Executive Summary

Q1 2024 reflected a transition quarter: Reneo reported a net loss of $8,426 thousand ($0.25 per share) vs $15,107 thousand ($0.60) in Q1 2023 and vs $23.6 million ($0.70) in Q4 2023, driven by suspension of mavodelpar and broad cost reductions .
Cash, cash equivalents, and short-term investments were $82.8 million at March 31, 2024, supporting ongoing evaluation of strategic alternatives following termination of mavodelpar development and ~90% workforce reduction .
No revenue was reported; R&D and G&A declined materially QoQ and YoY as cost savings flowed through (R&D $4,942 thousand; G&A $4,622 thousand in Q1) .
Key near-term stock catalyst is progress in the strategic alternatives review (advisor retained), with the company emphasizing cost preservation and optionality following the PMM Phase 2b STRIDE failure disclosed previously .

What Went Well and What Went Wrong

Operating expense reset: R&D fell to $4,942 thousand and G&A to $4,622 thousand, reflecting December/February workforce reductions and halted development activity .
Cash preservation: Ended Q1 with $20,375 thousand in cash and $62,460 thousand in short-term investments (total $82.8 million), aligning with previously signaled cash levels and supporting the strategic review .
Clear strategic direction post-STRIDE: “The Company implemented cost savings initiatives, including suspension of all mavodelpar development activities and a total workforce reduction of approximately 90%” and “retained an independent financial advisor to initiate a formal process to evaluate potential strategic alternatives” .

No revenue and ongoing losses: Q1 net loss was $8,426 thousand ($0.25), with no offsetting revenue streams, underscoring dependency on financing/strategic outcomes .
Working capital outflow elevated cash burn: Cash used in operations was $(21,014) thousand, including a large reduction in accounts payable and accrued expenses of $(15,363) thousand in the quarter .
Program discontinuation overhang: STRIDE did not meet primary/secondary endpoints (first noted in December 2023), leading to full suspension of mavodelpar and a strategic re-think of the business .

Note: Reneo reported no revenue in the periods shown; statements of operations begin with operating expenses .

Metric (Units)	Q3 2023	Q4 2023	Q1 2024
Net Loss ($USD Millions)	19.20	23.60	8.43
Diluted EPS ($)	(0.57)	(0.70)	(0.25)
R&D Expense ($USD Millions)	13.62	17.60	4.94
G&A Expense ($USD Millions)	7.27	7.40	4.62
Total Operating Expenses ($USD Millions)	20.89	25.00 (R&D+G&A)	9.56
Other Income ($USD Millions)	1.69	—	1.14
Cash & Cash Equivalents ($USD Millions)	11.74	27.63	20.38
Short-term Investments ($USD Millions)	113.88	75.33	62.46
Cash + Short-term Investments ($USD Millions)	125.61	102.96	82.84
Cash from Operations ($USD Millions)	—	—	(21.01)

KPIs (Liquidity/Runway proxies)

Cash, cash equivalents, and short-term investments: $82.8M as of 3/31/24 .
Operating cash flow: $(21.0)M in Q1 2024, including a $(15.4)M working capital outflow from payables/accruals .

Reneo did not provide formal financial guidance; the company emphasized cost-saving initiatives and the ongoing strategic alternatives process.

Metric	Period	Previous Guidance	Current Guidance	Change
Financial guidance (revenue, margins, OpEx, tax)	FY/Q1 2024	None	None	Maintained (no guidance)
Program strategy	2024	Mavodelpar development ongoing (pre-Dec 2023)	All mavodelpar development suspended; strategic review underway	Lowered/paused program; initiated strategic review

Note: No earnings call transcript for Q1 2024 was located in our document set; themes derive from company press releases and 8-Ks.

Topic	Previous Mentions (Q3 2023)	Previous Mentions (Q4 2023)	Current Period (Q1 2024)	Trend
Mavodelpar/STRIDE	Management was optimistic heading into December topline; high OLE participation	STRIDE failed to meet endpoints; program suspended	Program remains suspended	Negative → Stabilized at “halted”
Strategic Alternatives	Not discussed	Advisor retained; formal review initiated	Process ongoing	New → Ongoing
Cost Actions	Not highlighted	~90% workforce reduction; cost-saving initiatives	Cost savings sustained; lower OpEx in Q1	Implemented → Persisting
Liquidity/Cash	$125.6M cash/investments at 9/30/23	Expected ~$82M at 3/31/24	$82.8M at 3/31/24	Declining, in line with plan
R&D Execution	Enrollment/participation milestones in OLE	Program discontinued/suspended	No active development	Shut down

“The Company implemented cost savings initiatives, including suspension of all mavodelpar development activities and a total workforce reduction of approximately 90%.” (Press release)
“The Company retained an independent financial advisor to initiate a formal process to evaluate potential strategic alternatives.” (Press release)
Prior narrative contrast (Q3 2023): “We are looking forward to sharing topline results of our pivotal STRIDE study in December… This is a very exciting time for the Reneo team…” — Gregory J. Flesher, President & CEO .

No company Q1 2024 earnings call transcript was available in our document set; no Q&A items to report from management this quarter.

We were unable to retrieve S&P Global Wall Street consensus estimates for RPHM for Q1 2024 due to a data mapping limitation; as a result, we cannot provide a vs-consensus comparison this quarter.
Implication: With no revenue and suspended development, traditional consensus frameworks may be sparse; near-term modeling sensitivity rests on cash burn and outcomes of the strategic review rather than P&L line-item beats/misses.

Liquidity of $82.8M (cash and short-term investments) provides runway to pursue strategic alternatives after program discontinuation .
The cost base reset is visible: Q1 R&D and G&A fell sharply vs Q4 and prior year, reducing ongoing burn ex-working capital .
Q1 operating cash outflow ($(21.0)M) was inflated by a $(15.4)M working capital unwind (payables/accruals), which may not recur at the same magnitude, suggesting normalized cash burn could track below Q1 levels post-restructuring .
With no revenue and a suspended lead program, the strategic alternatives process is the principal potential stock catalyst; investors should watch for transaction updates or capital allocation decisions .
EPS improved to $(0.25) from $(0.70) in Q4 and $(0.60) in Q1 2023 as cost reduction flowed through the P&L .
Absent guidance and a development pipeline reset, valuation will hinge on balance sheet strength and the outcome/timing of the strategic review; monitoring cash trajectory and any 8-K updates is critical .

Footnotes:

Revenue not reported: Reneo’s statements of operations for the periods shown begin with operating expenses, indicating no recognized revenue in these periods .