0000950170-24-123233 | 10-Q | XBRL Viewer

Leases

9 Months Ended

Sep. 30, 2024

7. Leases

Prior to the closing of the Merger on October 4, 2024, Reneo’s headquarters was located in Irvine, California, where it leases office space under a lease agreement that expires in November 2026. Reneo 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, Reneo exercised its early termination option and made the final termination lease payment of $0.2 million in July 2024.

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


	As of September 30,
	2024			2023
Weighted incremental borrowing rate		5	%		5	%
Weighted average remaining lease term (in years)		2.1			3.8
Cash paid for amounts included in the measurement of lease liabilities (in thousands)	$	291		$	397
Lease expense (in thousands)	$	214		$	338

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


	As of September 30, 2024
2024 (remaining three months)	$	98
2025		371
2026		285
Total lease payments		754
Less: Imputed interest		(89	)
Present value of lease liabilities	$	665

Leases (Tables)

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

Schedule of Other Information Related to Operating Leases

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


	As of September 30,
	2024			2023
Weighted incremental borrowing rate		5	%		5	%
Weighted average remaining lease term (in years)		2.1			3.8
Cash paid for amounts included in the measurement of lease liabilities (in thousands)	$	291		$	397
Lease expense (in thousands)	$	214		$	338

Schedule of Maturities of lease liabilities by fiscal year for operating leases

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


	As of September 30, 2024
2024 (remaining three months)	$	98
2025		371
2026		285
Total lease payments		754
Less: Imputed interest		(89	)
Present value of lease liabilities	$	665

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities
Net loss	$ (17,479)	$ (53,834)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	2,893	3,793
Depreciation and amortization	40	126
Amortization/accretion on short-term investments	(1,904)	(3,551)
Changes in the fair value of performance award	(7)	1,040
Non-cash lease expense	128	354
Loss on disposal of fixed asset	37	5
Changes in operating assets and liabilities:
Prepaid and other assets	3,351	2,025
Accounts payable and accrued expenses	(16,884)	6,507
Operating lease liabilities	(277)	(394)
Net cash used in operating activities	(30,102)	(43,929)
Cash flows from investing activities
Purchases of property and equipment	(2)	(196)
Purchase of available-for-sale short-term investments	(67,750)	(190,058)
Proceeds from maturities of available-for-sale short-term investments	129,000	161,000
Net cash provided by (used in) investing activities	61,248	(29,254)
Cash flows from financing activities
Private placement deposit in advance of the closing	2,000
Payments of deferred costs in connection with private placement transaction	(89)
Proceeds from issuance of common stock in connection with equity plans		455
Net cash provided by financing activities	1,911	64,993
Net increase (decrease) in cash and cash equivalents	33,057	(8,190)
Cash and cash equivalents, beginning of period	27,632	19,927
Cash and cash equivalents, end of period	$ 60,689	11,737
Supplemental cash flow information:
Property and equipment in accounts payable		11
Public Offering [Member]
Cash flows from financing activities
Proceeds from issuance of common stock, net of offering costs		58,862
Private Placement [Member]
Cash flows from financing activities
Proceeds from issuance of common stock, net of offering costs		4,667
At-The-Market Facility [Member]
Cash flows from financing activities
Proceeds from issuance of common stock, net of offering costs		$ 1,009

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

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 September 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	$	57,629	$	—	$	—	$	57,629
Short-term investments:
U.S. treasury securities		—		15,979		—		15,979
Total	$	57,629	$	15,979	$	—	$	73,608

The recurring fair value measurement of Reneo’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

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		(7	)
Balance as of September 30, 2024	$	0

Leases (Details) - Lease Agreement [Member] - USD ($) $ in Millions	1 Months Ended	9 Months Ended
	Jul. 31, 2024	Sep. 30, 2024
Lessee, Lease, Description [Line Items]
Lessee, operating lease, existence of option to terminate [true false]		true
Final termination	$ 0.2

Subsequent Events

9 Months Ended

Sep. 30, 2024

Subsequent Events [Abstract]

Subsequent Events

10. Subsequent Events

On October 4, 2024, Reneo consummated the previously announced Merger pursuant to the terms Merger Agreement. Pursuant to the Merger Agreement, on the Closing Date, (i) Reneo effected a the Reverse Stock Split of Reneo’s issued common stock at a ratio of 1:10, (ii) Reneo changed its name to “OnKure Therapeutics, Inc.”, (iii) Reneo reclassified all of its common stock as Class A Common Stock. Concurrently with the closing of the Merger, Reneo completed a private placement with the PIPE Investors to purchase 2,839,005 shares of Class A Common Stock at a price per share of approximately $22.895 per share for an aggregate purchase price of approximately $65.0 million, as described in more detail in Note 1, Organization and Business.

Upon the closing of the Merger, (i) an aggregate of 6,470,281 shares of Class A Common Stock and 686,527 shares of Class B Common Stock of the Combined Company were issued in exchange for the shares of Legacy OnKure capital stock outstanding as of immediately prior to the Effective Time and (ii) outstanding shares of Reneo common stock were reclassified into an aggregate of 3,343,525 shares of Class A Common Stock. Immediately after the Merger, there were approximately 12,652,811 shares of Class A Common Stock outstanding,

686,527 shares of Class B Common Stock outstanding, and 905,204 shares of Class A Common Stock subject to outstanding options and RSUs under the Combined Company’s equity incentive plans.

