blind, placebo-controlled Phase 2b trial of mavodelpar in adult patients with primary mitochondria myopathy due to mitochondrial DNA defects, did not meet its primary or secondary efficacy endpoints. As a result, the Company suspended the development activities of its only product candidate, mavodelpar, and implemented cash preservation activities, including substantial workforce reduction. In December 2023 and February 2024, the Company implemented a workforce reduction and recognized approximately $ 2.5 million and $ 1.6 million in severance and continuation of benefit expenses, respectively. The Company is subject to a number of risks similar to other pharmaceutical companies including, but not limited to, dependency on the clinical and commercial success of the Company's potential product candidates, ability to obtain regulatory approval of any such potential product candidates, the need for substantial additional financing to achieve its goals, uncertainty of broad adoption of its approved products, if any, by physicians, consumers and third-party payors, significant competition and untested manufacturing capabilities, and dependence on key individuals and sole source suppliers. Liquidity From its inception in 2014, the Company has incurred significant losses and negative cash flows from operations and expects to continue to incur net losses into the

View Full Filing

View this 10-Q filing on SEC EDGAR