0000950170-22-023250.txt : 20221108 0000950170-22-023250.hdr.sgml : 20221108 20221108162000 ACCESSION NUMBER: 0000950170-22-023250 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 63 CONFORMED PERIOD OF REPORT: 20220930 FILED AS OF DATE: 20221108 DATE AS OF CHANGE: 20221108 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Reneo Pharmaceuticals, Inc. CENTRAL INDEX KEY: 0001637715 STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834] IRS NUMBER: 472309515 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-40315 FILM NUMBER: 221369200 BUSINESS ADDRESS: STREET 1: 18575 JAMBOREE ROAD STREET 2: SUITE 275-S CITY: IRVINE STATE: CA ZIP: 92612 BUSINESS PHONE: (858) 283-0280 MAIL ADDRESS: STREET 1: 18575 JAMBOREE ROAD STREET 2: SUITE 275-S CITY: IRVINE STATE: CA ZIP: 92612 10-Q 1 rphm-20220930.htm 10-Q 10-Q
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

 

 

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2022

or

 

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 001-40315

 

 

img26607342_0.jpg 

Reneo Pharmaceuticals, Inc.

(Exact name of registrant as specified in its charter)

 

 

 

 

 

Delaware

47-2309515

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

 

 

18575 Jamboree Road, Suite 275-S, Irvine, CA

(Address of Principal Executive Offices)

92612

(Zip Code)

(Registrant’s telephone number, including area code): (858) 283-0280

 

 

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

 

Trading symbol

 

Name of each exchange on which registered

Common Stock, par value $0.0001 per share

 

RPHM

 

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

 

 

 

 

 

 

 

 

Large accelerated filer

 

 

 

 

Accelerated filer

 

 

 

 

 

 

Smaller reporting company

Non-accelerated filer

 

 

 

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

As of November 3, 2022, there were 24,529,646 shares of the registrant’s common stock, $0.0001 par value per share, outstanding.

 

 

 

 


 

TABLE OF CONTENTS

 

 

 

 

Page

 

 

 

 

Part I

 

Financial Information

3

 

 

 

 

Item 1.

 

Consolidated Financial Statements (Unaudited)

3

 

 

 

 

 

 

Consolidated Balance Sheets

3

 

 

 

 

 

 

Consolidated Statements of Operations and Comprehensive Loss

4

 

 

 

 

 

 

Consolidated Statements of Changes in Convertible Preferred Stock and Stockholders’ Equity (Deficit)

5

 

 

 

 

 

 

Consolidated Statements of Cash Flows

7

 

 

 

 

 

 

Notes to Consolidated Financial Statements (Unaudited)

8

 

 

 

 

Item 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

17

 

 

 

 

Item 3.

 

Quantitative and Qualitative Disclosures about Market Risk

25

 

 

 

 

Item 4.

 

Controls and Procedures

25

 

 

 

 

Part II

 

Other Information

26

 

 

 

 

Item 1.

 

Legal Proceedings

26

 

 

 

 

Item 1A.

 

Risk Factors

26

 

 

 

 

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

86

 

 

 

 

Item 3.

 

Defaults Upon Senior Securities

86

 

 

 

 

Item 4.

 

Mine Safety Disclosures

86

 

 

 

 

Item 5.

 

Other Information

86

 

 

 

 

Item 6.

 

Exhibits

87

 

 

 

 

Signatures

 

 

88

 

 

2


 

PART I — FINANCIAL INFORMATION

Item 1. Financial Statements

RENEO PHARMACEUTICALS, INC.

