OnKure Therapeutics, Inc.
For the period ended Sep 30, 2026. Filed Nov 4, 2026.
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, 2026 · Filed Nov 4, 2026
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 2026-06-30; filed 2026-08-04.
0001193125-26-332773
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-04.
0001193125-26-447202
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 88 previous paragraphs and 88 current paragraphs.
73 unchanged; 11 reworded; 3 added; 4 removed; 0 previous and 1 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 (3)
Current report
Research and development expenses were $15.1 million and $11.9 million for the three months ended September 30, 2026 and September 30, 2025, respectively. The $3.1 million increase was primarily due to increases in outsourced preclinical research and development expenses of $1.5 million, manufacturing costs of $1.2 million, and consulting expenses of $0.3 million.
Current report
Comparison of the nine months ended September 30, 2026 and 2025
Current report
Research and development expenses were $39.4 million for the nine months ended September 30, 2026 compared to $37.5 million for the nine months ended September 30, 2025. The $1.8 million increase was primarily due to increases in outsourced manufacturing costs of $1.0 million, clinical trial costs of $0.8 million, and consulting costs of $0.3 million. These increases were partially offset by a decrease in personnel-related costs of $0.5 million.
Removed paragraphs (4)
Previous report
Research and development expenses were $12.6 million for both the three months ended June 30, 2026 and June 30, 2025. The research and development expenses for the three months ended June 30, 2026 included a $0.5 million increase in clinical trial costs which was offset by a decrease of $0.5 million in outsourced preclinical research and development expenses.
Previous report
Comparison of the six months ended June 30, 2026 and 2025
Previous report
Research and development expenses were $24.3 million for the six months ended June 30, 2026 compared to $25.6 million for the six months ended June 30, 2025. The decrease of approximately $1.3 million was primarily due to $1.5 million of decreased outsourced preclinical research and development expenses and $0.4 million of personnel-related costs, partially offset by an increase of $0.6 million clinical trial and outsourced manufacturing costs.
Previous report
Other income was $2.0 million for the six months ended June 30, 2026 which was consistent with the six months ended June 30, 2025.
Reworded paragraphs (11)
Previous wording
Since our inception, we have incurred significant operating losses. Our net losses were $30.5 million and $59.5 million for the six months ended June 30, 2026 and the year ended December 31, 2025, respectively. As of June 30, 2026, we had an accumulated deficit of $244.7 million and cash, cash equivalents and marketable securities of $176.4 million.
Current wording
Since our inception, we have incurred significant operating losses. Our net losses were $48.3 million and $59.5 million for the nine months ended September 30, 2026 and the year ended December 31, 2025, respectively. As of September 30, 2026, we had an accumulated deficit of $262.6 million and cash, cash equivalents and marketable securities of $163.3 million.
Previous wording
General and administrative expenses were $4.3 million for the three months ended June 30, 2026 compared to $3.7 million for the three months ended June 30, 2025. The increase of approximately $0.6 million was primarily due to $0.3 million in increased personnel-related costs, including $0.1 million of increased share-based compensation charges. In addition, consulting fees increased by $0.2 million.
Current wording
General and administrative expenses were $4.3 million for the three months ended September 30, 2026 compared to $3.6 million for the three months ended September 30, 2025. The increase of approximately $0.7 million was primarily due to $0.4 million in increased personnel-related costs, including increased share-based compensation charges. In addition, consulting fees increased by $0.2 million.
Previous wording
Other income was $1.6 million for the three months ended June 30, 2026 compared to $0.9 million for the three months ended June 30, 2025. The change was primarily due to an increase in interest income due to an increase in cash, cash equivalents and marketable securities available to invest during the quarter ended June 30, 2026 as compared to the quarter ended June 30, 2025.
Current wording
Other income was $1.5 million for the three months ended September 30, 2026 compared to $0.8 million for the three months ended September 30, 2025. The change was primarily due to an increase in interest income due to an increase in cash, cash equivalents and marketable securities available to invest during the quarter ended September 30, 2026 as compared to the quarter ended September 30, 2025.
