Contineum Therapeutics (NASDAQ: CTNM) details Q2 loss, cash runway and Phase 2 trials
Rhea-AI Filing Summary
Contineum Therapeutics reported second-quarter 2026 results and progress across its pipeline of oral small-molecule drugs for inflammatory and fibrotic diseases. The company is dosing patients in PROPEL-IPF, a 26-week global Phase 2 trial of PIPE-791 in approximately 324 idiopathic pulmonary fibrosis patients, with over 55 sites active in eight countries. Johnson & Johnson completed enrollment of 107 adults in the Phase 2 MOONLIGHT-1 trial of JNJ-5120/PIPE-307 for major depressive disorder. PIPE-791 also produced positive topline safety and exploratory pain data in an exploratory Phase 1b chronic pain study.
Contineum streamlined discovery efforts and implemented a limited workforce reduction, including the departure of Chief Scientific Officer Daniel Lorrain, to focus resources on its highest-potential programs. Cash, cash equivalents and marketable securities were $236.6 million as of June 30, 2026, and the company believes this supports operations through mid-2029. In the quarter, research and development expenses were $12.7 million (down 10% year over year), general and administrative expenses were $4.7 million (up 23%), and net loss was $15.2 million compared with $16.0 million a year earlier.
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8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Cash, cash equivalents and marketable securities: $236.6 million
Research and development expenses Q2 2026: $12.7 million
General and administrative expenses Q2 2026: $4.7 million
+5 more
8 metrics
Cash, cash equivalents and marketable securities
$236.6 million
As of June 30, 2026; company believes this funds operations through mid-2029
Research and development expenses Q2 2026
$12.7 million
Three months ended June 30, 2026; 10% decrease from Q2 2025
General and administrative expenses Q2 2026
$4.7 million
Three months ended June 30, 2026; 23% increase from Q2 2025
Net loss Q2 2026
$15.2 million
Three months ended June 30, 2026, versus $16.0 million in Q2 2025
PROPEL-IPF planned enrollment
approximately 324 patients
Global 26-week Phase 2 IPF trial of PIPE-791
MOONLIGHT-1 enrollment
107 adult participants
Phase 2 JNJ-5120/PIPE-307 trial in major depressive disorder
Total assets
$250,367 thousand
Total assets as of June 30, 2026, on condensed balance sheet
Weighted-average shares outstanding Q2 2026
37,467,840
Basic and diluted weighted-average shares for the three months ended June 30, 2026
Key Terms
idiopathic pulmonary fibrosis, major depressive disorder, LPA1 receptor antagonist, M1 receptor, +1 more
5 terms
idiopathic pulmonary fibrosis medical
"PIPE-791 for the treatment of patients with idiopathic pulmonary fibrosis (IPF)"
Idiopathic pulmonary fibrosis is a chronic lung disease in which the air‑carrying tissue becomes progressively thickened and scarred for no identifiable reason, making the lungs stiff and less able to move oxygen—similar to a sponge that hardens and loses its pores. It matters to investors because it is life‑limiting with limited effective treatments, so clinical trial outcomes, regulatory approvals, pricing and reimbursement decisions can strongly affect the commercial value of therapies and the financial prospects of companies developing treatments.
major depressive disorder medical
"MOONLIGHT-1 trial of JNJ-5120/PIPE-307 in patients with major depressive disorder (MDD)"
A clinical condition characterized by persistent, severe low mood, loss of interest in daily activities, and reduced ability to function at work or home, lasting weeks or longer. It matters to investors because it drives demand for treatments and mental health services, affects workforce productivity and absenteeism, influences health-care and insurance costs, and shapes risks and opportunities for companies developing drugs, therapies or workplace programs—like a long-lasting storm that lowers economic output.
LPA1 receptor antagonist medical
"PIPE-791 is an LPA1 receptor antagonist in clinical development for idiopathic pulmonary fibrosis"
M1 receptor medical
"PIPE-307 is a selective inhibitor of the M1 receptor in clinical development for major depressive disorder"
Phase 2 clinical trial medical
"PROPEL-IPF, a global Phase 2 clinical trial evaluating PIPE-791 for the treatment of patients with IPF"
A phase 2 clinical trial is a research study that tests a new medical treatment or drug to see if it is effective and safe for a specific condition. It involves a larger group of people than earlier trials and helps determine whether the treatment should move forward to more extensive testing. For investors, successful phase 2 results can signal potential for future approval and commercial success, while setbacks may indicate challenges ahead.
