Welcome to our dedicated page for Reneo Pharmaceuticals news (Ticker: RPHM), a resource for investors and traders seeking the latest updates and insights on Reneo Pharmaceuticals stock.
The RPHM news page on Stock Titan offers an archive of announcements and corporate updates related to Reneo Pharmaceuticals, Inc. and its transformation through a merger with OnKure, Inc. Historically, Reneo used news releases to report clinical progress in rare genetic mitochondrial diseases, financial results, and later, key steps in its strategic review and merger process. These items provide a detailed record of how a mitochondrial disease–focused pharmaceutical company evolved into the public vehicle for a precision oncology business.
Earlier news items cover Reneo’s clinical-stage activities, including the pivotal STRIDE study of mavodelpar in primary mitochondrial myopathies (PMM), the STRIDE AHEAD open-label extension, and scientific presentations on mitochondrial bioenergetics. Releases describe the scientific rationale for targeting peroxisome proliferator-activated receptor delta (PPARδ) and the company’s focus on rare genetic mitochondrial diseases associated with impaired ATP production. Subsequent updates document the negative STRIDE trial outcome, suspension of mavodelpar development, workforce reductions, and the initiation of a strategic alternatives process.
Later news is centered on corporate and transaction events. These include the announcement of a definitive merger agreement with OnKure, a clinical-stage biopharmaceutical company focused on precision oncology, stockholder approval of the merger, a reverse stock split, and the closing of the transaction. Post-closing communications from OnKure describe the combined company’s focus on PI3Kα-targeted precision medicines, including the OKI-219 program in a Phase 1 trial for solid tumors.
By reviewing this news archive, readers can follow the full narrative arc from Reneo’s rare disease development efforts through its merger into OnKure Therapeutics, Inc. For ongoing updates about the operating precision oncology company, users should look to news issued under the OnKure Therapeutics, Inc. name and its Nasdaq ticker symbol OKUR.
OnKure Therapeutics, Inc. (Nasdaq: OKUR) has completed its merger with Reneo Pharmaceuticals, Inc. and a concurrent $65 million private placement. The combined company, focused on developing precision medicines in oncology, will trade on Nasdaq as OKUR from October 7, 2024. OnKure's lead program, OKI-219, targets PI3KαH1047R mutations in breast cancer, with early clinical data expected in Q4-2024.
Post-merger, OnKure has approximately $139 million in cash, providing runway into Q4-2026. The company completed a 1-for-10 reverse stock split, resulting in about 13.3 million shares outstanding. Prior OnKure stockholders now own 53.6%, Reneo stockholders 25.1%, and new investors 21.3% of the company. Nicholas A. Saccomano, Ph.D., will lead OnKure as President and CEO, with a newly composed Board of Directors.
Reneo Pharmaceuticals (Nasdaq: RPHM) announced that its stockholders approved the proposed merger with OnKure, Inc. at a special meeting on September 26, 2024. The merger is expected to close around October 4, 2024. Key points:
- The combined company will be renamed OnKure Therapeutics, Inc. and trade under the ticker 'OKUR' on Nasdaq
- OnKure's management team will lead the combined company
- Focus will be on advancing OnKure's pipeline, including OKI-219 in Phase 1 trials for solid tumors
- Reneo will implement a 1-for-10 reverse stock split prior to the merger
- Trading under the new ticker is expected to begin on October 7, 2024
The reverse split will consolidate every 10 shares into 1, with cash payments for fractional shares. Stockholders do not need to take action, as positions will be automatically adjusted.
Reneo Pharmaceuticals (Nasdaq: RPHM) reported its Q2 2024 financial results, highlighting a significant shift in its business strategy. The company, previously focused on rare genetic mitochondrial diseases, has entered into a definitive merger agreement with OnKure, Inc. This all-stock transaction, expected to close in H2 2024, aims to create a Nasdaq-listed clinical-stage biopharmaceutical company focused on precision oncology therapies.
Key financial points include:
- Net loss of $5.4 million ($0.16 per share) in Q2 2024, compared to $19.5 million in Q2 2023
- Cash, cash equivalents, and short-term investments of $76.7 million as of June 30, 2024
- Research and development expenses decreased to $0.6 million from $14.4 million year-over-year
- General and administrative expenses reduced to $5.8 million from $6.6 million year-over-year
The merger includes a concurrent $65 million PIPE financing, with the combined company expected to have approximately $120 million in cash post-merger.
Reneo Pharmaceuticals and OnKure announced a merger to create a Nasdaq-listed, clinical-stage biopharmaceutical company focusing on advancing OnKure's precision medicines in oncology. The combined company is expected to have $120 million in cash resources at close, funding through 2026. OnKure's lead program, OKI-219, is in a Phase 1 clinical trial for solid tumors.
Reneo Pharmaceuticals, Inc. (Nasdaq: RPHM) reported its first quarter 2024 financial results, highlighting a net loss of $8.4 million, with $82.8 million in cash. The Company suspended mavodelpar development activities, leading to workforce reductions and cost-saving initiatives. Research and development expenses decreased due to these activities.
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