Chronic pain data and cash runway to 2029 for Contineum (NASDAQ: CTNM)
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Contineum Therapeutics reported first-quarter 2026 results, highlighting clinical progress and a strengthened financial position. The company recently announced positive topline data from an exploratory Phase 1b trial of PIPE-791 for chronic osteoarthritis or low back pain, which met its safety and tolerability objective and showed numerically greater pain improvements versus placebo. It also began patient dosing in PROPEL-IPF, a 26-week global Phase 2 trial of PIPE-791 in idiopathic pulmonary fibrosis, and Johnson & Johnson is running the Phase 2 Moonlight-1 trial of PIPE-307/JNJ-89495120 in major depressive disorder.
Cash, cash equivalents and marketable securities totaled $246.3 million as of March 31, 2026, and the company expects its cash runway to extend through mid-2029. Research and development expenses were $11.6 million, a 15 percent decrease from the first quarter of 2025, while general and administrative expenses were $5.3 million, a 20 percent increase. Net loss was $14.5 million for the quarter, compared with $16.0 million a year earlier, or $0.39 per share based on 37,339,026 weighted-average shares outstanding.
Positive
- None.
Negative
- None.
Insights
Early clinical wins and long cash runway support Contineum’s multi-asset NI&I pipeline.
Contineum reported positive topline data from its exploratory Phase 1b PIPE-791 chronic pain trial, meeting safety and tolerability goals and showing numerically better pain reductions than placebo. This supports ongoing development of PIPE-791 across chronic pain and idiopathic pulmonary fibrosis, where the Phase 2 PROPEL-IPF trial has begun dosing.
Financially, cash, cash equivalents and marketable securities of $246.3 million as of March 31, 2026 are expected to fund operations through mid-2029, providing visibility beyond the estimated completion of the IPF trial. Net loss narrowed to $14.5 million versus $16.0 million a year earlier as research and development expenses fell 15% while general and administrative costs rose 20%.
The partnership with Johnson & Johnson on PIPE-307, now in the Phase 2 Moonlight-1 trial for major depressive disorder, adds a second late-preclinical/clinical pillar without requiring Contineum to directly fund that program. Future company filings describing PROPEL-IPF progress, Moonlight-1 outcomes, and updates to the cash runway will further clarify how these assets advance toward potential late-stage development.
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: $246.3 million
Research and development expenses: $11.6 million
General and administrative expenses: $5.3 million
+5 more
8 metrics
Cash, cash equivalents and marketable securities
$246.3 million
As of March 31, 2026; projected to fund operations through mid-2029
Research and development expenses
$11.6 million
Q1 2026; 15 percent decrease from first quarter of 2025
General and administrative expenses
$5.3 million
Q1 2026; 20 percent increase from first quarter of 2025
Net loss
$14.5 million
Three months ended March 31, 2026 vs $16.0 million in Q1 2025
Net loss per share
$0.39
Basic and diluted for Q1 2026; weighted-average shares 37,339,026
Total operating expenses
$16.9 million
Q1 2026 total of research and development and general and administrative
Interest income
$2.5 million
Q1 2026 other income component
Total assets
$261.3 million
As of March 31, 2026 on condensed balance sheet
Key Terms
idiopathic pulmonary fibrosis, Phase 2 clinical trial, forced vital capacity, major depressive disorder, +2 more
6 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.
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.
forced vital capacity medical
"The primary efficacy endpoint is the change from baseline through week 26 in 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.
major depressive disorder medical
"as monotherapy in adult participants 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 and chronic pain."
non-opioid treatment medical
"Phase 1b trial of PIPE-791 for the non-opioid treatment of chronic osteoarthritis pain or chronic low back pain."
Earnings Snapshot
Net loss: $14.5 million · Guidance included
Q1 2026
Net loss
$14.5 million
narrowed from $16.0 million in Q1 2025
Research and development expenses
$11.6 million
15 percent decrease from first quarter of 2025
General and administrative expenses
$5.3 million
20 percent increase from first quarter of 2025
Guidance
Contineum believes its cash resources of $246.3 million as of March 31, 2026 are sufficient to fund planned operations through mid-2029.