Earnings Snapshot
Net loss Q2 2026: $15.2 million · Guidance included
three and six months ended June 30, 2026
Net loss Q2 2026
$15.2 million
compared with $16.0 million for the second quarter of 2025
Research and development expenses Q2 2026
$12.7 million
down 10 percent from $14.1 million in the second quarter of 2025
General and administrative expenses Q2 2026
$4.7 million
up 23 percent from $3.8 million in the second quarter of 2025
Cash, cash equivalents and marketable securities
$236.6 million
as of June 30, 2026; company believes this funds planned operations through mid-2029
Guidance
The company believes its existing cash, cash equivalents and marketable securities will fund its planned operations through mid-2029, approximately one year past the estimated completion of its IPF trial.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
What were Contineum Therapeutics (CTNM) key financial results for Q2 2026?
Contineum reported a Q2 2026 net loss of $15.2 million, slightly improved from $16.0 million a year earlier. R&D expenses were $12.7 million and G&A expenses were $4.7 million, with total operating expenses of $17.4 million.
How strong is Contineum Therapeutics (CTNM) cash position and runway?
As of June 30, 2026, Contineum held $236.6 million in cash, cash equivalents and marketable securities. The company believes these resources are sufficient to fund its planned operations through mid-2029, extending roughly one year beyond the estimated completion of its IPF trial.
What progress did Contineum Therapeutics (CTNM) report on the PROPEL-IPF trial?
Contineum is conducting PROPEL-IPF, a 26-week global Phase 2 trial of PIPE-791 in approximately 324 IPF patients. More than 55 sites across eight countries are active, and the primary endpoint is change in forced vital capacity (FVC mL) through week 26.
What is Johnson & Johnson’s role in Contineum Therapeutics (CTNM) pipeline?
Under a global license, Johnson & Johnson’s Janssen unit is developing JNJ-5120/PIPE-307 for major depressive disorder. Janssen completed enrollment of 107 adults in the Phase 2 MOONLIGHT-1 trial in June 2026, evaluating efficacy, safety and tolerability as monotherapy.
What organizational changes did Contineum Therapeutics (CTNM) announce around research?
Contineum streamlined its discovery programs to prioritize inflammatory and fibrotic disease candidates, leading to a limited workforce reduction in research. This included the departure of Chief Scientific Officer Daniel Lorrain, Ph.D., as the company reallocates resources to late-stage clinical programs.
What were the main findings from Contineum Therapeutics (CTNM) PIPE-791 chronic pain trial?
On April 30, 2026, Contineum reported positive topline data from an exploratory Phase 1b PIPE-791 trial in chronic osteoarthritis or low back pain. The study met its primary safety and tolerability objective, and PIPE-791 patients showed numerically greater pain improvements than placebo.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________________________________________________________
FORM 8-K
______________________________________________________________________
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 30, 2026
______________________________________________________________________
(Exact name of registrant as specified in its charter)
______________________________________________________________________
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||
| (Address of principal executive offices) | (Zip Code) | ||||
(858 ) 333-5280
(Registrant’s telephone number, including area code)
N/A
(Former name or former address, if changed since last report)
______________________________________________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
The Nasdaq Global Market LLC ( | ||||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On July 30, 2026, Contineum Therapeutics, Inc. (the “Company”) issued a press release announcing the Company’s financial results for the second quarter ended June 30, 2026. A copy of the press release is furnished herewith as Exhibit 99.1.
The information contained in this Current Report on Form 8-K under Item 2.02 (including Exhibit 99.1) hereto is being furnished and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section and will not be incorporated by reference into any registration statement filed by the Company, under the Securities Act of 1933, as amended, unless specifically identified as being incorporated therein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit No. | Description | |||||||
| 99.1 | Press release dated July 30, 2026. | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: July 30, 2026
| Contineum Therapeutics, Inc. | ||||||||
| By: | /s/ Peter Slover | |||||||
| Peter Slover | ||||||||
Chief Financial Officer Principal Financial Officer and Principal Accounting Officer | ||||||||
Exhibit 99.1
CONTINEUM THERAPEUTICS REPORTS SECOND-QUARTER 2026 FINANCIAL RESULTS; AFFIRMS KEY CLINICAL DEVELOPMENT MILESTONES
SAN DIEGO – July 30, 2026 – Contineum Therapeutics, Inc. (NASDAQ: CTNM) (Contineum or the Company), a clinical-stage biopharmaceutical company pioneering differentiated small molecule therapies for inflammatory and fibrotic diseases with significant unmet need, today reported its second-quarter 2026 financial results and affirmed its key clinical development milestones.
