Concentra Biosciences, LLC

4747 Executive Drive, Suite 210 | San Diego, CA 92121

December 26, 2023

Board of Directors
Reneo Pharmaceuticals, Inc.
c/o Gregory J. Flesher, President and Chief Executive Officer

18575 Jamboree Rd., Suite 275-S

Irvine, CA 92612

Dear Directors:

On behalf of Concentra Biosciences, LLC, I am pleased to submit this non-binding proposal to acquire 100% of the equity of Reneo Pharmaceuticals, Inc. for $1.80 per share in cash, plus a contingent value right ("CVR") representing the right to receive 80% of the net proceeds payable from any license or disposition of Reneo's programs (the "CVR Products"). We applaud your immediate actions to preserve cash following the surprising and unfortunate outcome of the pivotal STRIDE study, and we hope that you find that a transaction with Concentra would further your efforts to maximize value for Reneo shareholders.

Concentra has access to significant capital resources through an arrangement with Tang Capital Partners, LP, its controlling shareholder. The management of Concentra has the expertise and resources to both maximize the value of the CVR for the benefit of legacy Reneo stockholders and, to the extent necessary, responsibly manage and/or transition any remaining clinical study activities for the benefit of patients.

Our proposal is subject to limited confirmatory due diligence and is based on the availability of at least $75 million of cash and cash equivalents at closing, net of any residual liabilities and closing costs. We expect that we can complete due diligence and negotiate a definitive merger agreement within 2 weeks of engaging with you and close an acquisition through a cash tender within 2 months of executing a definitive merger agreement.

We look forward to discussing our proposal with you further and would appreciate a response by 5pm ET on January 5, 2024, at which point this offer will expire.