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Reneo Pharmaceuticals (RPHM)

Document and Entity Information

Document and Entity Information - shares3 Months Ended
Mar. 31, 2021May 14, 2021
Document and Entity Information [Abstract]
Document Type10-Q
Document Quarterly Reporttrue
Document Transition Reportfalse
Document Period End DateMar. 31,
2021
Entity File Number001-40315
Entity Registrant NameReneo Pharmaceuticals, Inc.
Entity Incorporation, State or Country CodeDE
Entity Tax Identification Number47-2309515
Entity Address, Address Line One12230 El Camino Real, Suite 230
Entity Address, City or TownSan Diego
Entity Address State Or ProvinceCA
Entity Address, Postal Zip Code92130
City Area Code858
Local Phone Number283-0280
Title of 12(b) SecurityCommon Stock, par value $0.0001 per share
Trading SymbolRPHM
Security Exchange NameNASDAQ
Entity Current Reporting StatusYes
Entity Interactive Data CurrentYes
Entity Filer CategoryNon-accelerated Filer
Entity Small Businesstrue
Entity Emerging Growth Companytrue
Entity Ex Transition Periodfalse
Entity Shell Companyfalse
Entity Common Stock, Shares Outstanding24,286,253
Entity Central Index Key0001637715
Current Fiscal Year End Date--12-31
Document Fiscal Year Focus2021
Document Fiscal Period FocusQ1
Amendment Flagfalse

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
Current assets:
Cash and cash equivalents $ 91,221 $ 53,613
Prepaid expenses and other current assets2,339 1,412
Total current assets93,560 55,025
Property and equipment, net81 69
Other non-current assets1,680 127
Total assets95,321 55,221
Current liabilities:
Accounts payable556 908
Accrued expenses3,374 3,672
Total current liabilities3,930 4,580
Deferred rent32 36
Total liabilities3,962 4,616
Commitments and contingencies (Note 9)
Stockholders' deficit:
Additional paid-in capital3,453 2,843
Accumulated deficit(52,170)(44,958)
Total stockholders' deficit(48,717)(42,115)
Total liabilities, convertible preferred stock and stockholders' deficit95,321 55,221
Series B convertible preferred stock
Current assets:
Cash and cash equivalents91,200
Current liabilities:
Convertible preferred stock94,424 47,068
Series A convertible preferred stock
Current liabilities:
Convertible preferred stock $ 45,652 $ 45,652

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
Common stock, Par value $ 0.0001 $ 0.0001
Common stock, authorized105,000,000 105,000,000
Common stock, issued2,148,193 2,053,070
Common stock, outstanding2,123,733 2,053,070
Series A convertible preferred stock
Temporary equity, Par value $ 0.0001 $ 0.0001
Temporary equity, authorized24,302,472 24,302,472
Temporary equity, issued24,302,472 24,302,472
Convertible preferred stock outstanding24,302,472 24,302,472
Temporary equity, Liquidation Preference $ 49,127 $ 49,127
Series B convertible preferred stock
Temporary equity, Par value $ 0.0001 $ 0.0001
Temporary equity, authorized46,881,028 46,881,028
Temporary equity, issued46,881,028 23,440,514
Convertible preferred stock outstanding46,881,028 23,440,514
Temporary equity, Liquidation Preference $ 94,770 $ 47,385

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Operating expenses:
Research and development $ 5,472 $ 3,578
General and administrative1,742 924
Total operating expenses7,214 4,502
Loss from operations(7,214)(4,502)
Other income:
Other income2 71
Net loss(7,212)(4,431)
Unrealized gain on short-term investments6
Comprehensive loss $ (7,212) $ (4,425)
Net loss per share attributable to common stockholders, basic and diluted $ (3.48) $ (2.20)
Weighted-average shares used in computing net loss per share, basic and diluted2,070,935 2,015,029

Condensed Consolidated Statem_2

Condensed Consolidated Statements Changes in Convertible Preferred Stock and Stockholders' Deficit - USD ($) $ in ThousandsSeries A convertible preferred stockSeries B convertible preferred stockCommon StockAdditional Paid-in CapitalAccumulated comprehensive incomeAccumulated DeficitTotal
Beginning Balance at Dec. 31, 2019 $ 45,652
Beginning Balance (in shares) at Dec. 31, 201924,302,472
Ending Balance at Mar. 31, 2020 $ 45,652
Ending Balance (in shares) at Mar. 31, 202024,302,472
Beginning Balance at Dec. 31, 2019 $ 2,363 $ 3 $ (25,493) $ (23,127)
Beginning Balance (in shares) at Dec. 31, 20192,008,905
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock based compensation92 92
Stock option exercise26 26
Stock option exercise (in shares)13,269
Change in unrealized holding gains and losses on short-term investments6 6
Net loss(4,431)(4,431)
Ending Balance at Mar. 31, 20202,481 $ 9 (29,924)(27,434)
Ending Balance (in shares) at Mar. 31, 20202,022,174
Beginning Balance at Dec. 31, 2020 $ 45,652 $ 47,068
Beginning Balance (in shares) at Dec. 31, 202024,302,472 23,440,514
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of convertible preferred stock net of issuance cost $ 47,356
Issuance of convertible preferred stock net of issuance cost (in shares)23,440,514
Ending Balance at Mar. 31, 2021 $ 45,652 $ 94,424
Ending Balance (in shares) at Mar. 31, 202124,302,472 46,881,028
Beginning Balance at Dec. 31, 20202,843 (44,958)(42,115)
Beginning Balance (in shares) at Dec. 31, 20202,053,070
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock based compensation471 471
Stock option exercise139 $ 139
Stock option exercise (in shares)70,663 95,123
Net loss(7,212) $ (7,212)
Ending Balance at Mar. 31, 2021 $ 3,453 $ (52,170) $ (48,717)
Ending Balance (in shares) at Mar. 31, 20212,123,733

Condensed Consolidated Statem_3

Condensed Consolidated Statements Changes in Convertible Preferred Stock and Stockholders' Deficit (Parenthetical) $ in Thousands3 Months Ended
Mar. 31, 2021USD ($)
Condensed Consolidated Statements Changes in Convertible Preferred Stock and Stockholders' Deficit
Stock Issuance costs $ 29

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($)3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Cash flows from operating activities
Net loss $ (7,212,000) $ (4,431,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization10,000 9,000
Amortization/accretion on short-term investments(15,000)
Stock-based compensation471,000 92,000
Changes in operating assets and liabilities:
Accounts payable, accrued expenses and other(927,000)36,000
Prepaid expenses and other assets(929,000)(137,000)
Deferred rent(2,000)(1,000)
Net cash used in operating activities(8,589,000)(4,447,000)
Cash flows from investing activities
Purchase of property and equipment(25,000)(1,000)
Proceeds from maturities of available-for-sale short-term investments5,200,000
Net cash (used in) provided by investing activities(25,000)5,199,000
Cash flows from financing activities
Proceeds from exercise of stock options187,000 26,000
Costs paid in connection with initial public offering(1,223,000)
Net cash provided by financing activities46,222,000 26,000
Net increase in cash and cash equivalents37,608,000 778,000
Cash and cash equivalents, beginning of period53,613,000 17,501,000
Cash and cash equivalents, end of period91,221,000 $ 18,279,000
Supplemental cash flow information:
Property and equipment in accounts payable2,000
Unpaid Series B convertible preferred stock issuance costs19,000
Costs incurred in connection with initial public offering included in accrued expenses361,000
Series B convertible preferred stock
Cash flows from financing activities
Proceeds from temporary equity $ 47,258,000

