Contineum Therapeutics Q3 loss widens to $18.7M
Management believes its $244.5 million in cash, cash equivalents and marketable securities is sufficient to fund planned operations through mid-2029.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
Contineum Therapeutics, Inc. (CTNM) reported third-quarter 2026 net loss of $18.7 million, compared with $12.8 million in third-quarter 2025. Research and development expenses were $16.0 million, up 45%, primarily because of higher costs for the PIPE-791 IPF program and employee-related costs. General and administrative expenses were $5.0 million, up 26%, primarily reflecting higher stock-based compensation and employee-related costs. For the nine months ended September 30, 2026, net loss was $48.3 million, compared with $44.8 million for the same period in 2025.
Cash, cash equivalents and marketable securities totaled $244.5 million as of September 30, 2026, and Contineum believes those resources are sufficient to fund planned operations through mid-2029. The company said PROPEL-IPF, its global Phase 2 trial of once-daily oral PIPE-791 for idiopathic pulmonary fibrosis, had more than 100 sites online in 16 countries. The trial is evaluating approximately 324 patients with 26 weeks of treatment.
0 points · 0 major0 major · 1 point
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- None.
Negative
- Moderate pointNet loss reached $18.7 million, compared with $12.8 million a year earlier.
Filing Explained
The balance sheet adds class-level share counts: at
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, or exhibit attachments filed with this report.
Key Figures
Cash, cash equivalents and marketable securities: $244.5 million
Net loss: $18.7 million
Research and development expenses: $16.0 million
+4 more
7 metrics
Cash, cash equivalents and marketable securities
$244.5 million
As of September 30, 2026
Net loss
$18.7 million
Three months ended September 30, 2026
Research and development expenses
$16.0 million
Third quarter 2026; increased 45% from third quarter 2025
General and administrative expenses
$5.0 million
Third quarter 2026; increased 26% from third quarter 2025
Net loss
$48.3 million
Nine months ended September 30, 2026
Research and development expense increase
45%
Third quarter 2026 compared with third quarter 2025
General and administrative expense increase
26%
Third quarter 2026 compared with third quarter 2025
Key Terms
Lysophosphatidic acid 1 receptor (LPAR1) antagonism, pharmacokinetics, forced vital capacity, marketable securities
4 terms
Lysophosphatidic acid 1 receptor (LPAR1) antagonism medical
"Lysophosphatidic acid 1 receptor (LPAR1) antagonism as a treatment approach"
pharmacokinetics medical
"safety, tolerability and pharmacokinetics"
Pharmacokinetics is the study of how a substance, such as a drug or chemical, moves through and is processed by the body over time. It tracks how it is absorbed, distributed, broken down, and eventually eliminated. For investors, understanding pharmacokinetics helps gauge the effectiveness, safety, and potential risks of new medications or treatments, which can influence a company’s success and valuation in the healthcare industry.
forced vital capacity medical
"absolute forced vital capacity (FVC mL)"
The amount of air a person can forcefully breathe out after taking the deepest breath possible; think of it as how much air you can squeeze out of a balloon in one hard blow. It matters to investors because it’s a common, objective measure used in clinical trials and patient monitoring for respiratory drugs, devices and treatments—changes in this number can signal whether a therapy works, affecting regulatory approval, sales and company value.
marketable securities financial
"Cash, cash equivalents and marketable securities"
Marketable securities are financial assets — such as publicly traded stocks, bonds, and short-term government bills — that a company can quickly sell for cash at a known price. Investors watch them because they show how much ready cash a company can access without selling core operations, like keeping money in a highly liquid savings account versus being tied up in a house, and they affect short-term risk, financial flexibility, and balance-sheet strength.
Earnings Snapshot
Net loss: $18.7 million · Guidance included
Third quarter 2026
Net loss
$18.7 million
Compared with $12.8 million in third quarter 2025
Research and development expenses
$16.0 million
45% increase from third quarter 2025
General and administrative expenses
$5.0 million
26% increase from third quarter 2025
Guidance
Contineum believes its cash resources are sufficient to fund planned operations through mid-2029.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What was CTNM's net loss in Q3 2026?
Contineum reported a net loss of $18.7 million for the three months ended September 30, 2026, compared with $12.8 million for the third quarter of 2025. Research and development expenses were $16.0 million, and general and administrative expenses were $5.0 million.
How long does CTNM expect its cash to last?
As of September 30, 2026, Contineum had $244.5 million in cash, cash equivalents and marketable securities. The company believes these resources are sufficient to fund planned operations through mid-2029.
What does CTNM's PROPEL-IPF trial measure?
PROPEL-IPF is a randomized, double-blind, placebo-controlled global Phase 2 trial of once-daily oral PIPE-791 in approximately 324 patients with IPF, with 26 weeks of treatment. Its primary efficacy endpoint is change from baseline through week 26 in absolute forced vital capacity (FVC mL).
AI-generated analysis. How Rhea-AI works. Not financial advice.
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): November 3, 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 November 3, 2026, Contineum Therapeutics, Inc. (the “Company”) issued a press release announcing the Company’s financial results for the third quarter ended September 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 November 3, 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: November 3, 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 THIRD-QUARTER 2026 FINANCIAL RESULTS
SAN DIEGO – November 3, 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 third-quarter 2026 financial results.
“Lysophosphatidic acid 1 receptor (LPAR1) antagonism as a treatment approach for pulmonary fibrosis has exceptionally strong clinical validation with multiple trials successfully completed including more than 1,600 patients,” said Carmine Stengone, CEO, Contineum Therapeutics. “We believe the LPAR1 class can be the ideal backbone for combination treatments. Our LPAR1 antagonist, PIPE-791, is potentially differentiated in key ways including a favorable safety and tolerability profile, sustained target engagement which we believe has the potential for improved efficacy, and superior convenience in a one-time daily, low oral dose with no titration required for patients.”
