0001193125-24-241926 | S-1 | XBRL Viewer

Print Document

Leases

6 Months Ended

12 Months Ended

Jun. 30, 2024

Dec. 31, 2023

Leases

(3) LEASES

The Company leases office and lab facilities in Boulder, Colorado under

non-cancellable

operating leases.

Other information related to the Company’s operating leases are as follows:


	As of June 30,
	2024			2023
Weighted-average remaining lease term (years)		2.5			3.5
Weighted-average discount rate		4.50	%		4.50	%
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases (in thousands)	$	101		$	100

The aggregate maturities of the Company’s operating lease liabilities were as follows as of June 30, 2024 (in thousands):


2024	$	118
2025		240
2026		247

Total future minimum lease payments		605
Less: Imputed interest		(32	)

Total	$	573

(3) LEASES

The Company leases office and lab facilities in Boulder, Colorado under

non-cancellable

operating leases with rights to extend.

Right-of-use

assets and lease liabilities for operating leases as included in the Company’s financial statements are as follows (in thousands):


	December 31,
	2023		2022
Operating lease right-of-use assets	$	478		443

Current operating lease liabilities		208		151
Noncurrent operating lease liabilities		466		486

Total lease liabilities	$	674		637

Lease expense for operating leases as included in the Company’s financial statements are as follows (in thousands):


	December 31,
	2023		2022
Operating lease cost	$	173		152
Variable lease expense		201		150
Short-term lease expense		—		—

Lease term, discount rates, and additional information for operating leases are as follows (in thousands):


	December 31,
	2023			2022
Weighted-average remaining lease term – operating leases (years)		2.92			3.85
Weighted-average discount rate – operating leases		4.50	%		4.50	%
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	210		$	194

The aggregate maturities of the Company’s operating lease liabilities were as follows as of December 31, 2023 (in thousands):


2024	$	233
2025		240
2026		247

Total future minimum lease payments		720
Less: imputed interest		(46	)

Total	$	674

RENEO PHARMACEUTICALS INC [Member]

Leases

7. Leases

The Company’s headquarters are located in Irvine, California, where it leases office space under a lease agreement that expires in November 2026. The Company leases additional office space located in Sandwich, United Kingdom under a lease agreement that expires in October 2027, with an option to early terminate in October 2025 with no termination fee. In January 2024, the Company exercised its early termination option and made the final termination lease payment of $0.2 million in July 2024.

Other information related to the Company’s operating leases as of the balance sheet dates presented are as follows:


	As of June 30,
	2024			2023
Weighted incremental borrowing rate		5	%		5	%
Weighted average remaining lease term (in years)		2.3			3.7
Cash paid for amounts included in the measurement of lease liabilities (in thousands)	$	194		$	142
Lease expense (in thousands)	$	148		$	241

Maturities of lease liabilities by fiscal year for the Company’s operating leases are as follows (in thousands):


	As of June 30, 2024
2024 (remaining six months)	$	195
2025		371
2026		285

Total lease payments		851
Less: Imputed interest		(28	)

Present value of lease liabilities	$	823

8. Leases

The Company’s headquarters are located in Irvine, California, where it leases office space under a lease agreement that expires in November 2026. The Company leases additional office space located in Sandwich, UK under a lease agreement that expires in October 2027 (UK lease), with an option to early terminate in October 2025 with no termination fee. In January 2024, the Company exercised its early termination option. The Company concluded that its current leases are impaired and recognized approximately $0.3 million of ROU assets impairment expense for the year ended December 31, 2023. For further information, see Note 13.

At December 31, 2023, the weighted average incremental borrowing rate was 5% and the weighted average remaining lease term was 3.8 years for the operating leases held by the Company. For the years ended December 31, 2023 and 2022, cash paid for amounts included for the measurement of lease liabilities was $0.5 million. For the years ended December 31, 2023 and 2022, operating lease expense was $0.4 million and $0.5 million, respectively.

Maturities of lease liabilities by fiscal year for the Company’s operating leases are as follows:


	As of December 31, 2023
2024	$	381
2025		367
2026		285

Total lease payments		1,033
Less: Imputed interest		(60	)

Present value of lease liabilities	$	973

Proposed Merger - Narrative (Details) $ in Millions	May 31, 2024 USD ($)
Equity method investment, quoted market value	$ 65
Reneo Stockholders [Member] \| Pre-merger [Member]
Business acquisition, percentage of voting interests acquired	31.00%
Onkure Shareholder [Member] \| Pre-merger [Member]
Business acquisition, percentage of voting interests acquired	69.00%

Proposed Merger	6 Months Ended
Proposed Merger	Jun. 30, 2024
Business Combinations [Abstract]
Proposed Merger	(10) PROPOSED MERGER In May 2024, the Company entered into a definitive merger agreement with Reneo Pharmaceuticals, Inc. (Nasdaq: RPHM) (“Reneo”) to combine the Company with Reneo in an all-stock transaction. The combined company will focus on advancing OnKure’s pipeline candidates. Upon completion of the transaction, the combined company is expected to operate under the name OnKure Therapeutics, Inc., and trade on the Nasdaq Global Market under the ticker symbol “OKUR”. In connection with the transaction, Reneo has entered into a subscription agreement for a $65 million private investment in public equity (PIPE) financing expected to close concurrently with the closing of the merger, with a group of institutional investors. Pre-merger Reneo stockholders are expected to own approximately 31% of the combined company, and pre-merger OnKure stockholders are expected to own approximately 69% of the combined company, upon the closing of the merger, exclusive of the PIPE financing. The expected relative ownership percentages of pre-Mergers OnKure stockholders and pre-Mergers Reneo stockholders of the combined company are calculated using the treasury stock method, as described in the merger agreement, on a fully diluted basis prior to giving effect to the concurrent PIPE investments and excluding any shares reserved for future grants. The transaction is expected to close in the second half of 2024, subject to customary closing conditions, including requisite approvals by the stockholders of each company and the receipt of required regulatory approvals (to the extent applicable).

Leases - Schedule of Maturities of lease liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
2024	$ 118	$ 233
2025	240	240
2026	247	247
Total future minimum lease payments	605	720
Less: Imputed interest	(32)	(46)
Total lease liabilities	573	674	$ 637
RENEO PHARMACEUTICALS INC [Member]
2024 (remaining six months)	195
2024	371	381
2025	285	367
2026		285
Total future minimum lease payments	851	1,033
Less: Imputed interest	(28)	(60)
Total lease liabilities	$ 823	$ 973

Convertible Preferred Stock - Summary of Convertible Preferred Stock Nonredeemable Or Redeemable Issuer (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Convertible preferred stock		$ 129,825	$ 64,389
Convertible preferred stock, Series A [Member]
Class of Stock [Line Items]
Convertible preferred stock		0	4,975
Convertible preferred stock, Series A - 1 [Member]
Class of Stock [Line Items]
Convertible preferred stock		0	5,162
Convertible preferred stock, Series B [Member]
Class of Stock [Line Items]
Convertible preferred stock		0	54,252
Convertible preferred stock, Series C [Member]
Class of Stock [Line Items]
Convertible preferred stock	$ 129,825	$ 129,825	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483014/272-10-45-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482987/272-10-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(d))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

+ Details

Property and Equipment, Net - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Depreciation Expense	$ 115,000	$ 99,000	$ 228,000	$ 197,000

Statements Of Changes In Convertible Preferred Stock And Stockholders' Deficit (Parenthetical) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Series B Preferred Stock [Member]
Stock Issuance Cost Net			$ 1.4
Series C Preferred Stock [Member]
Stock Issuance Cost Net	$ 0.7	$ 0.7

License Agreement	6 Months Ended	12 Months Ended
License Agreement	Jun. 30, 2024	Dec. 31, 2023
RENEO PHARMACEUTICALS INC [Member]
License Agreement [Line Items]
License Agreement	9. License Agreement In December 2017, the Company entered into a License Agreement (the vTv License Agreement) with vTv Therapeutics LLC (vTv Therapeutics), under which the Company obtained an exclusive, worldwide, sublicensable license under certain vTv Therapeutics intellectual property to develop, manufacture and commercialize PPAR d agonists and products containing such PPAR d agonists, including mavodelpar, for any therapeutic, prophylactic or diagnostic application in humans. Since the Company has suspended all development activity related to mavodelpar, it is not currently performing any development efforts under the vTv License Agreement. Under the terms of the vTv License Agreement, the Company has paid vTv Therapeutics an initial upfront license fee of $3.0 million and $2.0 million of milestone payments and issued an aggregate of 57,643 shares of its common stock to vTv Therapeutics. On October 30, 2023, the Company repurchased from vTv Therapeutics all 57,643 shares of its common stock previously issued to vTv Therapeutics under the vTv License Agreement for an aggregate purchase price of approximately $4.4 million in a private, non-underwritten transaction. Upon the achievement of certain pre-specified development and regulatory milestones, the Company is also required to pay vTv Therapeutics milestone payments totaling up to $64.5 million. The Company is also required to pay vTv Therapeutics up to $30.0 million in total sales-based milestones upon achievement of certain sales thresholds of the licensed product. As of June 30, 2024, the Company has paid an aggregate of $2.0 million in development and regulatory milestone payments. In addition, the Company is obligated to make tiered royalty payments to vTv Therapeutics at mid-single digit to low teen percentage royalty rates, based on tiers of annual net sales of licensed products, subject to certain customary reductions. There were no milestone payments achieved or recorded for the three and six months ended June 30, 2024 and 2023. Although the Company has suspended development activities related to mavodelpar, it will continue to maintain and prosecute mavodelpar intellectual property.	10. License Agreement In December 2017, the Company entered into a license agreement (the vTv License Agreement) with vTv Therapeutics LLC (vTv Therapeutics), under which the Company obtained an exclusive, worldwide, sublicensable license under certain vTv Therapeutics intellectual property to develop, manufacture and commercialize PPAR d agonists and products containing such PPAR d agonists, including mavodelpar, for any therapeutic, prophylactic or diagnostic application in humans. Since the Company has suspended all development activity related to mavodelpar, it is not currently performing any development efforts under the vTv License Agreement. To date, the Company has paid a $3.0 million upfront payment, $2.0 million in milestone payments and issued an aggregate of 57,643 shares of its common stock to vTv Therapeutics. On October 30, 2023, the Company repurchased from vTv Therapeutics all 57,643 shares of its common stock previously issued to vTv Therapeutics under the vTv License Agreement for an aggregate purchase price of approximately $4.4 million in a private, non-underwritten transaction. Upon the achievement of certain pre-specified development and regulatory milestones, the Company is also required to pay vTv Therapeutics milestone payments totaling up to $64.5 million. The Company is also required to pay vTv Therapeutics up to $30.0 million in total sales-based milestones upon achievement of certain sales thresholds of the licensed product. As of December 31, 2023, the Company has paid an aggregate of $2.0 million in development and regulatory milestone payments. In addition, the Company is obligated to make royalty payments to vTv Therapeutics at mid-single digit to low teen percentage royalty rates, based on tiers of annual net sales of licensed products, subject to certain customary reductions. There were no milestone payments achieved or recorded for the years ended December 31, 2023 and 2022.

Leases - Schedule of Right-of-use Assets and Lease Liabilities for Operating Leases (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease right-of-use assets	$ 405	$ 478	$ 443
Current operating lease liabilities	216	208	151
Noncurrent operating lease liabilities	357	466	486
Total lease liabilities	$ 573	$ 674	$ 637

Leases (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2024

Dec. 31, 2023

Schedule of Maturities of Lease Liabilities

The aggregate maturities of the Company’s operating lease liabilities were as follows as of June 30, 2024 (in thousands):


2024	$	118
2025		240
2026		247

Total future minimum lease payments		605
Less: Imputed interest		(32	)

Total	$	573

The aggregate maturities of the Company’s operating lease liabilities were as follows as of December 31, 2023 (in thousands):


2024	$	233
2025		240
2026		247

Total future minimum lease payments		720
Less: imputed interest		(46	)

Total	$	674

Schedule of Right-of-use Assets and Lease Liabilities for Operating Leases

Right-of-use

assets and lease liabilities for operating leases as included in the Company’s financial statements are as follows (in thousands):


	December 31,
	2023		2022
Operating lease right-of-use assets	$	478		443

Current operating lease liabilities		208		151
Noncurrent operating lease liabilities		466		486

Total lease liabilities	$	674		637

Schedule of Lease Expense for Operating Leases

Lease expense for operating leases as included in the Company’s financial statements are as follows (in thousands):


	December 31,
	2023		2022
Operating lease cost	$	173		152
Variable lease expense		201		150
Short-term lease expense		—		—

Schedule of Additional Information for Operating Leases

Other information related to the Company’s operating leases are as follows:


	As of June 30,
	2024			2023
Weighted-average remaining lease term (years)		2.5			3.5
Weighted-average discount rate		4.50	%		4.50	%
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases (in thousands)	$	101		$	100

Lease term, discount rates, and additional information for operating leases are as follows (in thousands):


	December 31,
	2023			2022
Weighted-average remaining lease term – operating leases (years)		2.92			3.85
Weighted-average discount rate – operating leases		4.50	%		4.50	%
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	210		$	194

RENEO PHARMACEUTICALS INC [Member]

Schedule of Other Information Related to Operating Leases

Other information related to the Company’s operating leases as of the balance sheet dates presented are as follows:


	As of June 30,
	2024			2023
Weighted incremental borrowing rate		5	%		5	%
Weighted average remaining lease term (in years)		2.3			3.7
Cash paid for amounts included in the measurement of lease liabilities (in thousands)	$	194		$	142
Lease expense (in thousands)	$	148		$	241

Schedule of Maturities of Lease Liabilities

Maturities of lease liabilities by fiscal year for the Company’s operating leases are as follows (in thousands):


	As of June 30, 2024
2024 (remaining six months)	$	195
2025		371
2026		285

Total lease payments		851
Less: Imputed interest		(28	)

Present value of lease liabilities	$	823

Maturities of lease liabilities by fiscal year for the Company’s operating leases are as follows:


	As of December 31, 2023
2024	$	381
2025		367
2026		285

Total lease payments		1,033
Less: Imputed interest		(60	)

Present value of lease liabilities	$	973

Stock-Based Compensation - Restricted Stock Units (RSUs) (Details) - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Vested	4,407
Weighted Average Grant Date Fair Value
Vested	$ 0.12
Restricted Stock Units (RSUs) [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Unvested at Beginning	1,481,122	34,731	111,413
Granted		1,487,689
Vested	436,511	30,324	76,682
Forfeited			(10,974)
Unvested at End	1,040,204	1,481,122	34,731
Weighted Average Grant Date Fair Value
Unvested at Beginning	$ 0.33	$ 0.1	$ 0.09
Granted		0.33
Vested	0.33	0.1	0.08
Forfeited			0.33
Unvested at End	$ 0.33	$ 0.33	$ 0.1
RENEO PHARMACEUTICALS INC [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Vested	334,861	322,834
Weighted Average Grant Date Fair Value
Vested	$ 50.38	$ 49.14
RENEO PHARMACEUTICALS INC [Member] \| Equity Incentive Plan 2021 [Member] \| Restricted Stock Units (RSUs) [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Unvested at Beginning	32,650	32,950
Granted		13,700
Cancelled	(1,500)	(14,000)
Unvested at End	31,150	32,650	32,950
Weighted Average Grant Date Fair Value
Unvested at Beginning	$ 58.98	$ 56.7
Granted		58.19
Cancelled	69.79	53.54
Unvested at End	$ 58.46	$ 58.98	$ 56.7

Stock-Based Compensation - Equity Incentive Plans (Details) - shares	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Equity Incentive Plan 2014 [Member] \| RENEO PHARMACEUTICALS INC [Member] \| Common Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share options exercised unvested shares outstanding	0	0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

Prepaid Expenses and Other Current Assets

6 Months Ended

Jun. 30, 2024

Prepaid Expense and Other Assets, Current [Abstract]

Prepaid Expenses and Other Current Assets

(6) PREPAID EXPENSES AND OTHER CURRENT ASSETS

Prepaid expenses and other current assets consisted of the following (in thousands):


	As of June 30, 2024 (Unaudited)		As of December 31, 2023
Prepaid clinical trials	$	1,494	$	3,192
Deferred recapitalization costs		656		—
Other receivables		2,045		273
Prepaid other		968		425

Total prepaid expenses	$	5,163	$	3,890

Organization and Business (Narrative) (Details)				1 Months Ended		3 Months Ended		6 Months Ended		12 Months Ended
Organization and Business (Narrative) (Details)	May 10, 2024 USD ($) shares	Mar. 25, 2024	Nov. 13, 2023 USD ($)	May 31, 2023 USD ($) shares	May 31, 2022 USD ($)	Jun. 30, 2023 USD ($) shares	Mar. 31, 2023 USD ($) shares	Jun. 30, 2024 USD ($) Employees	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) shares	Dec. 31, 2022 USD ($) shares	May 31, 2024 $ / shares
Aggregate purchase price	$ 85,000,000
Proceeds from issuance of common stock under the at-the-market facility, net of offering costs								$ 20,000	$ 47,000	$ 65,000	$ 340,000
Onkure [Member] \| Merger Agreement [Member]
Expected ownership percentage of stockholders	69.40%
RENEO PHARMACEUTICALS INC [Member]
Remaining number of full-time employees \| Employees								8
Cash, cash equivalents at carrying value and short term investments								$ 76,700,000		103,000,000
Severance and continuation of benefit expenses										2,500,000
Percentage of Common Stock Held by Affiliate				5.00%
RENEO PHARMACEUTICALS INC [Member] \| Leerink Partners LLC [Member] \| Subsequent Event [Member]
Sales Agreement Termination Date		Apr. 08, 2024
RENEO PHARMACEUTICALS INC [Member] \| Merger Agreement [Member]
Common stock exchange ratio	0.024482
Preferred stock exchange ratio	0.150062
Converted into aggregate shares \| shares	7,695,878
Reneo [Member] \| Merger Agreement [Member]
Expected ownership percentage of stockholders	30.60%
Maximum range of net cash	$ 59,000,000
Minimum range of net cash	$ 61,000,000
Common Stock Options Outstanding [Member] \| Reneo [Member] \| Support aggement [Member]
Percentage of outstanding shares of common stock	28.20%
Private Placement [Member] \| Onkure [Member] \| Merger Agreement [Member]
Expected ownership percentage of stockholders	54.80%
Private Placement [Member] \| PIPE Investors [Member] \| Merger Agreement [Member]
Expected ownership percentage of stockholders	21.00%
Private Placement [Member] \| RENEO PHARMACEUTICALS INC [Member]
Common stock issued and sold, Shares \| shares				62,500
Common stock issued and sold						$ 4,667,000				$ 4,667,000
Share price \| $ / shares												$ 80
Proceeds from issuance of common stock under the at-the-market facility, net of offering costs				$ 4,700,000
Private Placement [Member] \| RENEO PHARMACEUTICALS INC [Member] \| Merger Agreement [Member]
Aggregate purchase price	$ 65,000,000
Private Placement [Member] \| Reneo [Member] \| Merger Agreement [Member]
Expected ownership percentage of stockholders	24.20%
Private Placement [Member] \| Common Stock Options Outstanding [Member] \| RENEO PHARMACEUTICALS INC [Member]
Common stock issued and sold, Shares \| shares						62,500				62,500
Concurrent PIPE Investments [Member] \| Onkure [Member] \| Merger Agreement [Member]
Expected ownership percentage of stockholders	51.50%
Concurrent PIPE Investments [Member] \| PIPE Investors [Member] \| Merger Agreement [Member]
Expected ownership percentage of stockholders	25.80%
Concurrent PIPE Investments [Member] \| Reneo [Member] \| Merger Agreement [Member]
Expected ownership percentage of stockholders	22.70%
IPO [Member] \| RENEO PHARMACEUTICALS INC [Member]
Common stock issued and sold, Shares \| shares				790,625
Option to purchase shares of common stock \| shares				103,125
Share price \| $ / shares												$ 80
Proceeds from issuance of common stock under the at-the-market facility, net of offering costs				$ 58,900,000
ATM facility [Member] \| RENEO PHARMACEUTICALS INC [Member]
Common stock issued and sold							$ 1,009,000			$ 1,009,000	$ 193,000
Proceeds from issuance of common stock under the at-the-market facility, net of offering costs									$ 1,009,000	$ 1,009,000
ATM facility [Member] \| RENEO PHARMACEUTICALS INC [Member] \| Leerink Partners LLC [Member]
Proceeds from issuance of common stock under the at-the-market facility, net of offering costs					$ 1,200,000
ATM facility [Member] \| Common Stock Options Outstanding [Member] \| RENEO PHARMACEUTICALS INC [Member]
Common stock issued and sold, Shares \| shares							40,787			40,787	9,208
Common stock issued and sold			$ 0
ATM facility [Member] \| Common Stock Options Outstanding [Member] \| RENEO PHARMACEUTICALS INC [Member] \| Leerink Partners LLC [Member]
Common stock issued and sold			$ 100,000,000		$ 20,000,000
Common Class A [Member] \| Private Placement [Member] \| RENEO PHARMACEUTICALS INC [Member] \| Merger Agreement [Member]
Aggregate purchase price	$ 65,000,000
Common Class A [Member] \| Concurrent PIPE Investments [Member] \| RENEO PHARMACEUTICALS INC [Member] \| Maximum [Member] \| Merger Agreement [Member]
Aggregate purchase price	$ 85,000,000

Stock-Based Compensation - Shares Reserved for Future Issuance (Details) - RENEO PHARMACEUTICALS INC [Member] - shares	Jun. 30, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Total shares of common stock reserved	1,018,654	818,286
Common Stock Options Outstanding [Member]
Class of Stock [Line Items]
Total shares of common stock reserved	467,129	530,125
Unvested Restricted Stock Units [Member]
Class of Stock [Line Items]
Total shares of common stock reserved	31,150	32,650
Equity Incentive Plan 2021 [Member]
Class of Stock [Line Items]
Total shares of common stock reserved	442,366	210,922
2021 Employee Stock Purchase Plan [Member]
Class of Stock [Line Items]
Total shares of common stock reserved	78,009	44,589

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Accrued Expenses

6 Months Ended

12 Months Ended

Jun. 30, 2024

Dec. 31, 2023

Accrued Expenses

(8) ACCRUED EXPENSES

Accrued expenses consisted of the following (in thousands):


	As of June 30, 2024 (Unaudited)		As of December 31, 2023
Accrued contract manufacturing costs	$	864	$	1,627
Accrued compensation		1,707		1,663
Accrued legal		1,171		—
Accrued other		765		370

Total accrued expenses	$	4,507	$	3,660

(7) ACCRUED EXPENSES

Accrued expenses consisted of the following (in thousands):


	Year Ended December 31,
	2023		2022
Accrued contract manufacturing costs	$	1,627	$	434
Accrued compensation		1,663		1,456
Accrued other		370		981

Total accrued expenses	$	3,660	$	2,871

RENEO PHARMACEUTICALS INC [Member]

Accrued Expenses

6. Accrued Expenses

Accrued expenses consisted of the following (in thousands):


	As of June 30, 2024		As of December 31, 2023
Accrued clinical and regulatory	$	—	$	3,661
Accrued contract manufacturing cost		—		1,100
Accrued compensation		386		3,948
Accrued other		567		420

Total accrued expenses	$	953	$	9,129

7. Accrued Expenses

Accrued expenses consisted of the following (in thousands):


	As of December 31,
	2023		2022
Accrued clinical and regulatory	$	3,661	$	1,872
Accrued contract manufacturing cost		1,100		1,583
Accrued compensation*		3,948		807
Accrued other		420		565

Total accrued expenses	$	9,129	$	4,827

*	Accrued compensation includes severance costs. For further information see Note 13.

Leases - Schedule of Other Information Related to Operating Leases (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Weighted average incremental borrowing rate	4.50%	4.50%	4.50%	4.50%
Weighted average remaining lease term	2 years 6 months	3 years 6 months	2 years 11 months 1 day	3 years 10 months 6 days
Cash paid for amounts included in the measurement of lease liabilities	$ 101	$ 100	$ 210	$ 194
RENEO PHARMACEUTICALS INC [Member]
Weighted average incremental borrowing rate	5.00%	5.00%	5.00%
Weighted average remaining lease term	2 years 3 months 18 days	3 years 8 months 12 days	3 years 9 months 18 days
Cash paid for amounts included in the measurement of lease liabilities	$ 194	$ 142	$ 500	500
Lease expense	$ 148	$ 241	$ 400	$ 500

Net Loss Attributable To Common Stockholders Per Share (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2024

Dec. 31, 2023

Schedule of Anti-dilutive securities not included in diluted net loss per share calculation

Outstanding anti-dilutive securities not included in the diluted net loss per share calculation include the following:


	As of June 30,
	2024		2023
Options to purchase common stock		8,299,737		2,991,710
Restricted stock units		1,476,715		—

Total		9,776,452		2,991,710

RENEO PHARMACEUTICALS INC [Member]

Schedule of Anti-dilutive securities not included in diluted net loss per share calculation

Historical outstanding anti-dilutive securities not included in the diluted net loss per share calculation include the following:


	As of June 30,
	2024		2023
Common stock options outstanding		467,129		600,118
Unvested restricted stock units		31,150		36,450

Total		498,279		636,568

Historical outstanding anti-dilutive securities not included in the diluted net loss per share calculation include the following:


	As of December 31,
	2023		2022
Common stock options outstanding		530,125		587,774
Unvested restricted stock units		32,650		32,950

Total		562,775		620,724

Subsequent Events	6 Months Ended	12 Months Ended
Subsequent Events	Jun. 30, 2024	Dec. 31, 2023
Subsequent Event [Line Items]
Subsequent Events	(12) SUBSEQUENT EVENTS The Company evaluates subsequent events up until the date the financial statements are issued.	(10) SUBSEQUENT EVENTS The Company has evaluated subsequent events through May 13, 2024, the date the financials were available to be issued. In May 2024, the Company entered into a definitive merger agreement with Reneo Pharmaceuticals, Inc. (Nasdaq: RPHM) (“Reneo”) to combine the Company with Reneo in an all-stock transaction. The combined company will focus on advancing OnKure’s pipeline candidates. Upon completion of the transaction, the combined company is expected to operate under the name OnKure Therapeutics, Inc., and trade on the Nasdaq Global Market under the ticker symbol “OKUR”. In connection with the transaction, Reneo has entered into a subscription agreement for a $65 million private investment in public equity (PIPE) financing expected to close concurrently with the closing of the merger, with a group of institutional investors. Pre-merger Reneo stockholders are expected to own approximately 31% of the combined company, and pre-merger Company stockholders are expected to own approximately 69% of the combined company, upon the closing of the merger, exclusive of the PIPE financing. The transaction is expected to close in 2024, subject to customary closing conditions, including approval by the stockholders of each company.
RENEO PHARMACEUTICALS INC [Member]
Subsequent Event [Line Items]
Subsequent Events		14. Subsequent Events In February 2024, the Company implemented a second workforce reduction. As a result of this workforce reduction, the Company will recognize approximately $1.6 million in severance and continuation of benefit expenses in first quarter of 2024.