Organization and Business

Organization and Business3 Months Ended
Mar. 31, 2021
Organization and Business
Organization and Business1. Organization and Business Organization Reneo Pharmaceuticals, Inc. (Reneo or the Company) was incorporated in the state of Delaware on September 22, 2014 (Inception). The Company is a clinical-stage pharmaceutical company focused on the development of therapies for patients with rare genetic mitochondrial diseases. In December 2017, the Company in-licensed REN001, a novel oral peroxisome proliferator-activated receptor (PPAR) agonist. Reverse Stock Split On April 5, 2021, the Company effected a 1-for- 4.4748 Initial Public Offering On April 13, 2021, the Company completed an initial public offering (IPO) of its common stock. In connection with its IPO, the Company issued and sold 6,250,000 shares of its common stock at a price to the public of $15.00 per share. The gross proceeds from the IPO were approximately $93.8 million before deducting underwriting discounts and commissions of $6.6 million and offering expenses of approximately $2.4 million payable by the Company. At the closing of the IPO, 71,183,500 shares of outstanding convertible preferred stock were automatically converted into 15,907,629 shares of common stock. Following the IPO, there were no shares of preferred stock outstanding. ​ Liquidity The Company has incurred significant losses and negative cash flows from operations. From Inception through March 31, 2021, the Company has raised $146.7 million primarily from private financings to support its drug development efforts. As of March 31, 2021, the Company had cash and cash equivalents of $91.2 million and an accumulated deficit of $52.2 million. The Company had a net loss of $7.2 million and used cash of $8.6 million for operating activities for the three months ended March 31, 2021. In accordance with Accounting Standards Codification (ASC) Topic 205-40, Presentation of Financial Statements - Going Concern , management is required to perform a two-step analysis over the Company’s ability to continue as a going concern. Management must first evaluate whether there are conditions and events that raise substantial doubt about the Company’s ability to continue as a going concern for a period of 12 months from the date the condensed consolidated financial statements are issued. If management concludes that substantial doubt is raised, management is also required to consider whether its plans alleviate that doubt. Due to the Company’s continuing research and development activities, the Company expects to continue to incur net losses into the foreseeable future and may never become profitable. As a result, the Company will need to raise capital through public or private equity or debt financings, government or other third-party funding, collaborations, strategic alliances and licensing arrangements or a combination of these. There can be no assurance that the Company will be successful in obtaining additional funding, that the Company’s projections of its future working capital needs will prove accurate, or that any additional funding would be sufficient to continue operations in future years. If the Company is not able to secure adequate additional funding, the Company may be forced to make reductions in spending, extend payment terms with suppliers, liquidate assets where possible, and/or suspend or curtail planned programs. Any of these actions could materially harm the Company’s business, results of operations, and future prospects. The Company’s ability to raise additional capital may be adversely impacted by potential worsening global economic conditions and disruptions to, and volatility in, financial markets in the United States and worldwide resulting from the ongoing COVID-19 pandemic. The Company may not be able to secure additional financing in a timely manner or on favorable terms, if at all. In addition, successful transition to attaining profitable operations is dependent upon achieving a level of revenues adequate to support the Company’s cost structure. As of March 31, 2021, the Company had $91.2 million in cash and cash equivalents. Management believes that the Company’s cash and cash equivalents as of March 31, 2021 and net proceeds of approximately $84.8 million from the Company’s IPO in April 2021 will be sufficient to fund operations for at least one year from date on which this Quarterly Report on Form 10-Q is issued.

Summary of Significant Accounti

Summary of Significant Accounting Policies3 Months Ended
Mar. 31, 2021
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies2. Summary of Significant Accounting Policies Basis of Presentation and Consolidation The accompanying unaudited condensed consolidated financial statements as of March 31, 2021 and for the three months ended March 31, 2021 and 2020 have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) for interim financial information. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for annual financial statements. The condensed consolidated balance sheet at December 31, 2020 has been derived from the audited financial statements at December 31, 2020, but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation of the financial position and results of operations of the Company have been included. Operating results for the three months ended March 31, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto for the year ended December 31, 2020, which are included in the Company’s prospectus, dated April 8, 2021, April 9, 2021. The condensed consolidated financial statements include the accounts of Reneo Pharmaceuticals, Inc. and its wholly owned subsidiary, Reneo Pharma Ltd located in the United Kingdom (UK). All intercompany balances and transactions among the consolidated entities have been eliminated in consolidation. Use of Estimates The preparation of the Company’s condensed consolidated financial statements requires management to make estimates and assumptions that impact the reported amounts of assets, liabilities and expenses and the disclosure in the Company’s condensed consolidated financial statements and accompanying notes. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. By their nature, estimates are subject to an inherent degree of uncertainty and, as such, actual results may differ from management’s estimates. Risks and Uncertainties Any product candidates developed by the Company will require approvals from the U.S. Food and Drug Administration (FDA) or foreign regulatory agencies prior to commercial sales. There can be no assurance that the Company’s current product candidates will meet desired efficacy and safety requirements to obtain the necessary approvals. If approval is denied or delayed, it may have a material adverse impact on the Company’s business and its financial statements. The Company is subject to a number of risks similar to other clinical-stage pharmaceutical companies including, but not limited to, dependency on the clinical and commercial success of the Company’s product candidate, REN001, ability to obtain regulatory approval of REN001, the need for substantial additional financing to achieve its goals, uncertainty of broad adoption of its approved products, if any, by physicians, consumers and third-party payors, significant competition and untested manufacturing capabilities, and dependence on key individuals and sole source suppliers. The Company’s business has been and could continue to be adversely affected by the evolving COVID-19 pandemic. For example, the COVID-19 pandemic has resulted in and could result in delays to the Company’s clinical trials for numerous reasons, including additional delays or difficulties in enrolling patients, diversion of healthcare resources away from the conduct of clinical trials, interruption or delays in the operations of the FDA or other regulatory authorities, and delays in clinical sites receiving the supplies and materials to conduct the Company’s clinical trials. At this time, the extent to which the COVID-19 pandemic impacts the Company’s business will depend on future developments, which are highly uncertain and cannot be predicted. Segment Reporting The Company operates and manages its business as one operating segment, which is the business of developing novel therapies for rare genetic mitochondrial diseases. The Company’s chief executive officer, who is the chief operating decision maker, reviews financial information on an aggregate basis for allocating and evaluating financial performance. Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less, when purchased, to be cash equivalents. As of March 31, 2021 and December 31, 2020, the Company had cash balances deposited at a major financial institution. Cash balances are subject to minimal credit risk as the balances are with high credit quality financial institutions. Cash and cash equivalents include cash in readily available checking and money market accounts. Short-term Investments The Company accounts for short-term investments in accordance with ASC Topic 320, Investments – Debt and Equity Securities . Management determines the appropriate classification of its investments at the time of purchase and reevaluates such determinations at each balance sheet date. The Company’s investments are classified as available-for-sale securities. Available-for-sale securities are carried at fair value, with the unrealized gains and losses reported in accumulated other comprehensive income in stockholders’ deficit. Realized gains and losses on sales of investments are included in interest income and are derived using the specific identification method for determining the cost of securities. The Company recognizes an impairment charge when a decline in the fair value of its investments in debt securities below the amortized cost basis of such securities is judged to be other-than-temporarily impaired. Factors considered in making such a determination include the duration and severity of the impairment, the reason for the decline in value, the potential recovery period and if the entity has the intent to sell the security, or if it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis. The Company did no t recognize any other-than-temporary impairment charges on its short-term investments during the three months ended March 31, 2021 and 2020. Money market account balances are included as cash and cash equivalents on the condensed consolidated balance sheets, which are also disclosed in Note 3, Fair Value Measurements. Impairment of Long-Lived Assets Long-lived assets consist primarily of property and equipment. Long-lived assets are tested for impairment when events and circumstances indicate the assets might be impaired by first comparing the estimated future undiscounted cash flows of the asset or asset group to the carrying value. If the carrying value exceeds the estimated future undiscounted cash flows, an impairment loss is recognized based on the amount that the carrying value exceeds the fair value of the asset or asset group. The Company did no t recognize impairment losses during the three months ended March 31, 2021 and 2020. Convertible Preferred Stock The Company records convertible preferred stock at fair value on the dates of issuance, net of issuance costs. Prior to the IPO, upon the occurrence of certain potential events that would have been outside the Company’s control, including a “deemed liquidation event” such as a merger, acquisition and sale of all or substantially all of the Company’s assets, holders of the convertible preferred stock could cause redemption for cash. Therefore, convertible preferred stock was classified as temporary equity (mezzanine) on the condensed consolidated balance sheets as events triggering the liquidation preferences are not solely within the Company’s control. The carrying values of the convertible preferred stock will be adjusted to their liquidation preferences if and when it becomes probable that such a liquidation event will occur. Research and Development Costs and Accruals All research and development costs are expensed as incurred. Research and development costs consist primarily of costs associated with manufacturing drug substance and drug product, costs associated with preclinical studies and clinical trials (including amounts paid to clinical research organizations and other professional services), license fees, salaries and employee benefits. The Company records accruals for estimated research and development costs, comprising payments for work performed by third party contractors, laboratories, participating clinical trial sites and others. Some of these contractors bill monthly based on actual services performed, while others bill periodically based upon achieving certain contractual milestones. Payments made in advance of or after the performance are reflected in the condensed consolidated balance sheets as prepaid expenses or accrued liabilities, respectively. Up-front costs, such as costs associated with setting up clinical trial sites for participation in the trials, are expensed immediately once the set-up has occurred as research and development expenses. The Company accrues the costs incurred under agreements with these third parties based on estimates of actual work completed in accordance with the respective agreements. If the actual timing of the performance of services or the level of effort varies from the estimate, the Company adjusts accrued expenses or prepaid expenses accordingly, which impact research and development expenses. License Fees The Company expenses amounts paid to acquire licenses associated with products under development when the ultimate recoverability of the amounts paid is uncertain, and the technology has no alternative future use when acquired. Acquisitions of technology licenses are charged to expense or capitalized based upon management’s assessment regarding the ultimate recoverability of the amounts paid and the potential for alternative future use. The Company has determined that technological feasibility for its product candidate would be reached when the requisite regulatory approvals are obtained to make the product available for sale. Contingent milestone payments are recognized when the related contingency is resolved, and the amounts are paid or become payable. These amounts are expensed to research and development if there is no alternative future use associated with the license or capitalized as an intangible asset if alternative future use of the license exists. Patent Costs Costs related to filing and pursuing patent applications are expensed as incurred, as the recoverability of such expenditures is uncertain. These costs are included in general and administrative expenses. Stock-Based Compensation Compensation expense related to stock options granted to employees and non-employees is measured at the grant date based on the estimated fair value of the award and is recognized on a straight-line basis over the requisite service period. Forfeitures are recognized as a reduction of stock-based compensation expense as they occur. The Company estimates the fair value of stock option grants using the Black-Scholes option pricing model. Foreign Currency Transactions The functional currency of Reneo Pharma Ltd is the U.S. dollar. All foreign exchange transactional and remeasurement gains and losses are recognized in the condensed consolidated statement of operations and comprehensive loss. For the three months ended March 31, 2021 and 2020, total foreign currency gains and losses were not material. Comprehensive Income or Loss Comprehensive income or loss is defined as a change in equity during a period from transactions and other events and circumstances from non-owner sources. Net Loss Per Share The Company computes basic loss per share by dividing the net loss attributable to common stockholders by the weighted average number of common shares outstanding for the period, without consideration for common stock equivalents. Diluted net loss per share assumes the conversion, exercise or issuance of all potential common stock equivalents, unless the effect of inclusion would be anti-dilutive. For purposes of this calculation, common stock equivalents include the Company’s stock options and convertible preferred stock, which are convertible into shares of the Company’s common stock. No shares related to the convertible preferred stock were included in the diluted net loss per share calculation for the three months ended March 31, 2021 and 2020 because the inclusion of such shares would have had an anti-dilutive effect. The shares to be issued upon exercise of all outstanding stock options were also excluded from the diluted net loss per share calculation for the three months ended March 31, 2021 and 2020 because such shares are anti-dilutive. Historical outstanding anti-dilutive securities not included in the diluted net loss per share calculation include the following: ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2021 March 31, 2020 Convertible preferred stock (as converted) ​ 15,907,629 5,430,957 ​ Common stock options ​ 3,113,640 976,130 ​ Total ​ 19,021,269 6,407,087 ​ ​ New Accounting Pronouncements Recent Accounting Pronouncements Not Yet Adopted In December 2019, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2019-12, Simplifying the Accounting for Income Taxes . The standard simplifies the accounting for income taxes, eliminates certain exceptions within ASC 740, Income Taxes , and clarifies certain aspects of the current guidance to promote consistency among reporting entities. The new guidance will be effective for the Company as of January 1, 2022. Most amendments within the standard are required to be applied on a prospective basis, while certain amendments must be applied on a retrospective or modified retrospective basis. The Company is in the process of evaluating the impact of the application of this accounting standard update on its condensed consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments . The standard amends the impairment model by requiring entities to use a forward-looking approach based on expected losses to estimate credit losses for most financial assets and certain other instruments that aren’t measured at fair value through net income. For available-for-sale debt securities, entities will be required to recognize an allowance for credit losses rather than a reduction in the carrying value of the asset. Entities will no longer be permitted to consider the length of time that fair value has been less than amortized cost when evaluating when credit losses should be recognized. This new guidance is effective for the Company as of January 1, 2023. The Company is currently evaluating the impact of this ASU and does not expect that adoption of this standard will have a material impact on its condensed consolidated financial statements and related disclosures. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) in order to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheets for those leases classified as operating leases under previous GAAP. ASU 2016-02 requires a lessee to recognize a liability for lease payments (the lease liability) and a right-of-use asset (representing its right to use the underlying asset for the lease term) on the balance sheet. In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842): Targeted Improvements , which provides entities an optional transition method to apply the new guidance as of the adoption date, rather than as of the earliest period presented. In transition, entities may also elect a package of practical expedients that must be applied in its entirety to all leases commencing before the effective date, unless the lease was modified, to not reassess (a) whether a contract is or contains a lease, (b) lease classification or (c) determination of initial direct costs, which effectively allows entities to carryforward accounting conclusions under previous U.S. GAAP. This ASU is effective for annual reporting periods beginning January 1, 2022 with early adoption permitted. The Company plans to adopt the ASU on January 1, 2022 and is currently in the process of evaluating the impact of the application of this accounting standard update on its condensed consolidated financial statements and related disclosures.

