Financial Performance - Reneo's total operating expenses for the three months ended September 30, 2024, were $4.664 million, a decrease of $16.224 million compared to $20.888 million in the same period of 2023[71] - Reneo reported a net loss of $3.692 million for the three months ended September 30, 2024, compared to a net loss of $19.196 million in the same period of 2023, reflecting an improvement of $15.504 million[71] - For the nine months ended September 30, 2024, total operating expenses were $20.591 million, down $37.456 million from $58.047 million in the same period of 2023[75] - Reneo's net loss for the nine months ended September 30, 2024 was $17.5 million, adjusted for non-cash items[85] Research and Development - Research and development expenses decreased by $12.718 million to $904,000 for the three months ended September 30, 2024, primarily due to the suspension of development activities for mavodelpar[72] - Research and development expenses for the nine months ended September 30, 2024, were $6.436 million, a decrease of $32.573 million compared to $39.009 million in the same period of 2023[76] - Early clinical data for the lead product candidate, OKI-219, is expected in the fourth quarter of 2024[64] - Future funding requirements will depend on the costs and outcomes of research and development activities, including clinical trials for product candidates[82] - The company is subject to risks inherent in the development of new biopharmaceutical products, which may lead to unforeseen expenses and delays[81] Cash Flow and Capital Needs - As of September 30, 2024, Reneo had approximately $76.7 million in cash, cash equivalents, and short-term investments[79] - Net cash used in operating activities for the nine months ended September 30, 2024 was $30.1 million, a decrease from $43.9 million in the same period of 2023[84] - Net cash provided by investing activities for the nine months ended September 30, 2024 was $61.2 million, compared to a net cash used of $29.3 million in 2023[86] - Net cash provided by financing activities for the nine months ended September 30, 2024 was $0.1 million, significantly lower than $65.0 million in 2023[87] - Reneo's cash flow for the nine months ended September 30, 2024 showed a net increase of $33.1 million, contrasting with a decrease of $8.2 million in 2023[84] - The company anticipates needing additional capital to fund operations, which may be sought through equity or debt financings, collaborations, or licensing arrangements[80] - Reneo's ability to secure additional capital is contingent upon the success of its product candidates and may involve dilution of existing stockholders' interests[81] - The company may need to raise additional capital through equity or debt financing, which could impose restrictions on its operations[81] Operational Focus - Following the Merger, Legacy OnKure's operations will be the focus, with expectations of significant expenses and operating losses as clinical development advances[79] - The company has never generated revenue from product sales and does not expect to do so until regulatory approval is obtained[81]
OnKure Therapeutics, Inc.(OKUR) - 2024 Q3 - Quarterly Report