Description of Business	6 Months Ended	12 Months Ended
Description of Business	Jun. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	(1) DESCRIPTION OF BUSINESS OnKure, Inc. (“OnKure” or the “Company”) is a clinical-stage biopharmaceutical company focused on the discovery and development of precision medicines that target biologically validated drivers of cancers that are underserved by available therapies. Using a structure- and computational chemistry-driven drug design platform, OnKure is committed to improving clinical outcomes for patients by building a robust pipeline of small molecule drugs designed to selectively target specific mutations thought to be key drivers of cancer. Liquidity and Capital Resources The Company had recurring losses from operations, an accumulated deficit of $125.7 million and cash and cash equivalents of $18.6 million as of June 30, 2024. The Company’s ability to fund its ongoing operations is highly dependent upon raising additional capital through the issuance of equity securities, issuing debt or other financing vehicles. As a result, the Company has determined that substantial doubt about the Company’s ability to continue as a going concern for a period of at least 12 months from the date of the issuance of these financial statements does exist. The Company’s ability to secure capital is dependent upon success in discovering and developing its drug candidates. The Company cannot provide assurance that additional capital will be available on acceptable terms, if at all. The issuance of additional equity or debt securities will likely result in substantial dilution to the Company’s stockholders. Should additional capital not be available to the Company in the near term, or not be available on acceptable terms, the Company may be unable to realize value from the Company’s assets or discharge liabilities in the normal course of business, which may, among other alternatives, cause the Company to delay, substantially reduce, or discontinue operational activities to conserve cash, which could have a material adverse effect on the Company’s ability to achieve its intended business objectives. The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. The financial statements do not reflect any adjustments relating to the recoverability and reclassification of assets and liabilities that might be necessary if the Company is unable to continue as a going concern. The Company believes that the $18.6 million of cash and cash equivalents on hand as of June 30, 2024, will not be sufficient to fund its operations in the normal course of business and meet its liquidity needs through at least the next 12 months from the issuance of these financial statements. As such, the Company will need to raise additional capital to finance its operations and the ability to do so is uncertain. As a result, the Company has determined there is substantial doubt about the Company’s ability to continue as a going concern for a period of at least 12 months from the date of the issuance of these financial statements. Failure to raise capital as and when needed, on favorable terms or at all, would have a negative impact on the Company’s financial condition and its ability to discover and develop its product candidates. Changing circumstances may cause the Company to consume capital significantly faster or slower than currently anticipated. If the Company is unable to acquire additional capital or resources, it will be required to modify its operational plans. The estimates included herein are based on assumptions that may prove to be wrong, and the Company could exhaust its available financial resources sooner than currently anticipated. The financial statements do not include any adjustments to the carrying amounts and classification of assets, liabilities, and reported expenses that may be necessary if the Company were unable to continue as a going concern.	(1) DESCRIPTION OF BUSINESS OnKure, Inc. (“OnKure” or the “Company”) is a clinical-stage biopharmaceutical company focused on the discovery and development of precision medicines that target biologically validated drivers of cancers that are underserved by available therapies. The Company is using its structure-based drug design platform to build a robust pipeline of tumor-agnostic candidates that are designed to achieve optimal efficacy and tolerability. OnKure is currently developing OKI-219, a selective PI3Kα H1047R inhibitor, as its lead program. OnKure aims to become the leader in targeting oncogenic PI3Kα and has multiple programs to enable optimal targeting of this critical oncogene. Risks and Uncertainties The board of directors of the Company discusses with management macroeconomic and geopolitical developments, including inflation, instability in the banking and financial services sector, tightening of the credit markets, international conflicts, COVID-19, cybersecurity, and sanctions so that the Company can be prepared to react to new developments as they arise. The board of directors and the management of the Company are carefully monitoring these developments and the resulting economic impact on its financial condition and results of operations. Liquidity and Capital Resources The Company had recurring losses from operations, an accumulated deficit of $102.1 million and cash and cash equivalents of $29.9 million as of December 31, 2023. The Company’s ability to fund its ongoing operations is highly dependent upon raising additional capital through the issuance of equity securities, issuing debt or other financing vehicles. As a result, the Company has determined that substantial doubt about the Company’s ability to continue as a going concern for a period of at least 12 months from the date of the issuance of these financial statements does exist. The Company’s ability to secure capital is dependent upon success in discovering and developing its drug candidates. The Company cannot provide assurance that additional capital will be available on acceptable terms, if at all. The issuance of additional equity or debt securities will likely result in substantial dilution to the Company’s stockholders. Should additional capital not be available to the Company in the near term, or not be available on acceptable terms, the Company may be unable to realize value from the Company’s assets or discharge liabilities in the normal course of business, which may, among other alternatives, cause the Company to delay, substantially reduce, or discontinue operational activities to conserve cash, which could have a material adverse effect on the Company’s ability to achieve its intended business objectives. The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. The financial statements do not reflect any adjustments relating to the recoverability and reclassification of assets and liabilities that might be necessary if the Company is unable to continue as a going concern. The Company believes that the $29.9 million of cash and cash equivalents on hand as of December 31, 2023, will not be sufficient to fund its operations in the normal course of business and meet its liquidity needs through at least the next 12 months from the issuance of these financial statements. As such, the Company will need to raise additional capital to finance its operations and the ability to do so is uncertain. As a result, the Company has determined there is substantial doubt about the Company’s ability to continue as a going concern for a period of at least 12 months from the date of the issuance of these financial statements. Failure to raise capital as and when needed, on favorable terms or at all, would have a negative impact on the Company’s financial condition and its ability to discover and develop its product candidates. Changing circumstances may cause the Company to consume capital significantly faster or slower than currently anticipated. If the Company is unable to acquire additional capital or resources, it will be required to modify its operational plans. The estimates included herein are based on assumptions that may prove to be wrong, and the Company could exhaust its available financial resources sooner than currently anticipated. The financial statements do not include any adjustments to the carrying amounts and classification of assets, liabilities, and reported expenses that may be necessary if the Company were unable to continue as a going concern.

Income Taxes - Company's loss before provision for income taxes (Details) - RENEO PHARMACEUTICALS INC [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Taxes [Line Items]
Domestic	$ (78,132)	$ (51,994)
Foreign	744	39
Net loss	$ (77,388)	$ (51,955)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 7: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(11))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-1

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Summary of Significant Accounting Policies - Property and equipment, Net (Details) - RENEO PHARMACEUTICALS INC [Member]	12 Months Ended
	Dec. 31, 2023
Furniture and fixtures [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life	5 years
Computers and software [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life	3 years
Leasehold improvements [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life	Shorter of useful life or remaining lease term

Convertible Preferred Stock - Summary of Convertible Preferred Stock Nonredeemable Or Redeemable Issuer (Parentheticals) (Details) - USD ($) $ / shares in Units, $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Convertible preferred stock par or stated value per share	$ 0.0001	$ 0.0001
Convertible preferred stock shares authorized	51,141,064	51,141,064	25,828,896
Convertible preferred stock shares issued	47,243,806	47,243,806
Convertible preferred stock shares outstanding	47,243,806	47,243,806
Convertible preferred stock liquidation preference value	$ 195,823	$ 195,823
Convertible Preferred Stock Series A [Member]
Class of Stock [Line Items]
Convertible preferred stock par or stated value per share			$ 0.0001
Convertible preferred stock shares authorized			2,758,788
Convertible preferred stock shares issued			2,758,788
Convertible preferred stock shares outstanding			2,758,788
Convertible preferred stock liquidation preference value			$ 5,222
Convertible Preferred Stock Series A1 [Member]
Class of Stock [Line Items]
Convertible preferred stock par or stated value per share			$ 0.0001
Convertible preferred stock shares authorized			2,413,906
Convertible preferred stock shares issued			2,413,906
Convertible preferred stock shares outstanding			2,413,906
Convertible preferred stock liquidation preference value			$ 5,198
Convertible Preferred Stock Series B [Member]
Class of Stock [Line Items]
Convertible preferred stock par or stated value per share			$ 0.0001
Convertible preferred stock shares authorized			20,656,202
Convertible preferred stock shares issued			20,649,758
Convertible preferred stock shares outstanding			20,649,758
Convertible preferred stock liquidation preference value			$ 57,061
Convertible Preferred Stock Series C [Member]
Class of Stock [Line Items]
Convertible preferred stock par or stated value per share		$ 0.0001
Convertible preferred stock shares authorized		51,141,064
Convertible preferred stock shares issued		47,243,806
Convertible preferred stock shares outstanding		47,243,806
Convertible preferred stock liquidation preference value		$ 195,823

Convertible Preferred Stock (Tables)

12 Months Ended

Dec. 31, 2023

Features of Convertible Preferred Stock [Abstract]

Summary of convertible preferred stock nonredeemable or redeemable issuer

Convertible preferred stock consisted of the following (in thousands) except for share information:


	December 31,
	2023		2022
Convertible preferred stock, Series A, $0.0001 par value; 2,758,788 shares issued and outstanding at December 31, 2022, liquidation preference of $5,222 as of December 31, 2022		—		4,975
Convertible preferred stock, Series A-1, $0.0001 par value; 2,413,906 shares issued and outstanding at December 31, 2022, liquidation preference of $5,198 as of December 31, 2022		—		5,162
Convertible preferred stock, Series B, $0.0001 par value; 20,649,758 shares issued and outstanding at December 31, 2022, liquidation preference of $57,061 as of December 31, 2022		—		54,252
Convertible preferred stock, Series C, $0.0001 par value; 51,141,064 authorized; 47,243,806 shares issued and outstanding at December 31, 2023; liquidation preference of $195,823 as of December 31, 2023.		129,825		—

Summary of convertible preferred stock


Prior Preferred stock:
Series A Preferred Stock			2,758,788
Series A-1 Preferred Stock			2,413,906
Series B Preferred Stock			20,649,758

Total Prior Preferred stock			25,822,452


Shares issued for Prior Preferred:
Series C Preferred Stock			27,780,350
Class A Common Stock			5,402,428

Total shares issued in exchange for Prior Preferred			33,182,778

Summary of Significant Accounting Policies - Schedule Of the Components Of Property and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Lab equipment		$ 706	$ 669
Leasehold improvements		1,090	1,004
Computer hardware and software		141	84
Furniture and fixtures		160	95
Property and equipment, gross		2,097	1,852
Less: accumulated depreciation and amortization	$ (891)	(665)	(248)
property and equipment, net	$ 1,223	$ 1,432	$ 1,604

Summary of Significant Accounting Policies (Policies)

6 Months Ended

12 Months Ended

Jun. 30, 2024

Dec. 31, 2023

Basis of Presentation

The Company has prepared the accompanying unaudited financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”). The Company recommends that these unaudited financial statements be read in conjunction with the audited financial statements and the notes thereto included in the Company’s audited financial statements for the year ended December 31, 2023.

In the opinion of management, all adjustments, including normal recurring adjustments, considered necessary for a fair presentation of the financial statements, have been included in the accompanying unaudited financial statements. Interim results are not necessarily indicative of results that may be expected for any other interim period or for an entire year.

Basis of Presentation

The accompanying financial statements as of and for the year ended December 31, 2023, and as of December 31, 2022, include the accounts of OnKure, Inc.

The financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and include all adjustments necessary for the fair presentation of the Company’s financial position, results of operations, and cash flows for the periods presented.

Segment Information

The Company operates in one operating segment and, accordingly, no segment disclosures have been presented herein. All equipment and other fixed assets are physically located within the United States.

Use of Estimates

The preparation of the financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and contingent liabilities at the date of the financial statements, and the reported amounts of expenses during the reporting period. Although these estimates are based on the Company’s knowledge of current events and actions it may take in the future, actual results may ultimately differ from these estimates. The most significant estimates relate to external research and development expenses, and the fair value of stock options and restricted stock awards and units.

Use of Estimates

The preparation of the financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and contingent liabilities at the date of the financial statements, and the reported amounts of expenses during the reporting period. Although these estimates are based on the Company’s knowledge of current events and actions it may take in the future, actual results may ultimately differ from these estimates. The most significant estimates relate to external research and development expenses,and the fair value of stock options and restricted stock awards and units.

Comprehensive Income or Loss

Comprehensive Loss

Comprehensive loss is defined as a change in equity during a period from transactions and other events and circumstances from

non-owner

sources. The Company’s comprehensive loss was the same as its reported net loss for all periods presented.

Research and Development Expenses

Research and development (“R&D”) costs are expensed as incurred in performing research and development activities. The costs include employee-related expense, including salaries, benefits, share-based compensation, fees for acquiring and maintaining licenses under third-party license agreements, consulting fees, costs of research and development activities conducted by third parties on the Company’s behalf, costs to manufacture or have manufactured clinical trial materials, depreciation, and facilities and overhead costs.

Accrued Research and Development Expenses

The Company records research and development expenses in the period in which the Company receives or takes ownership of the applicable goods or when the applicable services are performed. The Company is required to

estimate its expenses resulting from its obligations under contracts with vendors, consultants, and contract research organizations, in connection with conducting research and development activities. The financial terms of these contracts are subject to negotiations, which vary from contract to contract and may result in payment flows that do not match the periods over which materials or services are provided under such contracts. The Company reflects research and development expenses in its financial statements by matching those expenses with the period in which services and efforts are expended. The Company accounts for these expenses according to the progress of the preclinical studies or clinical trials, as measured by the timing of various aspects of the study or related activities. The Company determines accrual estimates through a review of the underlying contracts along with the preparation of financial models considering discussions with research and other key personnel as to the progress of studies, trials, or other services being conducted. During a study or trial, the Company adjusts its rate of expense recognition if actual results differ from its estimate. Nonrefundable advance payments for goods and services, including fees for process development or manufacturing and distribution of clinical supplies that will be used in future research and development activities, are deferred and recognized as an expense in the period that the related goods are consumed, or services are performed.

Patent Costs

The Company expenses all costs as incurred in connection with patent applications (including direct application fees and the legal and consulting expenses related to making such applications) and such costs are included in general and administrative expenses in the statements of operations and comprehensive loss.

Stock-Based Compensation

Share-Based Compensation

The Company maintains an equity incentive compensation plan under which incentive stock options and nonqualified stock options to purchase common stock, and restricted stock units for common stock, are granted to employees, board of directors, and

non-employee

consultants. Stock-based compensation cost is measured at the grant date, based on the fair value of the award, and is recognized as expense over the requisite service or performance period. The fair value of stock options granted to employees is estimated using the Black-Scholes option pricing model.

The Black-Scholes valuation method requires certain assumptions be used as inputs, such as the fair value of the underlying common stock, expected term of the option before exercise, expected volatility of the Company’s common stock, risk-free interest rate and expected dividend. Options granted have a maximum contractual term of 10 years. The Company has limited historical stock option activity and therefore estimates the expected term of stock options granted using the simplified method, which represents the arithmetic average of the original contractual term of the stock option and its weighted-average vesting term. The expected volatility of stock options is based on the historical volatility of several publicly traded companies in similar stages of clinical development. The Company will continue to apply this process until enough historical information regarding the volatility of its stock price becomes available. The risk-free interest rates used are based on the U.S. Treasury yield in effect at the time of

grant for zero-coupon U.S. treasury

notes with maturities approximately equal to the expected term of the stock options. The Company has historically not declared or paid any dividends and does not currently expect to do so in the foreseeable future, and therefore has estimated the dividend yield to be zero. (See Note 6)

Common Stock Valuation

Due to the lack of marketability for the Company’s common stock, the Company utilizes methodologies, approaches and assumptions consistent with the American Institute of Certified Public Accountants’ Audit and Accounting Practice Guide: Valuation of Privately-Held Company Equity Securities Issued as Compensation to estimate the fair value of its common stock. In determining the exercise prices for options granted, the Company has considered the fair value of the common stock as of the grant date. The fair value of the common stock has been determined based upon a variety of factors, including the prices at which the Company sold shares of its

convertible preferred stock to outside investors in arms-length transactions, and the superior rights, preferences and privileges of the preferred stock relative to the common stock at the time of each grant; the progress of the Company’s research and development programs, including their stages of development, and the Company’s business strategy; external market and other conditions affecting the biotechnology industry, and trends within the biotechnology industry; the Company’s financial position, including cash on hand, and its historical and forecasted performance and operating results; the lack of an active public market for the Company’s common stock; and the market performance of peer companies in the biopharmaceutical industry.

Significant changes to the key assumptions underlying the factors used could result in different fair values of common stock at each valuation date.

Fair Value of Financial Instruments

The Company is required to disclose information on all assets and liabilities reported at fair value that enables an assessment of the inputs used in determining the reported fair values. The Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC”) Topic 820,

Fair Value Measurements and Disclosures

(“ASC 820”), establishes a hierarchy of inputs used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs are those that reflect the Company’s assumptions about the inputs that market participants would use in pricing the asset or liability and are developed based on the best information available in the circumstances. The fair value hierarchy applies only to the valuation inputs used in determining the reported fair value of financial instruments and is not a measure of the investment credit quality. The three levels of the fair value hierarchy are described below:

Level 1 — Valuations are based on unadjusted quoted prices in active markets for identical assets or liabilities.

Level 2 — Valuations are based on quoted prices for similar assets or liabilities in active markets, or quoted prices in markets that are not active for which significant inputs are observable, either directly or indirectly. The Company had no Level 2 valuations for the periods ended June 30, 2024, or year ended December 31, 2023, respectively.

Level 3 — Valuations are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. Inputs reflect management’s best estimate of what market participants would use in valuing the asset or liability at the measurement date. The Company had no Level 3 valuations for the periods ended June 30, 2024, or year ended December 31, 2023, respectively.

The carrying amounts of the Company’s financial assets and liabilities, such as cash, receivables, prepaid and other current assets, accounts payable, notes payable, and accrued expenses approximate their fair values because of the short maturity of these instruments.

Fair Value of Financial Instruments

Fair Value Measurements and Disclosures

Level 1 —Valuations are based on unadjusted quoted prices in active markets for identical assets or liabilities.

Level 2 —Valuations are based on quoted prices for similar assets or liabilities in active markets, or quoted prices in markets that are not active for which significant inputs are observable, either directly or indirectly. The Company had no Level 2 valuations for the year ended December 31, 2023 and 2022, respectively.

Level 3 —Valuations are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. Inputs reflect management’s best estimate of what market participants would use in valuing the asset or liability at the measurement date. The Company had no Level 3 valuations for the year ended December 31, 2023 and 2022, respectively.

The carrying amounts of the Company’s financial assets and liabilities, such as cash, receivables, prepaid and other current assets, accounts payable, and accrued expenses approximate their fair values because of the short maturity of these instruments.

Cash and Cash Equivalents

All highly liquid investments with maturities of 90 days or less, at the time of purchase, are classified as cash equivalents. Cash equivalents are reported at cost, which approximates fair value. The Company’s cash and cash equivalents consist of money held in demand depository accounts and money market funds. The carrying amount of cash and cash equivalents was $29.9 million and $11.5 million as of December 31, 2023, and 2022, respectively, which approximates fair value and was determined based upon Level 1 inputs. The money market account is valued using quoted market prices with no valuation adjustments applied and is categorized as Level 1.

Concentration of Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents. The Company maintains accounts in federally insured financial institutions above

federally insured limits of $250,000 as of December 31, 2023, and 2022. Management believes the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which these deposits are held and of the money market funds in which these investments are made.

Property and Equipment, Net

Property and Equipment

The Company carries its property and equipment at cost, less accumulated depreciation, amortization and impairment, if any. Expenditures for renewals or betterments that materially extend the useful life of an asset or increase its productivity, such as leasehold improvements, are capitalized. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, generally between three to seven years. Leasehold improvements are amortized over the shorter of the life of the lease (including any renewal periods that are deemed to be reasonably assured) or the estimated useful life of the assets. Repair and maintenance costs are expensed as incurred and expenditures for major improvements are capitalized.

The following summarizes the components of property and equipment (in thousands):


	December 31,
	2023			2022
Lab equipment	$	706		$	669
Leasehold improvements		1,090			1,004
Computer hardware and software		141			84
Furniture and fixtures		160			95

Property and equipment, gross		2,097			1,852
Less: accumulated depreciation and amortization		(665	)		(248	)

Property and equipment, net	$	1,432		$	1,604

Leasing – Lessee Accounting

The Company determines if an arrangement is a lease at inception. The Company’s operating lease agreements are primarily for office space and research labs.

For operating leases with a term greater than one year, the Company recognizes the

right-of-use

(“ROU”) assets and lease liabilities related to the lease payments on its balance sheet. The lease liabilities are initially and subsequently measured at the present value of the unpaid lease payments at the lease commencement date. The ROU assets represent the Company’s right to use the underlying assets for the term of the lease and the lease liabilities represent the Company’s obligation to make lease payments arising for the agreements. ROU assets are initially measured at cost, which comprises the initial amount of the lease liability adjusted for lease payments made at or before the lease commencement date, plus any initial direct costs incurred less any lease incentives received. The ROU asset is periodically reviewed for impairment unless a triggering event occurs. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Variable lease payments, except for the ones that depend on index or rate, are excluded from the calculation of the ROU assets and lease liabilities and are recognized as variable lease expense in the statements of operations and comprehensive loss in the period in which they are incurred.

As the interest rate implicit in the Company’s leases is not readily determinable, the Company uses its estimated incremental borrowing rate in its present value calculations. One of the Company’s lessee agreements include an option to extend the lease, which the Company does not include in its minimum lease term unless it is reasonably certain to exercise such option. Operating leases with a term of less than one year are recognized as a lease expense over the term of the lease, with no asset or liability recognized on the balance sheet.

Impairment of Long-Lived Assets

Impairment of Long-lived Assets

The Company assesses the carrying amount of its property and equipment whenever events or changes in circumstances indicate the carrying amount of such assets may not be recoverable. No impairment charges were recorded during the years ended December 31, 2023, and 2022.

Income Taxes

Income taxes are provided for the tax effects of transactions reported in the financial statements and consist of taxes currently payable and deferred taxes. The Company accounts for income taxes using the asset and liability method of accounting for deferred income taxes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis, and operating losses and tax credit carryforwards.

A valuation allowance is recorded to the extent it is more likely than not that some portion of a deferred tax asset will not be realized. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operations in the period that includes the enactment date. The Company’s significant deferred tax assets are net operating loss carryforwards, tax credits, and accruals. The Company has provided a valuation allowance equal to its net deferred tax assets since inception as, due to its history of operating losses, the Company has concluded that it is more likely than not that most of its deferred tax assets will not be realized.

Accounting for uncertain tax positions requires a more likely than not threshold for recognition in the financial statements. The Company recognizes a tax benefit based on whether it is more likely than not that a tax position will be sustained. The Company records a liability to the extent that a tax position taken or expected to be taken on a tax return exceeds the amount recognized in the financial statements.

The Company has no unrecognized tax benefits as of December 31, 2023, and 2022. The Company classifies interest and penalties arising from the underpayment of income taxes in the statements of operations as general and administrative expenses. No such expenses have been recognized during the years ended December 31, 2023, and 2022.

Employee Benefit Plan

The Company established a qualified 401(k) plan in June 2021 which covers all employees who meet eligibility requirements. The Company matches its employee contributions up to a maximum amount of

% of the participant’s compensation. During the years ended December 31, 2023, and 2022, the Company made matching contributions of approximately $294,000 and $220,000, respectively.

Recently Issued Accounting Pronouncements

In November 2023, the FASB issued ASU

2023-07,

Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures

to update reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses and information used to assess segment performance. This update is effective beginning with the Company’s 2024 fiscal year annual reporting period, with early adoption permitted. The Company is currently evaluating the impact that the adoption of this standard will have on its financial statements.

In December 2023, the FASB issued ASU

2023-09,

Income Taxes (Topic 740):

Improvements to Income Tax Disclosures

(“ASU

2023-09”),

which requires enhanced income tax disclosures, including specific categories and disaggregation of information in the effective tax rate reconciliation, disaggregated information related to income taxes paid, income or loss from continuing operations before income tax expense or benefit, and income tax expense or benefit from continuing operations. The requirements of the ASU are effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of this pronouncement.

The Company continues to monitor new accounting pronouncements issued by the FASB and does not believe any accounting pronouncements issued through the date of this report will have a material impact on its financial statements.

Recently Issued Accounting Pronouncements

In November 2023, the FASB issued ASU

2023-07,

Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures

In December 2023, the FASB issued ASU

2023-09,

Income Taxes (Topic 740):

Improvements to Income Tax Disclosures

(“ASU

2023-09”),

which requires enhanced income tax disclosures, including specific categories and disaggregation of information in the effective tax rate reconciliation, disaggregated information related to

income taxes paid, income or loss from continuing operations before income tax expense or benefit, and income tax expense or benefit from continuing operations. The requirements of the ASU are effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of this pronouncement.