Fair Value Measurements

Fair Value Measurements3 Months Ended
Mar. 31, 2021
Fair Value Measurements [Abstract]
Fair Value Measurements3. Fair Value Measurements ASC Topic 820, Fair Value Measurement , establishes a fair value hierarchy for instruments measured at fair value that distinguishes between assumptions based on market data (observable inputs) and the Company’s own assumptions (unobservable inputs). Observable inputs are inputs that market participants would use in pricing an asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the inputs that market participants would use in pricing the asset or liability and are developed based on the best information available in the circumstances. ASC 820 identifies fair value as the exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As a basis for considering market participant assumptions in fair value measurements, ASC 820 establishes a three-tier fair value hierarchy that distinguishes between the following: Level 1 – Observable inputs such as quoted prices in active markets for identical assets or liabilities. Level 2 – Inputs, other than quoted prices in active markets, that are observable for the asset or liability, either directly or indirectly. Level 3 – Unobservable inputs in which there is little or no market data, which requires the Company to develop its own assumptions. Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires management to make judgments and consider factors specific to the asset or liability. The Company’s financial assets are subject to fair value measurements on a recurring basis. The Company classifies its money market funds as Level 1 using the quoted prices in active markets. No assets or liabilities were transferred into or out of their classifications during the three months ended March 31, 2021 and 2020. The recurring fair value measurement of the Company’s assets measured at fair value at March 31, 2021 consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quoted Prices in ​ ​ ​ ​ Significant ​ ​ ​ ​ ​ Active Markets ​ Significant Other ​ Unobservable ​ ​ ​ ​ For Identical Items ​ Observable Inputs ​ Inputs ​ ​ ​ ​ (Level 1) (Level 2) (Level 3) Total Cash equivalents ​ ​ ​ ​ Money market investments ​ $ 89,563 ​ $ — ​ $ — ​ $ 89,563 Total ​ $ 89,563 ​ $ — ​ $ — ​ $ 89,563 ​ The recurring fair value measurement of the Company’s assets measured at fair value at December 31, 2020 consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quoted Prices in ​ ​ ​ ​ Significant ​ ​ ​ ​ ​ Active Markets ​ Significant Other ​ Unobservable ​ ​ ​ ​ For Identical Items ​ Observable Inputs ​ Inputs ​ ​ ​ ​ (Level 1) (Level 2) (Level 3) Total Cash equivalents ​ ​ ​ ​ Money market investments ​ $ 49,632 ​ $ — ​ $ — ​ $ 49,632 Total ​ $ 49,632 ​ $ — ​ $ — ​ $ 49,632 ​

Property and Equipment, Net

Property and Equipment, Net3 Months Ended
Mar. 31, 2021
Property and Equipment, Net
Property and Equipment, Net4. Property and Equipment, Net Property and equipment, net, consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ MARCH 31, 2021 DECEMBER 31, 2020 ​ Computer, software and office equipment ​ $ 144 ​ $ 122 ​ Leasehold improvements ​ 30 ​ 30 ​ Total property and equipment, gross ​ 174 ​ 152 ​ Less: accumulated depreciation and amortization ​ (93) ​ (83) ​ Total property and equipment, net ​ $ 81 ​ $ 69 ​ ​ Depreciation and amortization expense related to property and equipment was $10,000 and $9,000 for the three months ended March 31, 2021 and 2020, respectively.

