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Contineum Therapeutics, Inc. (NASDAQ:CTNM) on Thursday shared topline data from its Phase 2 VISTA trial of PIPE-307, an M1 receptor antagonist for relapsing-remitting multiple sclerosis (RRMS).
RRMS is the most common type of MS, characterized by unpredictable periods of new or worsening symptoms (relapses) followed by periods of recovery (remissions).
MS is an autoimmune disease where the immune system attacks the myelin sheath, the protective covering of nerve fibers in the brain and spinal cord.
The trial demonstrated acceptable safety and tolerability at both doses but did not meet its prespecified primary or secondary efficacy endpoints.
In RRMS patients, no significant change was observed in binocular 2.5% low contrast letter acuity across treatment arms.
The company continues to interrogate the trial data related to its exploratory endpoints.
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“We’re disappointed by these results…,” said Timothy Watkins, Chief Medical Officer and Head of Development, Contineum Therapeutics.
The company intends to present the complete dataset at a future medical meeting and to publish full results in a peer-reviewed medical journal.
RBC Capital Markets on Thursday wrote, “While there was some preclinical rationale for ‘307’s mechanism and some indirect clinical validation, and the trial was designed with many endpoints to detect any potential signal of disability reversal, given the limited evidence, we had always viewed the readout as high risk, compared to CTNM’s other programs, for which there is more substantial validation in our view.”
While the update limits any upside optionality, analyst Brian Abrahams views the trial and indication as high risk, noting that it shouldn't materially affect '307's prospects in depression, and the core valuation remains tied to '791's potential in IPF.
The company initiated a global Phase 2 clinical trial of PIPE-791 in idiopathic pulmonary fibrosis (IPF) in the fourth quarter of 2025.
RBC Capital lowered the price forecast from $25 to $22, with an Outperform rating.
During its third-quarter earnings release, the company decided to defer initiation of its PIPE-791 PrMS and CTX-343 clinical development efforts. As a result, the company has extended its projected cash runway to fund planned operations through 2028.
Price Action: CTNM stock is down 13.26% at $10.60 at the last check on Friday.
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Posted In: CTNM