RENEO PHARMACEUTICALS INC [Member]

Basis of Presentation and Consolidation

The Company has prepared the accompanying unaudited consolidated financial statements pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and note disclosures

normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) have been condensed or omitted, although the Company believes that the disclosures made are adequate to make the information not misleading. The Company recommends that the unaudited consolidated financial statements be read in conjunction with the audited consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form

10-K

for the year ended December 31, 2023.

In the opinion of management, all adjustments, including normal recurring adjustments, considered necessary for a fair statement of the financial statements, have been included in the accompanying unaudited financial statements. Interim results are not necessarily indicative of results that may be expected for any other interim period or for an entire year.

The accompanying unaudited consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

Basis of Presentation and Consolidation

The Company’s consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (GAAP) and reflect the operation of the Company and its wholly owned subsidiary. All intercompany balances and transactions among the consolidated entities have been eliminated in consolidation.

Use of Estimates

The preparation of the Company’s consolidated financial statements requires management to make estimates and assumptions that impact the reported amounts of assets, liabilities and expenses and the disclosure in the Company’s consolidated financial statements and accompanying notes. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. By their nature, estimates are subject to an inherent degree of uncertainty and, as such, actual results may differ from management’s estimates.

Comprehensive Income or Loss

Comprehensive income or loss is defined as a change in equity during a period from transactions and other events and circumstances from

non-owner

sources.

Research and Development Expenses

Research and Development Costs and Accruals

All research and development costs are expensed as incurred. Research and development costs consist primarily of costs associated with manufacturing drug substance and drug product, costs associated with preclinical studies, clinical trials managed through contract research organizations (CROs) and other third parties, license fees, salaries and employee benefits.

The Company bases its expense accruals related to clinical trials on its estimates of the services received and efforts expended pursuant to contracts with multiple research institutions and CROs that conduct and manage clinical trials on its behalf. The financial terms of these agreements vary from contract to contract and may result in uneven payment flows. Payments under certain contracts depend on factors such as the successful enrollment of patients and the completion of clinical trial milestones. In accruing costs, the Company estimates the time period over which services will be performed and the level of effort to be expended in each period. Nonrefundable advance payments for goods and services, including fees for process development or manufacturing and distribution of clinical supplies that will be used in future research and development activities, are deferred and recognized as expense in the period that the related goods are consumed, or services are performed.

To date, the Company has not experienced significant changes in its estimates of accrued research and development expenses after a

reporting

period.

Stock-Based Compensation

The Company recognizes stock-based compensation expense for grants under its 2014 and 2021 Equity Incentive Plans and employee stock purchase plan (ESPP). The Company accounts for all stock-based awards granted to employees and directors at their fair value and recognizes compensation expense over the award’s vesting period. Determining the amount of stock-based compensation to be recorded requires the Company to develop estimates of fair values of stock options as of the grant date. The Company calculates the grant date fair values of stock options using the Black-Scholes valuation model, which requires the input of subjective assumptions, including but not limited to expected stock price volatility over the term of the awards and the expected term of stock options. The fair value of restricted stock awards granted to employees is based on the quoted closing market price per share on grant date.

The Company granted restricted stock awards with performance conditions that are based upon the achievement of

pre-specified

clinical development or regulatory performance events. As the outcome of each event has inherent risks and uncertainties, and a positive outcome may not be known until the event is achieved, the Company will begin to recognize the value of the performance-based restricted stock awards when the achievement of each performance condition is deemed probable, a determination that requires significant judgment by management. Compensation cost is recognized under the accelerated method and is adjusted in future periods for subsequent changes in the expected outcome of the performance-related conditions.

The Company granted restricted stock awards with market conditions. The Company measures the fair value of stock-based awards with market-based vesting conditions on the date of grant using a Monte Carlo simulation model. In accordance with accounting guidance for awards with market conditions, the stock-based compensation expense will be recognized over the derived service period regardless of whether the award achieves the market condition and will only be adjusted to the extent the service condition is not met.

Cash and Cash Equivalents

The Company considers all highly liquid investments with original maturities of three months or less, when purchased, to be cash equivalents. As of December 31, 2023 and 2022, the Company had cash balances deposited at major financial institutions. Cash balances are subject to minimal credit risk as the balances are with high credit quality financial institutions. Cash and cash equivalents include cash in readily available checking, money market accounts and repurchase agreements.

Concentration of Credit Risk

Financial instruments, which potentially subject the Company to significant concentration of credit risk, consist primarily of cash, cash equivalents and short-term investments. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits. The Company has not experienced any losses in such accounts and management believes that the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held.

Property and Equipment, Net

Property and equipment are stated at cost, less accumulated depreciation and amortization. Property and equipment are depreciated using the straight-line method over the estimated useful lives of the assets. Maintenance and repairs are expensed as incurred.

The following estimated useful lives were used to depreciate or amortize the Company’s assets:


		Estimated Useful Life
Furniture and fixtures		5 years
Computers and software		3 years
Leasehold improvements		Shorter of useful life or remaining lease term

Short-term Investments

The Company accounts for short-term investments in accordance with Accounting Standard Codification (ASC) Topic 320,

Investments – Debt and Equity Securities

. Management determines the appropriate classification of its investments at the time of purchase and reevaluates such determinations at each reporting period.

At December 31, 2023, the Company’s investments comprised of U.S. treasury securities and commercial paper classified as

available-for-sale

securities.

Available-for-sale

securities are carried at fair value, with the unrealized gains and losses reported in accumulated other comprehensive income (loss) in stockholders’ equity. Realized gains and losses on sales of investments are included in interest income and are derived using the specific identification method for determining the cost of securities.

When the fair value of an

available-for-sale

debt security falls below the amortized cost basis it is evaluated to determine if any of the decline in value is attributable to credit loss. Decreases in fair value attributable to credit loss are recorded directly to earnings with a corresponding allowance for credit losses, limited to the amount that the fair value is less than the amortized cost basis. If the credit quality subsequently improves the allowance is reversed up to a maximum of the previously recorded credit losses. When the Company intends to sell an impaired

available-for-sale

debt security, or if it is more likely than not that the Company will be required to sell the security prior to recovering the amortized cost basis, the entire fair value adjustment will immediately be recognized in earnings with no corresponding allowance for credit losses. The Company did not recognize any credit losses on its short-term investments during the years ended December 31, 2023 and 2022.

Money market account balances are included as cash and cash equivalents on the consolidated balance sheets, which are also disclosed in Note 4,

Fair Value Measurements

Leasing – Lessee Accounting

Leases

The Company determines if an arrangement includes a lease at inception. Leases with an initial term of 12 months or less are not recorded on the balance sheet. The Company’s lease terms may include options to extend or terminate a lease when it is reasonably certain that it will exercise that option. The Company combines lease and

non-lease

components when determining lease payments.

Right-of-use

(ROU) assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term, unless there is a transfer of title or purchase option the Company is reasonably certain to exercise. For leases where an implicit rate is not readily determinable, the Company uses its incremental borrowing rate based on information available at the lease commencement date to determine the present value of future lease payments. Lease expense for operating leases is recognized on a straight-line basis over the expected lease term.

Impairment of Long-Lived Assets

Long-lived assets consist primarily of property and equipment. Long-lived assets are evaluated for impairment when events and circumstances indicate the assets might be impaired by first comparing the estimated future undiscounted cash flows of the asset or asset group to the carrying value. If the carrying value

exceeds the estimated future undiscounted cash flows, an impairment loss is recognized based on the amount that the carrying value exceeds the fair value of the asset or asset group. As a result of suspending development activities of the Company’s only product candidate, mavodelpar, the Company recognized $

0.3 million and $0.4 million in impairment losses of

right-of-use

assets and leasehold improvements, respectively, for the year ended December 31, 2023. The Company recognized an immaterial amount in impairment related to its leases for the year ended December 31, 2022.

License Fees

The Company expenses amounts paid to acquire licenses associated with products under development when the ultimate recoverability of the amounts paid is uncertain and the technology has no alternative future use when acquired. Acquisitions of technology licenses are charged to expense or capitalized based upon management’s assessment regarding the ultimate recoverability of the amounts paid and the potential for alternative future use. The Company has determined that technological feasibility for its product candidate would be reached when the requisite regulatory approvals are obtained to make the product available for sale. Contingent milestone payments are recognized when the related contingency is resolved, and the amounts are paid or become payable. These amounts are expensed to research and development if there is no alternative future use associated with the license or capitalized as an intangible asset if alternative future use of the license exists.

Foreign Currency Transactions

The functional currency of Reneo Pharma Ltd, the Company’s wholly owned subsidiary in the UK, is the U.S. dollar. All foreign exchange transactional and remeasurement gains and losses are recognized in the consolidated statements of operations and comprehensive loss. For the years ended December 31, 2023 and 2022, total foreign currency gains and losses were immaterial.

Income Taxes

The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date.

The Company recognizes net deferred tax assets to the extent that the Company believes these assets are more likely than not to be realized. In making such a determination, management considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income,

tax-planning

strategies and results of recent operations. If management determines that the Company would be able to realize its deferred tax assets in the future in excess of their net recorded amount, management would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes.

The Company records uncertain tax positions on the basis of a

two-step

process whereby (1) management determines whether it is more

likely

than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the

more-likely-than-not

recognition threshold, management recognizes the largest amount of tax benefit that is more than 50% likely to be realized upon ultimate settlement with the related tax authority. The Company’s policy is to recognize interest and penalties related to the underpayment of income taxes as a component of income tax expense or benefit. To date, there have been no interest or penalties charged in relation to unrecognized tax benefits.

The Company is subject to taxation in the United States and the United Kingdom (UK). As of December 31, 2023, the Company’s tax years since inception are subject to examination by taxing authorities in the United States, and the UK tax returns from 2018 forward are subject to examination.

Recently Issued Accounting Pronouncements

New Accounting Pronouncements

There were various accounting standards and interpretations issued recently, none of which are expected to have a material impact on the Company’s financial position, operations or cash flows.

New Accounting Pronouncements

Recently Adopted Accounting Pronouncements

In June 2016, the Financial Accounting Standard Board (FASB) issued Accounting Standard Update (ASU)

2016-13,

Financial Instruments - Credit Losses

(ASC 326),

Measurement of Credit Losses on Financial Instruments

. The standard amends the impairment model by requiring entities to use a forward-looking approach based on expected losses to estimate credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. For

available-for-sale

debt securities, entities will be required to recognize an allowance for credit losses rather than a reduction in the carrying value of the asset. Entities will no longer be permitted to consider the length of time that fair value has been less than amortized cost when evaluating when credit losses should be recognized. This new guidance was effective for the Company as of January 1, 2023. The Company adopted the guidance as of January 1, 2023, with no material impact on its consolidated financial statements and related disclosures.

Recent Accounting Pronouncements Not Yet Adopted

In December 2023, the FASB issued ASU 2023- 09,

Income Taxes

(ASC 740),

Improvements to Income Tax

Disclosures. The standard will require more detailed information in the rate reconciliation table and for income taxes paid, among other enhancements. The standard is effective for years beginning after December 15, 2025 and early adoption is permitted. The Company is evaluating the impact of this standard on its consolidated financial statements.

Fair Value Measurements

6 Months Ended

12 Months Ended

Jun. 30, 2024

Dec. 31, 2023

RENEO PHARMACEUTICALS INC [Member]

Fair Value Measurements

4. Fair Value Measurements

ASC Topic 820,

Fair Value Measurement

are inputs that reflect the Company’s assumptions about the inputs that market participants would use in pricing the asset or liability and are developed based on the best information available in the circumstances.

ASC Topic 820 identifies fair value as the exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As a basis for considering market participant assumptions in fair value measurements, ASC Topic 820 establishes a three-tier fair value hierarchy that distinguishes between the following:

•

Level 1 – Observable inputs such as quoted prices in active markets for identical assets or liabilities.

•

Level 2 – Inputs, other than quoted prices in active markets, which are observable for the asset or liability, either directly or indirectly.

•

Level 3 – Unobservable inputs in which there is little or no market data, which requires the Company to develop its own assumptions.

Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires management to make judgments and consider factors specific to the asset or liability. The Company’s financial assets are subject to fair value measurements on a recurring basis.

The Company categorizes its money market funds as Level 1, using the quoted prices in active markets. Commercial paper and U.S. treasury securities are categorized as Level 2, using significant other observable inputs. The fair value of the Company’s investments in certain money market funds is their face value and such instruments are classified as Level 1 and are included in cash and cash equivalents on the consolidated balance sheets.

In connection with the Company’s chief executive officer’s (CEO) employment agreement, he is entitled to receive a special performance bonus in the amount of $7.5 million (Performance Award), payable in cash, common stock or a combination of cash and common stock, at the election of the Company, based on achievement of certain conditions as described in more detail in Note 8. The Company estimated the fair value of the Performance Award using a Monte Carlo simulation, which incorporates the stock price at the date of the valuation and utilizes Level 3 inputs such as volatility, probabilities of success, and other inputs that are not observable in active markets. The Performance Award is required to be measured at fair value on a recurring basis each reporting period, with changes in the fair value recognized in general and administrative expense in the consolidated statements of operations and comprehensive loss over the derived service period of the award.

No assets or liabilities were transferred into or out of their classifications during the six months ended June 30, 2024.

The recurring fair value measurement of the Company’s assets and liabilities measured at fair value at June 30, 2024 consisted of the following (in thousands):


	Quoted Prices in Active Markets For Identical Items (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Assets
Cash and cash equivalents:
Money market investments	$	21,717	$	—	$	—	$	21,717
U.S. treasury securities		—		12,934		—		12,934
Short-term investments:
U.S. treasury securities		—		40,611		—		40,611

Total	$	21,717	$	53,545	$	—	$	75,262

Liabilities
Performance award	$	—	$	—	$	8	$	8

Total	$	—	$	—	$	8	$	8

The recurring fair value measurement of the Company’s assets and liabilities measured at fair value at December 31, 2023 consisted of the following (in thousands):


	Quoted Prices in Active Markets For Identical Items (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Assets
Cash and cash equivalents:
Money market investments	$	10,983	$	—	$	—	$	10,983
U.S. treasury securities		—		9,928		—		9,928
Short-term investments:
U.S. treasury securities		—		75,331		—		75,331

Total	$	10,983	$	85,259	$	—	$	96,242

Liabilities
Performance award	$	—	$	—	$	7	$	7

Total	$	—	$	—	$	7	$	7

The following table sets forth a summary of changes in the fair value measurements of the Performance Award liability (in thousands):


	Performance Award
Balance as of January 1, 2024	$	7
Change in fair value		1

Balance as of June 30, 2024	$	8

4. Fair Value Measurements

ASC Topic 820,

Fair Value Measurement

, establishes a fair value hierarchy for instruments measured at fair value that distinguishes between assumptions based on market data (observable inputs) and the Company’s own assumptions (unobservable inputs). Observable inputs are inputs that market participants would use in pricing an asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the inputs that market participants would use in pricing the asset or liability and are developed based on the best information available in the circumstances.

•

Level 1 – Observable inputs such as quoted prices in active markets for identical assets or liabilities.

•

Level 2 – Inputs, other than quoted prices in active markets, which are observable for the asset or liability, either directly or indirectly.

•

Level 3 – Unobservable inputs in which there is little or no market data, which requires the Company to develop its own assumptions.

Investments are reviewed periodically to identify possible other-than-temporary impairments. As the Company has the ability and intends to hold these investments with unrealized losses for a reasonable period of time sufficient for the recovery of fair value, which may be maturity, the Company does not consider these investments to be other-than-temporarily impaired for any of the periods presented.

In connection with the Company’s chief executive officer’s (CEO) employment agreement, he is entitled to receive a special performance bonus in the amount of $7.5 million (Performance Award), payable in cash, common stock or a combination of cash and common stock, at the election of the Company, based on achievement of certain conditions as described in more detail in Note 9. The Company estimated the fair value of the Performance Award using a Monte Carlo simulation, which incorporates the stock price at the date of the valuation and utilizes Level 3 inputs such as volatility, probabilities of success, and other inputs that are not observable in active markets. The Performance Award is required to be measured at fair value on a recurring basis each reporting period, with changes in the fair value recognized in general and administrative expense in the consolidated statements of operations and comprehensive loss over the derived service period of the award.

No assets or liabilities were transferred into or out of their classifications during the years ended December 31, 2023 and 2022.

The recurring fair value measurement of the Company’s assets and liabilities measured at fair value at December 31, 2023 consisted of the following (in thousands):


	Quoted Prices in Active Markets For Identical Items (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Assets
Cash and cash equivalents:
Money market investments	$	10,983			$	—	$	10,983
U.S. treasury securities		—		9,928		—	$	9,928
Short-term investments:
U.S. treasury securities		—		75,331		—		75,331

Total	$	10,983	$	85,259	$	—	$	96,242

Liabilities
Performance award	$	—	$	—	$	7	$	7

Total	$	—	$	—	$	7	$	7

The recurring fair value measurement of the Company’s assets and liabilities measured at fair value at

December 31, 2022 consisted of the following (in thousands):


	Quoted Prices in Active Markets For Identical Items (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Assets
Cash and cash equivalents:
Money market investments	$	9,365	$	—	$	—	$	9,365
Commercial paper		—		4,978		—		4,978
Short-term investments:
U.S. treasury securities		—		76,253		—		76,253
Commercial paper		—		4,993		—		4,993

Total	$	9,365	$	86,224	$	—	$	95,589

Liabilities
Performance award	$	—	$	—	$	29	$	29

Total	$	—	$	—	$	29	$	29

The following table sets forth a summary of changes in the fair value measurements of the Performance

Award liability (in thousands):


	Performance Award
Balance as of January 1, 2023	$	29
Change in fair value		(22	)

Balance as of December 31, 2023	$	7

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Fair Value Measurements (Tables) - RENEO PHARMACEUTICALS INC [Member]

6 Months Ended

12 Months Ended

Jun. 30, 2024

Dec. 31, 2023

Schedule of recurring fair value measurement of the Company's assets and liabilities

The recurring fair value measurement of the Company’s assets and liabilities measured at fair value at June 30, 2024 consisted of the following (in thousands):


	Quoted Prices in Active Markets For Identical Items (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Assets
Cash and cash equivalents:
Money market investments	$	21,717	$	—	$	—	$	21,717
U.S. treasury securities		—		12,934		—		12,934
Short-term investments:
U.S. treasury securities		—		40,611		—		40,611

Total	$	21,717	$	53,545	$	—	$	75,262

Liabilities
Performance award	$	—	$	—	$	8	$	8

Total	$	—	$	—	$	8	$	8

The recurring fair value measurement of the Company’s assets and liabilities measured at fair value at December 31, 2023 consisted of the following (in thousands):


	Quoted Prices in Active Markets For Identical Items (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Assets
Cash and cash equivalents:
Money market investments	$	10,983	$	—	$	—	$	10,983
U.S. treasury securities		—		9,928		—		9,928
Short-term investments:
U.S. treasury securities		—		75,331		—		75,331

Total	$	10,983	$	85,259	$	—	$	96,242

Liabilities
Performance award	$	—	$	—	$	7	$	7

Total	$	—	$	—	$	7	$	7

The recurring fair value measurement of the Company’s assets and liabilities measured at fair value at December 31, 2023 consisted of the following (in thousands):


	Quoted Prices in Active Markets For Identical Items (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Assets
Cash and cash equivalents:
Money market investments	$	10,983			$	—	$	10,983
U.S. treasury securities		—		9,928		—	$	9,928
Short-term investments:
U.S. treasury securities		—		75,331		—		75,331

Total	$	10,983	$	85,259	$	—	$	96,242

Liabilities
Performance award	$	—	$	—	$	7	$	7

Total	$	—	$	—	$	7	$	7

The recurring fair value measurement of the Company’s assets and liabilities measured at fair value at

December 31, 2022 consisted of the following (in thousands):


	Quoted Prices in Active Markets For Identical Items (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Assets
Cash and cash equivalents:
Money market investments	$	9,365	$	—	$	—	$	9,365
Commercial paper		—		4,978		—		4,978
Short-term investments:
U.S. treasury securities		—		76,253		—		76,253
Commercial paper		—		4,993		—		4,993

Total	$	9,365	$	86,224	$	—	$	95,589

Liabilities
Performance award	$	—	$	—	$	29	$	29

Total	$	—	$	—	$	29	$	29

Schedule Changes in fair value measurements of the Performance Award

The following table sets forth a summary of changes in the fair value measurements of the Performance Award liability (in thousands):


	Performance Award
Balance as of January 1, 2024	$	7
Change in fair value		1

Balance as of June 30, 2024	$	8

The following table sets forth a summary of changes in the fair value measurements of the Performance

Award liability (in thousands):


	Performance Award
Balance as of January 1, 2023	$	29
Change in fair value		(22	)

Balance as of December 31, 2023	$	7

Fair Value Measurements - Schedule Changes in fair value measurements of the Performance Award (Details) - Performance Award [Member] - RENEO PHARMACEUTICALS INC [Member] - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	$ 7	$ 29
Change in fair value	1	(22)
Ending Balance	$ 8	$ 7

Convertible Preferred Stock - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	6 Months Ended		12 Months Ended
	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Convertible preferred stock shares authorized		51,141,064		51,141,064	25,828,896
Convertible prior preferred stock shares issued				0
Conversion of stock, amount issued		$ 0	$ 23,313	$ 23,313	$ 0
Dividends				$ 0
Series A Preferred Stock [Member]
Class of Stock [Line Items]
Convertible preferred stock shares authorized					2,758,788
Series A-1 Preferred Stock [Member]
Class of Stock [Line Items]
Convertible preferred stock shares authorized					2,413,906
Series B Preferred Stock [Member]
Class of Stock [Line Items]
Convertible preferred stock shares authorized					20,656,202
Common Stock [Member]
Class of Stock [Line Items]
Preferred stock, convertible, conversion price	$ 5.53
Conversion of stock, amount issued	$ 75,000
Series C Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock, shares authorized				51,141,064
Preferred stock, value, outstanding	$ 53,800
Preferred stock, par or stated value per share	$ 2.76
Series C Preferred Stock [Member] \| Series C Purchase Agreement [Member]
Class of Stock [Line Items]
Preferred stock, shares issued	19,463,456

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Taxes [Line Items]

Income Taxes

(8) INCOME TAXES

Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which the temporary differences are expected to be recovered or settled.

The components of the income tax benefit are as follows:


	Year Ended December 31,
	2023			2022
Federal tax at statutory rate		21.0	%		21.0	%
State taxes, net of federal deduction		3.6	%		3.6	%
R&D credits		0.2	%		2.4	%
Other		(0.1	)%		(0.2	)%
Change in valuation allowance		(24.7	)%		(27.2	)%

Effective income tax rate		—			—

Significant components of deferred income taxes are as follows (in thousands):


	As of December 31,
	2023			2022
Net operating loss carryforward	$	9,027		$	6,212
R&D Tax credit		837			836
Deferred R&D expenses		11,123			5,198
Accrued expenses		783			881
Share-based compensation		104			91
Other		337			281

Total net deferred tax asset		22,211			13,499
Valuation allowance		(22,211	)		(13,499	)

Net deferred tax asset	$	—		$	—

As of December 31, 2023, the Company had approximately $1.5 million of net operating loss carryforwards (“NOLs”) and $0.8 million of research and experimental credits which expire through 2037, and approximately $35.2 million of federal and state net operating loss carryforwards which have an indefinite life.

Pursuant to Internal Revenue Code (“IRC”) Sections 382 and 383, the Company’s ability to use NOLs and research tax credit carry forwards to offset future taxable income may be limited if the Company experiences a cumulative change in ownership of more than 50% within a three-year testing period. The Company has not

completed an ownership change analysis pursuant to IRC Section 382. If ownership changes within the meaning of IRC Section 382 are identified as having occurred, the amount of NOLs and research tax carryforwards available to offset future taxable income and income tax liabilities in future years may be significantly restricted or eliminated. Further, deferred tax assets associated with such NOLs and research tax credits could be significantly reduced upon realization of an ownership change within the meaning of IRC Section 382.

In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during periods in which those temporary differences become deductible. Management considers projected future taxable income and tax planning strategies in making this assessment.

The Company’s federal and state income tax returns for all years will remain open to examination by federal and state tax authorities for three years from the date of utilization of any net operating loss carryforwards.

RENEO PHARMACEUTICALS INC [Member]

Income Taxes [Line Items]

Income Taxes

11. Income Taxes

The Company’s net loss was generated in the following jurisdictions (in thousands):


	Year Ended December 31,
	2023			2022
Domestic	$	(78,132	)	$	(51,994	)
Foreign		744			39

Net loss	$	(77,388	)	$	(51,955	)

The components of net deferred taxes consisted of the following (

thousand

s):


	As of December 31,
	2023			2022
Deferred tax assets:
NOL carryforwards	$	23,490		$	16,381
Capitalized research and development expenses		15,274			7,465
Credit carryforwards		6,111			4,061
Intangible assets		2,902			3,202
Compensation accruals		1,885			989
Operating lease liabilities		245			316
Depreciation		89			78
Other		2			2

Gross deferred tax assets		49,998			32,494
Less valuation allowance		(49,872	)		(32,214	)

Total deferred tax assets		126			280
Deferred tax liabilities:
ROU assets		(126	)		(280	)

Net deferred tax assets (liabilities)	$	—		$	—

For the years ended December 31, 2023 and 2022, the Company recorded no provision for income taxes. A reconciliation of the effective tax rate to the amount computed by applying the statutory federal income tax rate to the loss from operations is summarized for the years ended December 31, 2023 and 2022, as follows:


	As of December 31,
	2023			2022
U.S. federal statutory income tax rate		21.0	%		21.0	%
Tax credits, net		2.5	%		3.4	%
Return-to-provision adjustment		0.1	%		0.5	%
Other		(0.1	)%		(0.8	)%
GILTI inclusion		(0.4	)%		(0.3	)%
Foreign Rate Differential		(0.1	)%		—
Valuation allowance		(23.0	)%		(23.8	)%

U.S. federal effective tax rate		0.0	%		0.0	%

The Company had federal net operating loss (NOL) carryforwards available of approximately $110.9 million as of December 31, 2023, before consideration of limitations under Section 382 of the Internal Revenue Code of 1986, as amended (Section 382), as further described below. The federal NOLs generated after 2017 of $109.3 million will carry forward indefinitely. NOLs generated prior to 2018 of $1.6 million will begin to expire in 2034. Additionally, the Company had state NOL carryforwards available of $1.8 million as of December 31, 2023. The state NOLs may be used to offset future taxable income and will begin to expire in 2034. The Company has generated UK NOLs of $0.2 million which carryforward indefinitely.