Accrued Expenses

Accrued Expenses3 Months Ended
Mar. 31, 2021
Accrued Expenses.
Accrued Expenses5. Accrued Expenses Accrued expenses consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ MARCH 31, 2021 DECEMBER 31, 2020 ​ Accrued development expenses ​ $ 1,159 ​ $ 1,443 ​ Accrued clinical expenses ​ 997 ​ 1,019 ​ Accrued compensation ​ 514 ​ 888 ​ Other accrued expenses ​ 704 ​ 322 ​ Total other accrued expenses ​ $ 3,374 ​ $ 3,672 ​ ​

Convertible Preferred Stock and

Convertible Preferred Stock and Stockholders' Deficit3 Months Ended
Mar. 31, 2021
Convertible Preferred Stock and Stockholders' Deficit
Convertible Preferred Stock and Stockholders' Deficit6. Convertible Preferred Stock and Stockholders’ Deficit Series A Convertible Preferred Stock In December 2017, January 2018, and May 2019, the Company issued a total of 24,302,472 shares of Series A convertible preferred stock to certain investors at $2.16 per share. In connection with the IPO (Note 1) in April 2021, all outstanding shares of Series A convertible preferred stock were converted into 5,430,957 shares of common stock. Series B Convertible Preferred Stock In December 2020, the Company and certain investors entered into a Series B preferred stock purchase agreement, whereby the Company issued 23,440,514 shares of Series B convertible preferred stock at $2.0215 per share for total gross proceeds of approximately $47.4 million before deducting offering costs of $0.3 million, which constituted the closing of the first tranche of the Series B convertible preferred stock. In connection with the closing of the first tranche of Series B convertible preferred stock in December 2020, the Company issued rights to the purchasers for the purchase of an additional 23,440,514 shares of Series B convertible preferred stock under the same terms and conditions upon the board of directors’ determination of either (i) that the cash balance of the Company is below $10 million, or (ii) approving the Company’s initial public offering of shares of its common stock pursuant to a registration statement under the Securities Act (Series B Tranche Right). The Company evaluated the Series B Tranche Right and concluded that it was not a free-standing instrument that met the definition of a derivative that required separate accounting. In March 2021, the Company completed the Series B Tranche Right at $2.0215 per share. A total of 23,440,514 shares of Series B convertible preferred stock were issued for aggregate net proceeds of approximately $47.4 million. In connection with the IPO in April 2021, all outstanding shares of Series B convertible preferred stock were converted into 10,476,672 shares of common stock. The following are key features of the convertible preferred stock: Voting Rights Each holder of shares of the Series A and Series B convertible preferred stock is entitled to the number of votes equal to the number of shares of common stock into which such shares of Series A and Series B convertible preferred stock could then be converted. Dividends The holders of Series A and Series B convertible preferred stock are entitled to a non-cumulative dividend of 8% of the original issue price when, as and if declared by the board of directors, only out of funds that are legally available. Liquidation Preferences Holders of the Series A and Series B convertible preferred stock are entitled to receive liquidation preferences equal to the greater of (a) original issue price plus all declared and unpaid dividends or (b) such amount per share as would have been payable had all shares of such series of preferred stock been converted into common stock immediately prior to such liquidation, dissolution, winding up or deemed liquidation event. Only after payment of the full liquidation preference of Series A and Series B convertible preferred stock, the remaining assets of the Company legally available for distribution shall be distributed ratably to the holders of the common stock. Conversion Rights At the option of the holder, shares of Series A and Series B convertible preferred shares can be converted into fully paid and non-assessable shares of the Company’s common stock. The initial conversion ratio is one -for-one, subject to customary anti-dilution provisions. Upon either (a) the closing of the sale of shares of common stock to the public in a firm-commitment underwritten public offering pursuant to an effective registration statement under the Securities Act resulting in at least $75,000,000 of gross proceeds to the Company (Qualified Initial Public Offering) or (b) the date and time, or the occurrence of an event, specified by vote or written consent of the holders of a majority of the outstanding shares of Series A and Series B convertible preferred stock at the time of such vote or consent, voting together as a single class on an as-converted basis, all outstanding shares of Series A and Series B convertible preferred stock shall automatically be converted into shares of common stock, at the applicable ratio at the time of conversion. Redemption The Series A and Series B convertible preferred stock are not redeemable. However, the Series A and Series B convertible preferred stock include terms such that there are deemed liquidation events that can trigger redemption of the convertible preferred stock that are outside the control of the Company. Accordingly, the Series A and Series B convertible preferred stock are classified outside of permanent equity on the condensed consolidated balance sheets. Shares Reserved for Future Issuance As of March 31, 2021, the Company had reserved shares of its common stock for future issuance as follows: ​ ​ ​ ​ ​ Shares ​ ​ Reserved Series A convertible preferred stock outstanding 5,430,957 Series B convertible preferred stock outstanding 10,476,672 Common stock options outstanding 3,113,640 Available for future grants under the 2014 Equity Incentive Plan 117,602 Total shares of common stock reserved 19,138,871 ​