Consolidated Balance Sheets

(In thousands, except share and par value data)

 

 

 

September 30,
2022

 

 

December 31,
2021

 

 

 

(Unaudited)

 

 

 

 

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

62,132

 

 

$

124,660

 

Short-term investments

 

 

53,948

 

 

 

23,010

 

Prepaid expenses and other current assets

 

 

4,918

 

 

 

6,064

 

Total current assets

 

 

120,998

 

 

 

153,734

 

Property and equipment, net

 

 

241

 

 

 

212

 

Right-of-use assets

 

 

1,186

 

 

 

 

Other non-current assets

 

 

79

 

 

 

78

 

Total assets

 

$

122,504

 

 

$

154,024

 

Liabilities and stockholders’ equity

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

2,189

 

 

$

2,022

 

Accrued expenses

 

 

6,851

 

 

 

4,180

 

Operating lease liabilities, current portion

 

 

410

 

 

 

 

Total current liabilities

 

 

9,450

 

 

 

6,202

 

Operating lease liabilities, less current portion

 

 

943

 

 

 

 

Other long-term liabilities

 

 

 

 

 

167

 

Performance award

 

 

66

 

 

 

444

 

Total liabilities

 

 

10,459

 

 

 

6,813

 

Commitments and contingencies

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

Common stock, $0.0001 par value; 200,000,000 shares authorized at September 30, 2022 and
   December 31, 2021;
24,529,646 shares issued and outstanding at September 30, 2022; and
   
24,457,838 and 24,455,390 shares issued and outstanding at December 31, 2021, respectively

 

 

3

 

 

 

3

 

Additional paid-in capital

 

 

235,151

 

 

 

231,902

 

Accumulated deficit

 

 

(123,083

)

 

 

(84,728

)

Accumulated other comprehensive (loss) income

 

 

(26

)

 

 

34

 

Total stockholders’ equity

 

 

112,045

 

 

 

147,211

 

Total liabilities and stockholders’ equity

 

$

122,504

 

 

$

154,024

 

 

The accompanying notes are an integral part of these consolidated financial statements.

3


 

RENEO PHARMACEUTICALS, INC.

Consolidated Statements of Operations and Comprehensive Loss

(In thousands, except share and per share data)

(Unaudited)

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

$

9,938

 

 

$

9,318

 

 

$

27,348

 

 

$

21,069

 

General and administrative

 

 

3,902

 

 

 

3,434

 

 

 

11,938

 

 

 

8,125

 

Total operating expenses

 

 

13,840

 

 

 

12,752

 

 

 

39,286

 

 

 

29,194

 

Loss from operations

 

 

(13,840

)

 

 

(12,752

)

 

 

(39,286

)

 

 

(29,194

)

Other income

 

 

833

 

 

 

17

 

 

 

931

 

 

 

31

 

Net loss

 

 

(13,007

)

 

 

(12,735

)

 

 

(38,355

)

 

 

(29,163

)

Unrealized (loss) gain on short-term investments

 

 

(194

)

 

 

12

 

 

 

(60

)

 

 

17

 

Comprehensive loss

 

$

(13,201

)

 

$

(12,723

)

 

$

(38,415

)

 

$

(29,146

)

Net loss per share attributable to common stockholders, basic and diluted

 

$

(0.53

)

 

$

(0.52

)

 

$

(1.57

)

 

$

(1.82

)

Weighted-average shares used in computing net loss per share, basic and diluted

 

 

24,496,313

 

 

 

24,396,798

 

 

 

24,472,974

 

 

 

16,025,813

 

 

The accompanying notes are an integral part of these consolidated financial statements.

4


 

RENEO PHARMACEUTICALS, INC.

Consolidated Statements of Changes in Convertible Preferred Stock and Stockholders’ Equity (Deficit)

(In thousands, except share data)

(Unaudited)

 

 

 

Convertible
Preferred Stock

 

 

 

 

 

 

 

 

 

Additional

 

 

Accumulated
Other

 

 

 

 

 

Total

 

 

 

Series A

 

 

Series B

 

 

 

Common Stock

 

 

Paid-In

 

 

Comprehensive

 

 

Accumulated

 

 

Stockholders'

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Income (Loss)

 

 

Deficit

 

 

Equity

 

Balances, December 31, 2021

 

 

 

 

$

 

 

 

 

 

$

 

 

 

 

24,455,390

 

 

$

3

 

 

$

231,902

 

 

$

34

 

 

$

(84,728

)

 

$

147,211

 

Stock based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,107

 

 

 

 

 

 

 

 

 

1,107

 

Issuance of common stock in
   connection with equity plans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,160

