Reneo Pharmaceuticals Announces Workforce Reduction Costs

Reneo Pharmaceuticals (RPHM) has released an update.

Reneo Pharmaceuticals, Inc. is pushing forward with cost-cutting measures by planning a 20% workforce reduction by the end of February 2024. This move is anticipated to cost the company around $1.7 million in severance and related expenses in the early part of the year. However, these figures are based on preliminary assumptions and the actual costs could significantly vary. Additional unforeseen expenses may also arise during the process of this downsizing initiative.

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