Stock-Based Compensation

Stock-Based Compensation3 Months Ended
Mar. 31, 2021
Stock-Based Compensation
Stock-Based Compensation7. Stock-Based Compensation In 2014, the Company adopted the 2014 Equity Incentive Plan (the 2014 Plan). The 2014 Plan provides for the issuance of incentive stock options to employees of the Company and non-statutory stock options, restricted stock awards, restricted stock unit awards, stock appreciation rights and other stock awards to directors, employees and consultants of the Company. In March 2021, the Company’s board of directors increased the option pool by 234,158 shares of common stock. As of March 31, 2021, As of March 31, 2021, the 2014 Plan has a total reserve of 3,231,242 shares. As of March 31, 2021, there were 117,602 shares available for future grant under the 2014 Plan. The options granted under the 2014 Plan will expire no more than ten years from the date of grant. The exercise price of each option is determined by the Company’s board of directors, although generally options have an exercise price equal to the estimated fair market value of the Company’s stock on the date of the option grant. In the case of incentive stock options, the exercise price is required to be no less than 100% of the estimated fair market value of the Company’s common stock at the time the option is granted. For holders of more than 10% of the Company’s total combined voting power of all classes of stock, incentive stock options may not be granted at less than 110% of the fair market value of the Company’s common stock at the date of grant and for a term not to exceed five years . Most option grants generally vest 25% on the first anniversary of the original vesting commencement date, with the balance vesting monthly over the remaining three years . Under the 2014 Plan, certain employees may be granted the ability to early exercise their options. The shares of common stock issued pursuant to the early exercise of unvested stock options are restricted and continue to vest over the requisite service period after issuance. The Company has the option to repurchase any unvested shares at the original purchase price upon any voluntary or involuntary termination. The shares purchased by the employees and non-employees pursuant to the early exercise of stock options are not deemed, for accounting purposes, to be outstanding until those shares vest. As of March 31, 2021, stock options to purchase 24,460 shares of common stock have been early exercised and were subject to vesting. Cash received in exchange for early exercises of stock options has been recorded as a liability for the early exercise of stock options and will be transferred into common stock and additional paid-in capital as the shares vest. As of March 31, 2021, such liability for early exercises of stock options was immaterial. In March 2021, the Company’s board of directors adopted the Company’s 2021 Equity Incentive Plan (the 2021 Plan) and the Company’s stockholders approved the 2021 Plan in April 2021. The 2021 Plan became effective immediately prior to the execution of the underwriting agreement in connection with the IPO. Under the 2021 Plan, the Company may grant stock options, stock appreciation rights, restricted stock, restricted stock units, and other awards to individuals who are then employees, officers, directors or consultants of the Company, and employees and consultants of the Company’s affiliates. A total of 2,187,524 new shares of common stock were approved to be initially reserved for issuance under the 2021 Plan. In addition, the number of shares of common stock reserved for issuance under the 2021 Plan includes the shares reserved and available for issuance pursuant to the grant of new awards under the 2014 Plan as of the effectiveness of the 2021 Plan and will include any shares subject to stock awards granted under the 2014 Plan that, after the date the 2021 Plan became effective, are forfeited or otherwise become available under the 2014 Plan. The number of shares of common stock reserved for issuance under the 2021 Plan will also automatically increase on January 1 of each calendar year, beginning on January 1, 2022 and continuing through and including January 1, 2031, by 5% of the total number of shares of common stock outstanding on December 31 of the immediately preceding calendar year; provided, however, that the Company’s board of directors may act prior to January 1 st of a given year to provide that the increase for such year will be a lesser number of shares of common stock. ​ In March 2021, the Company’s board of directors adopted the Company’s 2021 Employee Stock Purchase Plan (ESPP) and the Company’s stockholders approved the ESPP in April 2021. The ESPP became effective immediately prior to the execution of the underwriting agreement in connection with our IPO. A total of 243,058 shares of common stock were approved to be initially reserved for issuance under the ESPP. A summary of the Company’s stock option activity and related information during the three months ended March 31, 2021 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- Weighted- Average ​ ​ ​ Options ​ ​ Average Exercise ​ Remaining Aggregate ​ ​ Outstanding ​ Price ​ Contractual Term Intrinsic Value Outstanding at December 31, 2020 ​ 935,478 ​ $ 2.56 ​ 7.7 ​ ​ Granted ​ 2,273,285 ​ $ 5.06 ​ ​ ​ ​ Exercised ​ (95,123) ​ $ 1.97 ​ ​ $ 418,000 Forfeited/cancelled — $ — ​ ​ Outstanding at March 31, 2021 3,113,640 $ 4.41 9.2 $ 6,086,000 Vested at March 31, 2021 615,517 $ 2.49 7.4 $ 2,384,000 Exercisable at March 31, 2021 2,772,210 $ 4.40 9.2 $ 5,441,000 ​ Intrinsic value as of March 31, 2021 was based on the estimated common stock fair value of $6.36 per share. Options exercisable at March 31, 2021 include vested options and options eligible for early exercise. All outstanding options as of March 31, 2021 are expected to vest. The weighted-average assumptions used in the Black-Scholes option pricing model to determine the fair value of the employee stock option grants were as follows: ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ 2021 2020 Risk-free interest rate 0.66 % 1.44 % Expected volatility 71.2 % 71.6 % Expected term (in years) 5.9 6.0 ​ Expected dividend yield — % — % ​ The weighted average grant date fair value of options granted during the three months ended March 2021 and 2020 was $3.15 and $2.40 , respectively. Fair value of common stock. For periods prior to the IPO, the fair value of the shares of common stock underlying the stock options has been determined by the Company’s board of directors, with input from management. Historically, since there has been no public market for the Company’s common stock, the Company’s board of directors determined the fair value of the Company’s common stock on each grant date by considering a number of objective and subjective factors, including the most recent independent third-party valuations of the Company’s common stock, sales of the Company’s convertible preferred stock to unrelated third-parties, operating and financial performance of the Company, the lack of liquidity of capital stock and general and industry-specific economic outlook, and the Company’s board of directors’ assessment of additional objective and subjective factors that it believed were relevant. Risk-free interest rate. The Company bases the risk-free interest rate assumption on the U.S. Treasury’s rates for U.S. Treasury zero-coupon bonds with maturities similar to those of the expected term of the award being valued. Expected volatility. The expected volatility assumption is based on the volatilities of a peer group of similar companies whose share prices are publicly available. The peer group was developed based on companies in the biotechnology industry. Expected term. The expected term represents the period of time that options are expected to be outstanding. Because the Company does not have historical exercise behavior, it determines the expected life assumption using the simplified method, which is an average of the contractual term of the option and its vesting period. Expected dividend yield. The Company bases the expected dividend yield assumption on the fact that it has never paid cash dividends and has no present intention to pay cash dividends. Unrecognized compensation expense at March 31, 2021 for both employee and non-employee stock-based compensation expense was $7.2 million, which is expected to be recognized over a weighted-average vesting term of 3.3 years. Non-cash stock-based compensation expense recorded in the condensed consolidated statements of operations and comprehensive loss is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ March 31, ​ ​ ​ 2021 2020 ​ General and administrative ​ $ 364 ​ $ 48 ​ Research and development ​ 107 ​ 44 ​ Total ​ $ 471 ​ $ 92 ​ ​ ​ In November 2020, the Company hired a new chief executive officer under which the chief executive officer is entitled to receive a special performance bonus in the amount of $7.5 million, payable in cash, common stock or a combination of cash and common stock, in the event that (i) the Company’s market value exceeds $750 million utilizing the volume-weighted average of the closing sale price of its common stock on the Nasdaq Stock Market or other principal exchange for each of the 30 trading days immediately prior to the measurement date, or (ii) the fair market value of the net proceeds available for distribution to the Company’s stockholders in connection with a change in control as defined in the Company’s severance benefit plan, as determined in good faith by its board of directors, exceeds $750 million. The Company has determined that the bonus award is subject to ASC Topic 718 , Compensation – Stock Compensation and includes both market and performance conditions. Because the performance conditions are not considered to be probable until the completion of the Company’s IPO or change in control, no expense was recorded on the award for the three months ended March 31, 2021. In April 2021, the performance condition was achieved in connection with the IPO. Accordingly, the Company expects to start recognizing compensation expense related to the award granted to the chief executive officer beginning in April 2021.

License Agreement

License Agreement3 Months Ended
Mar. 31, 2021
License Agreement
License Agreement8. License Agreement In December 2017, the Company entered into a License Agreement with vTv Therapeutics LLC (vTv Therapeutics) (the vTv License Agreement), under which the Company obtained an exclusive, worldwide, sublicensable license under certain vTv Therapeutics intellectual property to develop, manufacture and commercialize PPARδ agonists and products containing such PPARδ agonists, including REN001, for any therapeutic, prophylactic or diagnostic application in humans. Under the terms of the vTv License Agreement, the Company paid vTv Therapeutics an initial upfront license fee payment of $3.0 million and issued to vTv Therapeutics 309,576 shares of its common stock. The vTv License Agreement was accounted for as an asset acquisition and the upfront cash payment of $3 million and the fair value of common stock of $0.7 million issued to vTv Therapeutics was recorded in research and development expenses, as there was no alternative use for the asset. Upon the achievement of certain pre-specified development and regulatory milestones, the Company is also required to pay vTv Therapeutics milestone payments totaling up to $64.5 million. The Company is also required to pay vTv Therapeutics up to $30.0 million in total sales-based milestones upon achievement of certain sales thresholds of the licensed product. In addition, the Company is obligated to make royalty payments to vTv Therapeutics at mid-single digit to low teen percentage royalty rates, based on tiers of annual net sales of licensed products, subject to certain customary reductions. In accordance with the terms of the vTv License Agreement, the Company issued a total of an additional 266,867 shares of its common stock to vTv Therapeutics in 2018 and 2019. The Company accounted for the additional shares of common stock issued to vTv Therapeutics when the shares were obligated to be issued to vTv Therapeutics. The Company is no longer obligated to issue any further shares of common stock under the vTv License Agreement. ​ For the three months ended March 31, 2021 and 2020, the Company did no t record any research and development expenses in connection with the vTv License Agreement.

