OnKure Therapeutics (OKUR) Q1 2026 earnings summary

Executive summary

• Focused on developing precision medicines for vascular anomalies and cancers, advancing two next-generation PI3Ka pan-mutant selective inhibitor candidates, OKI-355 for vascular anomalies and OKI-345 for breast cancer, with IND submissions planned for 2027.

• Initiated a discovery research program to expand the pipeline in vascular anomalies.

• Completed a merger in October 2024, resulting in a reverse recapitalization and a name change.

• No products approved for sale and no revenue generated; operations funded primarily through equity and convertible debt.

• Closed a $150 million private placement, strengthening the cash position to $192.1 million as of March 31, 2026.

Financial highlights

• Net loss for Q1 2026 was $15.2 million, or $1.11 per share, compared to $15.9 million, or $1.19 per share, in Q1 2025.

• Operating expenses for Q1 2026 were $15.6 million, down from $17.0 million in Q1 2025, driven by lower outsourced R&D costs.

• Research and development expenses were $11.7 million and general and administrative expenses were $3.9 million for Q1 2026.

• Cash and cash equivalents were $192.1 million as of March 31, 2026, up from $59.1 million at year-end 2025, due to the $150 million private placement.

• Accumulated deficit reached $229.4 million as of March 31, 2026.

Outlook and guidance

• Cash runway is expected to fund planned operations for at least the next 12 months and potentially into 2029.

• IND applications for OKI-345 and OKI-355 are planned for the first half of 2027.

• Research and development and general and administrative expenses are expected to increase as clinical programs advance.

• Data from the PIKture-01 study expected by the end of 2026.