 

 

 

 

 

 

6

 

 

 

 

 

 

 

 

 

6

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

30

 

 

 

 

 

 

30

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(13,036

)

 

 

(13,036

)

Balances, March 31, 2022

 

 

 

 

$

 

 

 

 

 

$

 

 

 

 

24,458,550

 

 

$

3

 

 

$

233,015

 

 

$

64

 

 

$

(97,764

)

 

$

135,318

 

Stock based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,006

 

 

 

 

 

 

 

 

 

1,006

 

Issuance of commons stock in
   connection with equity plans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

21,096

 

 

 

 

 

 

41

 

 

 

 

 

 

 

 

 

41

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

104

 

 

 

 

 

 

104

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(12,312

)

 

 

(12,312

)

Balances, June 30, 2022

 

 

 

 

$

 

 

 

 

 

$

 

 

 

 

24,479,646

 

 

$

3

 

 

$

234,062

 

 

$

168

 

 

$

(110,076

)

 

$

124,157

 

Stock based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

990

 

 

 

 

 

 

 

 

 

990

 

Issuance of commons stock in
   connection with equity plans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

50,000

 

 

 

 

 

 

99

 

 

 

 

 

 

 

 

 

99

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(194

)

 

 

 

 

 

(194

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(13,007

)

 

 

(13,007

)

Balances, September 30, 2022

 

 

 

 

$

 

 

 

 

 

$

 

 

 

 

24,529,646

 

 

$

3

 

 

$

235,151

 

 

$

(26

)

 

$

(123,083

)

 

$

112,045

 

 

The accompanying notes are an integral part of these consolidated financial statements.

5


 

RENEO PHARMACEUTICALS, INC.

Consolidated Statements of Changes in Convertible Preferred Stock and Stockholders’ Equity (Deficit) (Continued)

(In thousands, except share data)

(Unaudited)

 

 

 

Convertible
Preferred Stock

 

 

 

 

 

 

 

 

 

Additional

 

 

Accumulated
Other

 

 

 

 

 

Total

 

 

 

Series A

 

 

Series B

 

 

 

Common Stock

 

 

Paid-In

 

 

Comprehensive

 

 

Accumulated

 

 

Stockholders'

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Income

 

 

Deficit

 

 

Equity (Deficit)

 

Balances, December 31, 2020

 

 

24,302,472

 

 

$

45,652

 

 

 

23,440,514

 

 

$

47,068

 

 

 

 

2,053,070

 

 

 

 

 

$

2,843

 

 

$

 

 

$

(44,958

)

 

$

(42,115

)

Issuance of series B convertible
   preferred stock, net of issuance
   costs of $
29

 

 

 

 

 

 

 

 

23,440,514

 

 

 

47,356

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

471

 

 

 

 

 

 

 

 

 

471

 

Issuance of common stock in
   connection with equity plans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

70,663

 

 

 

 

 

 

139

 

 

 

 

 

 

 

 

 

139

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(7,212

)

 

 

(7,212

)

Balances, March 31, 2021

 

 

24,302,472

 

 

$

45,652

 

 

 

46,881,028

 

 

$

94,424

 

 

 

 

2,123,733

 

 

$

 

 

$

3,453

 

 

$

 

 

$

(52,170

)

 

$

(48,717

)

Conversion of convertible preferred
   stock into common stock upon
   initial public offering

 

 

(24,302,472

)

 

 

(45,652

)

 

 

(46,881,028

)

 

 

(94,424

)

 

 

 

15,907,629

 

 

 

2

 

 

 

140,076

 

 

 

 

 

 

 

 

 

140,078

 

Issuance of common stock in initial
   public offering, net of offering costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6,250,000

 

 

 

1

 

 

 

84,532

 

 

 

 

 

 

 

 

 

84,533

 

Stock based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

854

 

 

 

 

 

 

 

 

 

854

 

Issuance of common stock in
   connection with equity plans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7,337

 

 

 

 

 

 

14

 

 

 

 

 

 

 

 

 

14

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5

 

 

 

 

 

 

5

 

Net loss