Commitments and contingencies

Commitments and contingencies3 Months Ended
Mar. 31, 2021
Commitments and contingencies.
Commitments and contingencies9. Commitments and contingencies Operating Leases In June 2018, the Company leased certain office space for its U.S. headquarters under a non-cancelable operating lease with terms through July 2023, with an option to extend the terms for the entire premises for a period of five years . The rent expense in the United States for the three months ended March 31, 2021 and 2020 totaled $46,000 for both periods. In December 2018, the Company leased certain office space for its UK subsidiary under a non-cancelable operating lease with lease terms through November 2021. The rent expense in the UK for the three months ended March 31, 2021 and 2020 totaled $7,000 for both periods. Legal Proceedings The Company is currently not a party to any legal proceedings, nor is the Company aware of any threatened or pending litigations. However, from time-to-time in the future, the Company could be involved in disputes, including litigation, relating to claims arising out of operations in the normal course of business, which may have a material adverse effect on the Company’s consolidated results of operations or financial position. 401(k) Plan The Company maintains a defined contribution 401(k) plan available to eligible employees. Employee contributions are voluntary and are determined on an individual basis, limited to the maximum amount allowable under federal tax regulations. Matching contributions to the 401(k) plan are made for certain eligible employees to meet non- discrimination provisions of the plan. During the three months ended March 31, 2021 and December 31, 2020, the expense recorded by the Company was immaterial.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)3 Months Ended
Mar. 31, 2021
Summary of Significant Accounting Policies
Use of EstimatesUse of Estimates The preparation of the Company’s condensed consolidated financial statements requires management to make estimates and assumptions that impact the reported amounts of assets, liabilities and expenses and the disclosure in the Company’s condensed consolidated financial statements and accompanying notes. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. By their nature, estimates are subject to an inherent degree of uncertainty and, as such, actual results may differ from management’s estimates.
Risks and UncertaintiesRisks and Uncertainties Any product candidates developed by the Company will require approvals from the U.S. Food and Drug Administration (FDA) or foreign regulatory agencies prior to commercial sales. There can be no assurance that the Company’s current product candidates will meet desired efficacy and safety requirements to obtain the necessary approvals. If approval is denied or delayed, it may have a material adverse impact on the Company’s business and its financial statements. The Company is subject to a number of risks similar to other clinical-stage pharmaceutical companies including, but not limited to, dependency on the clinical and commercial success of the Company’s product candidate, REN001, ability to obtain regulatory approval of REN001, the need for substantial additional financing to achieve its goals, uncertainty of broad adoption of its approved products, if any, by physicians, consumers and third-party payors, significant competition and untested manufacturing capabilities, and dependence on key individuals and sole source suppliers. The Company’s business has been and could continue to be adversely affected by the evolving COVID-19 pandemic. For example, the COVID-19 pandemic has resulted in and could result in delays to the Company’s clinical trials for numerous reasons, including additional delays or difficulties in enrolling patients, diversion of healthcare resources away from the conduct of clinical trials, interruption or delays in the operations of the FDA or other regulatory authorities, and delays in clinical sites receiving the supplies and materials to conduct the Company’s clinical trials. At this time, the extent to which the COVID-19 pandemic impacts the Company’s business will depend on future developments, which are highly uncertain and cannot be predicted.
Segment ReportingSegment Reporting The Company operates and manages its business as one operating segment, which is the business of developing novel therapies for rare genetic mitochondrial diseases. The Company’s chief executive officer, who is the chief operating decision maker, reviews financial information on an aggregate basis for allocating and evaluating financial performance.
Cash and Cash EquivalentsCash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less, when purchased, to be cash equivalents. As of March 31, 2021 and December 31, 2020, the Company had cash balances deposited at a major financial institution. Cash balances are subject to minimal credit risk as the balances are with high credit quality financial institutions. Cash and cash equivalents include cash in readily available checking and money market accounts.
Short-term InvestmentsShort-term Investments The Company accounts for short-term investments in accordance with ASC Topic 320, Investments – Debt and Equity Securities . Management determines the appropriate classification of its investments at the time of purchase and reevaluates such determinations at each balance sheet date. The Company’s investments are classified as available-for-sale securities. Available-for-sale securities are carried at fair value, with the unrealized gains and losses reported in accumulated other comprehensive income in stockholders’ deficit. Realized gains and losses on sales of investments are included in interest income and are derived using the specific identification method for determining the cost of securities. The Company recognizes an impairment charge when a decline in the fair value of its investments in debt securities below the amortized cost basis of such securities is judged to be other-than-temporarily impaired. Factors considered in making such a determination include the duration and severity of the impairment, the reason for the decline in value, the potential recovery period and if the entity has the intent to sell the security, or if it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis. The Company did no t recognize any other-than-temporary impairment charges on its short-term investments during the three months ended March 31, 2021 and 2020. Money market account balances are included as cash and cash equivalents on the condensed consolidated balance sheets, which are also disclosed in Note 3, Fair Value Measurements.
Impairment of Long-Lived AssetsImpairment of Long-Lived Assets Long-lived assets consist primarily of property and equipment. Long-lived assets are tested for impairment when events and circumstances indicate the assets might be impaired by first comparing the estimated future undiscounted cash flows of the asset or asset group to the carrying value. If the carrying value exceeds the estimated future undiscounted cash flows, an impairment loss is recognized based on the amount that the carrying value exceeds the fair value of the asset or asset group. The Company did no t recognize impairment losses during the three months ended March 31, 2021 and 2020.
Convertible Preferred StockConvertible Preferred Stock The Company records convertible preferred stock at fair value on the dates of issuance, net of issuance costs. Prior to the IPO, upon the occurrence of certain potential events that would have been outside the Company’s control, including a “deemed liquidation event” such as a merger, acquisition and sale of all or substantially all of the Company’s assets, holders of the convertible preferred stock could cause redemption for cash. Therefore, convertible preferred stock was classified as temporary equity (mezzanine) on the condensed consolidated balance sheets as events triggering the liquidation preferences are not solely within the Company’s control. The carrying values of the convertible preferred stock will be adjusted to their liquidation preferences if and when it becomes probable that such a liquidation event will occur.
Research and Development Costs and AccrualsResearch and Development Costs and Accruals All research and development costs are expensed as incurred. Research and development costs consist primarily of costs associated with manufacturing drug substance and drug product, costs associated with preclinical studies and clinical trials (including amounts paid to clinical research organizations and other professional services), license fees, salaries and employee benefits. The Company records accruals for estimated research and development costs, comprising payments for work performed by third party contractors, laboratories, participating clinical trial sites and others. Some of these contractors bill monthly based on actual services performed, while others bill periodically based upon achieving certain contractual milestones. Payments made in advance of or after the performance are reflected in the condensed consolidated balance sheets as prepaid expenses or accrued liabilities, respectively. Up-front costs, such as costs associated with setting up clinical trial sites for participation in the trials, are expensed immediately once the set-up has occurred as research and development expenses. The Company accrues the costs incurred under agreements with these third parties based on estimates of actual work completed in accordance with the respective agreements. If the actual timing of the performance of services or the level of effort varies from the estimate, the Company adjusts accrued expenses or prepaid expenses accordingly, which impact research and development expenses.
License FeesLicense Fees The Company expenses amounts paid to acquire licenses associated with products under development when the ultimate recoverability of the amounts paid is uncertain, and the technology has no alternative future use when acquired. Acquisitions of technology licenses are charged to expense or capitalized based upon management’s assessment regarding the ultimate recoverability of the amounts paid and the potential for alternative future use. The Company has determined that technological feasibility for its product candidate would be reached when the requisite regulatory approvals are obtained to make the product available for sale. Contingent milestone payments are recognized when the related contingency is resolved, and the amounts are paid or become payable. These amounts are expensed to research and development if there is no alternative future use associated with the license or capitalized as an intangible asset if alternative future use of the license exists.
Patent CostsPatent Costs Costs related to filing and pursuing patent applications are expensed as incurred, as the recoverability of such expenditures is uncertain. These costs are included in general and administrative expenses.
Stock-Based CompensationStock-Based Compensation Compensation expense related to stock options granted to employees and non-employees is measured at the grant date based on the estimated fair value of the award and is recognized on a straight-line basis over the requisite service period. Forfeitures are recognized as a reduction of stock-based compensation expense as they occur. The Company estimates the fair value of stock option grants using the Black-Scholes option pricing model.
Foreign Currency TransactionsForeign Currency Transactions The functional currency of Reneo Pharma Ltd is the U.S. dollar. All foreign exchange transactional and remeasurement gains and losses are recognized in the condensed consolidated statement of operations and comprehensive loss. For the three months ended March 31, 2021 and 2020, total foreign currency gains and losses were not material.
Comprehensive Income or LossComprehensive Income or Loss Comprehensive income or loss is defined as a change in equity during a period from transactions and other events and circumstances from non-owner sources.
Net Loss Per ShareNet Loss Per Share The Company computes basic loss per share by dividing the net loss attributable to common stockholders by the weighted average number of common shares outstanding for the period, without consideration for common stock equivalents. Diluted net loss per share assumes the conversion, exercise or issuance of all potential common stock equivalents, unless the effect of inclusion would be anti-dilutive. For purposes of this calculation, common stock equivalents include the Company’s stock options and convertible preferred stock, which are convertible into shares of the Company’s common stock. No shares related to the convertible preferred stock were included in the diluted net loss per share calculation for the three months ended March 31, 2021 and 2020 because the inclusion of such shares would have had an anti-dilutive effect. The shares to be issued upon exercise of all outstanding stock options were also excluded from the diluted net loss per share calculation for the three months ended March 31, 2021 and 2020 because such shares are anti-dilutive. Historical outstanding anti-dilutive securities not included in the diluted net loss per share calculation include the following: ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2021 March 31, 2020 Convertible preferred stock (as converted) ​ 15,907,629 5,430,957 ​ Common stock options ​ 3,113,640 976,130 ​ Total ​ 19,021,269 6,407,087 ​
New Accounting PronouncementsNew Accounting Pronouncements Recent Accounting Pronouncements Not Yet Adopted In December 2019, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2019-12, Simplifying the Accounting for Income Taxes . The standard simplifies the accounting for income taxes, eliminates certain exceptions within ASC 740, Income Taxes , and clarifies certain aspects of the current guidance to promote consistency among reporting entities. The new guidance will be effective for the Company as of January 1, 2022. Most amendments within the standard are required to be applied on a prospective basis, while certain amendments must be applied on a retrospective or modified retrospective basis. The Company is in the process of evaluating the impact of the application of this accounting standard update on its condensed consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments . The standard amends the impairment model by requiring entities to use a forward-looking approach based on expected losses to estimate credit losses for most financial assets and certain other instruments that aren’t measured at fair value through net income. For available-for-sale debt securities, entities will be required to recognize an allowance for credit losses rather than a reduction in the carrying value of the asset. Entities will no longer be permitted to consider the length of time that fair value has been less than amortized cost when evaluating when credit losses should be recognized. This new guidance is effective for the Company as of January 1, 2023. The Company is currently evaluating the impact of this ASU and does not expect that adoption of this standard will have a material impact on its condensed consolidated financial statements and related disclosures. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) in order to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheets for those leases classified as operating leases under previous GAAP. ASU 2016-02 requires a lessee to recognize a liability for lease payments (the lease liability) and a right-of-use asset (representing its right to use the underlying asset for the lease term) on the balance sheet. In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842): Targeted Improvements , which provides entities an optional transition method to apply the new guidance as of the adoption date, rather than as of the earliest period presented. In transition, entities may also elect a package of practical expedients that must be applied in its entirety to all leases commencing before the effective date, unless the lease was modified, to not reassess (a) whether a contract is or contains a lease, (b) lease classification or (c) determination of initial direct costs, which effectively allows entities to carryforward accounting conclusions under previous U.S. GAAP. This ASU is effective for annual reporting periods beginning January 1, 2022 with early adoption permitted. The Company plans to adopt the ASU on January 1, 2022 and is currently in the process of evaluating the impact of the application of this accounting standard update on its condensed consolidated financial statements and related disclosures.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)3 Months Ended
Mar. 31, 2021
Summary of Significant Accounting Policies
Schedule of Anti-dilutive securities not included in diluted net loss per share calculation​ ​ ​ ​ ​ ​ ​ ​ March 31, 2021 March 31, 2020 Convertible preferred stock (as converted) ​ 15,907,629 5,430,957 ​ Common stock options ​ 3,113,640 976,130 ​ Total ​ 19,021,269 6,407,087 ​