At December 31, 2023, the Company had federal and state tax credit carry forwards of approximately $16.9 million and $0.7 million, respectively. The Company has not performed a formal research and development credit study with respect to these credits. The federal credits will begin to expire in 2034, if unused, and the state credits carry forward indefinitely.

The future utilization of the Company’s NOL and tax credit carryforwards to offset future taxable income may be subject to a substantial annual limitation as a result of changes in ownership by stockholders that hold 5% or more of the Company’s common stock. An assessment of such ownership changes under Section 382 was not completed through December 31, 2023. To the extent that an assessment is completed in the future, the Company’s ability to utilize tax attributes could be restricted on a

year-by-year

basis and certain attributes could expire before they are utilized. The Company will examine the impact of any potential ownership changes in the future.

The Company has elected to record the inclusion related to the Global Intangible

Low-Taxed

Income (GILTI) in the period incurred. The estimated GILTI inclusion generated by the Company’s wholly-owned controlled foreign corporation in the UK for the year ended December 31, 2023 was $1.5 million. This amount is included in the income tax provision, however, has zero impact to the provision due to the full valuation allowance.

The Company has established a full valuation allowance for its deferred tax assets due to uncertainties that preclude it from determining that it is more likely than not that the Company will be able to generate sufficient taxable income to realize such assets. Management assesses the available positive and negative evidence to estimate if sufficient future taxable income will be generated to utilize the existing deferred tax assets. A significant piece of objective negative evidence evaluated was the cumulative loss incurred over the three-year period ended December 31, 2023. Such objective evidence limits the ability to consider other subjective evidence such as the Company’s projections for future growth. Based on this evaluation, as of December 31, 2023, a full valuation allowance of $49.9 million has been recorded against the Company net deferred tax assets, as the Company has determined that none of the Company’s balance of deferred tax assets is more likely than not to be

realized. The amount of the deferred tax assets considered realizable, however, could be adjusted in the future if objective negative evidence in the form of cumulative losses is no longer present and additional weight is given to subjective evidence, such as estimates of future taxable income during carryforward periods and the Company’s projections for growth.

The following table summarizes the changes to unrecognized tax benefits (in thousands):


	Year Ended December 31,
	2023		2022
Beginning balance of unrecognized tax benefits	$	7,094	$	2,999
Additions based on tax positions related to the current year		4,331		4,095

Ending balance of unrecognized tax benefits	$	11,425	$	7,094

The amount of the unrecognized tax benefits that would impact the effective tax rate, absent the valuation allowance, would be $11.0 million. Due to the full valuation allowance, the impact, however, is zero. At December 31, 2023 and 2022, the Company has not accrued any interest or penalties related to uncertain tax positions. The Company does not anticipate that there will be a significant change in the amount of unrecognized tax benefits over the next 12 months. The Company recognizes interest and penalties related to uncertain tax positions in income tax expense.

The Company is subject to taxation in the United States and the UK. The Company’s federal and state returns since inception are subject to examination due to the carryover of net operating losses. The Company has not been, nor is it currently, under examination by any tax authorities. The UK tax returns from 2018 forward are subject to examination by the UK tax authorities.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Common stock, authorized		87,589,983
Convertible preferred stock par or stated value per share	$ 0.0001	$ 0.0001
Convertible preferred stock shares authorized	51,141,064	51,141,064	25,828,896
Convertible preferred stock shares issued	47,243,806	47,243,806
Convertible preferred stock shares outstanding	47,243,806	47,243,806
Convertible preferred stock liquidation preference value	$ 195,823	$ 195,823
Common Class A [Member]
Common stock, Par value	$ 0.0001	$ 0.0001	$ 0.0001
Common stock, authorized	78,000,000	78,000,000	40,000,000
Common stock, issued	13,386,958	13,296,584	7,745,744
Common stock, outstanding	13,386,958	13,296,584	7,745,744
Common Class B [Member]
Common stock, Par value	$ 0.0001	$ 0.0001	$ 0.0001
Common stock, authorized	9,589,983	9,589,983	9,589,983
Common stock, issued	0	0
Common stock, outstanding	0	0
RENEO PHARMACEUTICALS INC [Member]
Common stock, Par value	$ 0.0001	$ 0.0001	$ 0.0001
Common stock, authorized	200,000,000	200,000,000	200,000,000
Common stock, issued	3,342,080	3,342,080	2,469,955
Common stock, outstanding	3,342,080	3,342,080	2,469,955

Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Accrued contract manufacturing cost	$ 864	$ 1,627	$ 434
Accrued compensation	1,707	1,663	1,456
Accrued legal	1,171
Accrued other	765	370	981
Total accrued expenses	4,507	3,660	2,871
RENEO PHARMACEUTICALS INC [Member]
Accrued clinical and regulatory		3,661	1,872
Accrued contract manufacturing cost		1,100	1,583
Accrued compensation	386	3,948	807
Accrued other	567	420	565
Total accrued expenses	$ 953	$ 9,129	$ 4,827

Statements Of Operations And Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended			6 Months Ended		12 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Operating expenses:
Research and development	$ 10,752		$ 7,514	$ 19,318	$ 15,037	$ 32,115	$ 25,862
General and administrative	3,591		1,120	4,857	2,349	4,819	3,904
Total operating expenses	14,343		8,634	24,175	17,386	36,934	29,766
Loss from operations	(14,343)		(8,634)	(24,175)	(17,386)	(36,934)	(29,766)
Other income and (expense):
Interest income	230		451	526	524	1,623	254
Interest expense	(26)		0	(26)	0
Total other income	204		451	500	524	1,623	254
Net loss and comprehensive loss	$ (14,139)	$ (9,536)	$ (8,183)	$ (23,675)	$ (16,862)	(35,311)	(29,512)
Net loss per share attributable to common stockholders, basic	$ (1.06)		$ (0.62)	$ (1.77)	$ (1.56)
Net loss per share attributable to common stockholders, diluted	$ (1.06)		$ (0.62)	$ (1.77)	$ (1.56)
Weighted-average shares used in computing net loss per share, basic	13,370,466		13,265,671	13,339,473	10,791,145
Weighted-average shares used in computing net loss per share, diluted	13,370,466		13,265,671	13,339,473	10,791,145
RENEO PHARMACEUTICALS INC [Member]
Operating expenses:
Research and development	$ 590		$ 14,400	$ 5,533	$ 25,389	56,613	37,705
General and administrative	5,774		6,639	10,396	11,771	26,440	16,143
Total operating expenses	6,364		21,039	15,929	37,160	83,053	53,848
Loss from operations	(6,364)		(21,039)	(15,929)	(37,160)	(83,053)	(53,848)
Other income and (expense):
Total other income	1,003		1,508	2,142	2,522	5,665	1,893
Net loss and comprehensive loss	(5,361)	$ (8,426)	(19,531)	(13,787)	(34,638)	(77,388)	(51,955)
Unrealized gain (loss) on short-term investments	(1)		(43)	(21)	12	51	(77)
Comprehensive loss	$ (5,362)		$ (19,574)	$ (13,808)	$ (34,626)	$ (77,337)	$ (52,032)
Net loss per share attributable to common stockholders, basic	$ (1.6)		$ (6.46)	$ (4.13)	$ (12.53)	$ 25.23	$ 21.21
Net loss per share attributable to common stockholders, diluted	$ (1.6)		$ (6.46)	$ (4.13)	$ (12.53)	$ 25.23	$ 21.21
Weighted-average shares used in computing net loss per share, basic		3,342,080	3,021,532	3,342,080	2,764,017	3,067,645	2,449,642
Weighted-average shares used in computing net loss per share, diluted	3,342,080		3,021,532	3,342,080	2,764,017	3,067,645	2,449,642

Fair Value Measurements - Recurring fair value measurement of the Company's assets and liabilities (Details) - RENEO PHARMACEUTICALS INC [Member] - Fair Value, Recurring [Member] - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	$ 75,262	$ 96,242	$ 95,589
Total	8	7	29
Quoted Prices in Active Markets For Identical Items (Level 1) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	21,717	10,983	9,365
Significant Other Observable Inputs (Level 2)[Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	53,545	85,259	86,224
Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	8	7	29
Performance Award Liability [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	8	7	29
Performance Award Liability [Member] \| Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	8	7	29
Money market investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	21,717	10,983	9,365
Money market investments [Member] \| Quoted Prices in Active Markets For Identical Items (Level 1) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	21,717	10,983	9,365
US Treasury Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	40,611	9,928
Short-term investments	12,934	75,331	76,253
US Treasury Securities [Member] \| Significant Other Observable Inputs (Level 2)[Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	40,611	9,928
Short-term investments	$ 12,934	$ 75,331	76,253
Commercial Paper [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents			4,978
Short-term investments			4,993
Commercial Paper [Member] \| Significant Other Observable Inputs (Level 2)[Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents			4,978
Short-term investments			$ 4,993

Marketable Debt Securities (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2024

Dec. 31, 2023

RENEO PHARMACEUTICALS INC [Member]

Summary of Gross Unrealized Gains and Losses of Available-for-Sale Securities

The following tables summarize the gross unrealized gains and losses of the Company’s

available-for-sale

securities (in thousands):


	As of June 30, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Market Value
Available-for-sale securities:
U.S. treasury securities	$	53,558	$	—	$	(13	)	$	53,545

Total	$	53,558	$	—	$	(13	)	$	53,545


	As of December 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Market Value
Available-for-sale securities:
U.S. treasury securities	$	75,324	$	8	$	(1	)	$	75,331

Total	$	75,324	$	8	$	(1	)	$	75,331

The following tables summarize the gross unrealized gains and losses of the Company’s

available-for-sale

securities (in thousands):


	As of December 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Market Value
Available-for-sale securities:
U.S. treasury securities	$	75,324	$	8	$	(1	)	$	75,331

Total	$	75,324	$	8	$	(1	)	$	75,331


	As of December 31, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Market Value
Available-for-sale securities:
U.S. treasury securities	$	76,297	$	2	$	(46	)	$	76,253
Commercial paper		4,993		—		—			4,993

Total	$	81,290	$	2	$	(46	)	$	81,246

Stock-Based Compensation - Narrative (Details) - USD ($)	3 Months Ended	6 Months Ended		12 Months Ended		30 Months Ended	36 Months Ended
	Jun. 30, 2024	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Jun. 30, 2026	Dec. 31, 2025	Dec. 31, 2021
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation arrangement by share-based payment award, expiration period				10 years
Vesting percentage				25.00%
Vesting period		4 years
Unrecognized compensation expense				$ 5,900,000
Stock options granted		854,795		4,368,378	1,240,168
Stock-based compensation		$ 1,920,000	$ 32,000	$ 199,000	$ 48,000
Stock options outstanding	7,941,648	7,941,648		7,197,551	3,101,304			2,795,205
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition				2 years
Share-based compensation arrangement by share-based payment award, fair value assumptions, expected term				5 years 8 months 23 days	5 years 11 months 19 days
Share-based compensation arrangement by share-based payment award, fair value assumptions, expected volatility rate				32.00%	36.60%
Share-based compensation arrangement by share-based payment award, fair value assumptions, risk free interest rate				4.31%	2.51%
Share-based compensation arrangement by share-based payment award, fair value assumptions, expected dividend rate				0.00%	0.00%
Weighted average period		7 years 4 months 24 days		8 years 10 months 9 days
Valuation Technique, Option Pricing Model [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation arrangement by share-based payment award, fair value assumptions, expected term		6 years 25 days
Share-based compensation arrangement by share-based payment award, fair value assumptions, expected volatility rate		31.94%
Share-based compensation arrangement by share-based payment award, fair value assumptions, risk free interest rate		4.05%
Share-based compensation arrangement by share-based payment award, fair value assumptions, expected dividend rate		0.00%
Equity Option [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation arrangement by share-based payment award, expiration period		10 years
Vesting percentage		25.00%				75.00%	75.00%
Vesting period		36 months		36 months
Unrecognized compensation expense	$ 365,000	$ 365,000		$ 452,000
Share-based compensation arrangement by share-based payment award, option, nonvested, weighted average exercise price				$ 0.13	$ 0.1
Weighted average period		2 years 7 months 6 days		2 years 7 months 6 days
Performance Shares [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock options granted		358,089		358,089
Stock-based compensation	9,000,000	$ 30,000,000		$ 13,000,000
Stock options outstanding				250,063
Restricted Stock Units (RSUs) [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Vesting percentage		25.00%		25.00%
Stock-based compensation		$ 1,700,000
Share-based payment arrangement, nonvested award, option, cost not yet recognized, amount	$ 328,000	$ 328,000		$ 455,000
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition		2 years 8 months 12 days		3 years 2 months 12 days
2011 Equity Incentive Plan [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation arrangement by share-based payment award, shares issued in period		1,266,000		1,266,000
2021 Equity Incentive Plan [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation arrangement by share-based payment award, shares issued in period		4,326,997		4,326,997
2021 Equity Incentive Plan [Member] \| Equity Option [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation arrangement by share-based payment award, number of shares available for grant	687,274	687,274
Stock options granted		361,600
2021 Equity Incentive Plan [Member] \| Performance Shares [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation arrangement by share-based payment award, number of shares available for grant				1,521,745
2023 Equity Incentive Plan [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation arrangement by share-based payment award, shares issued in period		2,000,000		2,000,000
2023 Equity Incentive Plan [Member] \| Restricted Stock Units (RSUs) [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation arrangement by share-based payment award, number of shares available for grant	523,285	523,285		523,285

Prepaid Expenses And Other Current Assets (Tables)

6 Months Ended

Jun. 30, 2024

Prepaid Expense and Other Assets, Current [Abstract]

Schedule of prepaid expenses and other current assets

Prepaid expenses and other current assets consisted of the following (in thousands):


	As of June 30, 2024 (Unaudited)		As of December 31, 2023
Prepaid clinical trials	$	1,494	$	3,192
Deferred recapitalization costs		656		—
Other receivables		2,045		273
Prepaid other		968		425

Total prepaid expenses	$	5,163	$	3,890

Stock-Based Compensation - Performance-Based Units (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended		12 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	$ 1,813	$ 1,920	$ 17			$ 32	$ 199	$ 48
Unrecognized compensation expense							5,900
RENEO PHARMACEUTICALS INC [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	989		$ 1,207		$ 2,067	2,364	$ 5,112	4,320
Unrecognized compensation expense	$ 4,400				$ 4,400
Equity Incentive Plan 2021 [Member] \| RENEO PHARMACEUTICALS INC [Member] \| Performance-based Restricted Units [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unvested shares	13,450				13,450		14,950
Stock-based compensation expense		$ 0		$ 0	$ 0	$ 0	$ 0	$ 0
Unrecognized compensation expense	$ 1,100				$ 1,100		$ 1,100

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Stock-Based Compensation - Non-cash stock-based compensation expense (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended		12 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Stock-Based Compensation
Stock-based compensation expense	$ 1,813	$ 1,920	$ 17		$ 32	$ 199	$ 48
RENEO PHARMACEUTICALS INC [Member]
Stock-Based Compensation
Stock-based compensation expense	989		1,207	$ 2,067	2,364	5,112	4,320
Research and development [Member]
Stock-Based Compensation
Stock-based compensation expense	1,518	1,555	15		27	98	34
Research and development [Member] \| RENEO PHARMACEUTICALS INC [Member]
Stock-Based Compensation
Stock-based compensation expense	244		494	497	967	1,815	1,593
General and administrative [Member]
Stock-Based Compensation
Stock-based compensation expense	295	$ 365	2		5	101	14
General and administrative [Member] \| RENEO PHARMACEUTICALS INC [Member]
Stock-Based Compensation
Stock-based compensation expense	$ 745		$ 713	$ 1,570	$ 1,397	$ 3,297	$ 2,727

Marketable Debt Securities - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Realized gains or losses in available for sale	$ 0	$ 0	$ 0	$ 0

Cover Page	6 Months Ended
Cover Page	Jun. 30, 2024
Entity Addresses [Line Items]
Document Type	S-1
Entity Registrant Name	ONKURE THERAPEUTICS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-2309515
Entity Address, Address Line One	6707 Winchester Circle, #400
Entity Address, City or Town	Boulder
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	80301
City Area Code	720
Local Phone Number	307-2892
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Central Index Key	0001637715
Amendment Flag	false
Entity Primary SIC Number	2834
Business Contact [Member]
Entity Addresses [Line Items]
Entity Address, Address Line One	6707 Winchester Circle, #400
Entity Address, City or Town	Boulder
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	80301
City Area Code	720
Local Phone Number	307-2892
Contact Personnel Name	Nicholas A. Saccomano

Stock-Based Compensation

6 Months Ended

12 Months Ended

Jun. 30, 2024

Dec. 31, 2023

Stock-Based Compensation

(4) SHARE-BASED COMPENSATION

The Company had share-based compensation plans which are described below:

2011 Equity Incentive Plan

In October 2011, the Company established an equity incentive plan (the “2011 Plan”). The 2011 Plan provides for the grant of stock options and restricted stock awards (“RSA”) to employees,

non-employee

directors, advisors, and consultants. The aggregate number of shares of common stock that may be issued under the 2011 Plan will not exceed 1,266,000 shares. Shares are no longer available for issuance under the 2011 Plan, which was subsequently terminated in March 2023.

2021 Equity Incentive Plan

In February 2021, the Company established an equity incentive plan (the “2021 Plan”). The 2021 Plan provides for the grant of stock options and RSA to employees,

non-employee

directors, advisors, and consultants. The aggregate number of shares of common stock that may be issued under the 2021 Plan will not exceed 4,326,997 shares.

2023 RSU Equity Incentive Plan

In September 2023, the company established an equity incentive plan (the “2023 Plan”). The 2023 Plan provides for the grant of restricted stock units (“RSU”) to employees, directors, and consultants. The aggregate number of shares of common stock that may be issued under the 2023 Plan will not exceed 2,000,000 shares.

Stock Options

Options granted under the Company’s equity incentive plans have an exercise price equal to or in excess of the market value of the Class A Common Stock at the date of grant and expire no more than 10 years from the date of grant. Generally, options vest 25% on the first anniversary of the vesting commencement date and 75% ratably in equal monthly installments over the remaining 36 months. Stock options granted to

non-employees

generally vest quarterly over two to three years.

As of June 30, 2024, there were 687,274 options available for issuance under the 2021 Plan, of which the Company is restricted from granting stock awards for 361,600 shares of its common stock under certain conditions.

A summary of common stock option activity is as follows:


	Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value (in thousands
Outstanding as of December 31, 2023		7,197,551		$	0.40		8.88	$	16
Granted		854,795		$	0.33
Exercised		(90,374	)	$	0.21
Canceled		(20,324	)	$	0.54

Outstanding as of June 30, 2024		7,941,648		$	0.39		7.46	$	2

Options exercisable as of June 30, 2024		4,289,295		$	0.41		6.22	$	2

Options vested and expected to vest as of June 30, 2024		7,710,235		$	0.39		7.40	$	2

As of June 30, 2024, the Company had unrecognized compensation cost for unvested stock options of $365,000, expected to be recognized over a weighted-average period of approximately 2.6 years.

From time to time, the Company grants performance-based stock options. As of June 30, 2024, the Company had granted 358,089 performance-based shares. The company recognized $9,000 and $30,000 in performance-based compensation expense for the three and six months ended June 30, 2024, respectively.

performance-based shares were outstanding as of June 30, 2024. No performance-based shares were granted and no performance-based expense was recognized for the three and six months ended June 30, 2023. These performance-based stock options are not included in the table above.

Restricted Stock Awards and Restricted Stock Units

RSA typically vests 25% on the first anniversary of the issuance date and incrementally vest monthly for the three-year period thereafter. In the event of termination of services, all unvested shares are forfeited, and the Company has the option to purchase all outstanding vested shares at their fair market value.

RSU vests based on a service-based requirement and a liquidity event plus service requirement.

As of June 30, 2024, there were 523,285 RSUs available for issuance under the 2023 Plan.

A summary of restricted stock awards and restricted stock units activity are as follows:


	Shares		Weighted Average Grant Date Fair Value
Unvested balance as of December 31, 2023		1,481,122	$	0.33
Vested outstanding (RSA)		4,407	$	0.12
Unvested balance as of June 30, 2024		1,040,204	$	0.33
Vested outstanding (RSU) as of June 30, 2024		436,511	$	0.33

As of June 30, 2024, the Company had unrecognized compensation cost for unvested RSU awards of $328,000, expected to be recognized over a weighted-average period of approximately 2.7 years.

Share-based compensation expense

The following table shows the allocation of share-based compensation expense related to the company’s share-based awards (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Research and development	$	1,518	$	15	$	1,555	$	27
General and administrative		295		2		365		5

Total share-based compensation	$	1,813	$	17	$	1,920	$	32

The Company recorded accelerated share-based compensation expenses related to modifications of RSUs under certain separation agreements of $1.7 million during the three and six months ended June 30, 2024.

The fair value was determined using the Black-Scholes option pricing model and the following weighted-average assumptions for the six months ended June 30, 2024: expected term 6.07 years, expected volatility 31.94%, risk-free interest rate 4.05% and 0% expected dividend yield. No options were granted in the three months ended June 30, 2024. No options were granted for the three and six months ended June 30, 2023, respectively.

(6) SHARE-BASED COMPENSATION

The Company had share-based compensation plans which are described below:

2011 Equity Incentive Plan

In October 2011, the Company established an equity incentive plan (the “2011 Plan”). The 2011 Plan provides for the grant of stock options and restricted stock awards (“RSA”) to employees,

non-employee

2021 Equity Incentive Plan

In February 2021, the Company established an equity incentive plan (the “2021 Plan”). The 2021 Plan provides for the grant of stock options and RSA to employees,

non-employee

directors, advisors, and consultants. The aggregate number of shares of common stock that may be issued under the 2021 Plan will not exceed 4,326,997 shares.

2023 RSU Equity Incentive Plan

Stock Options

non-employees

generally vest quarterly over two to three years.

As of December 31, 2023, there were 1,521,745 options available for issuance under the 2021 Plan.

A summary of common stock option activity is as follows:


	Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 2021		2,795,205		$	0.46		8.72	$	—
Granted		1,240,168		$	0.53
Exercised		(828,305	)	$	0.41
Canceled		(105,764	)	$	0.50

Outstanding as of December 31, 2022		3,101,304		$	0.50			$	243

Granted		4,368,378		$	0.33
Exercised		(148,412	)	$	0.44
Canceled		(123,719	)	$	0.54

Outstanding as of December 31, 2023		7,197,551		$	0.40		8.88	$	16

Options exercisable as of December 31, 2023		2,585,640		$	0.44		8.26	$	16

Options vested and expected to vest as of December 31, 2023		6,903,294		$	0.40		8.86	$	16

As of December 31, 2023, the Company had unrecognized compensation cost for unvested stock options of $452,000, expected to be recognized over a weighted-average period of approximately 2.6 years.

The aggregate intrinsic value is calculated as the difference between the exercise price and the estimated fair value of the Company’s common stock as of December 31, 2023.

The weighted-average grant-date fair value of options granted for the years ended December 31, 2023, and 2022 was $0.13 and $0.10, respectively.

From time to time, the Company grants performance-based stock options. As of December 31, 2023, the Company granted 358,089 peformance-based shares. The company recognized $13,000 in performance-based compensation expense and 250,063 performance-based shares were outstanding for the year ended December 31, 2023, respectively. No performance-based shares were granted and no performance-based expense was recognized for the year ended December 31, 2022.

Restricted Stock Awards and Restricted Stock Units

RSA typically vests 25% on the first anniversary of the issuance date and incrementally vest monthly for the three-year period thereafter. In the event of a termination of services, all unvested shares are forfeited, and the Company has the option to purchase all outstanding vested shares at their fair market value.

RSU vests based on a service-based requirement and a liquidity event plus service requirement. No RSU had vested as of December 31, 2023.

As of December 31, 2023, there were 523,285 options available for issuance under the 2023 Plan.

A summary of restricted stock award and restricted stock unit activity are as follows:


	Shares			Weighted Average Grant Date Fair Value
Unvested balance as of December 31, 2021		111,413		$	0.09
Vested (RSA)		76,682		$	0.08

Unvested balance as of December 31, 2022		34,731		$	0.10

Granted (RSU)		1,487,689		$	0.33
Vested (RSA)		30,324		$	0.10
Forfeited		(10,974	)	$	0.33

Unvested balance as of December 31, 2023		1,481,122		$	0.33

As of December 31, 2023, the Company had unrecognized compensation cost for unvested RSU awards of $455,000, expected to be recognized over a weighted-average period of approximately 3.2 years.