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): May 5, 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 May 5, 2026, Contineum Therapeutics, Inc. (the “Company”) issued a press release announcing the Company’s financial results for the first quarter ended March 31, 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 May 5, 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: May 5, 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 FIRST-QUARTER 2026 FINANCIAL RESULTS; AFFIRMS KEY CLINICAL DEVELOPMENT MILESTONES
SAN DIEGO – May 5, 2026 – Contineum Therapeutics, Inc. (NASDAQ: CTNM) (Contineum or the Company), a clinical-stage biopharmaceutical company pioneering differentiated therapies for the treatment of neuroscience, inflammation and immunology (NI&I) indications, today reported its first-quarter 2026 financial results and affirmed its key clinical development milestones.
“We’re excited to have recently shared positive topline results from our chronic pain trial,” said Carmine Stengone, CEO, Contineum Therapeutics. “We continue to steadily enroll PROPEL-IPF, a global Phase 2 trial evaluating PIPE-791 for the treatment of patients with idiopathic pulmonary fibrosis (IPF). 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 that prioritizes our lead clinical indication, while thoughtfully considering the advancement of other programs.”
Key Clinical Development Milestones
•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 and development of PIPE-791 for the potential treatment of chronic pain. More information on this trial can be found at https://clinicaltrials.gov (NCT06810245).
•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).
•In December 2024, Johnson & Johnson began recruiting an estimated 124 adult participants for a Phase 2 Moonlight-1 trial of PIPE-307/JNJ-89495120. Estimated trial completion is June 2026. This randomized, double-blind, multicenter, placebo-controlled, proof-of-concept trial is evaluating the efficacy, safety and tolerability of PIPE-307/JNJ-89495120 as monotherapy in adult participants with major depressive disorder (MDD). More information on this trial can be found at https://clinicaltrials.gov (NCT06785012).
First-Quarter 2026 Financial Results
•Cash, cash equivalents and marketable securities were $246.3 million as of March 31, 2026. Contineum believes its cash resources are sufficient to fund its planned operations through mid-2029.
•Research and development expenses were $11.6 million, a 15 percent decrease from the first 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 PET trial, partially offset by increased expenses for the PIPE-791 IPF program and higher employee-related costs.
•General and administrative expenses were $5.3 million, a 20 percent increase from the first quarter of 2025. The increase was primarily driven by higher stock-based compensation and employee-related costs.
•Net loss was $14.5 million for the three months ended March 31, 2026, as compared to $16.0 million for the first quarter of 2025.
About Contineum Therapeutics
Contineum Therapeutics (Nasdaq: CTNM) is a clinical-stage biopharmaceutical company pioneering novel, oral small molecule therapies for NI&I indications 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 relapsing-remitting multiple sclerosis and 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 for the treatment of chronic pain or IPF; the potential of the data from the Company’s exploratory Phase 1b chronic pain trial to predict future clinical outcomes or results; the enrollment and estimated completion date of the Company’s global Phase 2 clinical trial in IPF; the estimated completion date of the Phase 2 Moonlight-1 trial of PIPE-307/JNJ-89495120; 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 relapsing-remitting multiple sclerosis, 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 March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Operating expenses: | |||||||||||
| Research and development | $ | 11,648 | $ | 13,712 | |||||||
| General and administrative | 5,256 | 4,398 | |||||||||
| Total operating expenses | 16,904 | 18,110 | |||||||||
| Loss from operations | (16,904) | (18,110) | |||||||||
| Other income (expense): | |||||||||||
| Interest income | 2,505 | 2,250 | |||||||||
| Other expense, net | (57) | (130) | |||||||||
| Total other income, net | 2,448 | 2,120 | |||||||||
| Net loss | $ | (14,456) | $ | (15,990) | |||||||
| Other comprehensive income (loss): | |||||||||||
| Unrealized gain (loss) on marketable securities | (513) | 99 | |||||||||
