Contineum Therapeutics, Inc. CTNM
We are a clinical-stage biopharmaceutical company pioneering differentiated therapies for the treatment of NI&I indications with significant unmet need. We target biological pathways associated with specific clinical impairments that we believe, once modulated, will demonstrably alter the course of disease.
We focus on developing selective compounds targeting challenging molecular pathways and have built a portfolio of small molecule drug candidates. We believe our two clinical-stage, internally-discovered drug candidates, PIPE-791 and PIPE-307, will have broad applicability across multiple NI&I indications. We are developing PIPE-307 in collaboration with J&J.
Our wholly-owned lead asset, PIPE-791, is a novel, brain penetrant, small molecule inhibitor of the lysophosphatidic acid 1 receptor ("LPA1R") in development for idiopathic pulmonary fibrosis ("IPF") and chronic pain. LPA1R antagonism is a clinically validated mechanism in IPF, and we believe that our preclinical studies, Phase 1 healthy volunteer data, and Phase 1 positron emission tomography ("PET") data support the development of PIPE-791 for IPF and chronic pain. Specifically, based on its high bioavailability, high selectivity, low plasma protein binding, and long receptor residence time, we believe PIPE-791 has the potential to be a differentiated LPA1R therapy. In September 2025, we reported positive top-line data from our completed Phase 1b PET trial which measured the relationship of pharmacokinetics ("PK") to receptor occupancy ("RO") by PET imaging. The data from the Phase 1b PET trial further affirmed the planned dose selection for our Phase 2 trial of PIPE-791 in IPF, which was initiated in December 2025. In the fourth quarter of 2025, we completed enrollment for a phase 1b, randomized, double-blind, placebo-controlled, crossover study which was designed to explore the safety and efficacy of oral PIPE-791 in subjects with chronic osteoarthritic pain ("COAP") or chronic low back pain ("CLBP"). We anticipate top-line data from this trial in the second quarter of 2026.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|
| Revenue | — | $0 | $50.0M | — |
| R&D | $51.5M | $38.4M | $27.6M | — |
| SG&A | $16.5M | $12.5M | $6.3M | — |
| Total operating expenses | $68.1M | $50.9M | $33.9M | — |
| Operating income | -$68.1M | -$50.9M | $16.1M | — |
| Interest expense | — | $0 | $208.0K | — |
| Pre-tax income | -$60.1M | -$42.3M | $23.2M | — |
| Income tax | $0 | $0 | $450.0K | — |
| Net income | -$60.0M | -$42.3M | $22.7M | — |
| EPS, basic | -2.17 | -2.18 | 1.36 | — |
| EPS, diluted | -2.17 | -2.18 | 0.08 | — |
| Shares, diluted (wtd. avg.) | 27.7M | 19.4M | 3.4M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|
| Cash and equivalents | $75.6M | $21.9M | $15.5M | — |
| Short-term investments | $187.3M | $182.8M | $109.7M | — |
| Total current assets | $267.9M | $206.4M | $127.7M | — |
| Property, plant and equipment | $830.0K | $989.0K | $678.0K | — |
| Total assets | $276.6M | $212.8M | $130.4M | — |
| Accounts payable | $1.0M | $1.8M | $635.0K | — |
| Total current liabilities | $9.7M | $10.0M | $5.5M | — |
| Total liabilities | $15.7M | $14.8M | $5.7M | — |
| Retained earnings | -$177.4M | -$117.4M | -$75.1M | — |
| Total equity | $261.0M | $198.1M | -$67.9M | -$93.2M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|
| Operating cash flow | -$55.3M | -$32.8M | $19.3M | — |
| Depreciation and amortisation | $323.0K | $258.0K | $195.0K | — |
| Stock-based compensation | $10.0M | $6.8M | $2.2M | — |
| Capital expenditure | $231.0K | $514.0K | $414.0K | — |
| Investing cash flow | -$3.7M | -$69.7M | -$65.6M | — |
| Financing cash flow | $112.7M | $109.0M | $56.2M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001628280-26-015165.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
| Revenue | — | $50.0M | $0 | — |
| Gross profit | — | — | — | — |
| Net income | — | $22.7M | -$42.3M | -$60.0M |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Results announced Item 2.02
- Regulation FD disclosure Item 7.01
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Results announced Item 2.02
- Other event Item 8.01
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Other event Item 8.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
Others in SIC 2834
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| LLY | ELI LILLY & Co | $1.20T | 55.5x | 44.7% |
| JNJ | JOHNSON & JOHNSON | $635.76B | 23.9x | 6.0% |
| ABBV | AbbVie Inc. | $504.76B | 121.0x | 8.6% |
| MRK | Merck & Co., Inc. | $358.41B | 20.0x | 1.3% |
| ABT | ABBOTT LABORATORIES | $180.63B | 27.9x | 5.7% |
| PFE | PFIZER INC | $171.16B | 22.1x | -1.6% |
| VRTX | VERTEX PHARMACEUTICALS INC / MA | $132.80B | 34.2x | 8.9% |
| BMY | BRISTOL MYERS SQUIBB CO | $125.59B | 17.8x | -0.2% |