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Reneo Pharmaceuticals | 8-K: Reneo Pharmaceuticals Reports Fourth Quarter And Full Year 2023 Financial Results And Business Update

SEC announcement ·  Mar 28 16:08
Summary by Moomoo AI
On March 28, 2024, Reneo Pharmaceuticals, Inc. reported its financial results for the fourth quarter and the full year ended December 31, 2023, along with a business update. The company disclosed a net loss of $23.6 million for the fourth quarter and $77.4 million for the full year. Research and development expenses increased due to costs related to the STRIDE and STRIDE AHEAD studies, which have been completed and discontinued. General and administrative expenses also rose, primarily due to commercial development activities and severance payments. The company's pivotal STRIDE study of mavodelpar did not meet primary or secondary efficacy endpoints, leading to the suspension of all mavodelpar development activities and a significant workforce reduction of approximately 90%. Reneo has engaged an independent financial advisor to explore potential strategic alternatives. As of March 31, 2024, Reneo anticipates having approximately $82.0 million in cash, cash equivalents, and short-term investments.
On March 28, 2024, Reneo Pharmaceuticals, Inc. reported its financial results for the fourth quarter and the full year ended December 31, 2023, along with a business update. The company disclosed a net loss of $23.6 million for the fourth quarter and $77.4 million for the full year. Research and development expenses increased due to costs related to the STRIDE and STRIDE AHEAD studies, which have been completed and discontinued. General and administrative expenses also rose, primarily due to commercial development activities and severance payments. The company's pivotal STRIDE study of mavodelpar did not meet primary or secondary efficacy endpoints, leading to the suspension of all mavodelpar development activities and a significant workforce reduction of approximately 90%. Reneo has engaged an independent financial advisor to explore potential strategic alternatives. As of March 31, 2024, Reneo anticipates having approximately $82.0 million in cash, cash equivalents, and short-term investments.
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