Stengone continued, “We continue to expand our footprint for PROPEL-IPF, with over 100 sites now online in 16 countries to facilitate a steady pace of enrollment. With a projected cash runway that extends through mid-2029, we are well positioned with capital resources one year past the estimated completion of our idiopathic pulmonary fibrosis (IPF) trial.”
Third-Quarter 2026 Financial Results
•Cash, cash equivalents and marketable securities were $244.5 million as of September 30, 2026. Contineum believes its cash resources are sufficient to fund its planned operations through mid-2029.
•Research and development expenses were $16.0 million, a 45 percent increase from the third quarter of 2025. This increase was primarily driven by higher expenses related to the PIPE-791 IPF program and employee-related costs.
•General and administrative expenses were $5.0 million, a 26 percent increase from the third quarter of 2025. The increase was primarily driven by higher stock-based compensation and employee-related costs.
•Net loss was $18.7 million for the three months ended September 30, 2026, as compared to $12.8 million for the third 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. PIPE-791, an LPA1 receptor antagonist, is in clinical development for idiopathic pulmonary fibrosis and chronic pain. PIPE-307 is a selective inhibitor
of the M1 receptor in clinical development by Johnson & Johnson for major depressive disorder. For more information, please visit www.contineum-tx.com.
About PROPEL-IPF
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 randomized, double-blind, placebo-controlled clinical trial evaluating the efficacy, safety, tolerability and pharmacokinetics of once-daily, oral PIPE-791 with 26 weeks of treatment 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).
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 and/or require us to conduct additional studies or clinical trials or provide additional patient data, which could be costly, time-consuming and difficult to complete; 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 September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Operating expenses: | |||||||||||||||||||||||
| Research and development | $ | 15,985 | $ | 10,992 | $ | 40,334 | $ | 38,767 | |||||||||||||||
| General and administrative | 4,981 | 3,940 | 14,964 | 12,177 | |||||||||||||||||||
| Total operating expenses | 20,966 | 14,932 | 55,298 | 50,944 | |||||||||||||||||||
| Loss from operations | (20,966) | (14,932) | (55,298) | (50,944) | |||||||||||||||||||
| Other income (expense): | |||||||||||||||||||||||
| Interest income | 2,362 | 1,957 | 7,207 | 6,236 | |||||||||||||||||||
| Other income (expense), net | (93) | 183 | (216) | (114) | |||||||||||||||||||
| Total other income, net | 2,269 | 2,140 | 6,991 | 6,122 | |||||||||||||||||||
| Net loss | $ | (18,697) | $ | (12,792) | $ | (48,307) | $ | (44,822) | |||||||||||||||
| Other comprehensive income (loss): | |||||||||||||||||||||||
| Unrealized gain (loss) on marketable securities | (934) | 118 | (1,767) | 194 | |||||||||||||||||||
| Comprehensive loss | $ | (19,631) | $ | (12,674) | $ | (50,074) | $ | (44,628) | |||||||||||||||
Net loss per share, basic and diluted (a) | $ | (0.49) | $ | (0.45) | $ | (1.28) | $ | (1.68) | |||||||||||||||
| Weighted-average shares of common stock outstanding, basic and diluted | 38,390,234 | 28,115,548 | 37,736,217 | 26,635,056 | |||||||||||||||||||
_________________________
(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)
| September 30, 2026 | December 31, 2025 | ||||||||||
| Assets | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 75,198 | $ | 75,603 | |||||||
| Marketable securities | 169,286 | 187,293 | |||||||||
| Prepaid expenses and other current assets | 5,260 | 5,021 | |||||||||
| Total current assets | 249,744 | 267,917 | |||||||||
| Property and equipment, net | 848 | 830 | |||||||||
| Other long-term assets | 300 | 256 | |||||||||
| Operating lease right-of-use assets | 6,096 | 7,639 | |||||||||
| Total assets | $ | 256,988 | $ | 276,642 | |||||||
| Liabilities and Stockholders' Equity | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable | $ | 641 | $ | 1,016 | |||||||
| Accrued expenses | 4,663 | 6,387 | |||||||||
| Current portion of operating lease liabilities | 2,724 | 2,341 | |||||||||
| Total current liabilities | 8,028 | 9,744 | |||||||||
| Operating lease liabilities, net of current portion | 3,542 | 5,909 | |||||||||
| Total liabilities | 11,570 | 15,653 | |||||||||
| Commitments and contingencies | |||||||||||
| Stockholders' equity: | |||||||||||
| Class A common stock, $0.001 par value; authorized shares—200,000,000 at September 30, 2026 and December 31, 2025; issued and outstanding shares—35,337,047 and 31,236,787 at September 30, 2026 and December 31, 2025, respectively. | 35 | 31 | |||||||||
| Class B common stock, $0.001 par value; authorized shares—20,000,000 at September 30, 2026 and December 31, 2025; issued and outstanding shares—3,912,500 and 6,083,338 at September 30, 2026 and December 31, 2025, respectively. | 4 | 6 | |||||||||
| Preferred stock, $0.001 par value; authorized shares—10,000,000 at September 30, 2026 and December 31, 2025; no shares issued or outstanding at September 30, 2026 and December 31, 2025. | — | — | |||||||||
| Additional paid-in-capital | 472,573 | 438,072 | |||||||||
| Accumulated deficit | (225,687) | (177,380) | |||||||||
| Accumulated other comprehensive income (loss) | (1,507) | 260 | |||||||||
| Total stockholders' equity | 245,418 | 260,989 | |||||||||
| Total liabilities and stockholders' equity | $ | 256,988 | $ | 276,642 | |||||||