PIPE-307 (M1 Receptor Inhibitor)

May 5, 2026 — Contineum Therapeutics, Inc. (NASDAQ: CTNM) reported first-quarter 2026 financial results and reaffirmed clinical milestones for its NI&I pipeline, led by PIPE-791.

Clinical updates: On April 30, 2026, Contineum reported positive topline data from an exploratory Phase 1b trial of PIPE-791 in chronic osteoarthritis pain or chronic low back pain. The study met its primary objective (safety/tolerability), with adverse events generally consistent with prior PIPE-791 trials; PIPE-791 showed numerically greater pain improvements vs placebo. In Q1 2026, the company initiated patient dosing in PROPEL-IPF, a global Phase 2, 26-week, randomized, double-blind, placebo-controlled trial of once-daily oral PIPE-791 in ~324 idiopathic pulmonary fibrosis (IPF) patients; primary endpoint is change in absolute FVC (mL) through week 26. Separately, Johnson & Johnson is recruiting for the Phase 2 Moonlight-1 trial of PIPE-307/JNJ-89495120 in major depressive disorder (estimated completion June 2026).

Financials: Cash, cash equivalents and marketable securities were $246.3M as of March 31, 2026, which Contineum projects funds operations through mid-2029. Q1 2026 R&D expense was $11.6M (down 15% YoY), G&A was $5.3M (up 20% YoY), and net loss was $14.5M (vs $16.0M in Q1 2025).