In addition, the Company adopted the 2024 Equity Incentive Plan (the 2024 Plan) and 2024 Employee Stock Purchase Plan (the 2024 ESPP Plan). Under the 2024 Plan a total of 2,480,000 shares of Class A Common Stock were initially reserved for issuance. In addition, shares reserved for issuance under the 2024 Plan will include shares of Class A Common Stock equity awards granted under the Reneo 2021 Plan and any shares of Class A Common Stock equity awards that were assumed in the Merger. Under the 2024 ESPP Plan, an aggregate of 137,500 shares of Class A Common Stock are currently reserved and available for issuance.

As of the open of trading on October 7, 2024, the Class A Common Stock of the Combined Company began trading on the Nasdaq Global Market (Nasdaq) under the symbol “OKUR.”

In October in connection with the Merger, the Company paid approximately $4.3 million in severance and retention bonuses to its former Reneo employees in accordance with their Separation and Retention Agreements. Additionally, Reneo recognized stock-based compensation of $3.0 related to vesting acceleration of approximately 92,480 shares and 24,700 shares of unvested options and restricted stock, respectively, immediately prior to the Merger.

Stock-Based Compensation - Assumptions (Details)	9 Months Ended
Stock-Based Compensation - Assumptions (Details)	Sep. 30, 2024 shares
Weighted-average assumptions
Stock options granted	0

Accrued Expenses

9 Months Ended

Sep. 30, 2024

Accrued Liabilities, Current [Abstract]

Accrued Expenses

6. Accrued Expenses

Accrued expenses consisted of the following (in thousands):



	As of September 30, 2024		As of December 31, 2023
Accrued clinical and regulatory	$	—	$	3,661
Accrued contract manufacturing cost		—		1,100
Accrued compensation		361		3,948
Accrued other		364		420
Total accrued expenses	$	725	$	9,129

Fair Value Measurements - Schedule Changes in fair value measurements of the Performance Award (Detail) - Performance Award [Member] $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	$ 7
Change in fair value	(7)
Ending Balance	$ 0

Net Loss Per Share - Anti-dilutive securities not included in the diluted net loss per share calculation (Details) - shares	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	496,787	653,730
Common Stock Options Outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	467,129	609,580
Unvested Restricted Stock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	29,658	44,150

Organization and Business

9 Months Ended

Sep. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Business

1. Organization and Business

On October 4, 2024 (the Closing Date), Reneo Pharmaceuticals, Inc., a Delaware corporation and our predecessor company (Reneo), consummated the previously announced merger pursuant to the terms of the Agreement and Plan of Merger, dated as of May 10, 2024 (the Merger Agreement), by and among Reneo, Radiate Merger Sub I, Inc., a Delaware corporation and a direct, wholly-owned subsidiary of Reneo (Merger Sub I), Radiate Merger Sub II, LLC, a Delaware limited liability company and a direct, wholly-owned subsidiary of Reneo (Merger Sub II), and OnKure, Inc., a Delaware corporation (Legacy OnKure). Pursuant to the Merger Agreement, on the Closing Date, (i) Reneo effected a reverse stock split of Reneo’s issued common stock at a ratio of 1:10 (the Reverse Stock Split), (ii) Reneo changed its name to “OnKure Therapeutics, Inc.”, (iii) Reneo reclassified all of its common stock as Class A Common Stock, and (iv) Merger Sub I merged with and into Legacy OnKure (the Merger), with Legacy OnKure as the surviving company in the Merger and, after giving effect to such Merger, Legacy OnKure became a wholly-owned subsidiary of OnKure Therapeutics, Inc. (together, the Combined Company). Pursuant to the terms of the Merger Agreement, OnKure determined that the Merger would qualify for the intended tax treatment even if only the merger with Merger Sub I was consummated, and therefore the parties determined not to consummate the second merger with Merger Sub II contemplated by the Merger Agreement.

Concurrently with the closing of the Merger, Reneo completed a private placement with certain investors (the PIPE Investors) to purchase 2,839,005 shares of Class A Common Stock at a price per share of approximately $22.895 per share for an aggregate purchase price of approximately $65.0 million, including the conversion of outstanding convertible notes and accrued but unpaid interest thereon held by certain Legacy OnKure investors (the Concurrent PIPE Investments). As of September 30, 2024, the Company recorded $2 million in liabilities as a result of cash received from investors prior to closing of the PIPE. In connection with the Concurrent PIPE Investments, Reneo entered into a registration rights agreement with the PIPE Investors, pursuant to which Reneo agreed to use commercially reasonable efforts to prepare and file a registration statement with the SEC within 45 calendar days after the Closing Date, registering the resale of the shares of Class A Common Stock issued pursuant to the Concurrent PIPE Investments. Immediately after the effective time of the Merger, following the consummation of the Concurrent PIPE Investments, Legacy OnKure stockholders owned approximately 53.6%, pre-Merger Reneo stockholders owned approximately 25.1%, and the PIPE Investors owned approximately 21.3% of the Combined Company’s outstanding common stock.

As of the open of trading on October 7, 2024, the Class A Common Stock of the Combined Company began trading on the Nasdaq Global Market (Nasdaq) under the symbol “OKUR.”

OnKure Therapeutics, Inc. (OnKure or the Company) is a clinical-stage biopharmaceutical company focused on the discovery and development of precision medicines designed to target biologically validated drivers of cancers underserved by available therapies. Using a structure- and computational chemistry-driven drug design platform, the Company 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. The Company’s lead product candidate, OKI-219, is a highly selective inhibitor of 3 kinase alpha (PI3Kα), a key mediator in cancer growth signaling, harboring the H1047R mutation (PI3KαH1047R) that has a much smaller impact on non-mutated (or wild-type) PI3Kα (PI3KαWT). OKI-219 is currently in a first-in-human Phase 1 monotherapy dose-escalation trial in H1074R-mutated advanced solid tumors including breast cancer. Early clinical data are anticipated in the fourth quarter of 2024. In addition to OKI-219, the Company is also pursuing programs designed to selectively target the other specific mutations of PI3Kα.