Fair Value Measurements (Tables

Fair Value Measurements (Tables)3 Months Ended
Mar. 31, 2021
Fair Value Measurements [Abstract]
Schedule of recurring fair value measurement of the Company's assets and liabilitiesThe recurring fair value measurement of the Company’s assets measured at fair value at March 31, 2021 consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quoted Prices in ​ ​ ​ ​ Significant ​ ​ ​ ​ ​ Active Markets ​ Significant Other ​ Unobservable ​ ​ ​ ​ For Identical Items ​ Observable Inputs ​ Inputs ​ ​ ​ ​ (Level 1) (Level 2) (Level 3) Total Cash equivalents ​ ​ ​ ​ Money market investments ​ $ 89,563 ​ $ — ​ $ — ​ $ 89,563 Total ​ $ 89,563 ​ $ — ​ $ — ​ $ 89,563 ​ The recurring fair value measurement of the Company’s assets measured at fair value at December 31, 2020 consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quoted Prices in ​ ​ ​ ​ Significant ​ ​ ​ ​ ​ Active Markets ​ Significant Other ​ Unobservable ​ ​ ​ ​ For Identical Items ​ Observable Inputs ​ Inputs ​ ​ ​ ​ (Level 1) (Level 2) (Level 3) Total Cash equivalents ​ ​ ​ ​ Money market investments ​ $ 49,632 ​ $ — ​ $ — ​ $ 49,632 Total ​ $ 49,632 ​ $ — ​ $ — ​ $ 49,632

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)3 Months Ended
Mar. 31, 2021
Property and Equipment, Net
Schedule of Property and equipment, net​ ​ ​ ​ ​ ​ ​ ​ ​ ​ MARCH 31, 2021 DECEMBER 31, 2020 ​ Computer, software and office equipment ​ $ 144 ​ $ 122 ​ Leasehold improvements ​ 30 ​ 30 ​ Total property and equipment, gross ​ 174 ​ 152 ​ Less: accumulated depreciation and amortization ​ (93) ​ (83) ​ Total property and equipment, net ​ $ 81 ​ $ 69 ​

Accrued Expenses (Tables)

Accrued Expenses (Tables)3 Months Ended
Mar. 31, 2021
Accrued Expenses
Schedule of Accrued expensesAccrued expenses consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ MARCH 31, 2021 DECEMBER 31, 2020 ​ Accrued development expenses ​ $ 1,159 ​ $ 1,443 ​ Accrued clinical expenses ​ 997 ​ 1,019 ​ Accrued compensation ​ 514 ​ 888 ​ Other accrued expenses ​ 704 ​ 322 ​ Total other accrued expenses ​ $ 3,374 ​ $ 3,672 ​

Convertible Preferred Stock a_2

Convertible Preferred Stock and Stockholders' Deficit (Tables)3 Months Ended
Mar. 31, 2021
Convertible Preferred Stock and Stockholders' Deficit
Schedule of Common Stock, Capital Shares Reserved for Future IssuanceAs of March 31, 2021, the Company had reserved shares of its common stock for future issuance as follows: ​ ​ ​ ​ ​ Shares ​ ​ Reserved Series A convertible preferred stock outstanding 5,430,957 Series B convertible preferred stock outstanding 10,476,672 Common stock options outstanding 3,113,640 Available for future grants under the 2014 Equity Incentive Plan 117,602 Total shares of common stock reserved 19,138,871

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)3 Months Ended
Mar. 31, 2021
Stock-Based Compensation
Summary of the Company's stock option activity​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- Weighted- Average ​ ​ ​ Options ​ ​ Average Exercise ​ Remaining Aggregate ​ ​ Outstanding ​ Price ​ Contractual Term Intrinsic Value Outstanding at December 31, 2020 ​ 935,478 ​ $ 2.56 ​ 7.7 ​ ​ Granted ​ 2,273,285 ​ $ 5.06 ​ ​ ​ ​ Exercised ​ (95,123) ​ $ 1.97 ​ ​ $ 418,000 Forfeited/cancelled — $ — ​ ​ Outstanding at March 31, 2021 3,113,640 $ 4.41 9.2 $ 6,086,000 Vested at March 31, 2021 615,517 $ 2.49 7.4 $ 2,384,000 Exercisable at March 31, 2021 2,772,210 $ 4.40 9.2 $ 5,441,000
Summary of weighted-average assumptions to determine the fair value of the employee stock option​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ 2021 2020 Risk-free interest rate 0.66 % 1.44 % Expected volatility 71.2 % 71.6 % Expected term (in years) 5.9 6.0 ​ Expected dividend yield — % — %
Summary of Non-cash stock-based compensation expense recorded​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ March 31, ​ ​ ​ 2021 2020 ​ General and administrative ​ $ 364 ​ $ 48 ​ Research and development ​ 107 ​ 44 ​ Total ​ $ 471 ​ $ 92 ​

Organization and Business (Narr

Organization and Business (Narrative) (Details) $ / shares in Units, $ in ThousandsApr. 13, 2021USD ($)$ / sharessharesApr. 05, 2021Apr. 30, 2021USD ($)Mar. 31, 2021USD ($)$ / sharesMar. 31, 2020USD ($)Apr. 14, 2021sharesDec. 31, 2020USD ($)
Stock split reverse descriptionOn April 5, 2021, the Company effected a 1-for-4.4748 reverse stock split of its common stock. The par value and the authorized number of shares of the common stock were not adjusted as a result of the reverse stock split. The reverse stock split resulted in an adjustment to the Series A and Series B convertible preferred stock conversion prices to reflect a proportional decrease in the number of shares of common stock to be issued upon conversion. The accompanying condensed consolidated financial statements and notes to the condensed consolidated financial statements give retroactive effect to the reverse stock split for all periods presented.
Stock split reverse conversion ratio0.2235
Share price | $ / shares $ 6.36
Proceeds from private financings $ 146,700
Cash and cash equivalents91,221 $ 53,613
Accumulated deficit52,170 $ 44,958
Net loss7,212 $ 4,431
Cash used for operating activities $ 8,589 $ 4,447
Proceeds for initial public offering net $ 84,800
IPO [Member]
Common stock issued, Shares | shares6,250,000
Share price | $ / shares $ 15
Proceeds from issuance initial public offering $ 93,800
Initial public offering underwriting discounts and commissions6,600
Initial public offering offering expenses $ 2,400
Shares issued from conversion of convertible stock | shares15,907,629
Convertible preferred stock [Member]
Preferred stock, shares outstanding | shares71,183,500 0

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Narrative) (Details) $ in Thousands3 Months Ended15 Months Ended
Mar. 31, 2021USD ($)segmentMar. 31, 2020USD ($)Mar. 31, 2021USD ($)
Summary of Significant Accounting Policies
Number of operating segments | segment1
Impairment charges on investments $ 0 $ 0
Impairment of Long-Lived Assets $ 0

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Anti-dilutive securities not included in diluted net loss per share calculation (Details) - shares3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total19,021,269 6,407,087
Convertible preferred stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total15,907,629 5,430,957
Common stock options outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total3,113,640 976,130

