OnKure Therapeutics, Inc.

Previous wording

Since our inception, our operations have primarily focused on raising capital, establishing and protecting our intellectual property portfolio, organizing and staffing our company, business planning, and conducting preclinical and clinical development of and manufacturing development for our product candidates. We do not have any product candidates approved for sale, have not generated any revenue from product sales, and do not expect to generate revenues from the commercial sale of any products for the foreseeable future, if ever. Since inception, we have incurred significant operating losses. Our net losses were $15.9 million and $52.7 million for the three months ended March 31, 2025 and the year ended December 31, 2024, respectively. As of March 31, 2025, we had an accumulated deficit of $170.6 million and cash and cash equivalents of $96.7 million.

Current wording

Since our inception, our operations have primarily focused on raising capital, establishing and protecting our intellectual property portfolio, organizing and staffing our company, business planning, and conducting preclinical and clinical development of and manufacturing development for our product candidates. We do not have any product candidates approved for sale, have not generated any revenue from product sales, and do not expect to generate revenues from the commercial sale of any products for the foreseeable future, if ever. Since inception, we have incurred significant operating losses. Our net losses were $31.3 million and $52.7 million for the six months ended June 30, 2025 and the year ended December 31, 2024, respectively. As of June 30, 2025, we had an accumulated deficit of $186.0 million and cash and cash equivalents of $83.4 million.

Previous wording

General and administrative expenses were $4.0 million for the three months ended March 31, 2025 and $1.3 million for the three months ended March 31, 2024. The increase of $2.7 million was primarily due to $1.6 million in increased personnel-related costs, including $1.2 million of increased share-based compensation charges. In addition, legal expenses and director compensation, consulting, and other professional service fees, including audit fees and insurance, increased by $0.9 million.

Current wording

General and administrative expenses were $3.7 million for the three months ended June 30, 2025 compared to $3.6 million for the three months ended June 30, 2024. The increase of approximately $0.1 million was primarily due to $1.3 million in increased personnel-related costs, including $1.0 million of increased share-based compensation charges. In addition, director compensation, consulting, filing fees and franchise taxes and other professional service fees, including audit fees and insurance, increased by $0.3 million. These increases were partially offset by a $1.6 million decrease in legal expenses in 2025 as compared to the same period in 2024 due to non-recurring costs related to the Merger completed in 2024.

Previous wording

Other income was $1.1 million for the three months ended March 31, 2025 compared to $0.3 million of interest income for the three months ended March 31, 2024. The change was primarily due to an increase in interest income due to an increase in cash and cash equivalents available to invest during the quarter ended March 31, 2025 as compared to the quarter ended March 31, 2024.

Current wording

Other income (expense), net was $0.9 million for the three months ended June 30, 2025 compared to $0.2 million for the three months ended June 30, 2024. The change was primarily due to an increase in interest income due to an increase in cash and cash equivalents available to invest during the quarter ended June 30, 2025 as compared to the quarter ended June 30, 2024.

Previous wording

Research and development expenses were $13.0 million for the three months ended March 31, 2025 compared to $8.6 million for the three months ended March 31, 2024. The increase of $4.4 million was primarily due to a $1.9 million increase in personnel-related costs, including $1.2 million of increased share-based compensation charges. The increase was also the result of a $1.7 million increase in clinical trial and outsourced manufacturing expenses, and a $0.8 million increase in outsourced research expenses.

Current wording

Research and development expenses were $25.6 million for the six months ended June 30, 2025 compared to $19.3 million for the six months ended June 30, 2024. The increase of approximately $6.3 million was primarily due to a $1.9 million increase in personnel-related costs, including $1.0 million of increased share-based compensation charges. The increase was also the result of a $3.1 million increase in clinical trial and outsourced manufacturing expenses, and a $1.1 million increase in outsourced research expenses.

