Executive Summary

Reneo reported a Q4 2023 net loss of $23.6M and EPS of $0.70, with no product revenue; the pivotal STRIDE PMM study did not meet primary or secondary endpoints, prompting suspension of all mavodelpar development, ~90% workforce reduction, and initiation of strategic alternatives .
Cash, cash equivalents, and short-term investments were $103.0M at 12/31/2023, with management anticipating approximately $82.0M as of 3/31/2024; cash trended down from $142.7M (Q2) to $125.6M (Q3) reflecting operating spend and program wind-down planning .
R&D rose to $17.6M in Q4 (from $10.4M y/y) driven by STRIDE/STRIDE AHEAD clinical and manufacturing costs and severance; G&A increased to $7.4M (from $4.2M y/y) on commercial development, headcount, severance, and impairment charges .
No earnings call transcript was available in our sources for Q4 2023; comparative detail relies on the 8‑K press release and prior quarter updates .
Consensus estimates from S&P Global were unavailable for RPHM due to missing mapping; estimate comparisons cannot be made and should not anchor positioning until data access is resolved (S&P Global data unavailable).

What Went Well and What Went Wrong

Cost actions were decisive: suspension of mavodelpar development, ~90% workforce reduction, and initiating a formal strategic alternatives process to preserve cash and maximize stakeholder value .
Liquidity remained solid entering 2024: $103.0M at 12/31/2023 and anticipated ~$82.0M at 3/31/2024, providing optionality for strategic paths and wind-down costs .
Prior quarter operational execution delivered key milestones: STRIDE completed last-patient-last-visit; STRIDE AHEAD maintained high participation (88% of eligible), with 65 patients treated beyond 52 weeks, and first nDNA patient dosed (demonstrating trial-operational competency even if efficacy failed) .

STRIDE failed to meet primary and secondary endpoints in PMM, effectively ending the core value-creation path for mavodelpar in PMM and driving program suspension .
Q4 operating expenses accelerated: R&D up to $17.6M (vs $10.4M y/y) and G&A up to $7.4M (vs $4.2M y/y), including severance and impairment tied to program suspension, pressuring cash runway .
Without revenue and with program discontinuation, near-term fundamentals rely on cash preservation and strategic transactions, increasing uncertainty and likely requiring estimate/model resets .

Metric	Q2 2023	Q3 2023	Q4 2023
Revenue ($USD Millions)	—	—	—
Net Loss ($USD Millions)	$19.5	$19.2	$23.6
EPS ($USD)	$0.65	$0.57	$0.70

Notes: Company reports operating expenses and net loss; no product revenue line items presented in releases .

Metric ($USD Millions)	Q2 2023	Q3 2023	Q4 2023
R&D	$14.4	$13.6	$17.6
G&A	$6.6	$7.3	$7.4
Total Operating Expenses	$21.0	$20.9	N/A (not disclosed as quarter total)

Metric ($USD Millions)	Q2 2023	Q3 2023	Q4 2023
Cash, Cash Equivalents & Short-term Investments	$142.7	$125.6	$103.0

Metric	Period	Previous Guidance	Current Guidance	Change
Cash, Cash Equivalents & Short-term Investments	As of 3/31/2024	N/A	Approximately $82.0M	New
Mavodelpar Development	Ongoing	Continued development (prior)	Suspended (all activities)	Lowered/terminated
Workforce	Ongoing	N/A	~90% total workforce reduction	New
Strategic Alternatives	Ongoing	N/A	Formal process initiated; independent financial advisor retained	New

No revenue, margin, OpEx guidance ranges were provided; operational guidance centered on program suspension, cost actions, and liquidity .

No Q4 2023 earnings call transcript was found in our sources; themes below reflect press releases.

Topic	Q2 2023 (Previous Mentions)	Q3 2023 (Previous Mentions)	Q4 2023 (Current Period)	Trend
R&D Execution (STRIDE PMM)	Topline expected 4Q23; >130 OLE enrollments; expanded OLE to nDNA	LPLV completed; topline expected Dec 2023; OLE participation 88%; 65 patients >52 weeks	STRIDE did not meet primary/secondary endpoints; development suspended	Negative inflection
Strategic Path	Financing extended runway; potential NDA anticipated 1H24 (pre-failure)	Patent allowance; share repurchase; continued platform build	Strategic alternatives launched; advisor retained	Shift to transaction focus
Cost Structure	Building commercial and medical affairs capabilities	Facility/personnel growth	~90% workforce reduction; cost savings	Aggressive contraction
Liquidity	$142.7M at Q2	$125.6M at Q3	$103.0M at Q4; ~$82.0M projected at 3/31/24	Declining, managed
Regulatory/Legal	Index additions; runway for potential NDA (pre-failure narrative)	USPTO Notice of Allowance	N/A (focus on wind-down)	Neutral to declining relevance

“We are looking forward to topline results of our pivotal STRIDE study in December.” — Gregory J. Flesher, President and CEO (Q3 press release) .
“We are looking forward to topline results from our pivotal STRIDE study expected in the fourth quarter this year and continue to be encouraged by the high roll over rate...” — Gregory J. Flesher (Q2 press release) .
Q4 press release emphasized actions: failure to meet endpoints, suspension of development, ~90% workforce reduction, retention of independent financial advisor, and anticipated ~$82.0M cash at 3/31/2024 .

No Q4 2023 earnings call transcript was available in our sources; no Q&A highlights or clarifications can be provided .
Any guidance clarifications and tone changes were conveyed via press release (program suspension, strategic alternatives, cost actions) .

Wall Street consensus estimates via S&P Global for Q2–Q4 2023 EPS and revenue were unavailable due to missing CIQ mapping for RPHM; as a result, we cannot present beats/misses vs consensus at this time (S&P Global data unavailable).
Given STRIDE failure and program suspension, sell-side estimates likely require material revision toward a cash-and-options framework; monitor for future coverage updates .

The STRIDE efficacy failure is the defining event, shifting the story from a development-stage PMM asset to a cash-plus-strategic alternatives thesis; expect models to pivot from clinical milestones to cash preservation and potential transaction outcomes .
Liquidity remains meaningful ($103.0M at year-end; ~$82.0M projected at 3/31/24), underpinning optionality for strategic paths but declining with wind-down and severance costs; focus on burn trajectory and timing .
Cost actions are severe (~90% reduction), signaling management’s intent to curb burn and maximize shareholder value via strategic pathways rather than continued R&D .
Near-term trading may be driven by updates on strategic alternatives (process milestones, bids/structures), with limited fundamental catalysts given program suspension .
Prior operational strengths (trial execution, OLE participation) no longer translate to value without efficacy; avoid anchoring on prior NDA timelines .
With no revenue and suspended pipeline, key diligence is cash quality, liabilities, potential asset sale/licensing prospects, and board/advisor decisions cadence .
Without accessible consensus estimates, avoid “beat/miss” narratives; reframe the investment case as event-driven around strategic transactions and capital allocation (S&P Global data unavailable).