Summary by Moomoo AI
Reneo Pharmaceuticals, Inc. has announced that it will proceed with a second workforce reduction of approximately 20% as part of its cost-saving initiatives on February 29, 2024. This announcement, made in a Form 8-K filing with the SEC, follows the company's initial announcement of the plan on December 14, 2023. The company anticipates incurring charges of around $1.7 million related to severance payments and other termination costs in the first quarter of 2024. Reneo Pharmaceuticals cautions that these estimates are based on assumptions and actual costs and timing may vary. Additional costs not currently anticipated may also arise from the workforce reduction. The company's forward-looking statements in the report are subject to various risks and uncertainties, and actual results may differ materially from expectations.