Reneo Pharmaceuticals Stockholders Approve OnKure Merger

Reneo Pharmaceuticals, Inc. (Nasdaq: RPHM) announced the outcomes of its special stockholders meeting held on September 26, 2024. During this meeting, stockholders approved all proposals, including those necessary for the merger between Reneo and OnKure, Inc. The merger is expected to close around October 4, 2024. Post-merger, the combined entity will be renamed "OnKure Therapeutics, Inc." and will trade on the Nasdaq under the ticker symbol “OKUR.” The merged company will be managed by the current OnKure team and will concentrate on advancing OnKure’s oncology pipeline, particularly its lead program, OKI-219, which is in Phase 1 clinical trials for solid tumors.

Reneo also announced a 1-for-10 reverse split of its common stock, effective immediately before the merger closes. Following the merger, the stock will be reclassified as Class A common stock and will start trading on a split-adjusted basis under the ticker “OKUR” on October 7, 2024. The new CUSIP number for the stock will be 68277Q 105.

On September 26, 2024, stockholders gave the board of directors the authority to implement a reverse stock split ratio ranging from 1-for-7 to 1-for-15. The board chose a 1-for-10 ratio on September 27, 2024. With the reverse split, every 10 shares of Reneo’s common stock will be consolidated into one share. This change will not affect the total authorized shares or the par value of the stock. Equity-based awards will be adjusted proportionately. No fractional shares will be issued; instead, holders of fractional shares will receive cash equivalent to the fair value of these shares as determined by Reneo’s board.

Equiniti Trust Company, LLC, Reneo’s transfer agent, will manage the book-entry records for the common stock. Registered stockholders with electronic book-entry shares need not take any action to receive post-split shares or payment for fractional shares. Those who hold shares through brokers or other nominees will have their holdings automatically adjusted to reflect the reverse split.

OnKure, Inc. is a clinical-stage biopharmaceutical company focused on developing precision medicines targeting validated cancer drivers. Utilizing structure-based drug design, OnKure is building a pipeline of tumor-agnostic candidates aimed at optimal efficacy and tolerability. The lead program, OKI-219, targets the PI3KαH1047R mutation and is in early-stage clinical trials. OnKure aims to become a leader in targeting the PI3Kα oncogene.

Reneo Pharmaceuticals has traditionally focused on developing treatments for rare genetic mitochondrial diseases associated with impaired adenosine triphosphate production.