Reneo Pharmaceuticals(RPHM) - 2024 Q1 - Quarterly Results

1. First Quarter and Recent Highlights Reneo Pharmaceuticals reported a reduced Q1 2024 net loss of $8.4 million, primarily due to significant R&D and G&A expense reductions following mavodelpar development suspension Q1 2024 Financial Performance Highlights | Metric | Q1 2024 (USD) | Q1 2023 (USD) | Change (YoY) | | :-------------------------------- | :------------ | :------------ | :----------- | | Net Loss | $(8.4) million | $(15.1) million | $(6.7) million | | Net Loss Per Share | $(0.25) | $(0.60) | $(0.35) | | R&D Expenses | $4.9 million | $11.0 million | $(6.1) million | | G&A Expenses | $4.6 million | $5.1 million | $(0.5) million | | Cash, Cash Equivalents, and Short-term Investments (as of March 31, 2024) | $82.8 million | N/A | N/A | - The decrease in Research and development expenses was primarily due to the suspension of development activities for mavodelpar and cash preservation activities, including workforce reductions in December 2023 and February 2024[4] - The decrease in General and administrative expenses was primarily due to workforce reductions in December 2023 and February 2024[5] - The pivotal STRIDE study of mavodelpar in adult patients with primary mitochondrial myopathies did not meet its primary or secondary efficacy endpoints in December 2023[7] - The Company implemented cost savings initiatives, including the suspension of all mavodelpar development activities and a total workforce reduction of approximately 90%[7] - Reneo retained an independent financial advisor to initiate a formal process to evaluate potential strategic alternatives[7] 2. About Reneo Pharmaceuticals Reneo Pharmaceuticals historically focused on developing therapies for rare genetic mitochondrial diseases - Reneo Pharmaceuticals historically focused on developing and commercializing therapies for patients with rare genetic mitochondrial diseases, characterized by the inability of mitochondria to produce adenosine triphosphate[6] 3. Consolidated Financial Statements This section details Reneo Pharmaceuticals' Q1 2024 financial position, operational performance, and cash flow activities 3.1. Consolidated Balance Sheets This section presents Reneo Pharmaceuticals' consolidated balance sheet data as of March 31, 2024, detailing assets, liabilities, and equity Consolidated Balance Sheet Data (in thousands) | Metric | March 31, 2024 | December 31, 2023 | | :-------------------------------- | :------------- | :---------------- | | Cash and cash equivalents | $20,375 | $27,632 | | Short-term investments | $62,460 | $75,331 | | Total current assets | $83,927 | $106,622 | | Total assets | $84,639 | $107,436 | | Total current liabilities | $2,814 | $18,177 | | Total liabilities | $3,397 | $18,826 | | Total stockholders' equity | $81,242 | $88,610 | 3.2. Consolidated Statements of Operations and Comprehensive Loss This section presents Reneo Pharmaceuticals' consolidated statements of operations for Q1 2024 and 2023, detailing operating expenses and net loss Consolidated Statements of Operations (in thousands) | Metric | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :-------------------------------- | :-------------------------------- | :-------------------------------- | | Research and development | $4,942 | $10,991 | | General and administrative | $4,622 | $5,132 | | Total operating expenses | $9,564 | $16,123 | | Loss from operations | $(9,564) | $(16,123) | | Other income | $1,138 | $1,016 | | Net loss | $(8,426) | $(15,107) | | Net loss per share, basic and diluted | $(0.25) | $(0.60) | | Weighted-average shares used in computing net loss per share, basic and diluted | 33,420,808 | 25,036,410 | 3.3. Consolidated Statements of Cash Flows This section outlines Reneo Pharmaceuticals' consolidated statements of cash flows for Q1 2024 and 2023, detailing cash movements Consolidated Statements of Cash Flows (in thousands) | Metric | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :-------------------------------- | :-------------------------------- | :-------------------------------- | | Net cash used in operating activities | $(21,014) | $(9,048) | | Net cash provided by investing activities | $13,757 | $18,507 | | Net cash provided by financing activities | $0 | $1,009 | | Net (decrease) increase in cash and cash equivalents | $(7,257) | $10,468 | | Cash and cash equivalents, end of period | $20,375 | $30,395 | 4. Forward-Looking Statements This section contains cautionary language regarding forward-looking statements, noting that future results may differ due to risks and uncertainties - Statements regarding matters that are not historical facts are 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995[8] - Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied[8] - Reneo undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made, except as required by law[8] 5. Contact Information Provides the contact details for investor relations at Reneo Pharmaceuticals, Inc - Investor Relations contact: Danielle Spangler, dspangler@reneopharma.com[14]