Reneo Pharmaceuticals Reports First Quarter 2024 Financial Results

2024-05-07

财报

IRVINE, Calif., May 07, 2024 (GLOBE NEWSWIRE) -- Reneo Pharmaceuticals, Inc. (Nasdaq: RPHM), a pharmaceutical company historically focused on the development and commercialization of therapies for patients with rare genetic mitochondrial diseases, today reported financial results for the first quarter ended March 31, 2024.

First Quarter and Recent Highlights

In December 2023, the pivotal STRIDE study of mavodelpar in adult patients with primary mitochondrial myopathies did not meet its primary efficacy or secondary efficacy endpoints

The Company implemented cost savings initiatives, including suspension of all mavodelpar development activities and a total workforce reduction of approximately 90%

The Company retained an independent financial advisor to initiate a formal process to evaluate potential strategic alternatives

Financial Results for Three Months Ended March 31, 2024

We reported a net loss of $8.4 million, or $0.25 per share, during the first quarter of 2024, compared to a net loss of $15.1 million, or $0.60 per share, for the same period in 2023. We had $82.8 million in cash, cash equivalents, and short-term investments as of March 31, 2024.

Research and development expenses were $4.9 million during the first quarter of 2024, compared to $11.0 million for the same period in 2023. This decrease was primarily due to the suspension of development activities for mavodelpar and cash preservation activities, including workforce reductions in December 2023 and February 2024.

General and administrative expenses were $4.6 million during the first quarter of 2024, compared to $5.1 million for the same period in 2023. This decrease was primarily due to the workforce reductions in December 2023 and February 2024.

About Reneo Pharmaceuticals

Reneo is a pharmaceutical company historically focused on the development and commercialization of therapies for patients with rare genetic mitochondrial diseases, which are often associated with the inability of mitochondria to produce adenosine triphosphate. For additional information, please see reneopharma.com.

Forward-Looking Statements

Statements contained in this press release regarding matters that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include statements regarding, among other things, the evaluation of strategic alternatives and the implementation of cost savings initiatives. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Words such as “plans,” “will,” “believes,” “anticipates,” “expects,” “intends,” “goal,” “potential” and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based upon Reneo’s current expectations and involve assumptions that may never materialize or may prove to be incorrect. Actual results could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties, which include, without limitation, risks and uncertainties associated with Reneo’s business in general, and the other risks described in Reneo’s filings with the Securities and Exchange Commission. All forward-looking statements contained in this press release speak only as of the date on which they were made. 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.

RENEO PHARMACEUTICALS, INC.

Consolidated Balance Sheets

(In thousands, except share and par value data)

March 31,

2024 December 31,

2023 (Unaudited) Assets Current assets: Cash and cash equivalents $20,375 $27,632 Short-term investments 62,460 75,331 Prepaid expenses and other current assets 1,092 3,659 Total current assets 83,927 106,622 Property and equipment, net 102 134 Right-of-use assets 546 599 Other non-current assets 64 81 Total assets $84,639 $107,436 Liabilities and stockholders’ equity Current liabilities: Accounts payable $676 $8,717 Accrued expenses 1,807 9,129 Operating lease liabilities, current portion 331 331 Total current liabilities 2,814 18,177 Operating lease liabilities, less current portion 576 642 Performance award 7 7 Total liabilities 3,397 18,826 Commitments and contingencies Stockholders’ equity: Common stock, $0.0001 par value; 200,000,000 shares authorized at

March 31, 2024 and December 31, 2023; 33,420,808 shares

issued and outstanding at March 31, 2024 and December 31, 2023 3 3 Additional paid-in capital 308,151 307,073 Accumulated deficit (226,900) (218,474)Accumulated other comprehensive (loss) income (12) 8 Total stockholders’ equity 81,242 88,610 Total liabilities and stockholders’ equity $84,639 $107,436

RENEO PHARMACEUTICALS, INC.

Consolidated Statements of Operations and Comprehensive Loss

(In thousands, except share and per share data)

(Unaudited)

Three Months Ended March 31, 2024 2023 Operating expenses: 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)Unrealized (loss) gain on short-term investments (20) 55 Comprehensive loss $(8,446) $(15,052)Net loss per share attributable to common stockholders,

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

RENEO PHARMACEUTICALS, INC.

Consolidated Statements of Cash Flows

(In thousands)

(Unaudited) Three Months Ended

March 31, 2024 2023 Cash flows from operating activities Net loss $(8,426) $(15,107)Adjustments to reconcile net loss to net cash used in operating activities: Stock-based compensation 1,078 1,157 Depreciation and amortization 16 41 Amortization/accretion on short-term investments (906) (770)Changes in the fair value of performance award — 295 Non-cash lease expense 67 120 Loss on disposal of fixed asset 16 3 Changes in operating assets and liabilities: Prepaid and other assets 2,584 1,952 Accounts payable and accrued expenses (15,363) 3,398 Operating lease liabilities (80) (137)Net cash used in operating activities (21,014) (9,048)Cash flows from investing activities Purchases of property and equipment — (172)Purchase of available-for-sale short-term investments (45,243) (28,321)Proceeds from maturities of available-for-sale short-term investments 59,000 47,000 Net cash provided by investing activities 13,757 18,507 Cash flows from financing activities Proceeds from issuance of common stock under the at-the-market

facility, net of offering costs — 1,009 Net cash provided by financing activities — 1,009 Net (decrease) increase in cash and cash equivalents (7,257) 10,468 Cash and cash equivalents, beginning of period 27,632 19,927 Cash and cash equivalents, end of period $20,375 $30,395

Contact:

Danielle Spangler

Investor Relations

Reneo Pharmaceuticals, Inc.

dspangler@reneopharma.com