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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Reneo Pharmaceuticals Inc | NASDAQ:RPHM | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.07 | -4.05% | 1.66 | 1.58 | 1.66 | 1.75 | 1.65 | 1.73 | 135,156 | 00:15:35 |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
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.
Item 2.05 Costs Associated with Exit or Disposal Activities.
As part of the plan of implementing cost saving initiatives announced by Reneo Pharmaceuticals, Inc. (the “Company”) on December 14, 2023, the Company expects to complete a second workforce reduction of approximately 20% on February 29, 2024 (the “Second Reduction”). In connection with the Second Reduction, the Company estimates that it will incur charges of approximately $1.7 million associated with cash severance payments and other employee termination-related costs in the first quarter of 2024. The estimated charges that the Company expects to incur in connection with the Second Reduction, and the timing thereof, are subject to a number of assumptions, and actual amounts and timing may differ materially from these estimates. The Company may also incur additional costs not currently contemplated due to events that may occur as a result of, or that are associated with, the implementation of the Second Reduction.
Forward-Looking Statements
Statements contained in this Current Report on Form 8-K regarding matters that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include statements regarding, among other things, the expected timing for completion of the Second Reduction, the anticipated charges related to the Second Reduction, and the implementation of cost savings initiatives. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Words such as “plans,” “will,” “believes,” “anticipates,” “expects,” “intends,” “goal,” “potential” and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based upon the Company’s current expectations and involve assumptions that may never materialize or may prove to be incorrect. Actual results could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties, which include, without limitation, risks and uncertainties associated with the Company’s business in general, and the other risks described in the Company’s filings with the Securities and Exchange Commission. All forward-looking statements contained in this Current Report on Form 8-K speak only as of the date on which they were made. The Company undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made, except as required by law.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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Reneo Pharmaceuticals, Inc. |
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Date: |
February 23, 2024 |
By: |
/s/ Gregory J. Flesher |
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Gregory J. Flesher |
Document and Entity Information |
Feb. 20, 2024 |
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Cover [Abstract] | |
Amendment Flag | false |
Entity Central Index Key | 0001637715 |
Document Type | 8-K |
Document Period End Date | Feb. 20, 2024 |
Entity Registrant Name | Reneo Pharmaceuticals, Inc. |
Entity Incorporation State Country Code | DE |
Entity File Number | 001-40315 |
Entity Tax Identification Number | 47-2309515 |
Entity Address, Address Line One | 18575 Jamboree Road |
Entity Address, Address Line Two | Suite 275-S |
Entity Address, City or Town | Irvine |
Entity Address, State or Province | CA |
Entity Address, Postal Zip Code | 92612 |
City Area Code | 858 |
Local Phone Number | 283-0280 |
Written Communications | false |
Soliciting Material | false |
Pre Commencement Tender Offer | false |
Pre Commencement Issuer Tender Offer | false |
Security 12b Title | Common stock, par value $0.0001 per share |
Trading Symbol | RPHM |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
1 Year Reneo Pharmaceuticals Chart |
1 Month Reneo Pharmaceuticals Chart |
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