Contineum Therapeutics, Inc. Class A Common Stock

Contineum Therapeutics said JNJ-5120/PIPE-307, a drug Johnson & Johnson is advancing under a global license and development agreement, failed to hit the primary endpoint of the Phase 2 MOONLIGHT-1 study in major depressive disorder. The trial enrolled 107 adults with MDD and tested the drug as a monotherapy, measuring change from baseline in the Montgomery-Åsberg Depression Rating Scale total score at Day 5 versus placebo. Contineum said the drug was well tolerated with no new safety signals, and Johnson & Johnson has not announced that development is ending, saying it is still analyzing the broader dataset including prespecified exploratory endpoints before deciding next steps. It is the second disappointing efficacy readout for PIPE-307, after a 2025 study of the same compound in relapsing-remitting multiple sclerosis failed its primary efficacy measure. Contineum continues to advance its internally developed PIPE-791 program in indications including idiopathic pulmonary fibrosis and chronic pain, leaving J&J's decision on PIPE-307 as the next concrete milestone.

Contineum Therapeutics reported its second-quarter 2026 financial results and affirmed key clinical development milestones. The company's cash, cash equivalents and marketable securities totaled $236.6 million as of June 30, 2026, which it believes is sufficient to fund operations through mid-2029. Research and development expenses decreased 10 percent to $12.7 million, while general and administrative expenses rose 23 percent to $4.7 million, resulting in a net loss of $15.2 million for the quarter. On the clinical front, Contineum's global Phase 2 PROPEL-IPF trial evaluating PIPE-791 for idiopathic pulmonary fibrosis has more than 55 sites online across eight countries, and Johnson & Johnson completed enrollment of 107 participants in its Phase 2 MOONLIGHT-1 trial of JNJ-5120/PIPE-307 for major depressive disorder. The company also streamlined its discovery programs, leading to a limited workforce reduction including the departure of its Chief Scientific Officer.