The unaudited interim financial statements included in this Quarterly Report on Form 10-Q are representative of Reneo’s operations prior to the closing of the Merger, the adoption of OnKure’s business plan and the commencement of conducting OnKure’s business. Unless the context otherwise requires, references to

the “Company” or “OnKure” refer to OnKure Therapeutics, Inc. and its subsidiaries after completion of the Merger. In addition, references to “Reneo” refer to the Company prior to the completion of the Merger.

Liquidity

From its inception in 2014, Reneo 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 September 30, 2024, Reneo had cash, cash equivalents and short-term investments of $76.7 million.

Following the completion of the Merger, as described in more detail in Note 10, management believes the Company’s cash, cash equivalents and short-term investments will be sufficient to fund OnKure’s current operating plan for at least the next 12 months from the date of issuance of these unaudited condensed financial statements.

Stock-Based Compensation - Performance-Based Units (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	$ 826,000	$ 1,429,000	$ 2,893,000	$ 3,793,000
Unrecognized compensation expense	$ 2,800,000		$ 2,800,000
Equity Incentive Plan 2021 \| Performance-based Restricted Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unvested shares	13,450		13,450
Stock-based compensation expense	$ 0	$ 0	$ 0	$ 0
Unrecognized compensation expense	$ 1,000,000		$ 1,000,000

- 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

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+ Details

Leases - Schedule of Other Information Related to Operating Leases (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Leases [Abstract]
Weighted average incremental borrowing rate	5.00%	5.00%
Weighted average remaining lease term	2 years 1 month 6 days	3 years 9 months 18 days
Cash paid for amounts included in the measurement of lease liabilities	$ 291	$ 397
Lease expense	$ 214	$ 338

Stock-Based Compensation - Restricted Stock Units (RSUs) (Details) - Equity Incentive Plan 2021 - Restricted Stock Units (RSUs)	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Unvested at Beginning \| shares	32,650
Released \| shares	(1,491)
Cancelled \| shares	(1,500)
Unvested at End \| shares	29,659
Weighted Average Grant Date Fair Value
Unvested at Beginning \| $ / shares	$ 59
Released \| $ / shares	65.93
Cancelled \| $ / shares	69.79
Unvested at End \| $ / shares	$ 58.09

Fair Value Measurements - Narratives (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Assets transferred into L3	$ 0
Assets transferred out of L3	0
Liabilities transferred into L3	0
Liabilities transferred out of L3	0
Performance Shares [Member] \| Chief Executive Officer [Member]
Special performance bonus payable	$ 7,500

Fair Value Measurements

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

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 Reneo’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 Reneo. Unobservable inputs are inputs that reflect Reneo’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 Reneo 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. Reneo’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. Reneo’s financial assets are subject to fair value measurements on a recurring basis.

Reneo 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 Reneo’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 Reneo’s chief executive officer’s (CEO) employment agreement, he was 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 Reneo, based on achievement of certain conditions as described in more detail in Note 8. Reneo 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 nine months ended September 30, 2024.

The recurring fair value measurement of the Company’s assets and liabilities measured at fair value at September 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	$	57,629	$	—	$	—	$	57,629
Short-term investments:
U.S. treasury securities		—		15,979		—		15,979
Total	$	57,629	$	15,979	$	—	$	73,608

The recurring fair value measurement of Reneo’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		(7	)
Balance as of September 30, 2024	$	0

- 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.

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+ Details

Marketable Debt Securities - Summary of Gross Unrealized Gains and Losses of Available-for-Sale (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	$ 15,976	$ 75,324
Gross Unrealized Gains	2	8
Gross Unrealized Losses	0	(1)
Fair Market Value	15,978	75,331
US Treasury Securities [Member]
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	15,976	75,324
Gross Unrealized Gains	2	8
Gross Unrealized Losses	0	(1)
Fair Market Value	$ 15,978	$ 75,331

- Definition

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

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- 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.

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+ Details

Stock-Based Compensation - Non-cash stock-based compensation expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Stock-Based Compensation
Stock-based compensation expense	$ 826	$ 1,429	$ 2,893	$ 3,793
Research and development
Stock-Based Compensation
Stock-based compensation expense	245	537	742	1,504
General and administrative
Stock-Based Compensation
Stock-based compensation expense	$ 581	$ 892	$ 2,151	$ 2,289

Marketable Debt Securities (Tables)

9 Months Ended

Sep. 30, 2024

Investments, Debt and Equity Securities [Abstract]

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

The following tables summarize the gross unrealized gains and losses of Reneo’s available-for-sale securities (in thousands):


	As of September 30, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Market Value
Available-for-sale securities:
U.S. treasury securities	$	15,976	$	2	$	—	$	15,978
Total	$	15,976	$	2	$	—	$	15,978


	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

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Common stock, Par value	$ 0.0001	$ 0.0001
Common stock, authorized	200,000,000	200,000,000
Common stock, issued	3,343,525	3,342,034
Common stock, outstanding	3,343,525	3,342,034

Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Operating expenses:
Research and development	$ 904	$ 13,622	$ 6,436	$ 39,009
General and administrative	3,760	7,266	14,155	19,038
Total operating expenses	4,664	20,888	20,591	58,047
Loss from operations	(4,664)	(20,888)	(20,591)	(58,047)
Other income:
Other income	972	1,692	3,112	4,213
Net loss	(3,692)	(19,196)	(17,479)	(53,834)
Unrealized gain (loss) on short-term investments	15	10	(6)	22
Comprehensive loss	$ (3,677)	$ (19,186)	$ (17,485)	$ (53,812)
Net loss per share attributable to common stockholders, basic	$ (1.1)	$ (5.68)	$ (5.23)	$ (18.11)
Net loss per share attributable to common stockholders, diluted	$ (1.1)	$ (5.68)	$ (5.23)	$ (18.11)
Weighted-average shares used in computing net loss per share, basic	3,342,824	3,380,794	3,343,287	2,971,868
Weighted-average shares used in computing net loss per share, diluted	3,342,824	3,380,794	3,343,287	2,971,868

Stock-Based Compensation - Employee Stock Purchase Plan (Details) - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended
	Jan. 31, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Stock-Based Compensation
Stock-based compensation expense		$ 826,000	$ 1,429,000	$ 2,893,000	$ 3,793,000
2021 Employee Stock Purchase Plan
Stock-Based Compensation
Number of shares issued				28,846
Termination year				2024-01
Stock-based compensation expense		$ 0		$ 0
UK Sharesave Sub-plan (SAYE)
Stock-Based Compensation
Options authorized		2,587		2,587
Number of shares issued	0
Stock-based compensation expense		$ 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

Marketable Debt Securities - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Realized gains or losses in available for sale	$ 0	$ 0	$ 0	$ 0

Stockholders' Equity - Narratives (Details) $ in Thousands	9 Months Ended
Stockholders' Equity - Narratives (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Public Offering [Member]
Class of Stock [Line Items]
Net proceeds from offering	$ 58,862
Private Placement [Member]
Class of Stock [Line Items]
Net proceeds from offering	$ 4,667

- 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.

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-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

Subsequent Events (Narrative) (Details)		1 Months Ended	9 Months Ended
Subsequent Events (Narrative) (Details)	Oct. 04, 2024 USD ($) $ / shares shares	Oct. 31, 2024 USD ($) shares	Sep. 30, 2024 shares	Dec. 31, 2023 shares
Subsequent Event [Line Items]
Common stock, issued			3,343,525	3,342,034
Common stock, outstanding			3,343,525	3,342,034
Common Stock outstanding options			467,129	530,125
Common stock reserved for isssuance			1,017,162
Unvested options vested			360,725
Restricted Stock Units (RSUs)
Subsequent Event [Line Items]
Common stock reserved for isssuance			29,658
Subsequent Event [Member] \| Common Class A [Member] \| Reneo [Member]
Subsequent Event [Line Items]
Common stock, outstanding	3,343,525
Subsequent Event [Member] \| Merger Agreement [Member]
Subsequent Event [Line Items]
Date of agreement and plan of merger	May 10, 2024
Subsequent Event [Member] \| Merger Agreement [Member] \| Reneo [Member]
Subsequent Event [Line Items]
Recognized stock-based compensation \| $		$ 3
Subsequent Event [Member] \| Merger Agreement [Member] \| Reneo [Member] \| Unvested Options [Member]
Subsequent Event [Line Items]
Unvested options vested		92,480
Subsequent Event [Member] \| Merger Agreement [Member] \| Reneo [Member] \| Restricted Stock Units (RSUs)
Subsequent Event [Line Items]
Unvested restricted stocks vested		24,700
Subsequent Event [Member] \| Merger Agreement [Member] \| Employee Severance
Subsequent Event [Line Items]
Severance costs paid \| $	$ 4,300,000
Subsequent Event [Member] \| Merger Agreement [Member] \| Common Class A [Member]
Subsequent Event [Line Items]
Common stock, issued	6,470,281
Stock issued during merger	12,652,811
Subsequent Event [Member] \| Merger Agreement [Member] \| Common Class A [Member] \| Restricted Stock Units (RSUs)
Subsequent Event [Line Items]
Common stock reserved for isssuance	905,204
Subsequent Event [Member] \| Merger Agreement [Member] \| Common Class A [Member] \| 2024 Equity Incentive Plan
Subsequent Event [Line Items]
Common stock reserved for isssuance	2,480,000
Subsequent Event [Member] \| Merger Agreement [Member] \| Common Class A [Member] \| 2024 ESPP Plan
Subsequent Event [Line Items]
Common stock reserved for isssuance	137,500
Subsequent Event [Member] \| Merger Agreement [Member] \| Common Class B
Subsequent Event [Line Items]
Common stock, issued	686,527
Common stock, outstanding	686,527
Subsequent Event [Member] \| Merger Agreement [Member] \| Common Stock [Member]
Subsequent Event [Line Items]
Reverse stock split ratio	0.1
Subsequent Event [Member] \| Private Placement [Member] \| Merger Agreement [Member] \| Common Class A [Member]
Subsequent Event [Line Items]
Common stock, issued	2,839,005
Stock price \| $ / shares	$ 22.895
Aggregate purchase price \| $	$ 65,000,000

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2024	Nov. 04, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2024
Entity File Number	001-40315
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, Suite 400
Entity Address, City or Town	Boulder
Entity Address State or Province	CO
Entity Address, Postal Zip Code	80301
City Area Code	720
Local Phone Number	307-2892
Title of 12(b) Security	Class A Common Stock, par value $0.0001 per share
Trading Symbol	OKUR
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Central Index Key	0001637715
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false
Class A Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		12,652,890
Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		686,527

Net Loss Per Share (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

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 September 30,
	2024		2023
Common stock options outstanding		467,129		609,580
Unvested restricted stock units		29,658		44,150
Total		496,787		653,730

Stock-Based Compensation

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

8. Stock-Based Compensation

In March 2021, Reneo’s Board of Directors adopted Reneo’s 2021 Equity Incentive Plan (2021 Plan), which is the successor to Reneo’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, Reneo 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 Reneo 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. Reneo 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 September 30, 2024, there were no unvested shares of common stock outstanding that were issued pursuant to the early exercise of stock options.

