OKUR

OnKure is a pre-revenue, clinical-stage oncology company whose entire value rests on OKI-219, a selective PI3Kα-H1047R inhibitor still in a first-in-human Phase 1 trial for HR+/HER2- and HER2+ breast cancer. There is no commercial product, and management states plainly it 'do[es] not expect to generate revenues from the commercial sale of any products for the foreseeable future, if ever.' Revenue has been zero across FY2021–FY2025 while net losses widened to -$59.5M in FY2025 from -$52.7M in FY2024, driving the accumulated deficit to -$214M. This is a research bet, not an operating business.

The decisive issue is solvency. Management explicitly concluded that 'substantial doubt exists as to our ability to continue as a going concern,' with cash of $59.0M projected to fund operations only 'into the fourth quarter of 2026' — i.e., roughly one to two quarters of runway from today. Operating cash burn was -$51.8M in FY2025, so the reported cash is close to a single year of spend. The only disclosed financing facility is a $16.0M at-the-market program signed November 2025 under which no shares have yet been issued; $16M is small against a ~$52M annual burn and would still dilute a tiny 13.7M-share float. The balance sheet is otherwise clean (liabilities/equity 0.11x, negligible debt), but that is cold comfort when the equity is being consumed to fund losses — ROE of -105.9% reflects burn, not returns.