Share-based compensation expense

The following table shows the allocation of share-based compensation expense related to the company’s share-based awards (in thousands):


	Year ended December 31,
	2023		2022
Research and development	$	98	$	34
General and administrative	$	101	$	14

Total share-based compensation	$	199	$	48

The fair value was determined using the Black-Scholes option pricing model and the following weighted-average assumptions:


	Year ended December 31,
	2023			2022
Expected term (years)		5.73			5.97
Expected volatility		32.0	%		36.6	%
Risk-free interest rate		4.31	%		2.51	%
Expected dividend yield		—			—

RENEO PHARMACEUTICALS INC [Member]

Stock-Based Compensation

8. Stock-Based Compensation

In March 2021, the Company’s Board of Directors adopted the Company’s 2021 Equity Incentive Plan (2021 Plan), which is the successor to the Company’s 2014 Equity Incentive Plan (2014 Plan). As of the effective date of the 2021 Plan, awards granted under the 2014 Plan that are forfeited or otherwise become available under the 2014 Plan will be included and available for issuance under the 2021 Plan. Under the 2021 Plan, the Company may grant stock options, stock appreciation rights, restricted stock awards, restricted stock units, and other awards to individuals who are employees, officers, directors or consultants of the Company and its affiliates.

Under the 2014 Plan, certain employees were granted the ability to early exercise their options. The shares of common stock issued pursuant to the early exercise of unvested stock options are restricted and continue to vest over the requisite service period after issuance. The Company has the option to repurchase any unvested shares at the original purchase price upon any voluntary or involuntary termination. The shares purchased by the employees pursuant to the early exercise of stock options are not deemed, for accounting purposes, to be outstanding until those shares vest. As of June 30, 2024, there were

unvested shares of common stock outstanding that were issued pursuant to the early exercise of stock options.

Shares Reserved for Future Issuance

As of June 30, 2024, the Company had reserved shares of its common stock for future issuance as follows:


	Shares Reserved
Common stock options outstanding		467,129
Unvested restricted stock units		31,150
Available for future grants under the 2021 Equity Incentive Plan		442,366
Available for future grants under the 2021 Employee Stock Purchase Plan		78,009

Total shares of common stock reserved		1,018,654

Stock Options

A summary of the Company’s stock option activity and related information for the six months ended June 30, 2024 is as follows:


	Options Outstanding			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2023		530,125		$	47.60		6.9	$	—
Forfeited/Expired		(62,996	)	$	49.05

Outstanding at June 30, 2024		467,129		$	47.39		6.9	$	—

Vested at June 30, 2024		334,861		$	50.38		6.5	$	—
Exercisable at June 30, 2024		351,698		$	50.31		6.5	$	—

Options exercisable at June 30, 2024 include vested options and options eligible for early exercise. All outstanding options as of June 30, 2024 are expected to vest.

Unrecognized stock-based compensation expense as of June 30, 2024 was $4.4 million, which is expected to be recognized over a weighted-average vesting term of 1.8 years.

The Company estimates stock awards fair value on the date of grant using the Black-Scholes valuation, with the vesting being subject to service requirements. The Company accounts for forfeitures when they occur. The Company did not grant any stock options during the six months ended June 30, 2024.

Restricted Stock Units (RSUs)

RSUs consist of time-based units (TSUs), performance-based units (PSUs) and market-based units (MSUs). The following table summarizes RSU activities during the six months ended June 30, 2024:


	Number of RSUs			Weighted- Average Grant Date Per Share Value
Unvested at December 31, 2023		32,650		$	59.00
Cancelled		(1,500	)	$	69.79

Unvested at June 30, 2024		31,150		$	58.46

Time-Based Units

TSUs typically vest over four years, with 25% vesting on the

one-year

anniversary of the employee’s hire date and the remainder vesting monthly or quarterly over the following three years subject to the employee’s continued employment with the Company through the vesting dates. The fair value of the awards was based on the value of the Company’s common stock at the grant date of the award and expense is recognized on a straight-line basis. The Company had 5,700 unvested shares underlying TSUs as of June 30, 2024. The stock-based compensation expense related to such TSUs for the three and six months ended June 30, 2024 was immaterial. No stock-based compensation expense related to such TSUs was recognized for the three and six months ended June 30, 2023. Unrecognized stock-based compensation expense as of June 30, 2024 was $0.3 million, which is expected to be recognized over a weighted-average vesting term of 3.1 years.

Performance-Based Units

The vesting of the PSUs is based on the Company achieving certain regulatory milestones and is subject to the employee’s continued employment with the Company through the achievement date. The fair value of the awards was based on the value of the Company’s common stock at the grant date of the award and expense recognition is based on the probability of achieving the performance conditions. Stock-based compensation expense is adjusted in future periods for subsequent changes in the expected outcome of the performance conditions. The Company had 13,450 unvested shares underlying PSUs as of June 30, 2024. The Company concluded that achievement of the performance conditions was not probable as of June 30, 2024 and 2023, and therefore no stock-based compensation expense was recognized for the three and six months ended June 30, 2024 and 2023 in connection with the PSUs. As of June 30, 2024, there was $1.1 million of unrecognized stock-based compensation expense related to PSUs that were deemed not probable of vesting.

Market-Based Units

The vesting of the MSUs is based on the Company’s closing stock price trading above $200 per share for 30 consecutive trading days subject to the employee’s continued employment with the Company through the date of achievement. The share price of the Company’s common stock on the date of issuance of the MSUs was $27.80 per share. The fair value was based on Monte Carlo simulation model on the grant date. Stock-based compensation expense is recognized over the derived service period of approximately 3 years. The Company had 12,000 unvested shares underlying MSUs as of June 30, 2024. Stock-based compensation expense related to the MSUs during the three and six months ended June 30, 2024 and 2023 was immaterial. As of June 30, 2024, unrecognized stock-based compensation expense related to the MSUs was immaterial.

Performance Award

In connection with the CEO’s employment agreement, he is entitled to receive a Performance Award in the amount of $7.5 million, payable in cash, common stock or a combination of cash and common stock, at the election of the Company, in the event that (i) the Company’s market value exceeds $750.0 million utilizing the volume-weighted average of the closing sale price of its common stock on the Nasdaq Stock Market or other principal exchange for each of the 30 trading days immediately prior to the measurement date, or (ii) the fair market value of the net proceeds available for distribution to the Company’s stockholders in connection with a change in control as defined in the Company’s severance benefit plan, as determined in good faith by its Board of Directors, exceeds $750.0 million. The Company has determined that the Performance Award is subject to ASC 718,

Compensation – Stock Compensation

and includes both market and performance conditions. Since the Company’s initial public offering (IPO), neither of the events have yet been satisfied. The Company estimated the fair value of the Performance Award at each reporting period using the Monte Carlo simulation (Note 4), which is recognized as stock-based compensation expense over the derived service period. For the three and six months ended June 30, 2024, stock-based compensation expense was immaterial. For the three and six months ended June 30, 2023, the Company recognized approximately $0.6 million and $0.8 million, respectively, in stock-based compensation expense as a direct result of the increased value of the Performance Award primarily caused by the increase in the Company’s common stock price.

2021 Employee Stock Purchase Plan

In March 2021, the Company’s Board of Directors adopted the Company’s 2021 Employee Stock Purchase Plan (ESPP), which became effective immediately prior to the execution of the underwriting agreement in connection with the Company’s IPO. As of June 30, 2024, 28,846 shares have been issued under the ESPP.

In September 2021, the compensation committee of the Company’s Board of Directors (Compensation Committee) adopted the Company’s 2021 UK Sharesave

Sub-plan

(SAYE). An allocation of 2,587 shares of common stock from the ESPP reserve pool was approved and reserved for issuance under the SAYE. The Compensation Committee terminated the SAYE in January 2024 and the reserved shares were returned to the ESPP reserve pool. No shares were issued under the SAYE prior to its termination.

The Company did not recognize stock-based compensation expense related to the ESPP and the SAYE for the three and six months ended June 30, 2024. The stock-based compensation expense related to the ESPP and the SAYE for the three and six months ended June 30, 2023, was immaterial.

Stock-Based Compensation Expense

The following table summarizes stock-based compensation expense, including expense associated with options, TSUs, MSUs and award modifications for unvested options, reflected in the consolidated statements of operations and comprehensive loss (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Research and development	$	244	$	494	$	497	$	967
General and administrative		745		713		1,570		1,397

Total	$	989	$	1,207	$	2,067	$	2,364

9. Stock-Based Compensation

Shares Reserved for Future Issuance

As of December 31, 2023, the Company had reserved shares of its common stock for future issuance as follows:


	Shares Reserved
Common stock options outstanding		530,125
Unvested restricted stock units		32,650
Available for future grants under the 2021 Equity Incentive Plan		210,922
Available for future grants under the 2021 Employee Stock Purchase Plan		44,589

Total shares of common stock reserved		818,286

Stock Options

A summary of the Company’s stock option activity and related information for the year ended December 31, 2023 is as follows:


	Options Outstanding			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2022		587,774		$	44.68		8.2	$	907
Granted		57,891			68.54
Exercised		(17,382	)		23.11
Forfeited/Expired		(98,158	)		46.86

Outstanding at December 31, 2023		530,125		$	47.59		6.9	$	—

Vested at December 31, 2023		322,834		$	49.14		6.1	$	—
Exercisable at December 31, 2023		359,212		$	49.12		6.2	$	—

Options exercisable at December 31, 2023 include vested options and options eligible for early exercise. All outstanding options as of December 31, 2023 are expected to vest.

Unrecognized stock-based compensation expense at December 31, 2023 was $5.9 million, which is expected to be recognized over a weighted-average vesting term of 2.0 years.

The Company estimates stock awards fair value on the date of grant using the Black-Scholes valuation, with the vesting being subject to service requirements. The Company accounts for forfeitures when they occur. The weighted-average assumptions used in the Black-Scholes option pricing model to determine the fair value of the employee stock option grants were as follows:


	Year Ended December 31,
	2023			2022
Risk-free interest rate		4.0	%		3.4	%
Expected volatility		88.6	%		84.8	%
Expected term (in years)		5.9			6.0
Expected dividend yield		—	%		—	%

Risk-free interest rate.

The Company bases the risk-free interest rate assumption on the U.S. Treasury’s rates

for U.S. Treasury

zero-coupon

bonds with maturities similar to those of the expected term of the award being valued.

Expected volatility.

The expected volatility assumption was based on the volatilities of a peer group of similar

companies whose share prices are publicly available. The peer group was developed based on companies in the biotechnology industry.

Expected term.

The expected term represents the period of time that options are expected to be

outstanding. Because the Company does not have historical exercise behavior, it determines the expected life assumption using the simplified method, which is an average of the contractual term of the option and its vesting period.

Expected dividend yield.

The Company bases the expected dividend yield assumption on the fact that it has

never paid cash dividends and has no present intention to pay cash dividends.

Restricted Stock Units (RSUs)

RSUs consist of time-based units (TSUs), performance-based units (PSUs) and market-based units (MSUs).

The following table summarizes RSU activities during the year ended December 31, 2023:


	Number of RSUs			Weighted- Average Grant Date Per Share Value
Unvested at December 31, 2022		32,950		$	56.70
Granted		13,700			58.19
Cancelled		(14,000	)		53.54

Unvested at December 31, 2023		32,650		$	58.98

Time-Based Units

TSUs typically vest over four years, with 25% vesting on the

one-year

anniversary of the employee’s hire date and the remainder vesting monthly or quarterly over the following three years subject to the employee’s continued employment with the Company through the vesting dates. The fair value of the awards was based on the value of the Company’s common stock at the grant date of the award and expense is recognized on a straight-line basis. The Company had 5,700 unvested shares underlying TSUs as of December 31, 2023. The stock-based compensation expense related to such TSUs for the year ended December 31, 2023 was immaterial. Unrecognized stock-based compensation expense at December 31, 2023 was $0.3 million, which is expected to be recognized over a weighted-average vesting term of 1.3 years.

Performance-Based Units

The vesting of the PSUs is based on the Company achieving certain regulatory milestones and is subject to the employee’s continued employment with the Company through the achievement date. The fair value of the awards was based on the value of the Company’s common stock at the grant date of the award and expense recognition is based on the probability of achieving the performance conditions. Stock-based compensation expense is adjusted in future periods for subsequent changes in the expected outcome of the performance conditions. The Company had 14,950 unvested shares underlying PSUs as of December 31, 2023. The Company concluded that achievement of the performance conditions was not probable as of December 31, 2023 and 2022, and therefore no stock-based compensation expense was recognized for the years ended December 31, 2023 and 2022 in connection with the PSUs. As of December 31, 2023, there was $1.1 million of unrecognized stock-based compensation expense related to PSUs that were deemed not probable of vesting.

Market-Based Units

The vesting of the MSUs is based on the Company’s closing stock price trading above $200 per share for 30 consecutive trading days subject to the employee’s continued employment with the Company through the date of achievement. The share price of the Company’s common stock on the date of issuance of the MSUs was $27.80 per share. The fair value was based on Monte Carlo simulation model on the grant date. Stock-based compensation expense is recognized over the derived service period of approximately 3 years. The Company had 12,000 unvested shares underlying MSUs as of December 31, 2023. Stock-based compensation expense related to the MSUs during the years ended December 31, 2023 and 2022 was immaterial. As of December 31, 2023, unrecognized stock-based compensation expense related to the MSUs was immaterial.

Performance Award

Compensation – Stock Compensation

and includes both market and performance conditions. Since the Company’s initial public offering (IPO), neither of the events have yet been satisfied. The Company estimated the fair value of the Performance Award at each reporting period using the Monte Carlo simulation (Note 4), which is recognized as stock-based compensation expense over the derived service period. For the years ended December 31, 2023 and 2022, the Company reversed approximately $22,000 and $0.4 million in stock-based compensation expenses, respectively, as a direct result of the decreased value of the Performance Award caused by a decline in the Company’s common stock price.

2021 Employee Stock Purchase Plan

In March 2021, the Company’s Board of Directors adopted the ESPP, which became effective immediately prior to the execution of the underwriting agreement in connection with the Company’s IPO. As of December 31, 2023, 28,846 shares have been issued under the ESPP.

In September 2021, the compensation committee of the Company’s Board of Directors adopted the Company’s 2021 UK Sharesave

Sub-plan

(SAYE). An allocation of 2,587 shares of common stock from the ESPP reserve pool was approved and reserved for issuance under the SAYE. No shares have been issued under the SAYE through December 31, 2023.

The stock-based compensation expense related to the ESPP and the SAYE for the years ended December 31, 2023 and 2022, was $0.4 million and $0.2 million, respectively.

Stock-Based Compensation Expense


	Year Ended December 31,
	2023		2022
Research and development	$	1,815	$	1,593
General and administrative		3,297		2,727

Total	$	5,112	$	4,320

Stock-Based Compensation - Market-Based Units (Details) - Equity Incentive Plan 2021 [Member] - RENEO PHARMACEUTICALS INC [Member] - Market-Based Units [Member] - Employee [Member]	6 Months Ended	12 Months Ended
	Jun. 30, 2024 Day $ / shares shares	Dec. 31, 2023 Day $ / shares shares
Stock-Based Compensation
Threshold share price for vesting of shares	$ 200	$ 200
Consecutive trading days \| Day	30	30
Share Price	$ 27.8	$ 27.8
Service period	3 years	3 years
Unvested shares \| shares	12,000	12,000

Common Stock	12 Months Ended
Common Stock	Dec. 31, 2023
Common Stock, Number of Shares, Par Value and Other Disclosure [Abstract]
Common Stock	(4) COMMON STOCK Common Stock The Company is authorized to issue 87,589,983 shares of common stock, of which 78,000,000 shares have been designated as Class A Common Stock and 9,589,983 shares have been designated as Class B Common Stock, both with a par value of $0.0001 per share. The number of authorized shares of common stock may be increased or decreased by the affirmative vote of the holders of a majority of the Company’s stock who are entitled to vote. Each share of Class A Common Stock is entitled to one vote. Class B Common Stock is not entitled to vote on any matter on which the holders of Class A Common Stock or Preferred Stock are entitled to vote. All holders of common stock are entitled to receive dividends when and as declared or paid by the Company’s board of directors, subject to the preferential rights of the holders of preferred stock. Class B Common Stock is convertible into a corresponding number of shares of Class A Common Stock upon written notice of the holder, subject to defined beneficial ownership limitations.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Commitments and contingencies	6 Months Ended	12 Months Ended
Commitments and contingencies	Jun. 30, 2024	Dec. 31, 2023
Commitments and Contingencies [Line Items]
Commitments and contingencies	(9) COMMITMENTS AND CONTINGENCIES Indemnification In the ordinary course of business, the Company may provide indemnification of varying scope and terms to vendors, lessors, business partners and other parties with respect to certain matters including, but not limited to, losses arising of breach of such agreements or from intellectual property infringement claims made by third parties. In addition, the Company has entered into indemnification agreements with members of its board of directors that will require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is, in many cases, unlimited. To date, the Company has not incurred any material costs because of such indemnifications. The Company is not aware of any claims under indemnification arrangements, and it has not accrued any liabilities related to such obligations in its financial stat em ents as of June 30, 2024.	(9) COMMITMENTS AND CONTINGENCIES Clinical Trial Collaboration and Supply Agreement with Pfizer In August 2020, the Company entered into a clinical trial collaboration and supply agreement under which Pfizer Inc. (“Pfizer”) agreed to supply drug product in connection with a clinical trial. The agreement continues until the earlier of the completion of all obligations of the parties or the termination of the contract by either party as defined in the agreement. The Company may terminate the agreement if the clinical trial is deemed to be unsafe, regulatory authorities raise concerns, or if Pfizer does not uphold its obligations outlined in the agreement. Indemnification In the ordinary course of business, the Company may provide indemnification of varying scope and terms to vendors, lessors, business partners and other parties with respect to certain matters including, but not limited to, losses arising of breach of such agreements or from intellectual property infringement claims made by third parties. In addition, the Company has entered into indemnification agreements with members of its board of directors that will require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is, in many cases, unlimited. To date, the Company has not incurred any material costs because of such indemnifications. The Company is not aware of any claims under indemnification arrangements, and it has not accrued any liabilities related to such obligations in its financial statements as of December 31, 2023.
RENEO PHARMACEUTICALS INC [Member]
Commitments and Contingencies [Line Items]
Commitments and contingencies		12. Commitments and Contingencies Legal Proceedings The Company is currently not a party to any legal proceedings, nor is the Company aware of any threatened or pending litigation. However, from time-to-time in the future, the Company could be involved in disputes, including litigation, relating to claims arising out of operations in the normal course of business, which may have a material adverse effect on the Company’s consolidated results of operations or financial position. 401(k) Plan The Company maintains a defined contribution 401(k) plan available to eligible employees. Employee contributions are voluntary and are determined on an individual basis, limited to the maximum amount allowable under federal tax regulations. Matching contributions to the 401(k) plan are made for certain eligible employees to meet non-discrimination provisions of the plan. During the years ended December 31, 2023 and 2022, the expense recorded by the Company was $0.2 million and immaterial, respectively.

Property and Equipment, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
property and equipment, gross	$ 2,114	$ 2,097
Less: accumulated depreciation and amortization	(891)	(665)	$ (248)
Property and equipment, net	1,223	1,432	1,604
RENEO PHARMACEUTICALS INC [Member]
Property, Plant and Equipment [Line Items]
property and equipment, gross		254	555
Less: accumulated depreciation and amortization		(120)	(102)
Property and equipment, net	81	134	453
Computer, software and office equipment [Member] \| RENEO PHARMACEUTICALS INC [Member]
Property, Plant and Equipment [Line Items]
property and equipment, gross		254	300
Lab Equipment [Member]
Property, Plant and Equipment [Line Items]
property and equipment, gross	706	706
Leasehold improvements [Member]
Property, Plant and Equipment [Line Items]
property and equipment, gross	1,090	1,090
Leasehold improvements [Member] \| RENEO PHARMACEUTICALS INC [Member]
Property, Plant and Equipment [Line Items]
property and equipment, gross			$ 255
Computer Hardware and Software [Member]
Property, Plant and Equipment [Line Items]
property and equipment, gross	158	141
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
property and equipment, gross	$ 160	$ 160

Leases - Schedule of Lease Expense for Operating Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease cost	$ 173	$ 152
Variable lease expense	201	150
Short-term lease expense	$ 0	$ 0

Stock-Based Compensation - Stock option activity (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Options Outstanding
Outstanding at beginning of period (in shares)	7,197,551	3,101,304	2,795,205
Granted (in shares)	854,795	4,368,378	1,240,168
Exercised (in shares)	(90,374)	(148,412)	(828,305)
Forfeited/Expired/Canceled (in shares)	(20,324)	(123,719)	(105,764)
Outstanding at end of period (in shares)	7,941,648	7,197,551	3,101,304
Vested (in shares)	4,407
Exercisable (in shares)	4,289,295	2,585,640
Vested and expected to vest (in shares)	7,710,235	6,903,294
Weighted-Average Exercise Price
Outstanding at beginning of period (in dollars per share)	$ 0.4	$ 0.5	$ 0.46
Granted (in dollars per share)	0.33	0.33	0.53
Exercised (in dollars per share)	0.21	0.44	0.41
Forfeited/Expired/Canceled (in dollars per share)	0.54	0.54	0.5
Outstanding at end of period (in dollars per share)	0.39	0.4	$ 0.5
Vested (in dollars per share)	0.12
Exercisable (in dollars per share)	0.41	0.44
Vested and expected to vest (in dollars per share)	$ 0.39	$ 0.4
Weighted-Average Remaining Contractual Term (in years) / Aggregate Intrinsic Value
Weighted Average Remaining Contractual Term (in years), Options Outstanding	7 years 5 months 15 days	8 years 10 months 17 days	8 years 8 months 19 days
Weighted Average Remaining Contractual Term (in years), Exercisable	6 years 2 months 19 days	8 years 3 months 3 days
Weighted Average Remaining Contractual Term (in years), vested and expected	7 years 4 months 24 days	8 years 10 months 9 days
Aggregate Intrinsic Value, Outstanding	$ 2	$ 16	$ 243	$ 0
Aggregate Intrinsic Value, Exercisable	2	16
Aggregate Intrinsic Value, vested and expected	$ 2	16
Unrecognized stock-based compensation expense		$ 5,900
Weighted-average vesting term		2 years
RENEO PHARMACEUTICALS INC [Member]
Options Outstanding
Outstanding at beginning of period (in shares)	530,125	587,774
Granted (in shares)	0	57,891
Exercised (in shares)		(17,382)
Forfeited/Expired/Canceled (in shares)	(62,996)	(98,158)
Outstanding at end of period (in shares)	467,129	530,125	587,774
Vested (in shares)	334,861	322,834
Exercisable (in shares)	351,698	359,212
Weighted-Average Exercise Price
Outstanding at beginning of period (in dollars per share)	$ 47.59	$ 44.68
Granted (in dollars per share)	47.6	68.54
Exercised (in dollars per share)		23.11
Forfeited/Expired/Canceled (in dollars per share)	49.05	46.86
Outstanding at end of period (in dollars per share)	47.39	47.59	$ 44.68
Vested (in dollars per share)	50.38	49.14
Exercisable (in dollars per share)	$ 50.31	$ 49.12
Weighted-Average Remaining Contractual Term (in years) / Aggregate Intrinsic Value
Weighted Average Remaining Contractual Term (in years), Options Outstanding	6 years 10 months 24 days	6 years 10 months 24 days	8 years 2 months 12 days
Weighted Average Remaining Contractual Term (in years), Vested	6 years 6 months	6 years 1 month 6 days
Weighted Average Remaining Contractual Term (in years), Exercisable	6 years 6 months	6 years 2 months 12 days
Aggregate Intrinsic Value, Outstanding	$ 0	$ 0	$ 907
Aggregate Intrinsic Value, Vested	0	$ 0
Aggregate Intrinsic Value, Exercisable	0		$ 0
Unrecognized stock-based compensation expense	$ 4,400
Weighted-average vesting term	1 year 9 months 18 days

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net loss	$ (23,675)	$ (16,862)	$ (35,311)	$ (29,512)
Adjustments to reconcile net loss to net cash used in operating activities:
Share-based compensation expense	1,920	32	199	48
Depreciation and amortization	226	197	417	229
Amortization of right-of-use asset	73	86	143	158
Amortization of debt issuance costs	1	0
Changes in operating assets and liabilities:
Prepaid expenses and other assets	(1,264)	547	(1,497)	(332)
Accounts payable, accrued and other liabilities	5,718	454	1,713	2,650
Lease liabilities	(101)	(100)	(210)	(194)
Net cash used in operating activities	(17,102)	(15,646)	(34,546)	(26,953)
Cash flows from investing activities:
Purchases of property and equipment	(19)	(71)	(246)	(1,134)
Net cash used in investing activities	(19)	(71)	(246)	(1,134)
Cash flows from financing activities:
Proceeds from the sale of Series C Preferred Stock	0	53,783	53,783	27,500
Payment of issuance costs associated with the issuance of Series C Preferred Stock	0	(724)
Payment of issuance costs associated with the issuance	(142)	0	(723)	(1,375)
Proceeds from the issuance of convertible notes payable	6,000	0
Proceeds from the issuance of common stock	20	47	65	340
Net cash provided by financing activities	5,878	53,106	53,125	26,465
Net increase (decrease) in cash and cash equivalents	(11,243)	37,389	18,333	(1,622)
Cash and cash equivalents at beginning of period	29,876	11,543	11,543	13,165
Cash and cash equivalents at end of period	18,633	48,932	29,876	11,543
Supplemental disclosure of non-cash financing activities:
Right-of-use assets obtained in exchange for lease obligations			219	562
Issuance of Series C Preferred Stock on conversion of prior Preferred Stock	0	23,313	23,313	0
RENEO PHARMACEUTICALS INC [Member]
Cash flows from operating activities:
Net loss	(13,787)	(34,638)	(77,388)	(51,955)
Adjustments to reconcile net loss to net cash used in operating activities:
Share-based compensation expense	2,067	2,364	5,112	4,320
Depreciation and amortization	28	83	170	88
Amortization of right-of-use asset	(1,644)	(2,011)	(4,777)	(817)
Changes in the fair value of performance award	1	847	(22)	(415)
Non-cash lease expense	129	241	355	441
Loss on disposal of fixed asset	27	3
Changes in operating assets and liabilities:
Prepaid expenses and other assets	2,360	1,542	1,524	878
Accounts payable, accrued and other liabilities	(16,829)	6,690	11,118	518
Lease liabilities	(173)	(283)	(424)	(437)
Net cash used in operating activities	(27,821)	(25,162)	(63,682)	(47,362)
Right-of-use and leasehold improvement impairment expenses			650	17
Cash flows from investing activities:
Purchases of property and equipment	(2)	(177)	(221)	(346)
Purchase of available-for-sale short-term investments	(67,750)	(132,327)	(231,257)	(101,596)
Proceeds from maturities of available-for-sale short-term investments	104,000	82,000	242,000	44,100
Net cash used in investing activities	36,248	(50,504)	10,522	(57,842)
Cash flows from financing activities:
Payments of deferred costs in connection with private placement transaction	(89)
Proceeds from private placement of common stock, net of offering costs		4,667	4,667	193
Proceeds from issuance of common stock in connection with equity plans		282	730	278
Repurchase of common stock in connection with common stock repurchase agreement			(4,403)
Net cash provided by financing activities	(89)	64,820	60,865	471
Net increase (decrease) in cash and cash equivalents	8,338	(10,846)	7,705	(104,733)
Cash and cash equivalents at beginning of period	27,632	19,927	19,927	124,660
Cash and cash equivalents at end of period	$ 35,970	9,081	27,632	19,927
Supplemental disclosure of non-cash financing activities:
Right-of-use assets obtained in exchange for lease obligations				$ 1,733
Property and equipment in accounts payable		10
RENEO PHARMACEUTICALS INC [Member] \| Public Offering [Member]
Cash flows from financing activities:
Proceeds from the issuance of common stock		58,862	58,862
RENEO PHARMACEUTICALS INC [Member] \| At-The-Market Facility [Member]
Cash flows from financing activities:
Proceeds from the issuance of common stock		$ 1,009	$ 1,009