Shares Reserved for Future Issuance

As of September 30, 2024, Reneo had reserved shares of its common stock for future issuance as follows:


	Shares Reserved
Common stock options outstanding		467,129
Unvested restricted stock units		29,658
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		1,017,162

Upon the close of the Merger, all shares available for issuance under the 2021 Plan and 2021 ESPP were cancelled. See Note 10, Subsequent Events, for discussion of the new equity plans adopted as part of the Merger.

Stock Options

A summary of Reneo’s stock option activity and related information for the nine months ended September 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 September 30, 2024		467,129		$	47.39		6.3	$	—
Vested at September 30, 2024		360,725		$	50.20		6.3	$	—
Exercisable at September 30, 2024		368,048		$	50.17		6.3	$	—

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

Unrecognized stock-based compensation expense as of September 30, 2024 was $2.8 million, which is expected to be recognized over a weighted-average vesting term of 1.7 years. See Note 10, Subsequent Events, for information regarding compensation expense recognized on the closing date of the Merger related to acceleration of unvested shares.

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


	Number of RSUs			Weighted-Average Grant Date Fair Value
Unvested at December 31, 2023		32,650		$	59.00
Released		(1,491	)	$	65.93
Cancelled		(1,500	)	$	69.79
Unvested at September 30, 2024		29,659		$	58.09

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 Reneo through the vesting dates. The fair value of the awards was based on the value of Reneo’s common stock at the grant date of the award and expense is recognized on a straight-line basis. Reneo had 4,209 unvested shares underlying TSUs as of September 30, 2024. The stock-based compensation expense related to such TSUs for the three and nine months ended September 30, 2024 and 2023 was immaterial. Unrecognized stock-based compensation expense as of September 30, 2024 was $0.3 million, which is expected to

be recognized over a weighted-average vesting term of 2.9 years. See Note 10, Subsequent Events, for information regarding compensation expense recognized on the closing date of the Merger related to acceleration of unvested shares.

Performance-Based Units

The vesting of the PSUs is based on Reneo achieving certain regulatory milestones and is subject to the employee’s continued employment with Reneo through the achievement date. The fair value of the awards was based on the value of Reneo’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. Reneo had 13,450 unvested shares underlying PSUs as of September 30, 2024. Reneo concluded that achievement of the performance conditions was not probable as of September 30, 2024 and 2023, and therefore no stock-based compensation expense was recognized for the three and nine months ended September 30, 2024 and 2023 in connection with the PSUs. As of September 30, 2024, there was $1.0 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 Reneo’s closing stock price trading above $20 per share for 30 consecutive trading days subject to the employee’s continued employment with Reneo through the date of achievement. The share price of Reneo’s common stock on the date of issuance of the MSUs was $2.78 per share (without giving effect to the Reverse Stock Split). 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. Reneo had 12,000 unvested shares underlying MSUs as of September 30, 2024. Stock-based compensation expense related to the MSUs during the three and nine months ended September 30, 2024 and 2023 was immaterial. As of September 30, 2024, unrecognized stock-based compensation expense related to the MSUs was immaterial.

Performance Award

In connection with the CEO’s employment agreement, he was 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 Reneo, in the event that (i) Reneo’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 Reneo’s stockholders in connection with a change in control as defined in Reneo’s severance benefit plan, as determined in good faith by its Board of Directors, exceeds $750.0 million. Reneo has determined that the Performance Award is subject to ASC 718, Compensation – Stock Compensation and includes both market and performance conditions. Since Reneo’s initial public offering (IPO), neither of the events have been satisfied. Reneo 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. As of September 30, 2024, Reneo has reduced the liability associated with the Performance Awards to zero as the conditions were not probable of being achieved on or before the completion of the Merger.

2021 Employee Stock Purchase Plan

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

In September 2021, the compensation committee of Reneo’s Board of Directors (Compensation Committee) adopted Reneo’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.

Reneo did not recognize stock-based compensation expense related to the ESPP and the SAYE for the three and nine months ended September 30, 2024. The stock-based compensation expense related to the ESPP and the SAYE for the three and nine months ended September 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 September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Research and development	$	245	$	537	$	742	$	1,504
General and administrative		581		892		2,151		2,289
Total	$	826	$	1,429	$	2,893	$	3,793

Accrued Expenses (Tables)

9 Months Ended

Sep. 30, 2024

Payables and Accruals [Abstract]

Schedule of Accrued expenses

Accrued expenses consisted of the following (in thousands):



	As of September 30, 2024		As of December 31, 2023
Accrued clinical and regulatory	$	—	$	3,661
Accrued contract manufacturing cost		—		1,100
Accrued compensation		361		3,948
Accrued other		364		420
Total accrued expenses	$	725	$	9,129

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (3,692)	$ (5,361)	$ (8,426)	$ (19,196)	$ (19,531)	$ (15,107)	$ (17,479)	$ (53,834)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