Previous wording
General and administrative expenses were $8.2 million for the six months ended June 30, 2026 compared to $7.7 million for the six months ended June 30, 2025. The increase of approximately $0.5 million was primarily due to a $0.5 million increase in personnel-related costs, including $0.2 million of increased share-based compensation charges, and $0.1 million increase in consulting costs. These increases were partially offset by a $0.1 million decrease in legal and filing fee costs.
Current wording
General and administrative expenses were $12.5 million for the nine months ended September 30, 2026 compared to $11.3 million for the nine months ended September 30, 2025. The $1.2 million increase was primarily due to a $0.9 million increase in personnel-related costs, including share based compensation. In addition, increases in consulting costs of $0.4 million were partially offset by a $0.2 million decrease in legal expenses and filing fees.
Previous wording
In November 2025, we filed the Registration Statement, which registered an aggregate of up to $200 million of securities that may be issued and sold from time to time, including initially up to an aggregate offering price of $16.0 million of Common Stock (which is included in the $200 million aggregate offering price set forth in the base prospectus) that may be issued and sold pursuant to the ATM Sales Agreement. As of June 30, 2026, no shares have been sold under the ATM Sales Agreement.
Current wording
In November 2025, we filed the Registration Statement, which registered an aggregate of up to $200 million of securities that may be issued and sold from time to time, including initially up to an aggregate offering price of $16.0 million of Common Stock (which is included in the $200 million aggregate offering price set forth in the base prospectus) that may be issued and sold pursuant to the ATM Sales Agreement. In August 2026, because we were no longer subject to General Instruction I.B.6 of Form S-3, we filed a prospectus supplement to the Registration Statement to increase the aggregate offering price of Common Stock that may be issued and sold pursuant to the ATM Sales Agreement to up to $100.0 million (which is included in the $200 million aggregate offering price set forth in the base prospectus). As of September 30, 2026, no shares have been sold under the ATM Sales Agreement.
Previous wording
the extent to which we acquire or in-licenses other product candidates and technologies, if any; and
Current wording
the extent to which we acquire or in-license other product candidates and technologies, if any; and
Previous wording
Cash used in operating activities during the six months ended June 30, 2026 was $23.3 million. This consisted primarily of a net loss of $30.5 million, a net increase in operating assets and liabilities of $1.0 million, offset by non-cash share-based compensation of $5.8 million.
Current wording
Cash used in operating activities during the nine months ended September 30, 2026 was $36.4 million. This consisted primarily of a net loss of $48.3 million, a net increase in operating assets and liabilities of $2.1 million, offset by non-cash share-based compensation of $9.3 million.
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, offset by non-cash share-based compensation of $8.6 million.
Previous wording
Cash used in investing activities was $9.9 million for six months ended June 30, 2026, and primarily related to purchases of marketable securities. Cash used in investing activities was $31 thousand for six months ended June 30, 2025, related to purchase of property and equipment.
Current wording
Cash used in investing activities was $11.8 million for nine months ended September 30, 2026, and primarily related to purchases of marketable securities. Cash used in investing activities was $37 thousand for nine months ended September 30, 2025, related to purchase of property and equipment.
Previous wording
Cash provided by financing activities during the six months ended June 30, 2026 was $140.6 million and primarily related to the net proceeds from the sale of Common Stock and pre-funded warrants in connection with the 2026 Private Placement and proceeds from the sale of stock under the employee stock purchase plan.
Current wording
Cash provided by financing activities during the nine months ended September 30, 2026 was $140.6 million and primarily related to the net proceeds from the sale of Common Stock and pre-funded warrants in connection with the 2026 Private Placement and proceeds from the sale of stock under the employee stock purchase plan.
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.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
Other income was $3.5 million for the nine months ended September 30, 2026 compared to $2.8 million for the nine months ended September 30, 2025. The change was primarily due to an increase in interest income due to an increase in cash, cash equivalents and marketable securities available to invest during the nine months ended September 30, 2026 as compared to the nine months ended September 30, 2025.