Reneo Pharmaceuticals, Inc. - RPHM STOCK NEWS

Reneo Pharmaceuticals (RPHM) reported its Q2 2022 financial results, highlighting a net loss of $12.3 million, or $0.50 per share, compared to a loss of $9.2 million, or $0.43 per share in Q2 2021. The company achieved significant progress in its mitochondrial disease programs, including positive results from the REN001 long-chain fatty acid oxidation disorders study and advancements in the STRIDE study for primary mitochondrial myopathies, with two-thirds enrollment completed. Cash and equivalents stood at approximately $127 million as of June 30, 2022.

Reneo Pharmaceuticals, Inc. (Nasdaq: RPHM) announced the appointment of Roshawn Blunt to its Board of Directors. Ms. Blunt brings over 25 years of biopharmaceutical experience, including her role as President of Corsaire Corporation and previous positions at Amgen, Inc. and Johnson & Johnson. This appointment is seen as pivotal as Reneo prepares for the commercialization of its lead product, REN001, targeting rare genetic mitochondrial diseases. Executive Chairman Mike Grey emphasized the potential of Ms. Blunt's expertise in healthcare reimbursement and policy to aid Reneo's future growth.

Reneo Pharmaceuticals (Nasdaq: RPHM) announced advancements in its REN001 development programs, particularly for long-chain fatty acid oxidation disorders (LC-FAOD) and primary mitochondrial myopathies (PMM). The pivotal STRIDE study for PMM patients with mitochondrial DNA defects is progressing, with over two-thirds of enrollment expected to finish by year-end 2022. The EMA and FDA have aligned with Reneo on registration plans. Additionally, a new program targeting PMM patients with nuclear DNA defects is planned. Preliminary data shows REN001 is well tolerated, supporting its further development.

On July 11, 2022, Reneo Pharmaceuticals (Nasdaq: RPHM) announced the granting of inducement awards to a new non-executive employee by the Compensation Committee. The awards consist of options to purchase 75,000 shares of common stock and 25,000 performance-based restricted stock units. These awards align with Nasdaq Listing Rule 5635(c)(4) and are intended to incentivize the new hire. Reneo focuses on developing therapies for rare genetic mitochondrial diseases, with its lead candidate, REN001, aimed at enhancing mitochondrial functions.

Reneo Pharmaceuticals (Nasdaq: RPHM) announced that data from its Phase 1 leg immobilization study of REN001 will be presented at the 17th International Congress on Neuromuscular Diseases in Brussels (July 5-9, 2022). The study showed REN001 was safe and well tolerated, effectively preventing muscle atrophy and enhancing muscle recovery compared to placebo. REN001, a PPARδ agonist, is aimed at treating rare genetic mitochondrial diseases, with ongoing trials including the STRIDE study for primary mitochondrial myopathies.

Reneo Pharmaceuticals (Nasdaq: RPHM) reported a net loss of $13 million, or $0.53 per share, for Q1 2022, a significant increase from a net loss of $7.2 million, or $3.48 per share, in Q1 2021. The company had $138.7 million in cash and equivalents as of March 31, 2022. Reneo continues to make progress in its clinical trials, with the STRIDE study reaching 50% of its target enrollment and all patients completing the Phase 1b trial. Upcoming results from ongoing studies are expected in July 2022.

Reneo Pharmaceuticals (Nasdaq: RPHM) reported Q4 and 2021 financial results on March 23, 2022. The company raised $94 million in its IPO and has sufficient cash to fund operations into 2024, ending 2021 with $147 million on hand. Reneo received Fast Track Designation for its lead product, REN001, in primary mitochondrial myopathy (PMM) and initiated a Phase 2b study. Clinical trials in McArdle disease and LC-FAOD showed promising safety and tolerability. However, Reneo reported a net loss of $39.8 million for 2021, up from $19.5 million in 2020, raising concerns about rising expenses.

Reneo Pharmaceuticals (NASDAQ: RPHM) announced the promotions of Michael P. Cruse to Chief Operating Officer and Jennifer P. Lam to Principal Financial and Accounting Officer. Cruse, with over 20 years in operational roles, previously served as Senior Vice President of Corporate Operations, while Lam brings over 25 years of finance experience. These appointments aim to enhance Reneo's transition from a late-stage clinical company to a commercial pharmaceutical entity, reinforcing its commitment to develop therapies for rare genetic mitochondrial diseases.

Reneo Pharmaceuticals, Inc. (NASDAQ: RPHM) announced its participation in SVB Leerink’s Virtual Global Healthcare Conference from February 14-18, 2022. A fireside chat is scheduled for February 18, 2022, at 1:00 PM ET. The company focuses on developing therapies for rare genetic mitochondrial diseases, with its lead product, REN001, aimed at enhancing mitochondrial function and ATP production. Reneo's innovations could significantly impact the treatment landscape for patients suffering from these conditions.