License Agreement (Details) - vTv Therapeutics - USD ($) $ in Millions			1 Months Ended
	Oct. 22, 2024	Oct. 30, 2023	Dec. 31, 2017
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Milestone payments paid			$ 2.0
Notice period of license agreement termination	90 days
Common Stock [Member] \| Common Stock Repurchase Agreement
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Number of shares repurchased		576,443
Shares repurchased, aggregate purchase price		$ 4.4
Research and development
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Upfront license fee payment			$ 3.0
Common stock issued, Shares			576,443

Stock-Based Compensation - Market-Based Units (Details) $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($) Days $ / shares shares
Stock-Based Compensation
Unrecognized stock-based compensation expense \| $	$ 2.8
Equity Incentive Plan 2021 \| Market-Based Units \| Employee
Stock-Based Compensation
Threshold share price for vesting of shares	$ 20
Consecutive trading days \| Days	30
Share Price	$ 2.78
Service period	3 years
Unvested shares \| shares	12,000

Leases - Maturities of lease liabilities (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Leases [Abstract]
2024 (remaining three months)	$ 98
2025	371
2026	285
Total lease payments	754
Less: Imputed interest	(89)
Present value of lease liabilities	$ 665

Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Accrued clinical and regulatory		$ 3,661
Accrued contract manufacturing cost		1,100
Accrued compensation	$ 361	3,948
Accrued other	364	420
Total accrued expenses	$ 725	$ 9,129

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 60,689	$ 27,632
Short-term investments	15,979	75,331
Prepaid expenses and other current assets	331	3,659
Total current assets	76,999	106,622
Property and equipment, net	59	134
Right-of-use assets	440	599
Other non-current assets	147	81
Total assets	77,645	107,436
Current liabilities:
Accounts payable	237	8,717
Accrued expenses	725	9,129
Private placement deposit	2,000
Operating lease liabilities, current portion	286	331
Total current liabilities	3,248	18,177
Operating lease liabilities, less current portion	379	642
Performance award	0	7
Total liabilities	3,627	18,826
Commitments and contingencies
Stockholders' equity:
Common stock, $0.0001 par value; 200,000,000 shares authorized at September 30, 2024 and December 31,2023; 3,343,525 shares issued and outstanding at September 30, 2024 and 3,342,034 shares issued and outstanding at December 31,2023, respectively	0	0
Additional paid-in capital	309,969	307,076
Accumulated deficit	(235,953)	(218,474)
Accumulated other comprehensive (loss) income	2	8
Total stockholders' equity	74,018	88,610
Total liabilities and stockholders' equity	$ 77,645	$ 107,436

Stock-Based Compensation - Time-Based Units (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	$ 826	$ 1,429	$ 2,893	$ 3,793
Unrecognized compensation expense	$ 2,800		$ 2,800
Weighted-average vesting term			1 year 8 months 12 days
Equity Incentive Plan 2021 \| Time-Based Restricted Units
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 Reneo through the vesting dates.
Unvested shares	4,209		4,209
Unrecognized compensation expense	$ 300		$ 300
Weighted-average vesting term			2 years 10 months 24 days
Equity Incentive Plan 2021 \| Time-Based Restricted Units \| 25% Vesting on One-year Anniversary
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period			1 year
Vesting percentage			25.00%
Equity Incentive Plan 2021 \| Time-Based Restricted Units \| Remainder Vesting Monthly or Quarterly over Three Years
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period			3 years

Stock-Based Compensation - Equity Incentive Plans (Details)	9 Months Ended
	Sep. 30, 2024 shares
Equity Incentive Plan 2014 \| Common Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share options exercised unvested shares outstanding	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

Stock-Based Compensation - Appointment of CEO (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) Days	Sep. 30, 2023 USD ($)
Stock-Based Compensation
Performance awards liability	$ 0		$ 0
Stock-based compensation expense	826	$ 1,429	2,893	$ 3,793
Chief executive officer \| Performance Shares [Member]
Stock-Based Compensation
Special performance bonus payable	7,500		7,500
Threshold market value	750,000		$ 750,000
Number of trading days \| Days			30
Threshold fair market value of the net proceeds	$ 750,000		$ 750,000

- 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

Marketable Debt Securities

9 Months Ended

Sep. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Marketable Debt Securities

5. Marketable Debt Securities

Reneo’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 Reneo’s available-for-sale securities (in thousands):


	As of September 30, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Market Value
Available-for-sale securities:
U.S. treasury securities	$	15,976	$	2	$	—	$	15,978
Total	$	15,976	$	2	$	—	$	15,978


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

Organization and Business (Narrative) (Details) $ / shares in Units, $ in Thousands	Oct. 04, 2024 USD ($) $ / shares shares	Sep. 30, 2024 USD ($) shares	Dec. 31, 2023 USD ($) shares
Common stock, issued \| shares		3,343,525	3,342,034
Liabilities		$ 3,627	$ 18,826
Cash, cash equivalents and short-term investments		76,700
Subsequent Event [Member] \| Merger Agreement [Member]
Date of agreement and plan of merger	May 10, 2024
Subsequent Event [Member] \| Common Class A [Member] \| Merger Agreement [Member]
Common stock, issued \| shares	6,470,281
Subsequent Event [Member] \| Common Class A [Member] \| Private Placement [Member] \| Merger Agreement [Member]
Common stock, issued \| shares	2,839,005
Stock price \| $ / shares	$ 22.895
Aggregate purchase price	$ 65,000
Onkure [Member] \| Subsequent Event [Member]
Percentage of ownership owned by stockholders	53.60%
Reneo [Member] \| Subsequent Event [Member]
Percentage of ownership owned by stockholders	25.10%
PIPE Investors [Member] \| Merger Agreement [Member]
Liabilities		$ 2,000
PIPE Investors [Member] \| Subsequent Event [Member]
Percentage of ownership owned by stockholders	21.30%
Common Stock [Member] \| Subsequent Event [Member] \| Merger Agreement [Member]
Reverse stock split ratio	0.1

