OnKure raises $150 million to advance cancer treatment programs

OnKure Therapeutics (NASDAQ: OKUR) completed a $150 million private placement to fund development of two PI3Kα inhibitor programs targeting breast cancer and vascular anomalies, according to a company statement.

The financing was led by Access Biotechnology with participation from new and existing investors including BVF Partners LP, RA Capital Management, and Vivo Capital. OnKure sold 26.7 million shares at $4.15 per share and issued pre-funded warrants for an additional 9.4 million shares at $4.1499 per warrant.

The company plans to use proceeds to develop OKI-345 for breast cancer and OKI-355 for vascular anomalies. OnKure expects to file Investigational New Drug applications with the FDA for both programs in the first half of 2027.

"This transformational financing enables us to advance the development strategy for our next‑generation PI3Kα pan‑mutant selective inhibitor candidates," said Nicholas Saccomano, OnKure's CEO.

The candidates are designed to selectively inhibit mutant PI3Kα while avoiding toxicities associated with less selective inhibitors. PI3Kα mutations are common in certain breast cancers and vascular anomalies.

OnKure completed enrollment in its PIKture-01 trial testing OKI-219, with 38 patients in single-agent dose escalation and 33 patients in combination with fulvestrant. The company does not plan further independent development of OKI-219, focusing instead on the pan-mutant programs. Mature data from PIKture-01 will be presented by year-end.

Liam Ratcliffe from Access Biotechnology will join OnKure's board of directors. The private placement is expected to close March 31, 2026, and extend the company's cash runway into 2029.

Leerink Partners served as lead placement agent, with Evercore ISI, LifeSci Capital, and Oppenheimer as co-placement agents.

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