“We continue to expand our footprint for PROPEL-IPF, a global Phase 2 trial evaluating PIPE-791 for the treatment of patients with idiopathic pulmonary fibrosis (IPF), with more than 55 sites now online in eight countries to enable a steady pace of enrollment,” said Carmine Stengone, CEO, Contineum Therapeutics. “In addition, Johnson & Johnson completed enrollment last month for its Phase 2 MOONLIGHT-1 trial of JNJ-5120/PIPE-307 in patients with major depressive disorder (MDD).”
Research Updates
Contineum has streamlined its discovery programs to focus on drug candidates for the treatment of inflammatory and fibrotic diseases. These actions have resulted in a limited workforce reduction for the Company’s research team, including Contineum’s Chief Scientific Officer, Daniel Lorrain, Ph.D.
“We’re focused on advancing our highest potential and greatest probability-of-success clinical programs, led by our global Phase 2 PROPEL-IPF trial,” said Carmine Stengone, CEO, Contineum Therapeutics. “We are dedicating our discovery, translational science and clinical development resources to align behind advancing potential treatments for inflammatory and fibrotic diseases. With a projected cash runway that extends through mid-2029, which is approximately one year past the estimated completion of our IPF trial, we are maintaining a disciplined approach to capital allocation.”
Stengone continued, “We’re grateful to Dan for his years of leadership, service and contributions in founding and helping build Contineum into the world-class organization it is today. I’m also thankful to our research team who work tirelessly to advance novel therapies for patients.”
Key Clinical Development Milestones
•The Company initiated patient dosing in PROPEL-IPF, a global Phase 2 clinical trial evaluating PIPE-791 for the treatment of patients with IPF, in the first quarter of 2026. PROPEL-IPF is a 26-week, randomized, double-blind, placebo-controlled clinical trial evaluating the efficacy, safety, tolerability and pharmacokinetics of once-daily, oral PIPE-791 in approximately 324 IPF patients. The primary efficacy endpoint is the change from baseline through week 26 in absolute forced vital capacity (FVC mL). More information on this trial can be found at https://clinicaltrials.gov/ (NCT07284459).
•Johnson & Johnson completed enrollment of 107 adult participants for its Phase 2 MOONLIGHT-1 trial of JNJ-5120/PIPE-307 in June 2026. This randomized, double-blind, multicenter, placebo-controlled, proof-of-concept trial is evaluating the efficacy, safety and tolerability of JNJ-5120/PIPE-307 as monotherapy in adult participants with major depressive disorder (MDD). More information on this trial can be found at https://clinicaltrials.gov (NCT06785012).
•On April 30, 2026, the Company reported positive topline data from its exploratory Phase 1b trial of PIPE-791 for the non-opioid treatment of chronic osteoarthritis pain or chronic low back pain. The trial met its primary objective of assessing safety and tolerability, demonstrating an adverse event profile generally consistent with previous PIPE-791 clinical trials. In addition, patients treated with PIPE-791 generally demonstrated improvements from baseline in pain that were numerically greater than the placebo arm. Contineum believes these data support further evaluation of PIPE-791 for the potential treatment of chronic pain. More information on this trial can be found at https://clinicaltrials.gov (NCT06810245).
Second-Quarter 2026 Financial Results
•Cash, cash equivalents and marketable securities were $236.6 million as of June 30, 2026. Contineum believes its cash resources are sufficient to fund its planned operations through mid-2029.
•Research and development expenses were $12.7 million, a 10 percent decrease from the second quarter of 2025. This decrease was primarily driven by a reduction in expenses related to the completion of the Company’s PIPE-307 VISTA trial and lower costs related to the PIPE-791 chronic pain trial, partially offset by increased expenses for the PIPE-791 IPF program and higher employee-related costs.
