Contineum Therapeutics Q1 2024 Financial Results and Business Highlights

Contineum Therapeutics Inc. (Nasdaq: CTNM), a biopharmaceutical company dedicated to creating novel, oral small molecule therapies for Neuroscience, Inflammation, and Immunology (NI&I) conditions, released their financial results for the first quarter of 2024, alongside recent corporate advancements.

CEO Carmine Stengone reflected on the transformative year for Contineum, highlighting their transition to a public company, the expansion of PIPE-791 into fibrotic diseases, and the selection of a third internal development candidate. The focus for 2024 includes clinical trials and executing strategic plans, such as the Phase 2 trial of PIPE-307 for relapse-remitting multiple sclerosis (RRMS) and a Phase 1b trial of PIPE-791 to study its pharmacokinetics in lung and brain receptor occupancy using PET imaging. Furthermore, their partner, Johnson & Johnson (J&J), is set to start a Phase 2 trial of PIPE-307 in depression in 2024.

Key achievements in the first quarter and recent updates include:

IPO and Financial Strength:
In April 2024, Contineum successfully completed its Initial Public Offering (IPO), securing $108 million in net proceeds. This boosted the company's cash reserves to $225.9 million as of March 31, 2024, ensuring financial stability to fund operations until the end of 2027 based on current plans.

PIPE-791 Clinical Trial:
The Phase 1 trial for PIPE-791, an LPA1 receptor antagonist aimed at treating idiopathic pulmonary fibrosis (IPF) and progressive multiple sclerosis (MS), met its primary objective of assessing safety and tolerability, and secondary objective of determining pharmacokinetics for single and multiple doses. PIPE-791 was well-tolerated across all dosage levels. A Phase 1b open-label trial is planned for late 2024 to further explore the relationship between pharmacokinetics and lung/brain receptor occupancy, with outcomes informing dosages for subsequent Phase 2 trials.

Pipeline Expansion:
In January 2024, Contineum introduced CTX-343, a new LPA1R antagonist that does not cross the blood-brain barrier, into preclinical studies. This marked Contineum's third internally developed candidate. They aim to submit an Investigational New Drug Application (IND) to the FDA in 2025.

Scientific Presentations:
In March 2024, Contineum presented data at the Myelin Gordon Conference, demonstrating high LPA1 receptor expression in brain tissue from MS patients. This finding supports the ongoing clinical development of PIPE-791 for progressive MS.

Board of Directors:
Contineum strengthened its Board by appointing Olivia Ware, a pharmaceutical industry veteran with over two decades of experience in drug development and commercialization. Ms. Ware has been instrumental in launching several key drugs and brings valuable expertise to the board.

Financial Results:
As of March 31, 2024, Contineum reported $117.9 million in cash, cash equivalents, and marketable securities, down slightly from $125.2 million at the end of 2023. Research and development expenses increased significantly to $7.8 million in Q1 2024 from $3.6 million in Q1 2023, primarily due to higher costs associated with product candidate development and increased personnel. General and administrative expenses rose to $2.2 million in Q1 2024 from $1.5 million in Q1 2023, driven by consulting and personnel costs.

Company Overview:
Contineum Therapeutics is dedicated to pioneering oral small molecule therapies for unmet NI&I needs. Their pipeline includes PIPE-791, an LPA1 receptor antagonist, and PIPE-307, a selective M1 receptor inhibitor in Phase 2 trials for RRMS and planned trials for depression. The company collaborates with Johnson & Johnson and is headquartered in San Diego, CA.

These developments indicate Contineum's commitment to advancing its clinical programs and expanding its capabilities in the NI&I field to deliver impactful treatments to patients and value to shareholders.

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