Summary by Moomoo AI
Reneo Pharmaceuticals reported Q2 2024 financial results, with net loss narrowing to $5.4 million compared to $19.5 million in Q2 2023. Research and development expenses decreased significantly to $0.6 million from $14.4 million, while general and administrative expenses declined to $5.8 million from $6.6 million. The company ended the quarter with cash, cash equivalents and short-term investments of $76.7 million.The company continues to advance its proposed merger with OnKure, announced on May 10, 2024. Under the agreement, OnKure stockholders are expected to own approximately 69.4% of the combined company, while pre-merger Reneo stockholders will own about 30.6%. The merger includes a concurrent private placement of $65-85 million from PIPE investors, which would result in PIPE investors owning 21-25.8% of the combined entity.Following the suspension of mavodelpar development in December 2023, Reneo implemented workforce reductions...Show More