•General and administrative expenses were $4.7 million, a 23 percent increase from the second quarter of 2025. The increase was primarily driven by higher stock-based compensation and employee-related costs.
•Net loss was $15.2 million for the three months ended June 30, 2026, as compared to $16.0 million for the second quarter of 2025.
About Contineum Therapeutics
Contineum Therapeutics (Nasdaq: CTNM) is a clinical-stage biopharmaceutical company pioneering novel, oral small molecule therapies for inflammatory and fibrotic diseases with significant unmet need. Contineum is advancing a pipeline of internally-developed programs with multiple drug candidates now in clinical trials. PIPE-791 is an LPA1 receptor antagonist in clinical development for idiopathic pulmonary fibrosis and chronic pain. PIPE-307 is a selective inhibitor of the M1 receptor in clinical development for major depressive disorder. For more information, please visit www.contineum-tx.com.
Forward-Looking Statements
Certain statements contained in this press release, other than historical information, constitute forward-looking statements within the meaning of the federal securities laws. Forward-looking statements include, but are not limited to, implied or express statements regarding the pharmacological properties, safety, tolerability, clinical response and efficacy, and therapeutic potential of PIPE-791 and PIPE-307; the enrollment and estimated completion date of the Company’s global Phase 2 clinical trial in IPF; the Company’s cash runway; the indications, anticipated benefits of, and market opportunities for the Company’s drug candidates; the Company’s business strategies and plans; and the quotations of the Company’s management. These statements involve known and unknown risks, uncertainties and other important factors that are in some cases beyond the Company’s control and may cause its actual results, events, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These risks and uncertainties, include, but are not limited to, the following: the Company is
heavily dependent on the success of PIPE-791 and PIPE-307, both of which are in the early stages of clinical development, and neither of these drug candidates may progress through clinical development or receive regulatory approval; the results of preclinical studies and clinical trials, including those conducted by third parties, may not be predictive of future results and unexpected adverse side effects or inadequate efficacy of the Company’s drug candidates may limit their development, regulatory approval and/or commercialization; the timing and outcome of research, development and regulatory review is uncertain; the FDA or comparable foreign regulatory authorities may disagree as to the design or implementation of our proposed clinical trials; clinical trials and preclinical studies may not proceed at the time or in the manner expected, or at all; the Company may use its capital resources sooner than expected and they may be insufficient to allow the Company to achieve its anticipated milestones; the potential for the Company’s programs and prospects to be negatively impacted by developments relating to the Company’s competitors, including the results of studies or regulatory determinations relating to the Company’s competitors; risks associated with reliance on third parties to successfully conduct clinical trials; the Company’s reliance, pursuant to a global license and development agreement, upon Janssen Pharmaceutica NV, a Johnson & Johnson company, to develop, in its sole discretion, PIPE-307 for MDD or for any other indication; the restrictions contained in the Company’s global license and development agreement with Janssen Pharmaceutica NV limiting the Company’s access to, and restricting the Company from disclosing, certain information regarding the development of PIPE-307; the Company has incurred significant operating expenses since inception and it expects that its operating expenses will continue to significantly increase for the foreseeable future; the Company’s ability to operate in a competitive industry and compete successfully against competitors that have greater resources than the Company does; the Company may be unable to obtain, maintain and enforce intellectual property protection for its technology and drug candidates; and unstable market and economic conditions and military conflicts may adversely affect the Company’s business and financial condition and the broader economy and biotechnology industry. Additional risks and uncertainties that could affect the Company’s business, operations and results are included under the captions, “Risk Factors” and "Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company's periodic filings and in other filings that the Company makes with the Securities and Exchange Commission (SEC) from time to time, which are available on the Company’s website at www.contineum-tx.com under the Investor section and on the SEC’s website at www.sec.gov. Accordingly, readers should not rely upon forward-looking statements as predictions of future events. Except as required by applicable law, the Company undertakes no obligation to update publicly or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise.
Contact
Steve Kunszabo
Contineum Therapeutics
Senior Director, Investor Relations & Corporate Communications
858-649-1158
skunszabo@contineum-tx.com
CONTINEUM THERAPEUTICS, INC.
CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(unaudited)
(in thousands, except share and per share data)
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Operating expenses: | |||||||||||||||||||||||
| Research and development | $ | 12,702 | $ | 14,063 | $ | 24,349 | $ | 27,775 | |||||||||||||||
| General and administrative | 4,726 | 3,839 | 9,983 | 8,237 | |||||||||||||||||||
| Total operating expenses | 17,428 | 17,902 | 34,332 | 36,012 | |||||||||||||||||||
| Loss from operations | (17,428) | (17,902) | (34,332) | (36,012) | |||||||||||||||||||
| Other income (expense): | |||||||||||||||||||||||
| Interest income | 2,342 | 2,029 | 4,847 | 4,279 | |||||||||||||||||||
| Other expense, net | (68) | (167) | (125) | (297) | |||||||||||||||||||
| Total other income, net | 2,274 | 1,862 | 4,722 | 3,982 | |||||||||||||||||||
| Net loss | $ | (15,154) | $ | (16,040) | $ | (29,610) | $ | (32,030) | |||||||||||||||
| Other comprehensive income (loss): | |||||||||||||||||||||||
| Unrealized gain (loss) on marketable securities | (320) | (23) | (833) | 76 | |||||||||||||||||||
| Comprehensive loss | $ | (15,474) | $ | (16,063) | $ | (30,443) | $ | (31,954) | |||||||||||||||
Net loss per share, basic and diluted (a) | $ | (0.40) | $ | (0.62) | $ | (0.79) | $ | (1.24) | |||||||||||||||
| Weighted-average shares of common stock outstanding, basic and diluted | 37,467,840 | 25,895,996 | 37,403,789 | 25,882,540 | |||||||||||||||||||
_________________________
(a) Basic and diluted per share amounts are the same for Class A and Class B shares.
CONTINEUM THERAPEUTICS, INC.
CONDENSED BALANCE SHEETS
(unaudited)
(in thousands, except share and par value data)
| June 30, 2026 | December 31, 2025 | ||||||||||
| Assets | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 14,711 | $ | 75,603 | |||||||
| Marketable securities | 221,840 | 187,293 | |||||||||
| Prepaid expenses and other current assets | 6,029 | 5,021 | |||||||||
| Total current assets | 242,580 | 267,917 | |||||||||
| Property and equipment, net | 929 | 830 | |||||||||
| Other long-term assets | 364 | 256 | |||||||||
| Operating lease right-of-use assets | 6,494 | 7,639 | |||||||||
| Total assets | $ | 250,367 | $ | 276,642 | |||||||
| Liabilities and Stockholders' Equity | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable | $ | 505 | $ | 1,016 | |||||||
| Accrued expenses | 3,628 | 6,387 | |||||||||
| Current portion of operating lease liabilities | 2,393 | 2,341 | |||||||||
| Total current liabilities | 6,526 | 9,744 | |||||||||
| Operating lease liabilities, net of current portion | 4,181 | 5,909 | |||||||||
| Total liabilities | 10,707 | 15,653 | |||||||||
| Commitments and contingencies | |||||||||||
| Stockholders' equity: | |||||||||||
| Class A common stock, $0.001 par value; authorized shares—200,000,000 at June 30, 2026 and December 31, 2025; issued and outstanding shares—32,950,909 and 31,236,787 at June 30, 2026 and December 31, 2025, respectively. | 33 | 31 | |||||||||
| Class B common stock, $0.001 par value; authorized shares—20,000,000 at June 30, 2026 and December 31, 2025; issued and outstanding shares—4,662,500 and 6,083,338 at June 30, 2026 and December 31, 2025, respectively. | 5 | 6 | |||||||||
| Preferred stock, $0.001 par value; authorized shares—10,000,000 at June 30, 2026 and December 31, 2025; no shares issued or outstanding at June 30, 2026 and December 31, 2025. | — | — | |||||||||
| Additional paid-in-capital | 447,185 | 438,072 | |||||||||
| Accumulated deficit | (206,990) | (177,380) | |||||||||
| Accumulated other comprehensive income (loss) | (573) | 260 | |||||||||
| Total stockholders' equity | 239,660 | 260,989 | |||||||||
| Total liabilities and stockholders' equity | $ | 250,367 | $ | 276,642 | |||||||