Fair Value Measurements - Narra

Fair Value Measurements - Narratives (Details) $ in Thousands3 Months Ended
Mar. 31, 2021USD ($)
Fair Value Measurements [Abstract]
Assets transferred into L3 $ 0
Assets transferred out of L30
Liabilities transferred into L30
Liabilities transferred out of L3 $ 0

Fair Value Measurements - Recur

Fair Value Measurements - Recurring fair value measurement of the Company's assets and liabilities (Detail) - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total $ 89,563 $ 49,632
Quoted Prices in Active Markets For Identical Items (Level 1) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total89,563 49,632
Money market investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents89,563 49,632
Money market investments | Quoted Prices in Active Markets For Identical Items (Level 1) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents $ 89,563 $ 49,632

Property and Equipment, Net (De

Property and Equipment, Net (Details) - USD ($)3 Months Ended
Mar. 31, 2021Mar. 31, 2020Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Total property and equipment, gross $ 174,000 $ 152,000
Less: accumulated depreciation and amortization(93,000)(83,000)
Total property and equipment, net81,000 69,000
Depreciation and amortization expense10,000 $ 9,000
Computer, software and office equipment
Property, Plant and Equipment [Line Items]
Total property and equipment, gross144,000 122,000
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment, gross $ 30,000 $ 30,000

Accrued Expenses (Details)

Accrued Expenses (Details) - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
Accrued Expenses
Accrued development expenses $ 1,159 $ 1,443
Accrued clinical expenses997 1,019
Accrued compensation514 888
Other accrued expenses704 322
Total other accrued expenses $ 3,374 $ 3,672

Convertible Preferred Stock a_3

Convertible Preferred Stock and Stockholders' Deficit (Narrative) (Details) - USD ($)1 Months Ended3 Months Ended
Apr. 30, 2021Mar. 31, 2021Dec. 31, 2020May 31, 2019Jan. 31, 2018Dec. 31, 2017Mar. 31, 2021
Temporary Equity [Line Items]
Dividend rate8.00%
Number of convertible shares converted into common stock1
Minimum specified amount of proceeds from public offering $ 75,000,000
Series A convertible preferred stock
Temporary Equity [Line Items]
Issuance of convertible preferred stock net of issuance cost (in shares)24,302,472 24,302,472 24,302,472
Temporary equity, share price $ 2.16 $ 2.16 $ 2.16
Shares issued from conversion of convertible stock5,430,957
Series B convertible preferred stock
Temporary Equity [Line Items]
Issuance of convertible preferred stock net of issuance cost (in shares)23,440,514 23,440,514 23,440,514
Temporary equity, share price $ 2.0215 $ 2.0215 $ 2.0215
Shares issued from conversion of convertible stock10,476,672
Proceeds from temporary equity $ 47,400,000 $ 47,258,000
Equity issuance costs incurred $ 300,000
Net Proceeds from temporary equity $ 47,400,000
Series B convertible preferred stock | Scenario, Plan [Member]
Temporary Equity [Line Items]
Issuance of convertible preferred stock net of issuance cost (in shares)23,440,514
Cash balance $ 10,000,000

Convertible Preferred Stock a_4

Convertible Preferred Stock and Stockholders' Deficit - Shares Reserved for Future Issuance (Details)Mar. 31, 2021shares
Class of Stock [Line Items]
Total shares of common stock reserved19,138,871
Equity Incentive Plan 2014
Class of Stock [Line Items]
Total shares of common stock reserved117,602
Common Stock
Class of Stock [Line Items]
Total shares of common stock reserved3,113,640
Series A convertible preferred stock
Class of Stock [Line Items]
Total shares of common stock reserved5,430,957
Series B convertible preferred stock
Class of Stock [Line Items]
Total shares of common stock reserved10,476,672

Stock-Based Compensation - 2014

Stock-Based Compensation - 2014 Equity Incentive Plan (Details) - Equity Incentive Plan 20141 Months Ended3 Months Ended
Mar. 31, 2021sharesMar. 31, 2021shares
Stock-Based Compensation
Addition shares234,158
Options authorized3,231,242 3,231,242
Options available for grant117,602 117,602
Exercise price percentage100.00%
Percentage of shareholders of total combined voting power10.00%
Stock options exercised but not yet vested24,460 24,460
First Anniversary
Stock-Based Compensation
Vesting right percentage25.00%
Vesting period3 years
Shareholders of more than 10% voting power
Stock-Based Compensation
Expiration period5 years
Exercise price percentage110.00%
Maximum
Stock-Based Compensation
Expiration period10 years

Stock-Based Compensation - 2021

Stock-Based Compensation - 2021 Equity Incentive Plan (Details)Mar. 31, 2021shares
Equity Incentive Plan 2021
Stock-Based Compensation
Options authorized2,187,524
Percentage increase in common stock authorized and reserved5.00%
Employee Stock Purchase Plan (ESPP) 2021
Stock-Based Compensation
Options authorized243,058

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock option activity (Details) - USD ($)3 Months Ended12 Months Ended
Mar. 31, 2021Dec. 31, 2020
Options Outstanding
Outstanding at beginning of period (in shares)935,478
Granted (in shares)2,273,285
Exercised (in shares)(95,123)
Outstanding at end of period (in shares)3,113,640 935,478
Vested (in shares)615,517
Exercisable (in shares)2,772,210
Weighted-Average Exercise Price
Outstanding at beginning of period (in dollars per share) $ 2.56
Granted (in dollars per share)5.06
Exercised (in dollars per share)1.97
Outstanding at end of period (in dollars per share)4.41 $ 2.56
Vested (in dollars per share)2.49
Exercisable (in dollars per share) $ 4.40
Weighted-Average Remaining Contractual Term / Aggregate Intrinsic Value
Weighted Average Remaining Contractual Term, Options Outstanding9 years 2 months 12 days7 years 8 months 12 days
Weighted Average Remaining Contractual Term, Vested7 years 4 months 24 days
Weighted Average Remaining Contractual Term, Exercisable9 years 2 months 12 days
Aggregate Intrinsic Value, Exercised $ 418,000
Aggregate Intrinsic Value, Outstanding6,086,000
Aggregate Intrinsic Value, Vested2,384,000
Aggregate Intrinsic Value, Exercisable $ 5,441,000
Share price $ 6.36

Stock-Based Compensation - Assu

Stock-Based Compensation - Assumptions (Details) - USD ($) $ / shares in Units, $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Weighted-average assumptions
Risk-free interest rate0.66%1.44%
Expected volatility71.20%71.60%
Expected term (in years)5 years 10 months 24 days6 years
Expected dividend yield0.00%0.00%
Weighted average grant date fair value of options granted $ 3.15 $ 2.40
Unrecognized compensation expense $ 7.2
Weighted-average vesting term3 years 3 months 18 days

Stock-Based Compensation - Non-

Stock-Based Compensation - Non-cash stock-based compensation expense (Details) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Stock-Based Compensation
Stock-based compensation expense $ 471 $ 92
General and administrative
Stock-Based Compensation
Stock-based compensation expense364 48
Research and development
Stock-Based Compensation
Stock-based compensation expense $ 107 $ 44

Stock-Based Compensation - Appo

Stock-Based Compensation - Appointment of CEO (Details) $ in Thousands1 Months Ended3 Months Ended
Nov. 30, 2020USD ($)DMar. 31, 2021USD ($)Mar. 31, 2020USD ($)
Stock-Based Compensation
Stock-based compensation expense $ 471 $ 92
Chief executive officer
Stock-Based Compensation
Special performance bonus payable $ 7,500
Threshold market value $ 750,000
Number of trading days | D30
Threshold fair market value of the net proceeds $ 750,000
Stock-based compensation expense $ 0

License Agreement (Details)

License Agreement (Details) - USD ($)1 Months Ended3 Months Ended12 Months Ended
Dec. 31, 2017Mar. 31, 2021Mar. 31, 2020Dec. 31, 2019Dec. 31, 2018
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Research and development $ 5,472,000 $ 3,578,000
vTv Therapeutics
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Common stock issued, Shares309,576 266,867 266,867
Milestone payments payable on achievement of development and regulatory milestones64,500,000
Milestone payments payable on achievement of sales thresholds of the licensed product30,000,000
Research and development $ 0 $ 0
vTv Therapeutics | Research and development
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront license fee payment $ 3,000,000
Common stock issued, Value $ 700,000

Commitments and contingencies (

Commitments and contingencies (Details) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Lessee, Lease, Description [Line Items]
Operating lease, renewal term5 years
Lessee, operating lease, existence of option to extend [true false]true
Operating Lease, Expense $ 46,000 $ 46,000
UK
Lessee, Lease, Description [Line Items]
Operating Lease, Expense $ 7,000 $ 7,000