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Jun 30, 2023
Reneo Pharmaceuticals Q2 2023 Earnings Report
Reported financial results for the second quarter ended June 30, 2023 and provided a business update.
Key Takeaways
Reneo Pharmaceuticals reported a net loss of $19.5 million, or $0.65 per share, for the second quarter of 2023. The company's cash, cash equivalents, and short-term investments totaled $142.7 million as of June 30, 2023. They raised $68.3 million in gross proceeds from a public offering and concurrent private placement of common stock.
Enrolled over 130 adult patients with PMM due to mtDNA defects into the mavodelpar open-label extension study (STRIDE AHEAD)
Expanded the inclusion criteria of the STRIDE AHEAD study to allow enrollment of adult patients with PMM due to nuclear DNA (nDNA) defects
Participated and presented at two major mitochondrial scientific conferences: EUROMIT 2023 Conference (Bologna, Italy) and United Mitochondrial Disease Foundation’s Mitochondrial Medicine Symposium (Charlotte, NC)
Added to the broad-market Russell 2000® and 3000® Indexes
Forward Guidance
The company expects to have sufficient capital to fund operations beyond the potential submission of a new drug application for mavodelpar for the treatment of PMM in the United States anticipated in the first half of 2024.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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