License Agreement (Details) - RENEO PHARMACEUTICALS INC [Member] - vTv Therapeutics LLC [Member] - USD ($)		1 Months Ended	6 Months Ended	12 Months Ended
	Oct. 30, 2023	Dec. 31, 2017	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Milestone payments paid		$ 2,000,000
Development and regulatory milestone payments			$ 2,000,000	$ 2,000,000
Milestone payments			$ 0	$ 0	$ 0	$ 0
Milestone payments payable on achievement of sales thresholds of the licensed product		30,000,000
Common Stock Options Outstanding [Member] \| Common Stock Repurchase Agreement [Member]
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Number of shares repurchased	57,643
Shares repurchased, aggregate purchase price	$ 4,400,000
Research and development [Member]
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Upfront license fee payment		$ 3,000,000
Common stock issued, Shares		57,643
Milestone payments payable on achievement of development and regulatory milestones		$ 64,500,000

Marketable Debt Securities - Summary of Gross Unrealized Gains and Losses of Available-for-Sale (Details) - RENEO PHARMACEUTICALS INC [Member] - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	$ 53,558	$ 75,324	$ 81,290
Gross Unrealized Gains		8	2
Gross Unrealized Losses	(13)	(1)	(46)
Fair Market Value	53,545	75,331	81,246
US Treasury Securities [Member]
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	53,558	75,324	76,297
Gross Unrealized Gains		8	2
Gross Unrealized Losses	(13)	(1)	(46)
Fair Market Value	$ 53,545	$ 75,331	76,253
Commercial Paper [Member]
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost			4,993
Fair Market Value			$ 4,993

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 103
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-103

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481830/320-10-45-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(6))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479130/326-30-45-1

+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

Leases - Schedule of Additional Information for Operating Leases (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Weighted-average remaining lease term (years)	2 years 6 months	3 years 6 months	2 years 11 months 1 day	3 years 10 months 6 days
Weighted-average discount rate	4.50%	4.50%	4.50%	4.50%
Operating cash flows for operating leases	$ 101	$ 100	$ 210	$ 194

Net Loss Attributable To Common Stockholders Per Share - Anti-dilutive securities not included in the diluted net loss per share calculation (Details) - shares	6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	9,776,452	2,991,710
Options to purchase common stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	8,299,737	2,991,710
Restricted stock units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	1,476,715	0
RENEO PHARMACEUTICALS INC [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	498,279	636,568	562,775	620,724
RENEO PHARMACEUTICALS INC [Member] \| Options to purchase common stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	467,129	600,118	530,125	587,774
RENEO PHARMACEUTICALS INC [Member] \| Restricted stock units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	31,150	36,450	32,650	32,950

Stock-Based Compensation (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2024

Dec. 31, 2023

Summary of the Company's stock option activity

A summary of common stock option activity is as follows:


	Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value (in thousands
Outstanding as of December 31, 2023		7,197,551		$	0.40		8.88	$	16
Granted		854,795		$	0.33
Exercised		(90,374	)	$	0.21
Canceled		(20,324	)	$	0.54

Outstanding as of June 30, 2024		7,941,648		$	0.39		7.46	$	2

Options exercisable as of June 30, 2024		4,289,295		$	0.41		6.22	$	2

Options vested and expected to vest as of June 30, 2024		7,710,235		$	0.39		7.40	$	2

A summary of common stock option activity is as follows:


	Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 2021		2,795,205		$	0.46		8.72	$	—
Granted		1,240,168		$	0.53
Exercised		(828,305	)	$	0.41
Canceled		(105,764	)	$	0.50

Outstanding as of December 31, 2022		3,101,304		$	0.50			$	243

Granted		4,368,378		$	0.33
Exercised		(148,412	)	$	0.44
Canceled		(123,719	)	$	0.54

Outstanding as of December 31, 2023		7,197,551		$	0.40		8.88	$	16

Options exercisable as of December 31, 2023		2,585,640		$	0.44		8.26	$	16

Options vested and expected to vest as of December 31, 2023		6,903,294		$	0.40		8.86	$	16

Summary of weighted-average assumptions to determine the fair value of the employee stock option

The fair value was determined using the Black-Scholes option pricing model and the following weighted-average assumptions:


	Year ended December 31,
	2023			2022
Expected term (years)		5.73			5.97
Expected volatility		32.0	%		36.6	%
Risk-free interest rate		4.31	%		2.51	%
Expected dividend yield		—			—

Summary of RSU activities

A summary of restricted stock awards and restricted stock units activity are as follows:


	Shares		Weighted Average Grant Date Fair Value
Unvested balance as of December 31, 2023		1,481,122	$	0.33
Vested outstanding (RSA)		4,407	$	0.12
Unvested balance as of June 30, 2024		1,040,204	$	0.33
Vested outstanding (RSU) as of June 30, 2024		436,511	$	0.33

A summary of restricted stock award and restricted stock unit activity are as follows:


	Shares			Weighted Average Grant Date Fair Value
Unvested balance as of December 31, 2021		111,413		$	0.09
Vested (RSA)		76,682		$	0.08

Unvested balance as of December 31, 2022		34,731		$	0.10

Granted (RSU)		1,487,689		$	0.33
Vested (RSA)		30,324		$	0.10
Forfeited		(10,974	)	$	0.33

Unvested balance as of December 31, 2023		1,481,122		$	0.33

Summary of Non-cash stock-based compensation expense recorded

The following table shows the allocation of share-based compensation expense related to the company’s share-based awards (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Research and development	$	1,518	$	15	$	1,555	$	27
General and administrative		295		2		365		5

Total share-based compensation	$	1,813	$	17	$	1,920	$	32

The following table shows the allocation of share-based compensation expense related to the company’s share-based awards (in thousands):


	Year ended December 31,
	2023		2022
Research and development	$	98	$	34
General and administrative	$	101	$	14

Total share-based compensation	$	199	$	48

RENEO PHARMACEUTICALS INC [Member]

Summary of common stock reserved for future issuance

As of June 30, 2024, the Company had reserved shares of its common stock for future issuance as follows:


	Shares Reserved
Common stock options outstanding		467,129
Unvested restricted stock units		31,150
Available for future grants under the 2021 Equity Incentive Plan		442,366
Available for future grants under the 2021 Employee Stock Purchase Plan		78,009

Total shares of common stock reserved		1,018,654

As of December 31, 2023, the Company had reserved shares of its common stock for future issuance as follows:


	Shares Reserved
Common stock options outstanding		530,125
Unvested restricted stock units		32,650
Available for future grants under the 2021 Equity Incentive Plan		210,922
Available for future grants under the 2021 Employee Stock Purchase Plan		44,589

Total shares of common stock reserved		818,286

Summary of the Company's stock option activity

A summary of the Company’s stock option activity and related information for the six months ended June 30, 2024 is as follows:


	Options Outstanding			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2023		530,125		$	47.60		6.9	$	—
Forfeited/Expired		(62,996	)	$	49.05

Outstanding at June 30, 2024		467,129		$	47.39		6.9	$	—

Vested at June 30, 2024		334,861		$	50.38		6.5	$	—
Exercisable at June 30, 2024		351,698		$	50.31		6.5	$	—

A summary of the Company’s stock option activity and related information for the year ended December 31, 2023 is as follows:


	Options Outstanding			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2022		587,774		$	44.68		8.2	$	907
Granted		57,891			68.54
Exercised		(17,382	)		23.11
Forfeited/Expired		(98,158	)		46.86

Outstanding at December 31, 2023		530,125		$	47.59		6.9	$	—

Vested at December 31, 2023		322,834		$	49.14		6.1	$	—
Exercisable at December 31, 2023		359,212		$	49.12		6.2	$	—

Summary of weighted-average assumptions to determine the fair value of the employee stock option

The weighted-average assumptions used in the Black-Scholes option pricing model to determine the fair value of the employee stock option grants were as follows:


	Year Ended December 31,
	2023			2022
Risk-free interest rate		4.0	%		3.4	%
Expected volatility		88.6	%		84.8	%
Expected term (in years)		5.9			6.0
Expected dividend yield		—	%		—	%

Summary of RSU activities

RSUs consist of time-based units (TSUs), performance-based units (PSUs) and market-based units (MSUs). The following table summarizes RSU activities during the six months ended June 30, 2024:


	Number of RSUs			Weighted- Average Grant Date Per Share Value
Unvested at December 31, 2023		32,650		$	59.00
Cancelled		(1,500	)	$	69.79

Unvested at June 30, 2024		31,150		$	58.46

The following table summarizes RSU activities during the year ended December 31, 2023:


	Number of RSUs			Weighted- Average Grant Date Per Share Value
Unvested at December 31, 2022		32,950		$	56.70
Granted		13,700			58.19
Cancelled		(14,000	)		53.54

Unvested at December 31, 2023		32,650		$	58.98

Summary of Non-cash stock-based compensation expense recorded


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Research and development	$	244	$	494	$	497	$	967
General and administrative		745		713		1,570		1,397

Total	$	989	$	1,207	$	2,067	$	2,364


	Year Ended December 31,
	2023		2022
Research and development	$	1,815	$	1,593
General and administrative		3,297		2,727

Total	$	5,112	$	4,320

Accrued Expenses (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2024

Dec. 31, 2023

Schedule of Accrued expenses

Accrued expenses consisted of the following (in thousands):


	As of June 30, 2024 (Unaudited)		As of December 31, 2023
Accrued contract manufacturing costs	$	864	$	1,627
Accrued compensation		1,707		1,663
Accrued legal		1,171		—
Accrued other		765		370

Total accrued expenses	$	4,507	$	3,660

Accrued expenses consisted of the following (in thousands):


	Year Ended December 31,
	2023		2022
Accrued contract manufacturing costs	$	1,627	$	434
Accrued compensation		1,663		1,456
Accrued other		370		981

Total accrued expenses	$	3,660	$	2,871

RENEO PHARMACEUTICALS INC [Member]

Schedule of Accrued expenses

Accrued expenses consisted of the following (in thousands):


	As of June 30, 2024		As of December 31, 2023
Accrued clinical and regulatory	$	—	$	3,661
Accrued contract manufacturing cost		—		1,100
Accrued compensation		386		3,948
Accrued other		567		420

Total accrued expenses	$	953	$	9,129

Accrued expenses consisted of the following (in thousands):


	As of December 31,
	2023		2022
Accrued clinical and regulatory	$	3,661	$	1,872
Accrued contract manufacturing cost		1,100		1,583
Accrued compensation*		3,948		807
Accrued other		420		565

Total accrued expenses	$	9,129	$	4,827

*	Accrued compensation includes severance costs. For further information see Note 13.

Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 18,633	$ 29,876	$ 11,543
Prepaid clinical trials	1,494	3,192	1,240
Prepaid expenses and other current assets	5,163	3,890	840
Total current assets	23,796	33,766	13,623
Property and equipment, net	1,223	1,432	1,604
Operating lease right-of-use asset	405	478	443
Other Assets	49	58	329
Total assets	25,473	35,734	15,999
Current liabilities:
Accounts payable	8,261	3,417	2,520
Accrued expenses	4,507	3,660	2,871
Operating lease liabilities, current portion	216	208	151
Total current liabilities	12,984	7,285	5,542
Convertible notes payable, net of debt issuance costs	5,858	0
Operating lease liability, net of current portion	357	466	486
Other long-term liabilities	26	0
Total liabilities	19,225	7,751	6,028
Commitments and contingencies
Convertible preferred stock		129,825	64,389
Stockholders' equity (deficit):
Additional paid-in capital	2,148	208	2,655
Accumulated deficit	(125,726)	(102,051)	(57,074)
Total stockholders' deficit	(123,577)	(101,842)	(54,418)
Total liabilities, convertible preferred stock, and stockholders' deficit	25,473	35,734	15,999
Series C Preferred Stock [Member]
Current liabilities:
Convertible preferred stock	129,825	129,825	0
Common Class A [Member]
Stockholders' equity (deficit):
Common stocks	1	1	1
Common Class B [Member]
Stockholders' equity (deficit):
Common stocks	0	0	0
RENEO PHARMACEUTICALS INC [Member]
Current assets:
Cash and cash equivalents	35,970	27,632	19,927
Short-term investments	40,704	75,331	81,246
Prepaid expenses and other current assets	1,316	3,659	5,180
Total current assets	77,990	106,622	106,353
Property and equipment, net	81	134	453
Operating lease right-of-use asset	493	599	1,292
Other non-current assets	153	81	84
Total assets	78,717	107,436	108,182
Current liabilities:
Accounts payable	64	8,717	1,893
Accrued expenses	953	9,129	4,827
Operating lease liabilities, current portion	331	331	404
Total current liabilities	1,348	18,177	7,124
Operating lease liability, net of current portion	492	642	1,059
Performance award	8	7	29
Total liabilities	1,848	18,826	8,212
Commitments and contingencies
Stockholders' equity (deficit):
Common stocks	0	0	0
Additional paid-in capital	309,143	307,076	236,696
Accumulated deficit	(232,261)	(218,474)	(136,683)
Accumulated other comprehensive (loss) income	(13)	8	(43)
Total stockholders' deficit	76,869	88,610	99,970
Total liabilities, convertible preferred stock, and stockholders' deficit	$ 78,717	$ 107,436	$ 108,182

Summary of Significant Accounting Policies (Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2021
Accounting Policies [Line Items]
Cash and cash equivalents	$ 29,876,000	$ 11,543,000	$ 18,633,000	$ 18,600,000
Cash fdic insured amount	250,000	250,000
Impairment charges	0	0
Unrecognized tax benefits	$ 0	0
Defined contribution plan, maximum annual contributions per employee, percent	4.00%
Defined contribution plan, employer discretionary contribution amount	$ 294,000	220,000
RENEO PHARMACEUTICALS INC [Member]
Accounting Policies [Line Items]
Right-of-use (ROU) assets impairment expense	300,000
Right-of-use and leasehold improvement impairment expenses	400,000
Cash and cash equivalents	27,632,000	19,927,000	$ 35,970,000
Unrecognized tax benefits	11,425,000	$ 7,094,000			$ 2,999,000
Defined contribution plan, employer discretionary contribution amount	$ 200,000

Subsequent Events - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	May 31, 2024
Subsequent Event [Line Items]
Equity method investment, quoted market value			$ 65.0
Reneo Stockholders [Member] \| Pre-merger [Member]
Subsequent Event [Line Items]
Business acquisition, percentage of voting interests acquired			31.00%
Onkure Shareholder [Member] \| Pre-merger [Member]
Subsequent Event [Line Items]
Business acquisition, percentage of voting interests acquired			69.00%
RENEO PHARMACEUTICALS INC [Member]
Subsequent Event [Line Items]
Severance and continuation of benefit expenses		$ 2.5
Forecast [Member] \| RENEO PHARMACEUTICALS INC [Member]
Subsequent Event [Line Items]
Severance and continuation of benefit expenses	$ 1.6

Property and Equipment, Net (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2024

Dec. 31, 2023

Schedule of Property and equipment, net

The following summarizes the components of property and equipment (in thousands):


	As of June 30, 2024 (Unaudited))			As of December 31, 2023
Lab equipment	$	706		$	706
Leasehold improvements		1,090			1,090
Computer hardware and software		158			141
Furniture and fixtures		160			160

Property and equipment, gross		2,114			2,097
Less: Accumulated depreciation and amortization		(891	)		(665	)

Property and equipment, net	$	1,223		$	1,432

RENEO PHARMACEUTICALS INC [Member]

Schedule of Property and equipment, net

Property and equipment, net, consisted of the following (in thousands):


	As of December 31,
	2023			2022
Computer, software and office equipment	$	254		$	300
Leasehold improvements*		—			255

Total property and equipment, gross		254			555
Less: accumulated depreciation and amortization		(120	)		(102	)

Total property and equipment, net	$	134		$	453

*	All leasehold improvements were fully impaired and written off. For further information see Note 13.

Income Taxes - Summary of components of income tax expense (benefit) (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Federal tax at statutory rate	21.00%	21.00%
State taxes, net of federal deduction	3.60%	3.60%
R&D credits	0.20%	2.40%
Other	(0.10%)	(0.20%)
Change in valuation allowance	(24.70%)	(27.20%)
Effective income tax rate	0.00%	0.00%

Stock-Based Compensation - Assumptions (Details) - shares	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Weighted-average assumptions
Stock options granted	854,795	4,368,378	1,240,168
Expected term (in years)		5 years 8 months 23 days	5 years 11 months 19 days
Expected volatility		32.00%	36.60%
Risk-free interest rate		4.31%	2.51%
Expected dividend yield		0.00%	0.00%
RENEO PHARMACEUTICALS INC [Member]
Weighted-average assumptions
Stock options granted	0	57,891
Expected term (in years)		5 years 10 months 24 days	6 years
Expected volatility		88.60%	84.80%
Risk-free interest rate		4.00%	3.40%
Expected dividend yield		0.00%	0.00%

Convertible Promissory Notes - Narrative (Details) - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Line of Credit Facility [Line Items]
Amortization of debt issuance costs	$ 1,000	$ 0
Convertible Debt [Member]
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity	12,000,000
Proceeds from acquisition	6,000,000
Additional proceeds from acquisition	6,000,000
Debt issuance costs, net	142,000
Amortization of debt issuance costs	$ 1,000
Convertible Debt [Member] \| Minimum [Member]
Line of Credit Facility [Line Items]
Debt instrument, interest rate, stated percentage			6.00%
Convertible Debt [Member] \| Maximum [Member]
Line of Credit Facility [Line Items]
Debt instrument, interest rate, stated percentage			8.00%

Fair Value Measurements - Narratives (Details) - RENEO PHARMACEUTICALS INC [Member] - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Assets transferred into L3	$ 0	$ 0	$ 0
Assets transferred out of L3	0	0	0
Liabilities transferred into L3	0	0	0
Liabilities transferred out of L3	0	0	$ 0
Performance Shares [Member] \| Chief Executive Officer [Member]
Special performance bonus payable	$ 7,500	$ 7,500

Marketable Debt Securities

6 Months Ended

12 Months Ended

Jun. 30, 2024

Dec. 31, 2023

RENEO PHARMACEUTICALS INC [Member]

Marketable Debt Securities

5. Marketable Debt Securities

The Company’s investments in debt securities are carried at fair value and classified as current assets

available-for-sale

and represent the investment of funds available for current operations. Accretion of bond discount and interest income on marketable securities is included in other income as a separate component of other income (expense) on the statement of operations and comprehensive loss. Unrealized gains and losses on

available-for-sale

debt securities are included in other comprehensive income or loss, and charged to income or expense in the period when realized. The following tables summarize the gross unrealized gains and losses of the Company’s

available-for-sale

securities (in thousands):


	As of June 30, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Market Value
Available-for-sale securities:
U.S. treasury securities	$	53,558	$	—	$	(13	)	$	53,545

Total	$	53,558	$	—	$	(13	)	$	53,545


	As of December 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Market Value
Available-for-sale securities:
U.S. treasury securities	$	75,324	$	8	$	(1	)	$	75,331

Total	$	75,324	$	8	$	(1	)	$	75,331

As of June 30, 2024, the Company considered the unrealized losses in its investment portfolio to be temporary in nature and not due to credit losses. The Company has the intent and ability to hold such investments until their recovery at fair value. The Company did not have any realized gains or losses in its available for sale securities during the three and six months ended June 30, 2024 and 2023.

5. Marketable Debt Securities

The Company’s investments in debt securities are carried at fair value and classified as current assets

available-for-sale

and represent the investment of funds available for current operations. Unrealized gains and losses on

available-for-sale

securities (in thousands):


	As of December 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Market Value
Available-for-sale securities:
U.S. treasury securities	$	75,324	$	8	$	(1	)	$	75,331

Total	$	75,324	$	8	$	(1	)	$	75,331


	As of December 31, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Market Value
Available-for-sale securities:
U.S. treasury securities	$	76,297	$	2	$	(46	)	$	76,253
Commercial paper		4,993		—		—			4,993

Total	$	81,290	$	2	$	(46	)	$	81,246

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
Income Taxes - Narrative (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards, not subject to expiration	$ 35,200,000
Net operating loss carryforwards, subject to expiration	1,500,000
Valuation allowance of DTA	22,211,000	$ 13,499,000
Deferred tax assets operating loss carry forwards research subject to expiration	$ 800,000
Operating loss carryforwards, limitations on use	50
RENEO PHARMACEUTICALS INC [Member]
Operating Loss Carryforwards [Line Items]
Income Tax Expense (Benefit)	$ 0	0
Stockholders ownership percentage	5.00%
Valuation allowance of DTA	$ 49,872,000	32,214,000
Unrecognized tax benefits	11,000,000
Income Tax Examination, Penalties and Interest Accrued	0	$ 0
Federal [Member] \| RENEO PHARMACEUTICALS INC [Member]
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	110,900,000
Net operating loss carryforwards, not subject to expiration	109,300,000
Net operating loss carryforwards, subject to expiration	$ 1,600,000
Net operating loss carryforwards, subject to expiration period	2034
Tax credit carry forwards	$ 16,900,000
Tax credit carry forwards expiration	2034
State [Member] \| RENEO PHARMACEUTICALS INC [Member]
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	$ 1,800,000
Net operating loss carryforwards period	2034
Tax credit carry forwards	$ 700,000
UK [Member] \| RENEO PHARMACEUTICALS INC [Member]
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards, not subject to expiration	200,000
GILTI	$ 1,500,000

Income Taxes - Schedule Of Effective Income Tax Rate Reconciliation (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Effective Income Tax Rate Reconciliation, Percent [Abstract]
U.S. federal statutory income tax rate	21.00%	21.00%
Other	(0.10%)	(0.20%)
Valuation allowance	(24.70%)	(27.20%)
Effective income tax rate	0.00%	0.00%
RENEO PHARMACEUTICALS INC [Member]
Effective Income Tax Rate Reconciliation, Percent [Abstract]
U.S. federal statutory income tax rate	21.00%	21.00%
Tax credits, net	2.50%	3.40%
Return-to-provision adjustment	0.10%	0.50%
Other	(0.10%)	(0.80%)
GILTI inclusion	(0.40%)	(0.30%)
Foreign Rate Differential	(0.10%)	0.00%
Valuation allowance	(23.00%)	(23.80%)
Effective income tax rate	0.00%	0.00%

Leases (Details) - USD ($) $ in Thousands	1 Months Ended	6 Months Ended		12 Months Ended
Leases (Details) - USD ($) $ in Thousands	Jul. 31, 2024	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Lessee, Lease, Description [Line Items]
Weighted average incremental borrowing rate		4.50%	4.50%	4.50%	4.50%
Weighted average remaining lease term		2 years 6 months	3 years 6 months	2 years 11 months 1 day	3 years 10 months 6 days
Payments for operating leases liabilities		$ 101	$ 100	$ 210	$ 194
RENEO PHARMACEUTICALS INC [Member]
Lessee, Lease, Description [Line Items]
Right-of-use (ROU) assets impairment expense				$ 300
Weighted average incremental borrowing rate		5.00%	5.00%	5.00%
Weighted average remaining lease term		2 years 3 months 18 days	3 years 8 months 12 days	3 years 9 months 18 days
Payments for operating leases liabilities		$ 194	$ 142	$ 500	500
Operating lease expense		$ 148	$ 241	$ 400	$ 500
RENEO PHARMACEUTICALS INC [Member] \| Lease Agreement [Member]
Lessee, Lease, Description [Line Items]
Lessee, operating lease, existence of option to terminate [true false]		true		true
Right-of-use (ROU) assets impairment expense				$ 300
RENEO PHARMACEUTICALS INC [Member] \| Lease Agreement [Member] \| Subsequent Event [Member]
Lessee, Lease, Description [Line Items]
Final termination	$ 200

Common Stock - Narrative (Details) - $ / shares	Jun. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Common stock, authorized		87,589,983
Common Class A [Member]
Class of Stock [Line Items]
Common stock, authorized	78,000,000	78,000,000	40,000,000
Common stock, par or stated value per share	$ 0.0001	$ 0.0001	$ 0.0001
Common Class B [Member]
Class of Stock [Line Items]
Common stock, authorized	9,589,983	9,589,983	9,589,983
Common stock, par or stated value per share	$ 0.0001	$ 0.0001	$ 0.0001

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Financial Impact of Suspension of Mavodelpar Development Activities	12 Months Ended
	Dec. 31, 2023
RENEO PHARMACEUTICALS INC [Member]
Financial Impact of Suspension of Mavodelpar Development Activities [Line Items]
Financial Impact of Suspension of Mavodelpar Development Activities	13. Financial Impact of Suspension of Mavodelpar Development Activities On December 14, 2023, the Company announced that its pivotal STRIDE study did not meet its primary or secondary efficacy endpoints. As a result, the Company suspended the development activities of its only product candidate, mavodelpar, and implemented cash preservation activities, including substantial workforce reductions. In December 2023, the Company implemented a workforce reduction and recognized approximately $2.5 million in severance and continuation of benefit expenses for the year ended December 31, 2023. In addition, the Company assessed the impairment of its ROU and fixed assets due to the suspension of mavodelpar’s development activities and concluded that its current leases and leasehold improvements were impaired. The Company recognized approximately $0.3 million and $0.4 million of impairment expenses for ROU and leasehold improvements for the year ended December 31, 2023, respectively.

