Trading in Reneo Pharmaceuticals shares has been halted ahead of the company announcing that its pivotal STRIDE study of mavodelpar in adult patients with primary mitochondrial myopathies, or PMM, did not meet its primary efficacy or secondary efficacy endpoint. The company intends to implement immediate cost savings initiatives, including suspension of the ongoing STRIDE AHEAD study and all other mavodelpar development activities and a workforce reduction of approximately 70%, Reneo noted. The company currently has over $100M in cash, cash equivalents, and short-term investments, Reneo stated. The STRIDE study was a global, randomized, double-blind, placebo-controlled pivotal Phase 2b trial of mavodelpar in adult patients with PMM due to mitochondrial DNA, or mtDNA, defects. The STRIDE AHEAD study was an open-label extension trial being conducted outside of the United States in adult patients with PMM due to mtDNA defects who participated in the STRIDE study, the mavodelpar Phase 1b study, and mavodelpar-naive patients with PMM due to nuclear DNA, or nDNA, defects.
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