Previous wording

Since inception, we have not generated any revenue from product sales and have incurred significant operating losses and negative cash flows from our operations. We expect to continue to incur significant expenses and operating losses for the foreseeable future as we advance the clinical development of our product candidates. We expect that our research and development and general and administrative costs will continue to increase significantly, including in connection with conducting clinical trials and manufacturing our product candidates to support commercialization and providing general and administrative support for our operations, including the costs associated with operating as a public company following the Closing. As a result, we will need additional capital to fund our operations, which we may seek to obtain from equity or debt financings, collaborations, licensing arrangements or other sources.

Current wording

We expect that our research and development and general and administrative costs will continue to increase significantly, including in connection with conducting clinical trials and manufacturing our product candidates to support commercialization and providing general and administrative support for our operations, including the costs associated with operating as a public company following the Closing. As a result, we will need additional capital to fund our operations, which we may seek to obtain from equity or debt financings, collaborations, licensing arrangements or other sources.

Previous wording

Our ability to secure capital is dependent upon a number of factors, including our success in developing our product candidates. The failure to obtain sufficient capital on acceptable terms when needed could have a material adverse effect on our business, results of operations, or financial condition, including requiring us to delay, reduce, or curtail our research, product development, or future commercialization efforts. We may also be required to license rights to product candidates at an earlier stage of development or on less favorable terms than we would otherwise choose. We cannot provide assurance that we will ever generate positive cash flow from operating activities.

Current wording

Our ability to secure capital is dependent upon a number of factors, including our success in developing our product candidates and our ability to access the capital markets. The failure to obtain sufficient capital on acceptable terms when needed could have a material adverse effect on our business, results of operations, or financial condition, including requiring us to delay, reduce, or curtail our research, product development, or future commercialization efforts. We may also be required to license rights to product candidates at an earlier stage of development or on less favorable terms than we would otherwise choose. We cannot provide assurance that we will ever generate positive cash flow from operating activities.

Previous wording

Cash used in operating activities during the three months ended March 31, 2025 was $14.0 million. This consisted primarily of a net loss of $15.9 million, a net decrease in operating assets and liabilities of $1.0 million, and non-cash share-based compensation of $2.7 million.

Current wording

Cash used in operating activities during the six months ended June 30, 2025 was $27.3 million. This consisted primarily of a net loss of $31.3 million, a net decrease in operating assets and liabilities of $2.0 million, and non-cash share-based compensation of $5.7 million.

Previous wording

Cash used in operating activities during the three months ended March 31, 2024 was $10.6 million. This consisted primarily of a net loss of $9.5 million, and a net decrease in our operating assets and liabilities of $1.4 million, partially offset for share-based compensation and depreciation and amortization.

Current wording

Cash used in operating activities during the six months ended June 30, 2024 was $17.1 million. This consisted primarily of a net loss of $23.7 million, and a net decrease in our operating assets and liabilities of $4.4 million, partially offset for share-based compensation and depreciation and amortization.

Previous wording

Cash used in investing activities was $18 thousand and $9 thousand for the three months ended March 31, 2025 and 2024, respectively, and related to purchase of property and equipment.

Current wording

Cash used in investing activities was $31 thousand and $19 thousand for the six months ended June 30, 2025 and 2024, respectively, and related to purchase of property and equipment.

Previous wording

Cash used in financing activities during the three months ended March 31, 2025 was $77 thousand and related to payment of issuance costs from the Concurrent Financing and reverse recapitalization transaction costs in connection with the Merger.

Current wording

Cash used in financing activities during the six months ended June 30, 2025 was $77 thousand and related to payment of issuance costs from the Concurrent Financing and reverse recapitalization transaction costs in connection with the Merger.

Previous wording

Cash provided by financing activities during the three months ended March 31, 2024 was $10 thousand and related to proceeds from the sale of shares of Common Stock in connection with equity plans.

Current wording

Cash provided by financing activities during the six months ended June 30, 2024 was $5.9 million and primarily related to proceeds from the issuance of convertible notes payable.