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Taxes [Line Items]

Summary of components of income tax expense (benefit)

The components of the income tax benefit are as follows:


	Year Ended December 31,
	2023			2022
Federal tax at statutory rate		21.0	%		21.0	%
State taxes, net of federal deduction		3.6	%		3.6	%
R&D credits		0.2	%		2.4	%
Other		(0.1	)%		(0.2	)%
Change in valuation allowance		(24.7	)%		(27.2	)%

Effective income tax rate		—			—

Components of net deferred taxes asset and liabilities

Significant components of deferred income taxes are as follows (in thousands):


	As of December 31,
	2023			2022
Net operating loss carryforward	$	9,027		$	6,212
R&D Tax credit		837			836
Deferred R&D expenses		11,123			5,198
Accrued expenses		783			881
Share-based compensation		104			91
Other		337			281

Total net deferred tax asset		22,211			13,499
Valuation allowance		(22,211	)		(13,499	)

Net deferred tax asset	$	—		$	—

RENEO PHARMACEUTICALS INC [Member]

Income Taxes [Line Items]

Summay of company's loss before provision for income taxes

The Company’s net loss was generated in the following jurisdictions (in thousands):


	Year Ended December 31,
	2023			2022
Domestic	$	(78,132	)	$	(51,994	)
Foreign		744			39

Net loss	$	(77,388	)	$	(51,955	)

Components of net deferred taxes asset and liabilities

The components of net deferred taxes consisted of the following (

thousand

s):


	As of December 31,
	2023			2022
Deferred tax assets:
NOL carryforwards	$	23,490		$	16,381
Capitalized research and development expenses		15,274			7,465
Credit carryforwards		6,111			4,061
Intangible assets		2,902			3,202
Compensation accruals		1,885			989
Operating lease liabilities		245			316
Depreciation		89			78
Other		2			2

Gross deferred tax assets		49,998			32,494
Less valuation allowance		(49,872	)		(32,214	)

Total deferred tax assets		126			280
Deferred tax liabilities:
ROU assets		(126	)		(280	)

Net deferred tax assets (liabilities)	$	—		$	—

Summarized reconciliation of income tax rate

A reconciliation of the effective tax rate to the amount computed by applying the statutory federal income tax rate to the loss from operations is summarized for the years ended December 31, 2023 and 2022, as follows:


	As of December 31,
	2023			2022
U.S. federal statutory income tax rate		21.0	%		21.0	%
Tax credits, net		2.5	%		3.4	%
Return-to-provision adjustment		0.1	%		0.5	%
Other		(0.1	)%		(0.8	)%
GILTI inclusion		(0.4	)%		(0.3	)%
Foreign Rate Differential		(0.1	)%		—
Valuation allowance		(23.0	)%		(23.8	)%

U.S. federal effective tax rate		0.0	%		0.0	%

Summarizes the changes to unrecognized tax benefits

The following table summarizes the changes to unrecognized tax benefits (in thousands):


	Year Ended December 31,
	2023		2022
Beginning balance of unrecognized tax benefits	$	7,094	$	2,999
Additions based on tax positions related to the current year		4,331		4,095

Ending balance of unrecognized tax benefits	$	11,425	$	7,094

Financial Impact of Suspension of Mavodelpar Development Activities - Additional Information (Details) - RENEO PHARMACEUTICALS INC [Member] $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)
Financial Impact of Suspension of Mavodelpar Development Activities [Line Items]
Severance and continuation of benefit expenses	$ 2.5
Right-of-use (ROU) assets impairment expense	0.3
Right-of-use and leasehold improvement impairment expenses	$ 0.4

Description of Business Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accumulated deficit	$ (125,726)	$ (102,051)	$ (125,700)	$ (57,074)
Cash and cash equivalents	$ 18,633	$ 29,876	$ 18,600	$ 11,543

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

Organization and Business	6 Months Ended	12 Months Ended
Organization and Business	Jun. 30, 2024	Dec. 31, 2023
RENEO PHARMACEUTICALS INC [Member]
Organization and Business	1. Organization and Business Organization Reneo Pharmaceuticals, Inc. (Reneo or the Company) 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. The Company’s only product candidate, mavodelpar, is a potent and selective agonist of the peroxisome proliferator-activated receptor delta (PPAR d ). Mavodelpar has been shown to increase transcription of genes involved in mitochondrial function and increase fatty acid oxidation , and may increase production of new mitochondria. On December 14, 2023, the Company announced that its pivotal STRIDE study, a global, randomized, double-blind, placebo-controlled Phase 2b trial of mavodelpar in adult patients with primary mitochondria myopathy due to mitochondrial DNA defects, did not meet its primary or secondary efficacy endpoints. As a result, the Company suspended the development activities for mavodelpar and implemented cash preservation activities, including a substantial workforce reduction. The Company implemented a reduction in workforce in December 2023 and February 2024, and currently has eight full-time employees remaining. In January 2024, the Company’s Board of Directors retained an independent financial advisor to initiate a formal process to evaluate potential strategic alternatives focused on maximizing stockholder value, including, but not limited to, a merger, sale, other business combination, a strategic partnership with one or more parties, or the licensing, sale or divestiture of its assets. The Company is no longer pursuing further clinical development of mavodelpar at this time. On May 10, 2024, the Company entered into an Agreement and Plan of Merger (Merger Agreement and the transactions contemplated thereby, Proposed Transactions) with Radiate Merger Sub I, Inc., a Delaware corporation and its direct, wholly owned subsidiary (Merger Sub I), Radiate Merger Sub II, LLC, a Delaware limited liability company and its direct, wholly owned subsidiary (Merger Sub II), and OnKure, Inc., a Delaware corporation (OnKure), pursuant to which, and subject to the satisfaction or waiver of the conditions set forth in the Merger Agreement, (a) Merger Sub I will merge with and into OnKure (the First Merger), with Merger Sub I ceasing to exist and OnKure surviving the First Merger as its wholly owned subsidiary (Reneo following the First Merger, NewCo), and (b) as promptly as practicable following the First Merger, OnKure, as the surviving corporation of the First Merger, will merge with and into Merger Sub II, with OnKure ceasing to exist and Merger Sub II surviving the Second Merger as a wholly owned subsidiary of NewCo (the Second Merger, and together with the First Merger, the Mergers). At the effective time of the First Merger (the First Effective Time) and upon filing of an amendment to the Company’s amended and restated certificate of incorporation to reclassify its common stock, each share of the Company’s common stock existing and outstanding immediately prior thereto will be recapitalized and remain outstanding as a share of NewCo Class A common stock without any conversion or exchange thereof, subject to a proposed reverse stock split of all of the shares of the Company’s common stock outstanding at the time of effectiveness thereof by a ratio to be determined by OnKure subject to the Company’s approval (the Reverse Stock Split). Upon the First Effective Time, all shares of OnKure capital stock outstanding immediately prior to the First Effective Time, after giving effect to an assumed common stock exchange ratio of 0.024482 and an assumed preferred stock exchange ratio of 0.150062, will be converted into the right to receive approximately 7,695,878 shares of NewCo common stock in the aggregate, which is subject to adjustment as set forth in the Merger Agreement. In connection with the Mergers, on May 10, 2024, the Company concurrently entered into a Subscription Agreement with certain existing OnKure stockholders and new investors (collectively, PIPE Investors) pursuant to which, among other things, the Company agreed to issue to the PIPE Investors shares of NewCo Class A common stock concurrently with the Mergers in a private placement transaction for an aggregate purchase price of $ 65.0 million, which amount may be increased to up to $85.0 million through additional subscriptions from additional PIPE Investors (the Concurrent PIPE Investments). The closing of the Concurrent PIPE Investments is conditioned upon the satisfaction or waiver of the conditions to the closing of the Mergers and the substantially concurrent closing of the Mergers, as well as certain other conditions. Immediately after the Mergers, pre-Mergers OnKure stockholders are expected to own approximately 69.4% of NewCo on a fully-diluted basis and pre-Mergers Reneo stockholders are expected to own approximately 30.6% of NewCo on a fully-diluted basis. Following the completion of the Concurrent PIPE Investments, assuming a subscription amount of (a) $65.0 million, pre-Mergers OnKure stockholders are expected to own approximately 54.8% of NewCo on a fully-diluted basis, pre-Mergers Reneo stockholders are expected to own approximately 24.2% of NewCo on a fully-diluted basis, and the PIPE Investors are expected to own approximately 21.0% of NewCo on a fully-diluted basis, and (b) $85.0 million, pre-Mergers OnKure stockholders are expected to own approximately 51.5% of NewCo on a fully-diluted basis, pre-Mergers Reneo stockholders are expected to own approximately 22.7% of NewCo on a fully-diluted basis, and the PIPE Investors are expected to own approximately 25.8% of NewCo on a fully-diluted basis. The exchange ratios, and related pro forma ownership, will be adjusted (i) to account for the effect of the proposed Reverse Stock Split and (ii) to the extent that Reneo’s net cash as of the close of business on the business day immediately preceding the closing date of the Mergers is less than $59.0 million or greater than $61.0 million (resulting in pre-Mergers Reneo stockholders owning less or more of NewCo, respectively). The expected relative ownership percentages of pre-Mergers OnKure stockholders and pre-Mergers Reneo stockholders of NewCo are calculated using the treasury stock method, as described in the Merger Agreement. The Mergers, which have been approved by the Company’s Board of Directors and the board of directors of OnKure, are expected to close in the second half of 2024, subject to the satisfaction or waiver of certain closing conditions, including the approval of the Company’s stockholders. Certain stockholders of Reneo holding approximately 28.2% of the outstanding shares of its common stock entered into support agreements with Reneo and OnKure to vote all of their shares of the Company’s common stock in favor of the Mergers, subject to the terms of the support agreements. Although the Company has entered into the Merger Agreement and intends to consummate the proposed Mergers, there is no assurance that the Company will be able to successfully consummate the proposed Mergers on a timely basis, or at all. If, for any reason, the proposed Mergers are not completed, the Company will reconsider its strategic alternatives and could pursue another strategic transaction similar to the proposed Mergers, potential collaborative, partnering or other strategic arrangements for the Company’s assets, including a license, sale or divestiture of its assets, or liquidate and distribute available cash. Liquidity From its inception in 2014, the Company has incurred significant losses and negative cash flows from operations and expects to continue to incur net losses into the foreseeable future and may never become profitable. As of June 30, 2024, the Company had cash, cash equivalents and short-term investments of $76.7 million , which the Company believes will be sufficient to fund the Company’s current operating plan for at least the next 12 months from the date of issuance of these unaudited condensed financial statements. On October 4, 2024, the Company effected a 1-for-10 reverse stock split of its common stock. The par value and the authorized shares of the common stock were not adjusted as a result of the reverse stock split. The accompanying consolidated financial statements and notes to the consolidated financial statements give retroactive effect to the reverse stock split for all periods presented.	1. Organization and Business Organization Reneo Pharmaceuticals, Inc. (Reneo or the Company) commenced operations on September 22, 2014 as a pharmaceutical company and has historically focused on the development of therapies for patients with rare genetic mitochondrial diseases. In December 2017, the Company in-licensed mavodelpar (REN001), a novel oral peroxisome proliferator-activated receptor delta (PPAR d ) agonist. Risks and Uncertainties On December 14, 2023, the Company announced that its pivotal STRIDE study, a global, randomized, double-blind, placebo-controlled Phase 2b trial of mavodelpar in adult patients with primary mitochondria myopathy due to mitochondrial DNA defects, did not meet its primary or secondary efficacy endpoints. As a result, the Company suspended the development activities of its only product candidate, mavodelpar, and implemented cash preservation activities, including substantial workforce reduction. In December 2023, the Company implemented a workforce reduction and recognized approximately $2.5 million in severance and continuation of benefit expenses for the year ended December 31, 2023. The Company is subject to a number of risks similar to other pharmaceutical companies including, but not limited to, dependency on the clinical and commercial success of the Company’s potential product candidates, ability to obtain regulatory approval of any such potential product candidates, the need for substantial additional financing to achieve its goals, uncertainty of broad adoption of its approved products, if any, by physicians, consumers and third-party payors, significant competition and untested manufacturing capabilities, and dependence on key individuals and sole source suppliers. Liquidity From its inception in 2014, the Company has incurred significant losses and negative cash flows from operations and expects to continue to incur net losses into the foreseeable future and may never become profitable. As of December 31, 2023, the Company had cash, cash equivalents and short-term investments of $103.0 million to fund future operations. Since inception through December 31, 2023, the Company has funded its operations primarily through the issuance and sale of equity securities. Management has prepared cash flow forecasts which indicate that, based on the Company’s current cash resources available and working capital, the Company will have sufficient resources to fund its operations for at least one year after the date the consolidated financial statements are issued. Future capital requirements will depend on many factors, including the timing and extent of spending on its operations and there can be no assurance that the Company will be successful in obtaining additional funding, that the Company’s projections of its future working capital needs will prove accurate, or that any additional funding would be sufficient to continue operations in future years. If the Company is not able to secure adequate additional funding, the Company may be forced to make reductions in spending, extend payment terms with suppliers, liquidate assets where possible, and/or suspend or curtail planned programs. Any of these actions could negatively impact the Company’s business, results of operations, and future prospects. Public Offerings In May 2022, the Company entered into an at-the-market equity offering sales agreement with Leerink Partners LLC (Leerink), previously SVB Securities LLC (2022 ATM Facility), under which it could offer and sell from time to time at its sole discretion, up to $20.0 million in shares of its common stock. On November 13, 2023, concurrent with entering into the 2023 ATM Facility (defined below), the Company and Leerink terminated the 2022 ATM Facility. The Company had sold an aggregate of $1.2 million under the 2022 ATM Facility as of the termination date. In May 2023, the Company completed a public offering in which it sold an aggregate of 790,625 shares of common stock, which included the full exercise of the underwriters’ option to purchase an additional 103,125 shares of common stock, at a price of $80.00 per share. The Company received total net proceeds from the offering of approximately $58.9 million, after deducting underwriting discounts and commissions and offering expenses. Also, in May 2023, the Company completed a concurrent private placement in which it sold an aggregate of 62,500 shares of common stock to Abingworth Bioventures 8 L.P., a holder of more than 5% of the Company’s common stock, at a price of $80.00 per share. The Company received total net proceeds of approximately $4.7 million, after deducting advisor fees and other estimated fees and expenses. On November 13, 2023, the Company entered into an at-the-market equity offering sales agreement (Sales Agreement) with Leerink under which it may offer and sell, from time to time, at its sole discretion, up to $100.0 million in shares of its common stock (2023 ATM Facility). As of December 31, 2023, the Company had not sold any shares of its common stock under the 2023 ATM Facility and on March 25, 2024, the Company provided notice to Leerink of its election to terminate the Sales Agreement, effective as of April 8, 2024. On October 4, 2024, the Company effected a 1-for-10 reverse stock split of its common stock. The par value and the authorized shares of the common stock were not adjusted as a result of the reverse stock split. The accompanying consolidated financial statements and notes to the consolidated financial statements give retroactive effect to the reverse stock split for all periods presented.

Stock-Based Compensation - Appointment of CEO (Details) $ in Thousands	3 Months Ended			6 Months Ended		12 Months Ended
	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) Day	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) Day	Dec. 31, 2022 USD ($)
Stock-Based Compensation
Stock-based compensation expense	$ 1,813	$ 1,920	$ 17		$ 32	$ 199	$ 48
RENEO PHARMACEUTICALS INC [Member]
Stock-Based Compensation
Stock-based compensation expense	989		1,207	$ 2,067	2,364	5,112	4,320
RENEO PHARMACEUTICALS INC [Member] \| Chief executive officer [Member]
Stock-Based Compensation
Reversal of share based compensation expense						22	$ 400
RENEO PHARMACEUTICALS INC [Member] \| Chief executive officer [Member] \| Performance Shares [Member]
Stock-Based Compensation
Special performance bonus payable	7,500			7,500		7,500
Threshold market value	750,000			$ 750,000		$ 750,000
Number of trading days \| Day				30		30
Threshold fair market value of the net proceeds	$ 750,000			$ 750,000		$ 750,000
Stock-based compensation expense			$ 600		$ 800

Convertible Preferred Stock - Summary of Convertible Preferred Stock (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Shares issued for Prior Preferred	33,182,778
Series A Preferred Stock [Member]
Class of Stock [Line Items]
Prior Preferred stock		2,758,788
Series A-1 Preferred Stock [Member]
Class of Stock [Line Items]
Prior Preferred stock		2,413,906
Series B Preferred Stock [Member]
Class of Stock [Line Items]
Prior Preferred stock		20,649,758
Convertible Preferred Stock [Member]
Class of Stock [Line Items]
Total Prior Preferred stock		25,822,452
Series C Preferred Stock [Member]
Class of Stock [Line Items]
Shares issued for Prior Preferred	27,780,350
Class A Common Stock [Member]
Class of Stock [Line Items]
Shares issued for Prior Preferred	5,402,428

Stock-Based Compensation - Time-Based Units (Additional Information) (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation expense		$ 5.9
Weighted-average vesting term		2 years
RENEO PHARMACEUTICALS INC [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation expense	$ 4.4
Weighted-average vesting term	1 year 9 months 18 days
Equity Incentive Plan 2021 [Member] \| RENEO PHARMACEUTICALS INC [Member] \| Time-Based Restricted Units [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unvested shares	5,700	5,700
Unrecognized compensation expense	$ 0.3	$ 0.3
Weighted-average vesting term	3 years 1 month 6 days	1 year 3 months 18 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Stock-Based Compensation - Time-Based Units (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended		12 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period				4 years
Vesting percentage						25.00%
Stock-based compensation expense	$ 1,813	$ 1,920	$ 17		$ 32	$ 199	$ 48
Unrecognized compensation expense						$ 5,900
Weighted-average vesting term						2 years
RENEO PHARMACEUTICALS INC [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	989		$ 1,207	$ 2,067	$ 2,364	$ 5,112	$ 4,320
Unrecognized compensation expense	$ 4,400			$ 4,400
Weighted-average vesting term				1 year 9 months 18 days
RENEO PHARMACEUTICALS INC [Member] \| Equity Incentive Plan 2021 [Member] \| Time-Based Restricted Units [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period						4 years
Vesting rights, description				TSUs typically vest over four years, with 25% vesting on the one-year anniversary of the employee’s hire date and the remainder vesting monthly or quarterly over the following three years subject to the employee’s continued employment with the Company through the vesting dates.		TSUs typically vest over four years, with 25% vesting on the one-year anniversary of the employee’s hire date and the remainder vesting monthly or quarterly over the following three years subject to the employee’s continued employment with the Company through the vesting dates.
Unvested shares	5,700			5,700		5,700
Stock-based compensation expense		$ 0		$ 0
Unrecognized compensation expense	$ 300			$ 300		$ 300
Weighted-average vesting term				3 years 1 month 6 days		1 year 3 months 18 days
RENEO PHARMACEUTICALS INC [Member] \| Equity Incentive Plan 2021 [Member] \| Time-Based Restricted Units [Member] \| 25% Vesting on One-year Anniversary [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period				1 year		1 year
Vesting percentage				25.00%		25.00%
RENEO PHARMACEUTICALS INC [Member] \| Equity Incentive Plan 2021 [Member] \| Time-Based Restricted Units [Member] \| Remainder Vesting Monthly or Quarterly over Three Years [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period				3 years		3 years

Commitments and Contingencies (Additional Information) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Commitments and Contingencies [Line Items]
Matching contributions expense recorded	$ 294,000	$ 220,000
RENEO PHARMACEUTICALS INC [Member]
Commitments and Contingencies [Line Items]
Matching contributions expense recorded	$ 200,000

Income Taxes - Changes to unrecognized tax benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Taxes [Line Items]
Beginning balance of unrecognized tax benefits	$ 0
Ending balance of unrecognized tax benefits	0	$ 0
RENEO PHARMACEUTICALS INC [Member]
Income Taxes [Line Items]
Beginning balance of unrecognized tax benefits	7,094	2,999
Additions based on tax positions related to the current year	4,331	4,095
Ending balance of unrecognized tax benefits	$ 11,425	$ 7,094

Income Taxes - Components of net deferred taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
Net operating loss carryforward	$ 9,027	$ 6,212
R&D Tax credit	837	836
Deferred R&D expenses	11,123	5,198
Accrued expenses	783	881
Share-based compensation	104	91
Other	337	281
Total net deferred tax asset	22,211	13,499
Valuation allowance	(22,211)	(13,499)
Net deferred tax asset
RENEO PHARMACEUTICALS INC [Member]
Deferred tax assets:
Net operating loss carryforward	23,490	16,381
Capitalized research and development expenses	15,274	7,465
Credit carryforwards	6,111	4,061
Intangible assets	2,902	3,202
Compensation accruals	1,885	989
Operating lease liabilities	245	316
Depreciation	89	78
Other	2	2
Total net deferred tax asset	49,998	32,494
Valuation allowance	(49,872)	(32,214)
Net deferred tax asset	126	280
ROU assets	(126)	(280)
Net deferred tax assets (liabilities)

Convertible Promissory Notes	6 Months Ended
Convertible Promissory Notes	Jun. 30, 2024
Convertible Promissory Note [Abstract]
Convertible Promissory Notes	(11) CONVERTIBLE PROMISSORY NOTES In June 2024, the Company entered into convertible promissory note agreements with certain of its existing investors for up to $12.0 million. At close, the company received total proceeds of $6.0 million and may draw up to an additional $6.0 million in the event the merger with Reno has not closed by September 30, 2024. The notes bear interest rates from 6% to 8% per annum. All unpaid principal and accrued interest are due in December 2025, unless earlier converted. No principal or interest is due until maturity. The Company incurred $142,000 of debt issuance costs related to the convertible promissory notes during the three and six months ended June 30, 2024. Debt issuance costs are amortized as a component of interest expense over the term of the related debt using the straight-line method, which approximates the interest method. The Company recognized $1,000 in interest expense related to the amortization of the debt issuance costs for the three and six months ended June 30, 2024. The unpaid notes will automatically convert into shares issued in the concurrent PIPE financing at the price per share paid by investors in the concurrent PIPE financing. In the event that the notes have not been converted before a certain date, the note holders have the option to convert the outstanding notes into Series C Preferred stock at a discount. In the event that the company completes a qualified financing, as defined, and the notes have not been converted before a certain date the notes will automatically convert on a qualified financing at a discount.

Stock-Based Compensation - Employee Stock Purchase Plan (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended				6 Months Ended		12 Months Ended
	Jan. 31, 2024	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Stock-Based Compensation
Stock-based compensation expense		$ 1,813	$ 1,920	$ 17			$ 32	$ 199	$ 48
RENEO PHARMACEUTICALS INC [Member]
Stock-Based Compensation
Stock-based compensation expense		$ 989		$ 1,207		$ 2,067	2,364	$ 5,112	4,320
RENEO PHARMACEUTICALS INC [Member] \| 2021 Employee Stock Purchase Plan [Member]
Stock-Based Compensation
Number of shares issued						28,846		28,846
Termination year						2024-01
Stock-based compensation expense			$ 0			$ 0		$ 400	$ 200
RENEO PHARMACEUTICALS INC [Member] \| UK Sharesave Sub-plan (SAYE) [Member]
Stock-Based Compensation
Options authorized		2,587				2,587		2,587
Number of shares issued	0
Stock-based compensation expense					$ 0		$ 0	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Prepaid Expenses And Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid clinical trials	$ 1,494	$ 3,192	$ 1,240
Deferred recapitalization costs	656	0
Other receivables	2,045	273
Prepaid other	968	425
Total prepaid expenses	$ 5,163	$ 3,890

Property and Equipment, Net

6 Months Ended

12 Months Ended

Jun. 30, 2024

Dec. 31, 2023

Property and Equipment, Net

(7) PROPERTY AND EQUIPMENT, NET

The following summarizes the components of property and equipment (in thousands):


	As of June 30, 2024 (Unaudited))			As of December 31, 2023
Lab equipment	$	706		$	706
Leasehold improvements		1,090			1,090
Computer hardware and software		158			141
Furniture and fixtures		160			160

Property and equipment, gross		2,114			2,097
Less: Accumulated depreciation and amortization		(891	)		(665	)

Property and equipment, net	$	1,223		$	1,432

Depreciation expense for the three and six months ended June 30, 2024 was $115,000 and $228,000, respectively. Depreciation expense for the three and six months ended June 30, 2023 was $99,000 and $197,000, respectively.

RENEO PHARMACEUTICALS INC [Member]

Property and Equipment, Net

6. Property and Equipment, Net

Property and equipment, net, consisted of the following (in thousands):


	As of December 31,
	2023			2022
Computer, software and office equipment	$	254		$	300
Leasehold improvements*		—			255

Total property and equipment, gross		254			555
Less: accumulated depreciation and amortization		(120	)		(102	)

Total property and equipment, net	$	134		$	453

*	All leasehold improvements were fully impaired and written off. For further information see Note 13.

