OnKure Therapeutics, Inc.
For the period ended Sep 30, 2025. Filed Nov 6, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 6, 2025
OKUR$2.87+13.5%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-12.
0001193125-25-178981
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-06.
0001193125-25-269540
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 95 previous paragraphs and 96 current paragraphs.
82 unchanged; 11 reworded; 1 added; 1 removed; 1 previous and 2 current paragraphs rearranged.
Tables are not compared: 3 previous and 3 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (1)
Current report
Comparison of the Nine Months Ended September 30, 2025 and 2024
Removed paragraphs (1)
Previous report
Comparison of the Six Months Ended June 30, 2025 and 2024
Reworded paragraphs (11)
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 $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.
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 $46.0 million and $52.7 million for the nine months ended September 30, 2025 and the year ended December 31, 2024, respectively. As of September 30, 2025, we had an accumulated deficit of $200.7 million and cash and cash equivalents of $70.3 million.
Previous wording
General and administrative expenses were $7.7 million for the six months ended June 30, 2025 compared to $4.9 million for the six months ended June 30, 2024. The increase of approximately $2.8 million was primarily due to $2.9 million in increased personnel-related costs, including $2.2 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 $1.1 million. These increases were partially offset by a $1.3 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.
Current wording
General and administrative expenses were $3.6 million for the three months ended September 30, 2025 compared to $1.4 million for the three months ended September 30, 2024. The increase of approximately $2.2 million was primarily due to $1.5 million in increased personnel-related costs, including $1.3 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 $0.5 million.
Previous 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.
Current wording
Other income (expense), net was $0.8 million for the three months ended September 30, 2025 compared to $0.1 million for the three months ended September 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 September 30, 2025 as compared to the quarter ended September 30, 2024.
Previous 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.
Current wording
Research and development expenses were $37.5 million for the nine months ended September 30, 2025 compared to $29.4 million for the nine months ended September 30, 2024. The increase of approximately $8.1 million was primarily due to a $3.8 million increase in personnel-related costs, including $2.4 million of increased share-based compensation charges. The increase was also the result of a $2.9 million increase in clinical trial and outsourced manufacturing expenses, and a $1.1 million increase in outsourced research expenses.
Previous 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.
Current wording
General and administrative expenses were $11.3 million for the nine months ended September 30, 2025 compared to $6.3 million for the nine months ended September 30, 2024. The increase of approximately $5.0 million was primarily due to $4.4 million in increased personnel-related costs, including $3.5 million of increased share-based compensation charges. In addition, director compensation, consulting, filing fees and franchise taxes and other professional service fees, including audit, filing fees and insurance, increased by $1.6 million. These increases were partially offset by a $1.2 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 (expense) was $2.0 million for the six months ended June 30, 2025 compared to $0.5 million for the six 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 six months ended June 30, 2025 as compared to the six months ended June 30, 2024.
Current wording
Other income (expense) was $2.8 million for the nine months ended September 30, 2025 compared to $0.5 million for the nine months ended September 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 nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024.
Previous 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.
Current wording
Cash used in operating activities during the nine months ended September 30, 2025 was $40.3 million. This consisted primarily of a net loss of $46.0 million, a net decrease in operating assets and liabilities of $3.5 million, and non-cash share-based compensation of $8.6 million.
Previous 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.
Current wording
Cash used in operating activities during the nine months ended September 30, 2024 was $27.8 million. This consisted primarily of a net loss of $35.2 million, and a net decrease in our operating assets and liabilities of $4.9 million, and by an increase in non-cash charges for share-based compensation and depreciation and amortization of $2.6 million.
Previous 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.
Current wording
Cash used in investing activities was $37 thousand and $37 thousand for the nine months ended September 30, 2025 and 2024, respectively, and related to purchase of property and equipment.
Previous 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.
Current wording
Cash used in financing activities during the nine months ended September 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 six months ended June 30, 2024 was $5.9 million and primarily related to proceeds from the issuance of convertible notes payable.
Current wording
Cash provided by financing activities during the nine months ended September 30, 2024 was $5.9 million and primarily related to proceeds from the issuance of convertible notes payable.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Current report — wording carried from elsewhere
Research and development expenses were $11.9 million for the three months ended September 30, 2025 compared to $10.1 million for the three months ended September 30, 2024. The increase of approximately $1.8 million was primarily due to a $1.9 million increase in personnel-related costs, including $1.3 million of increased share-based compensation charges.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
Research and development expenses were $12.6 million for the three months ended June 30, 2025 compared to $10.8 million for the three months ended June 30, 2024. The increase of approximately $1.9 million was primarily due to a $1.4 million increase in clinical trial and outsourced manufacturing expenses, and a $0.3 million increase in outsourced research expenses which is a result of an increase in clinical trials.