Reneo Pharmaceuticals Q2 2024 Earnings Report
Key Takeaways
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.
Reneo Pharmaceuticals
Reneo Pharmaceuticals
Forward Guidance
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.