| Comprehensive loss | $ | (14,969) | $ | (15,891) | |||||||
Net loss per share, basic and diluted (a) | $ | (0.39) | $ | (0.62) | |||||||
| Weighted-average shares of common stock outstanding, basic and diluted | 37,339,026 | 25,868,935 | |||||||||
_________________________
(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)
| March 31, 2026 | December 31, 2025 | ||||||||||
| Assets | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 20,158 | $ | 75,603 | |||||||
| Marketable securities | 226,170 | 187,293 | |||||||||
| Prepaid expenses and other current assets | 6,636 | 5,021 | |||||||||
| Total current assets | 252,964 | 267,917 | |||||||||
| Property and equipment, net | 1,057 | 830 | |||||||||
| Other long-term assets | 312 | 256 | |||||||||
| Operating lease right-of-use assets | 7,016 | 7,639 | |||||||||
| Total assets | $ | 261,349 | $ | 276,642 | |||||||
| Liabilities and Stockholders' Equity | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable | $ | 1,495 | $ | 1,016 | |||||||
| Accrued expenses | 2,859 | 6,387 | |||||||||
| Current portion of operating lease liabilities | 2,303 | 2,341 | |||||||||
| Total current liabilities | 6,657 | 9,744 | |||||||||
| Operating lease liabilities, net of current portion | 4,651 | 5,909 | |||||||||
| Total liabilities | 11,308 | 15,653 | |||||||||
| Commitments and contingencies | |||||||||||
| Stockholders' equity: | |||||||||||
| Class A common stock, $0.001 par value; authorized shares—200,000,000 at March 31, 2026 and December 31, 2025; issued and outstanding shares—32,723,877 and 31,236,787 at March 31, 2026 and December 31, 2025, respectively. | 32 | 31 | |||||||||
| Class B common stock, $0.001 par value; authorized shares—20,000,000 at March 31, 2026 and December 31, 2025; issued and outstanding shares—4,662,500 and 6,083,338 at March 31, 2026 and December 31, 2025, respectively. | 5 | 6 | |||||||||
| Preferred stock, $0.001 par value; authorized shares—10,000,000 at March 31, 2026 and December 31, 2025; no shares issued or outstanding at March 31, 2026 and December 31, 2025. | — | — | |||||||||
| Additional paid-in-capital | 442,093 | 438,072 | |||||||||
| Accumulated deficit | (191,836) | (177,380) | |||||||||
| Accumulated other comprehensive income (loss) | (253) | 260 | |||||||||
| Total stockholders' equity | 250,041 | 260,989 | |||||||||
| Total liabilities and stockholders' equity | $ | 261,349 | $ | 276,642 | |||||||
FAQ
How did Contineum Therapeutics (CTNM) perform financially in Q1 2026?
Contineum reported a Q1 2026 net loss of $14.5 million, compared with $16.0 million in Q1 2025. Research and development expenses were $11.6 million and general and administrative expenses were $5.3 million, reflecting tighter R&D spending and higher overhead costs.
What is Contineum Therapeutics’ cash position and runway after Q1 2026?
As of March 31, 2026, Contineum held $246.3 million in cash, cash equivalents and marketable securities. The company believes these resources are sufficient to fund planned operations through mid-2029, extending roughly one year beyond the estimated completion of its PROPEL-IPF Phase 2 trial.
What were the key clinical milestones Contineum reported for PIPE-791?
Contineum reported positive topline data from an exploratory Phase 1b chronic pain trial of PIPE-791, which met its safety and tolerability goal. The company also initiated patient dosing in PROPEL-IPF, a 26-week global Phase 2 trial in idiopathic pulmonary fibrosis evaluating efficacy, safety and pharmacokinetics.
How is Johnson & Johnson involved with Contineum’s PIPE-307 program?
Under a global license and development agreement, Janssen Pharmaceutica NV, a Johnson & Johnson company, is developing PIPE-307/JNJ-89495120. Janssen began recruiting about 124 adults for the Phase 2 Moonlight-1 trial in major depressive disorder, with estimated completion in June 2026.
How did Contineum’s operating expenses change in Q1 2026 versus Q1 2025?
Research and development expenses were $11.6 million, a 15 percent decrease from Q1 2025, mainly after completing prior trials. General and administrative expenses rose to $5.3 million, a 20 percent increase, driven largely by higher stock-based compensation and employee-related costs.
What indications is PIPE-791 being developed for at Contineum Therapeutics?
PIPE-791 is described as an LPA1 receptor antagonist in development for idiopathic pulmonary fibrosis and chronic pain. The company is running the Phase 2 PROPEL-IPF trial in IPF and has completed an exploratory Phase 1b trial in chronic osteoarthritis or low back pain.