Reneo Pharmaceuticals reports Q4 EPS (70c), consensus (58c)

Fourth Quarter and Recent Highlights: 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; The Company anticipates it will have approximately $82.0 million in cash, cash equivalents, and short-term investments as of March 31, 2024.