IRVINE, Calif., May 07, 2024 (GLOBE NEWSWIRE) -- Reneo Pharmaceuticals, Inc. (NASDAQ:RPHM), a pharmaceutical company historically focused on the development and commercialization of therapies for patients with rare genetic mitochondrial diseases, today reported financial results for the first quarter ended March 31, 2024. First Quarter and Recent Highlights In December 2023, the pivotal STRIDE study of mavodelpar in adult patients with primary mitochondrial myopathies did not meet its primary efficacy or secondary efficacy endpoints The Company implemented cost savings initiatives, including suspension of all mavodelpar development activities and a total workforce reduction of approximately 90% The Company retained an independent financial advisor to initiate a formal process to evaluate potential strategic alternatives Financial Results for Three Months Ended March 31, 2024 We reported a net loss of $8.4 million, or $0.25 per share, during the first quarter of 2024, compared to a net loss of $15.1 million, or $0.60 per share, for the same period in 2023. We had $82.8 million in cash, cash equivalents, and short-term investments as of March 31, 2024.Research and development expenses were $4.9 million during the first quarter of 2024, compared to $11.0 million for the same period in 2023. This decrease was primarily due to the suspension of development activities for mavodelpar and cash preservation activities, including workforce reductions in December 2023 and February 2024.General and administrative expenses were $4.6 million during the first quarter of 2024, compared to $5.1 million for the same period in 2023. This decrease was primarily due to the workforce reductions in December 2023 and February 2024. About Reneo Pharmaceuticals Reneo 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. For additional information, please see reneopharma.com. Forward-Looking Statements Statements contained in this press release regarding matters that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include statements regarding, among other things, the evaluation of strategic alternatives and the implementation of cost savings initiatives. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Words such as "plans," "will," "believes," "anticipates," "expects," "intends," "goal," "potential" and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based upon Reneo's current expectations and involve assumptions that may never materialize or may prove to be incorrect. Actual results could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties, which include, without limitation, risks and uncertainties associated with Reneo's business in general, and the other risks described in Reneo's filings with the Securities and Exchange Commission. All forward-looking statements contained in this press release speak only as of the date on which they were made. Reneo undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made, except as required by law. RENEO PHARMACEUTICALS, INC.Consolidated Balance Sheets(In thousands, except share and par value data)     March 31,2024     December 31,2023       (Unaudited)         Assets             Current assets:             Cash and cash equivalents   $ 20,375     $ 27,632   Short-term investments     62,460       75,331   Prepaid expenses and other current assets     1,092       3,659   Total current assets     83,927       106,622   Property and equipment, net     102       134   Right-of-use assets     546       599   Other non-current assets     64       81   Total assets   $ 84,639     $ 107,436   Liabilities and stockholders' equity             Current liabilities:             Accounts payable   $ 676     $ 8,717   Accrued expenses     1,807       9,129   Operating lease liabilities, current portion     331