Stock-Based Compensation - Shares Reserved for Future Issuance (Details)	Sep. 30, 2024 shares
Class of Stock [Line Items]
Total shares of common stock reserved	1,017,162
Common Stock Options Outstanding
Class of Stock [Line Items]
Total shares of common stock reserved	467,129
Unvested Restricted Stock Units
Class of Stock [Line Items]
Total shares of common stock reserved	29,658
Equity Incentive Plan 2021
Class of Stock [Line Items]
Total shares of common stock reserved	442,366
Employee Stock Purchase Plan (ESPP) 2021
Class of Stock [Line Items]
Total shares of common stock reserved	78,009

- 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 - Stock option activity (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Options Outstanding
Outstanding at beginning of period (in shares)	530,125
Granted (in shares)	0
Forfeited/Expired (in shares)	(62,996)
Outstanding at end of period (in shares)	467,129	530,125
Vested (in shares)	360,725
Exercisable (in shares)	368,048
Weighted-Average Exercise Price
Outstanding at beginning of period (in dollars per share)	$ 47.6
Forfeited/Expired (in dollars per share)	49.05
Outstanding at end of period (in dollars per share)	47.39	$ 47.6
Vested (in dollars per share)	50.2
Exercisable (in dollars per share)	$ 50.17
Weighted-Average Remaining Contractual Term (in years) / Aggregate Intrinsic Value
Weighted Average Remaining Contractual Term (in years), Options Outstanding	6 years 3 months 18 days	6 years 10 months 24 days
Weighted Average Remaining Contractual Term (in years), Vested	6 years 3 months 18 days
Weighted Average Remaining Contractual Term (in years), Exercisable	6 years 3 months 18 days
Aggregate Intrinsic Value, Outstanding	$ 0	$ 0
Aggregate Intrinsic Value, Vested	0
Aggregate Intrinsic Value, Exercisable	0
Unrecognized stock-based compensation expense	$ 2,800
Weighted-average vesting term	1 year 8 months 12 days

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Summary of common stock reserved for future issuance

As of September 30, 2024, Reneo had reserved shares of its common stock for future issuance as follows:


	Shares Reserved
Common stock options outstanding		467,129
Unvested restricted stock units		29,658
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		1,017,162

Summary of the Company's stock option activity

A summary of Reneo’s stock option activity and related information for the nine months ended September 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 September 30, 2024		467,129		$	47.39		6.3	$	—
Vested at September 30, 2024		360,725		$	50.20		6.3	$	—
Exercisable at September 30, 2024		368,048		$	50.17		6.3	$	—

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 nine months ended September 30, 2024:


	Number of RSUs			Weighted-Average Grant Date Fair Value
Unvested at December 31, 2023		32,650		$	59.00
Released		(1,491	)	$	65.93
Cancelled		(1,500	)	$	69.79
Unvested at September 30, 2024		29,659		$	58.09

Summary of Non-cash stock-based compensation expense recorded


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Research and development	$	245	$	537	$	742	$	1,504
General and administrative		581		892		2,151		2,289
Total	$	826	$	1,429	$	2,893	$	3,793

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation and Consolidation	Basis of Presentation and Consolidation Reneo 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 Reneo believes that the disclosures made are adequate to make the information not misleading. Reneo recommends that the unaudited consolidated financial statements be read in conjunction with the audited consolidated financial statements and the notes thereto included in Reneo’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 Reneo and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Concurrently with the closing of the Merger on October 4, 2024, as described in more detail in Note 10, Subsequent Events, Reneo effected the Reverse Stock Split. All share and per share amounts, excluding the number of authorized shares and par value, (which were unchanged as a result of the Reverse Stock Split), contained in these financial statements and accompanying notes, and this Quarterly Report on Form 10-Q give retroactive effect to the Reverse Stock Split.
New 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 Reneo’s financial position, operations or cash flows.

Fair Value Measurements - Recurring fair value measurement of the Company's assets and liabilities (Detail) - Fair Value, Recurring [Member] - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	$ 73,608	$ 96,242
Total		7
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	57,629	10,983
Significant Other Observable Inputs (Level 2)[Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	15,979	85,259
Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total		7
Performance Award Liability [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total		7
Performance Award Liability [Member] \| Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total		7
Money market investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	57,629	10,983
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	57,629	10,983
US Treasury Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents		9,928
Short-term investments	15,979	75,331
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		9,928
Short-term investments	$ 15,979	$ 75,331

Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	Public Offering [Member]	At-The-Market Facility [Member]	Private Placement [Member]	Common Stock [Member]	Common Stock [Member] Public Offering [Member]	Common Stock [Member] At-The-Market Facility [Member]	Common Stock [Member] Private Placement [Member]	Additional Paid-in Capital [Member]	Additional Paid-in Capital [Member] Public Offering [Member]	Additional Paid-in Capital [Member] At-The-Market Facility [Member]	Additional Paid-in Capital [Member] Private Placement [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Accumulated Deficit [Member]
Beginning Balance at Dec. 31, 2022	$ 99,970								$ 236,696				$ (43)	$ (136,683)
Beginning Balance (in shares) at Dec. 31, 2022					2,469,955
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock based compensation	1,157								1,157
Issuance of common stock			$ 1,009								$ 1,009
Issuance of common stock (in shares)							40,787
Other comprehensive income (loss)	55												55
Net loss	(15,107)													(15,107)
Ending Balance at Mar. 31, 2023	87,084								238,862				12	(151,790)
Ending Balance (in shares) at Mar. 31, 2023					2,510,742
Beginning Balance at Dec. 31, 2022	99,970								236,696				(43)	(136,683)
Beginning Balance (in shares) at Dec. 31, 2022					2,469,955
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(53,834)
Ending Balance at Sep. 30, 2023	114,944								305,482				(21)	(190,517)
Ending Balance (in shares) at Sep. 30, 2023					3,387,214
Beginning Balance at Mar. 31, 2023	87,084								238,862				12	(151,790)
Beginning Balance (in shares) at Mar. 31, 2023					2,510,742
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock based compensation	1,207								1,207
Issuance of common stock		$ 58,862		$ 4,667						$ 58,862		$ 4,667
Issuance of common stock (in shares)						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)
Net loss	(19,531)													(19,531)
Ending Balance at Jun. 30, 2023	132,528								303,880				(31)	(171,321)
Ending Balance (in shares) at Jun. 30, 2023					3,380,077
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock based compensation									1,429
Issuance of common stock		$ 1,429
Issuance of common stock in connection with equity plans	173								173
Issuance of common stock in connection with equity plans (in shares)					7,137
Other comprehensive income (loss)	10												10
Net loss	(19,196)													(19,196)
Ending Balance at Sep. 30, 2023	114,944								305,482				(21)	(190,517)
Ending Balance (in shares) at Sep. 30, 2023					3,387,214
Beginning Balance at Dec. 31, 2023	88,610								307,076				8	(218,474)
Beginning Balance (in shares) at Dec. 31, 2023					3,342,034
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock based compensation	1,078								1,078
Other comprehensive income (loss)	(20)												(20)
Net loss	(8,426)													(8,426)
Ending Balance at Mar. 31, 2024	81,242								308,154				(12)	(226,900)
Ending Balance (in shares) at Mar. 31, 2024					3,342,034
Beginning Balance at Dec. 31, 2023	88,610								307,076				8	(218,474)
Beginning Balance (in shares) at Dec. 31, 2023					3,342,034
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(17,479)
Ending Balance at Sep. 30, 2024	74,018								309,969				2	(235,953)
Ending Balance (in shares) at Sep. 30, 2024					3,343,525
Beginning Balance at Mar. 31, 2024	81,242								308,154				(12)	(226,900)
Beginning Balance (in shares) at Mar. 31, 2024					3,342,034
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock based compensation	989								989
Other comprehensive income (loss)	(1)												(1)
Net loss	(5,361)													(5,361)
Ending Balance at Jun. 30, 2024	76,869								309,143				(13)	(232,261)
Ending Balance (in shares) at Jun. 30, 2024					3,342,034
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock based compensation	826								826
Issuance of common stock in connection with equity plans (in shares)					1,491
Other comprehensive income (loss)	15												15
Net loss	(3,692)													(3,692)
Ending Balance at Sep. 30, 2024	$ 74,018								$ 309,969				$ 2	$ (235,953)
Ending Balance (in shares) at Sep. 30, 2024					3,343,525

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Basis of Presentation and Consolidation

Reneo 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 Reneo believes that the disclosures made are adequate to make the information not misleading. Reneo recommends that the unaudited consolidated financial statements be read in conjunction with the audited consolidated financial statements and the notes thereto included in Reneo’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 Reneo and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

Concurrently with the closing of the Merger on October 4, 2024, as described in more detail in Note 10, Subsequent Events, Reneo effected the Reverse Stock Split. All share and per share amounts, excluding the number of authorized shares and par value, (which were unchanged as a result of the Reverse Stock Split), contained in these financial statements and accompanying notes, and this Quarterly Report on Form 10-Q give retroactive effect to the Reverse Stock Split.

Summary of Significant Accounting Policies

The significant accounting policies used in the preparation of these consolidated financial statements for the nine months ended September 30, 2024 are consistent with those discussed in Note 2 to the consolidated financial statements in Reneo’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 Reneo’s financial position, operations or cash flows.

License Agreement

9 Months Ended

Sep. 30, 2024

License Agreement

License Agreement

9. License Agreement

In December 2017, Reneo entered into a License Agreement (the vTv License Agreement) with vTv Therapeutics LLC (vTv Therapeutics), under which Reneo obtained an exclusive, worldwide, sublicensable license under certain vTv Therapeutics intellectual property to develop, manufacture and commercialize PPARδ agonists and products containing such PPARδ agonists, including mavodelpar, for any therapeutic, prophylactic or diagnostic application in humans. Since Reneo 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, Reneo 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 576,443 shares of its common stock to vTv Therapeutics. On October 30, 2023, Reneo repurchased from vTv Therapeutics all 576,443 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.

On October 22, 2024, the Company provided vTv Therapeutics notice of its intention to terminate the vTv License Agreement effective 90 days from the date of notice. Following termination of the vTv License Agreement, the Company intends to cease maintenance and prosecution of all mavodelpar intellectual property.

Net Loss Per Share

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Net Loss Per Share

3. Net Loss Per Share

Reneo 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 nine months ended September 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 September 30,
	2024		2023
Common stock options outstanding		467,129		609,580
Unvested restricted stock units		29,658		44,150
Total		496,787		653,730