The company remains pre-revenue with a persistent negative operating margin, evidenced by a $15.6 million operating loss in 2026Q1 driven by intensive R&D spending.
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | 830K | 0 | 0 | 0 | 50K | 37K |
| COGS % of Revenue | - | - | - | - | - | - | - |
| Gross Profit | 0 | -830K | 0 | 0 | 0 | -50K | -37K |
| Gross Margin % | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | - | - | - | 100% | -35.14% | - |
| Operating Expenses | 61.56M | 62.12M | 54.39M | 36.93M | 29.77M | 39.77M | 19.52M |
| OpEx % of Revenue | - | - | - | - | - | - | - |
| Selling, General & Admin | 14.61M | 14.69M | 10.59M | 4.82M | 3.9M | 11.65M | 3.61M |
| SG&A % of Revenue | - | - | - | - | - | - | - |
| Research & Development | 46.95M | 48.26M | 43.8M | 32.12M | 25.86M | 28.12M | 15.91M |
| R&D % of Revenue | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | -830K | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -61.56M | -62.95M | -54.39M | -36.93M | -29.77M | -39.82M | -19.55M |
| Operating Margin % | - | - | - | - | - | - | - |
| Operating Income Growth % | - | -15.75% | -47.25% | -24.08% | 25.24% | -103.65% | - |
| EBITDA | -60.95M | -62.12M | -53.72M | -36.37M | -29.38M | -39.77M | -19.52M |
| EBITDA Margin % | - | - | - | - | - | - | - |
| EBITDA Growth % | 11.43% | -15.63% | -47.7% | -23.81% | 26.12% | -103.78% | - |
| D&A (Non-Cash Add-back) | 618K | 830K | 662K | 560K | 387K | 50K | 37K |
| EBIT | -43.58M | -62.95M | -52.37M | -35.31M | -29.77M | -39.77M | -19.46M |
| Net Interest Income | 2.36M | 3.44M | 1.71M | 1.62M | 254K | 0 | 0 |
| Interest Income | 2.82M | 3.44M | 2.01M | 1.62M | 254K | 0 | 0 |
| Interest Expense | 8K | 0 | 300K | 0 | 0 | 0 | 0 |
| Other Income/Expense | 2.36M | 3.43M | 1.71M | 1.62M | 254K | 48K | 87K |
| Pretax Income | -43.59M | -59.52M | -52.67M | -35.31M | -29.51M | -39.77M | -19.46M |
| Pretax Margin % | - | - | - | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -43.59M | -59.52M | -52.67M | -35.31M | -29.51M | -39.77M | -19.46M |
| Net Margin % | - | - | - | - | - | - | - |
| Net Income Growth % | 36.78% | -12.99% | -49.17% | -19.65% | 25.79% | -104.32% | - |
| Net Income (Continuing) | -43.59M | -59.52M | -52.67M | -35.31M | -29.51M | -39.77M | -19.46M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -3.19 | -4.40 | -3.95 | -2.65 | -2.21 | -21.92 | -7.74 |
| EPS Growth % | 16.25% | -11.39% | -49.06% | -19.91% | 89.92% | -183.2% | - |
| EPS (Basic) | - | -4.40 | -3.95 | -2.65 | -2.21 | -21.92 | -7.74 |
| Diluted Shares Outstanding | 13.67M | 13.52M | 13.34M | 13.34M | 13.34M | 1.81M | 2.51M |
| Basic Shares Outstanding | 13.67M | 13.52M | 13.34M | 13.34M | 13.34M | 1.81M | 2.51M |
| Dividend Payout Ratio | - | - | - | - | - | - | - |
Clinical trial execution risk
As indicated by recent financial disclosures, OnKure's cost structure is dominated by R&D spending, which reached $11.7 million in 2026Q1, reflecting the intensive capital requirements necessary to advance the OKI-179 program through critical clinical milestones while maintaining a lean administrative overhead of $3.9 million.
The company's expenditure pattern is characteristic of a clinical-stage biotechnology firm where R&D is the primary driver of cash burn. Investors should monitor the consistency of these outlays, as any significant deviation may suggest either accelerated trial enrollment or unexpected regulatory hurdles requiring additional study designs.
Based on reported figures, the income statement exhibits significant volatility, including a notable $21.1 million operating income spike in 2023Q4, which appears to be an accounting artifact of the reverse merger with Reneo Pharmaceuticals rather than a reflection of underlying operational profitability or commercial success.
The presence of non-recurring items complicates the assessment of normalized burn rates. Analysts should strip out these merger-related adjustments to better understand the true economic cost of the company's ongoing research activities and management's ability to control core operating expenses.
According to the provided income statement data, OnKure currently lacks revenue generation, resulting in a persistent negative operating margin that reflects the company's status as a pre-commercial entity entirely dependent on external financing to sustain its ongoing clinical development and laboratory operations.
Without a top-line contribution, traditional operating leverage metrics are not applicable. The focus for investors must remain on the efficiency of R&D spend relative to clinical progress, as the current structure offers no buffer against the ongoing cash outflows required to reach potential regulatory inflection points.
As reported in financial statements, the company's reliance on a single lead asset, OKI-179, creates a binary risk profile where the $59 million cash position may prove insufficient if clinical timelines extend or if the FDA mandates additional dose-optimization studies under Project Optimus guidelines.
Short-term observers may point to the lack of revenue and the potential for future dilutive financing as primary concerns. The sustainability of the current development trajectory warrants further investigation, particularly regarding how management intends to navigate the competitive landscape of HDAC inhibitors without a diversified pipeline.
Quick answers to the most common questions about buying OKUR stock.
For fiscal year 2025, OnKure Therapeutics, Inc. (OKUR) reported total revenue of $0.0M.
OnKure Therapeutics, Inc. (OKUR) reported a net loss of $59.5M for the fiscal year ending 2025.