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Dec 31, 2024
Reneo Pharmaceuticals Q4 2024 Earnings Report
OnKure Therapeutics reported its financial results for the fourth quarter and full year ended December 31, 2024.
Key Takeaways
OnKure Therapeutics reported a net loss of $17.4 million for the fourth quarter of 2024, with cash and cash equivalents of approximately $110.8 million. The company highlighted progress in its PIKture-01 trial and plans for a pan-mutant program.
Cash and cash equivalents were approximately $110.8 million as of December 31, 2024.
Research and development expenses increased to $14.4 million in Q4 2024 from $8.8 million in Q4 2023.
General and administrative expenses rose to $4.3 million in Q4 2024 from $1.1 million in Q4 2023.
Net loss for Q4 2024 was $17.4 million, or $1.37 per share.
Forward Guidance
OnKure Therapeutics expects to provide a clinical update for the PIKture-01 trial in the second half of 2025, announce its pan-mutant development candidate in Q2 2025, and initiate additional clinical trials.
Positive Outlook
- PIKture-01 trial update with additional PK data, mature single agent and initial combination data expected in the second half of 2025.
- Reported encouraging preliminary data in December 2024 for PIKture-01 Part A Monotherapy.
- Expansion of PI3Kα franchise to include a pan-mutant selective program, with a development candidate expected in Q2 2025.
- $111M in cash and cash equivalents expected to be sufficient to fund operations through multiple PIKture-01 clinical readouts and anticipated milestones into Q4 2026.
- Expect to report initial combination data with fulvestrant in the second half of 2025 for PIKture-01 Part B.
Challenges Ahead
- No specific negative forward guidance was provided in the report.
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