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Schedule Of the Components Of Property and Equipment

The following summarizes the components of property and equipment (in thousands):


	December 31,
	2023			2022
Lab equipment	$	706		$	669
Leasehold improvements		1,090			1,004
Computer hardware and software		141			84
Furniture and fixtures		160			95

Property and equipment, gross		2,097			1,852
Less: accumulated depreciation and amortization		(665	)		(248	)

Property and equipment, net	$	1,432		$	1,604

RENEO PHARMACEUTICALS INC [Member]

Schedule of Property Plant and Equipment useful lives

The following estimated useful lives were used to depreciate or amortize the Company’s assets:


		Estimated Useful Life
Furniture and fixtures		5 years
Computers and software		3 years
Leasehold improvements		Shorter of useful life or remaining lease term

Statements Of Changes In Convertible Preferred Stock And Stockholders' Deficit - USD ($) $ in Thousands	Total	Common Class A [Member]	Class A Common Stock and Series C Preferred Stock [Member]	Common Stock [Member]	Common Stock [Member] Common Class A [Member]	Common Stock [Member] Class A Common Stock and Series C Preferred Stock [Member]	Additional Paid-in Capital [Member]	Additional Paid-in Capital [Member] Common Class A [Member]	Additional Paid-in Capital [Member] Class A Common Stock and Series C Preferred Stock [Member]	Accumulated Deficit [Member]	Accumulated Deficit [Member] Class A Common Stock and Series C Preferred Stock [Member]	Convertible Preferred Stock [Member]	Convertible Preferred Stock [Member] Preferred Stock [Member]	Convertible Preferred Stock [Member] Preferred Stock [Member] Class A Common Stock and Series C Preferred Stock [Member]	RENEO PHARMACEUTICALS INC [Member]	RENEO PHARMACEUTICALS INC [Member] Public Offering [Member]	RENEO PHARMACEUTICALS INC [Member] At The Market Facility [Member]	RENEO PHARMACEUTICALS INC [Member] Private Placement [Member]	RENEO PHARMACEUTICALS INC [Member] Common Stock [Member]	RENEO PHARMACEUTICALS INC [Member] Common Stock [Member] Public Offering [Member]	RENEO PHARMACEUTICALS INC [Member] Common Stock [Member] At The Market Facility [Member]	RENEO PHARMACEUTICALS INC [Member] Common Stock [Member] Private Placement [Member]	RENEO PHARMACEUTICALS INC [Member] Additional Paid-in Capital [Member]	RENEO PHARMACEUTICALS INC [Member] Additional Paid-in Capital [Member] Public Offering [Member]	RENEO PHARMACEUTICALS INC [Member] Additional Paid-in Capital [Member] At The Market Facility [Member]	RENEO PHARMACEUTICALS INC [Member] Additional Paid-in Capital [Member] Private Placement [Member]	RENEO PHARMACEUTICALS INC [Member] AOCI Attributable to Parent [Member]	RENEO PHARMACEUTICALS INC [Member] Accumulated Deficit [Member]
Beginning Balance at Dec. 31, 2021	$ (25,294)			$ 1			$ 2,267			$ (27,562)			$ 38,264		$ 147,211				$ 0				$ 231,905				$ 34	$ (84,728)
Convertible Preferred Stock Beginning Balance (in shares) at Dec. 31, 2021													15,870,584
Beginning Balance (in shares) at Dec. 31, 2021				6,917,439															2,445,539
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock		$ 340						$ 340					$ 26,125				$ 193								$ 193
Issuance of stock (in shares)					828,305								9,951,868								9,208
Issuance of common stock in connection with equity plans															278								278
Issuance of common stock in connection with equity plans (in shares)																			15,208
Other comprehensive income (loss)															(77)												(77)
Share-based compensation expense	48						48								4,320								4,320
Net loss	(29,512)									(29,512)					(51,955)													(51,955)
Ending Balance at Dec. 31, 2022	(54,418)			$ 1			2,655			(57,074)			$ 64,389		99,970				$ 0				236,696				(43)	(136,683)
Convertible Preferred Stock Ending Balance (in shares) at Dec. 31, 2022												25,822,452	25,822,452
Ending Balance (in shares) at Dec. 31, 2022				7,745,744															2,469,955
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock		41	$ (12,377)					41	$ (2,711)		$ (9,666)		$ 53,068	$ 12,376			1,009								1,009
Issuance of stock (in shares)					96,666	5,402,428							19,463,456	1,957,898							40,787
Other comprehensive income (loss)															55												55
Share-based compensation expense	15						15								1,157								1,157
Net loss	(8,679)									(8,679)					(15,107)													(15,107)
Ending Balance at Mar. 31, 2023	(75,418)			$ 1						(75,419)			$ 129,833		87,084				$ 0				238,862				12	(151,790)
Convertible Preferred Stock Ending Balance (in shares) at Mar. 31, 2023													47,243,806
Ending Balance (in shares) at Mar. 31, 2023				13,244,838															2,510,742
Beginning Balance at Dec. 31, 2022	(54,418)			$ 1			2,655			(57,074)			$ 64,389		99,970				$ 0				236,696				(43)	(136,683)
Convertible Preferred Stock Beginning Balance (in shares) at Dec. 31, 2022												25,822,452	25,822,452
Beginning Balance (in shares) at Dec. 31, 2022				7,745,744															2,469,955
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(16,862)														(34,638)
Ending Balance at Jun. 30, 2023	(83,579)			$ 1			22			(83,602)			$ 129,825		132,528				$ 0				303,880				(31)	(171,321)
Convertible Preferred Stock Ending Balance (in shares) at Jun. 30, 2023													47,243,806
Ending Balance (in shares) at Jun. 30, 2023				13,255,671															3,380,077
Beginning Balance at Dec. 31, 2022	(54,418)			$ 1			2,655			(57,074)			$ 64,389		99,970				$ 0				236,696				(43)	(136,683)
Convertible Preferred Stock Beginning Balance (in shares) at Dec. 31, 2022												25,822,452	25,822,452
Beginning Balance (in shares) at Dec. 31, 2022				7,745,744															2,469,955
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock		65	$ (12,377)					65	$ (2,711)		$ (9,666)		$ 53,059	$ 12,377		$ 58,862	$ 1,009	$ 4,667						$ 58,862	$ 1,009	$ 4,667
Issuance of stock (in shares)					148,412	5,402,428							19,463,456	1,957,898						790,625	40,787	62,500
Issuance of common stock in connection with equity plans															730								730
Issuance of common stock in connection with equity plans (in shares)																			35,857
Other comprehensive income (loss)															51												51
Share-based compensation expense	199						199								5,112								5,112
Net loss	(35,311)									(35,311)					(77,388)													(77,388)
Repurchase and retirement of common stock in connection with common stock repurchase agreement (in shares)																			(57,644)
Repurchase and retirement of common stock in connection with common stock repurchase agreement															(4,403)													(4,403)
Ending Balance at Dec. 31, 2023	(101,842)			$ 1			208			(102,051)			$ 129,825		88,610				$ 0				307,076				8	(218,474)
Convertible Preferred Stock Ending Balance (in shares) at Dec. 31, 2023													47,243,806
Ending Balance (in shares) at Dec. 31, 2023				13,296,584															3,342,080
Beginning Balance at Mar. 31, 2023	(75,418)			$ 1						(75,419)			$ 129,833		87,084				$ 0				238,862				12	(151,790)
Convertible Preferred Stock Beginning Balance (in shares) at Mar. 31, 2023													47,243,806
Beginning Balance (in shares) at Mar. 31, 2023				13,244,838															2,510,742
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock		5						5								$ 58,862		$ 4,667						$ 58,862		$ 4,667
Issuance of stock (in shares)					10,833															790,625		62,500
Issuance of common stock in connection with equity plans															282								282
Issuance of common stock in connection with equity plans (in shares)																			16,210
Other comprehensive income (loss)															(43)												(43)
Share-based compensation expense	17						17								1,207								1,207
Net loss	(8,183)									(8,183)					(19,531)													(19,531)
Ending Balance at Jun. 30, 2023	(83,579)			$ 1			22			(83,602)			$ 129,825		132,528				$ 0				303,880				(31)	(171,321)
Convertible Preferred Stock Ending Balance (in shares) at Jun. 30, 2023													47,243,806
Ending Balance (in shares) at Jun. 30, 2023				13,255,671															3,380,077
Beginning Balance at Dec. 31, 2023	(101,842)			$ 1			208			(102,051)			$ 129,825		88,610				$ 0				307,076				8	(218,474)
Convertible Preferred Stock Beginning Balance (in shares) at Dec. 31, 2023													47,243,806
Beginning Balance (in shares) at Dec. 31, 2023				13,296,584															3,342,080
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock		10						10
Issuance of stock (in shares)					42,476
Other comprehensive income (loss)															(20)												(20)
Share-based compensation expense	107						107								1,078								1,078
Net loss	(9,536)									(9,536)					(8,426)													(8,426)
Ending Balance at Mar. 31, 2024	(111,261)			$ 1			325			(111,587)			$ 129,825		81,242				$ 0				308,154				(12)	(226,900)
Convertible Preferred Stock Ending Balance (in shares) at Mar. 31, 2024													47,243,806
Ending Balance (in shares) at Mar. 31, 2024				13,339,060															3,342,080
Beginning Balance at Dec. 31, 2023	(101,842)			$ 1			208			(102,051)			$ 129,825		88,610				$ 0				307,076				8	(218,474)
Convertible Preferred Stock Beginning Balance (in shares) at Dec. 31, 2023													47,243,806
Beginning Balance (in shares) at Dec. 31, 2023				13,296,584															3,342,080
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(23,675)														(13,787)
Ending Balance at Jun. 30, 2024	(123,577)			$ 1			2,148			(125,726)			$ 129,825		76,869				$ 0				309,143				(13)	(232,261)
Convertible Preferred Stock Ending Balance (in shares) at Jun. 30, 2024													47,243,806
Ending Balance (in shares) at Jun. 30, 2024				13,386,958															3,342,080
Beginning Balance at Mar. 31, 2024	(111,261)			$ 1			325			(111,587)			$ 129,825		81,242				$ 0				308,154				(12)	(226,900)
Convertible Preferred Stock Beginning Balance (in shares) at Mar. 31, 2024													47,243,806
Beginning Balance (in shares) at Mar. 31, 2024				13,339,060															3,342,080
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock		$ 10						$ 10
Issuance of stock (in shares)					47,898
Other comprehensive income (loss)															(1)												(1)
Share-based compensation expense	1,813						1,813								989								989
Net loss	(14,139)									(14,139)					(5,361)													(5,361)
Ending Balance at Jun. 30, 2024	$ (123,577)			$ 1			$ 2,148			$ (125,726)			$ 129,825		$ 76,869				$ 0				$ 309,143				$ (13)	$ (232,261)
Convertible Preferred Stock Ending Balance (in shares) at Jun. 30, 2024													47,243,806
Ending Balance (in shares) at Jun. 30, 2024				13,386,958															3,342,080

Summary of Significant Accounting Policies

6 Months Ended

12 Months Ended

Jun. 30, 2024

Dec. 31, 2023

Summary of Significant Accounting Policies

(2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

Summary of Significant Accounting Policies

The significant accounting policies used in the preparation of these financial statements for the period ended June 30, 2024 are consistent with those discussed in Note 3 to the financial statements in the Company’s audited financial statements for the year ended December 31, 2023.

Use of Estimates

Fair Value of Financial Instruments

Fair Value Measurements and Disclosures

Level 1 — Valuations are based on unadjusted quoted prices in active markets for identical assets or liabilities.

Recently Issued Accounting Pronouncements

In November 2023, the FASB issued ASU

2023-07,

Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures

In December 2023, the FASB issued ASU

2023-09,

Income Taxes (Topic 740):

Improvements to Income Tax Disclosures

(“ASU

2023-09”),

(2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying financial statements as of and for the year ended December 31, 2023, and as of December 31, 2022, include the accounts of OnKure, Inc.

Segment Information

Use of Estimates

The preparation of the financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and contingent liabilities at the date of the financial statements, and the reported amounts of expenses during the reporting period. Although these estimates are based on the Company’s knowledge of current events and actions it may take in the future, actual results may ultimately differ from these estimates. The most significant estimates relate to external research and development expenses,and the fair value of stock options and restricted stock awards and units.

Comprehensive Loss

Comprehensive loss is defined as a change in equity during a period from transactions and other events and circumstances from

non-owner

sources. The Company’s comprehensive loss was the same as its reported net loss for all periods presented.

Research and Development Expenses

Accrued Research and Development Expenses

Patent Costs

Share-Based Compensation

non-employee

grant for zero-coupon U.S. treasury

Common Stock Valuation

Significant changes to the key assumptions underlying the factors used could result in different fair values of common stock at each valuation date.

Fair Value of Financial Instruments

Fair Value Measurements and Disclosures

Level 1 —Valuations are based on unadjusted quoted prices in active markets for identical assets or liabilities.

Level 2 —Valuations are based on quoted prices for similar assets or liabilities in active markets, or quoted prices in markets that are not active for which significant inputs are observable, either directly or indirectly. The Company had no Level 2 valuations for the year ended December 31, 2023 and 2022, respectively.

Level 3 —Valuations are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. Inputs reflect management’s best estimate of what market participants would use in valuing the asset or liability at the measurement date. The Company had no Level 3 valuations for the year ended December 31, 2023 and 2022, respectively.

Cash and Cash Equivalents

Concentration of Credit Risk

Property and Equipment

The following summarizes the components of property and equipment (in thousands):


	December 31,
	2023			2022
Lab equipment	$	706		$	669
Leasehold improvements		1,090			1,004
Computer hardware and software		141			84
Furniture and fixtures		160			95

Property and equipment, gross		2,097			1,852
Less: accumulated depreciation and amortization		(665	)		(248	)

Property and equipment, net	$	1,432		$	1,604

Leasing – Lessee Accounting

The Company determines if an arrangement is a lease at inception. The Company’s operating lease agreements are primarily for office space and research labs.

For operating leases with a term greater than one year, the Company recognizes the

right-of-use

Impairment of Long-lived Assets

Income Taxes

Employee Benefit Plan

The Company established a qualified 401(k) plan in June 2021 which covers all employees who meet eligibility requirements. The Company matches its employee contributions up to a maximum amount of

% of the participant’s compensation. During the years ended December 31, 2023, and 2022, the Company made matching contributions of approximately $294,000 and $220,000, respectively.

Recently Issued Accounting Pronouncements

In November 2023, the FASB issued ASU

2023-07,

Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures

In December 2023, the FASB issued ASU

2023-09,

Income Taxes (Topic 740):

Improvements to Income Tax Disclosures

(“ASU

2023-09”),

which requires enhanced income tax disclosures, including specific categories and disaggregation of information in the effective tax rate reconciliation, disaggregated information related to

RENEO PHARMACEUTICALS INC [Member]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Basis of Presentation and Consolidation

10-K

for the year ended December 31, 2023.

Summary of Significant Accounting Policies

The significant accounting policies used in the preparation of these consolidated financial statements for the six months ended June 30, 2024 are consistent with those discussed in Note 2 to the consolidated financial statements in the Company’s Annual Report on Form

10-K

for the year ended December 31, 2023.

New Accounting Pronouncements

There were various accounting standards and interpretations issued recently, none of which are expected to have a material impact on the Company’s financial position, operations or cash flows.

2. Summary of Significant Accounting Policies

Basis of Presentation and Consolidation

Use of Estimates

Cash and Cash Equivalents

Short-term Investments

The Company accounts for short-term investments in accordance with Accounting Standard Codification (ASC) Topic 320,

Investments – Debt and Equity Securities

. Management determines the appropriate classification of its investments at the time of purchase and reevaluates such determinations at each reporting period.

At December 31, 2023, the Company’s investments comprised of U.S. treasury securities and commercial paper classified as

available-for-sale

securities.

Available-for-sale

When the fair value of an

available-for-sale

Money market account balances are included as cash and cash equivalents on the consolidated balance sheets, which are also disclosed in Note 4,

Fair Value Measurements

Concentration of Credit Risk

Property and Equipment, Net

The following estimated useful lives were used to depreciate or amortize the Company’s assets:


		Estimated Useful Life
Furniture and fixtures		5 years
Computers and software		3 years
Leasehold improvements		Shorter of useful life or remaining lease term

Impairment of Long-Lived Assets

0.3 million and $0.4 million in impairment losses of

right-of-use

Leases

non-lease

components when determining lease payments.

Right-of-use

Research and Development Costs and Accruals

To date, the Company has not experienced significant changes in its estimates of accrued research and development expenses after a

reporting

period.

License Fees

Income Taxes

tax-planning

The Company records uncertain tax positions on the basis of a

two-step

process whereby (1) management determines whether it is more

likely

than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the

more-likely-than-not

Stock-Based Compensation

The Company granted restricted stock awards with performance conditions that are based upon the achievement of

pre-specified

Foreign Currency Transactions

Comprehensive Income or Loss

Comprehensive income or loss is defined as a change in equity during a period from transactions and other events and circumstances from

non-owner

sources.

New Accounting Pronouncements

Recently Adopted Accounting Pronouncements

In June 2016, the Financial Accounting Standard Board (FASB) issued Accounting Standard Update (ASU)

2016-13,

Financial Instruments - Credit Losses

(ASC 326),

Measurement of Credit Losses on Financial Instruments

available-for-sale

Recent Accounting Pronouncements Not Yet Adopted

In December 2023, the FASB issued ASU 2023- 09,

Income Taxes

(ASC 740),

Improvements to Income Tax

Convertible Preferred Stock

12 Months Ended

Dec. 31, 2023

Features of Convertible Preferred Stock [Abstract]

Convertible Preferred Stock

(5) CONVERTIBLE PREFERRED STOCK

Convertible preferred stock consisted of the following (in thousands) except for share information:


	December 31,
	2023		2022
Convertible preferred stock, Series A, $0.0001 par value; 2,758,788 shares issued and outstanding at December 31, 2022, liquidation preference of $5,222 as of December 31, 2022		—		4,975
Convertible preferred stock, Series A-1, $0.0001 par value; 2,413,906 shares issued and outstanding at December 31, 2022, liquidation preference of $5,198 as of December 31, 2022		—		5,162
Convertible preferred stock, Series B, $0.0001 par value; 20,649,758 shares issued and outstanding at December 31, 2022, liquidation preference of $57,061 as of December 31, 2022		—		54,252
Convertible preferred stock, Series C, $0.0001 par value; 51,141,064 authorized; 47,243,806 shares issued and outstanding at December 31, 2023; liquidation preference of $195,823 as of December 31, 2023.		129,825		—

As of December 31, 2023 and 2022, the Company’s Preferred Stock is classified as temporary equity in the accompanying balance sheets given that the holders of the convertible preferred stock could cause certain events to occur that are outside of the Company’s control whereby the Company could be obligated to redeem the convertible preferred stock. The carrying value of the convertible preferred stock is not adjusted to the redemption value until the contingent redemption events are considered probable to occur.

Series A, Series

A-1,

and Series B Preferred Stock

As of December 31, 2022, the Company was authorized to issue 25,828,896 shares of preferred stock, of which 2,758,788 shares were designated as Series A Preferred Stock, 2,413,906 shares were designated as Series

A-1

Preferred Stock, and 20,656,202 shares were designated as Series B Preferred Stock. Per the Series C Preferred Stock Purchase Agreement (“Series C Purchase Agreement”) in March 2023, all shares of Series A Preferred

Stock, Series

A-1

Preferred Stock, and Series B Preferred Stock (“Prior Preferred”) were converted into shares of Class A Common Stock and some of the shares of Class A Common Stock were subsequently exchanged for shares of Series C Preferred Stock.


Prior Preferred stock:
Series A Preferred Stock			2,758,788
Series A-1 Preferred Stock			2,413,906
Series B Preferred Stock			20,649,758

Total Prior Preferred stock			25,822,452


Shares issued for Prior Preferred:
Series C Preferred Stock			27,780,350
Class A Common Stock			5,402,428

Total shares issued in exchange for Prior Preferred			33,182,778

As of December 31, 2023, no shares of the prior preferred were authorized for issue or outstanding.

Series C Preferred Stock

As of December 31, 2023, the Company is authorized to issue 51,141,064 shares of Series C Preferred Stock.

In March 2023, the Company entered into a Series C Purchase Agreement pursuant to which the Company issued 19,463,456 shares of Series C Preferred Stock at a purchase price of $2.76 per share, which resulted in gross proceeds of approximately $53.8 million, as well as the conversion of all Series A Preferred Stock, Series

A-1

Preferred Stock, and Series B Preferred Stock.

The Company’s convertible preferred stock had the following characteristics as of December 31, 2023.

Conversion of Preferred Stock into Common Stock

Each share of preferred stock, at the option of the holder, is convertible into a number of shares of common stock as determined by multiplying the number of shares of preferred stock being converted by the conversion rate. The conversion rate in effect at any time for conversion of preferred stock is determined by dividing the Original Issue Price by the Conversion Price. The Original Issue Price for the Series C Preferred Stock is $2.76 per share. The Conversion Price is subject to certain adjustments as provided in the Company’s restated certificate of incorporation

The preferred stock will automatically convert to common stock upon the closing of an initial public offering of the Company’s common stock in which the

per-share

price is at least $5.53 and gross proceeds of not less than $75 million, or the date and time specified by vote or the written consent of the holders of at least a majority of the then outstanding shares of Series C Preferred Stock voting or consenting as a separate class on an

as-converted

basis.

Voting Rights

Each preferred stockholder is entitled to the number of votes equal to the number of shares of Class A Common Stock into which such holder’s shares are convertible. At any time when a defined number of shares of Series C Preferred Stock are outstanding, the Company is restricted from certain actions described in the Company’s restated certificate of incorporation without the vote or written consent of the holders of a majority of the then outstanding shares of Series C Preferred Stock voting or consenting as a separate class on an

as-converted

basis.

Dividends

The Company cannot declare, pay or set aside any dividends on any shares of any other class or series of capital stock unless each holder of the preferred stock first receives a dividend based upon a formula in the Company’s restated certificate of incorporation. No dividends were declared as of December 31, 2023.

Liquidation Preference

Upon any liquidation, dissolution or winding up of the Company, certain qualifying mergers, sales or transactions with a special purpose acquisition companies, and other deemed liquidation events as defined in the Company’s restated certificate of incorporation, unless the holders of a majority of the then outstanding shares of Series C Preferred Stock, voting as a separate class on an

as-converted

basis, elect otherwise, prior to and in preference to any distribution to the holders of common stock, holders of Series C Preferred Stock are entitled to be paid out of the assets of the Company legally available for distribution, or the consideration received in such transaction, an amount per share of Series C Preferred Stock equal to the greater of: i) 1.50 times the Series C Original Issuance Price plus all declared and unpaid dividends on Series C Preferred Stock or ii) such amount per share that would have been payable had all shares of Series C Preferred Stock been converted into common stock immediately prior to such event. If upon liquidation, dissolution, or winding up of the Company, the assets and funds of the Company are insufficient to permit the payment of the full preferential amounts to the holders of preferred stock, then the holders shall share ratably in any distribution of the assets available for distribution, in proportion to the respective amounts which would otherwise be payable in respect of the shares held by the preferred stockholders.

After the payment of all preferential amounts required to be paid to the holder of shares of preferred stock, the remaining assets available for distribution to its stockholders are to be distributed to the holders of shares of common stock, pro rata based on the number of shares held by each holder.

Net Loss Attributable To Common Stockholders Per Share

6 Months Ended

12 Months Ended

Jun. 30, 2024

Dec. 31, 2023

Net Loss Attributable To Common Stockholders Per Share

(5) NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS PER SHARE

The Company computes basic loss per share by dividing the net loss attributable to common stockholders by the weighted average number of common shares outstanding for the period, without consideration for common stock equivalents. Diluted net loss per share assumes the conversion, exercise or issuance of all potential common stock equivalents, unless the effect of inclusion would be anti-dilutive. For purposes of this calculation, common stock shares to be issued upon exercise of all outstanding stock options and restricted stock units were excluded from the diluted net loss per share calculation for the three and six months ended June 30, 2024 and 2023 because such shares are anti-dilutive.

Outstanding anti-dilutive securities not included in the diluted net loss per share calculation include the following:


	As of June 30,
	2024		2023
Options to purchase common stock		8,299,737		2,991,710
Restricted stock units		1,476,715		—

Total		9,776,452		2,991,710

RENEO PHARMACEUTICALS INC [Member]

Net Loss Attributable To Common Stockholders Per Share

3. Net Loss Per Share

The Company computes basic loss per share by dividing the net loss attributable to common stockholders by the weighted average number of common shares outstanding for the period, without consideration for common stock equivalents. Diluted net loss per share assumes the conversion, exercise or issuance of all potential common stock equivalents, unless the effect of inclusion would be anti-dilutive. For purposes of this calculation, common stock shares to be issued upon exercise of all outstanding stock options and vesting of restricted stock units were excluded from the diluted net loss per share calculation for the three and six months ended June 30, 2024 and 2023 because such shares are anti-dilutive.

Historical outstanding anti-dilutive securities not included in the diluted net loss per share calculation include the following:


	As of June 30,
	2024		2023
Common stock options outstanding		467,129		600,118
Unvested restricted stock units		31,150		36,450

Total		498,279		636,568

3. Net Loss Per Share

urpo

ses of this calculation, common stock shares to be issued upon exercise of all outstanding stock options and vesting of restricted stock units were excluded from the diluted net loss per share calculation for the years ended December 31, 2023 and 2022 because such shares are anti-dilutive.

Historical outstanding anti-dilutive securities not included in the diluted net loss per share calculation include the following:


	As of December 31,
	2023		2022
Common stock options outstanding		530,125		587,774
Unvested restricted stock units		32,650		32,950

Total		562,775		620,724