What Contineum Therapeutics does

Contineum Therapeutics is a clinical-stage biopharmaceutical company founded in 2019 and headquartered in San Diego, California, that develops oral small molecule drug candidates for indications at the intersection of neuroscience, inflammation, and immunology (NI&I). The company's pipeline is built around two main biological targets: the lysophosphatidic acid 1 receptor (LPA1R) and the M1 muscarinic receptor (M1R). Its lead asset, PIPE-791, is an LPA1R antagonist in a global Phase 2 trial (PROPEL-IPF, ~324 patients enrolled) for idiopathic pulmonary fibrosis and in Phase 1b for chronic pain, with topline chronic pain data expected in Q2 2026. Its second clinical asset, PIPE-307, is an M1R antagonist partnered with Janssen Pharmaceutica NV (a Johnson & Johnson company) for relapsing-remitting multiple sclerosis (RRMS) and major depressive disorder (MDD); a Janssen-led Phase 2 Moonlight-1 trial in MDD began enrolling in December 2024. Two additional preclinical programs—CTX-343 (a peripherally-restricted LPA1R antagonist) and a calpain inhibitor program—extend the pipeline, with CTX-343 clinical development deferred until additional funding is secured.

The company is publicly traded on NASDAQ under the ticker CTNM, following an upsized public offering completed in March 2026 that generated $93.0 million in net proceeds at $12.25 per share. It ended 2025 with $262.9 million in cash, cash equivalents, and marketable securities and has guided to a runway through mid-2029. Contineum has no commercial product revenue; its operating model relies on equity financings and partner-funded development (notably through the Janssen collaboration for PIPE-307). With 11–50 employees, the company runs lean, outsourcing clinical operations to CROs and focusing internal resources on research, clinical development, and investor/advocacy engagement.

Notable recent events include a failed Phase 2 VISTA trial of PIPE-307 in RRMS (which failed to meet primary or secondary efficacy endpoints and triggered a Morgan Stanley downgrade from Overweight to Equalweight with a price target cut from $23 to $14), and the simultaneous initiation of PROPEL-IPF patient dosing in March 2026. Leadership comprises President and CEO Carmine Stengone, CSO Daniel S. Lorrain, and CMO Timothy R. Watkins. The firm operates as an independent entity with no parent company, and its addressable indications target large populations—roughly 130,000 U.S. IPF patients and approximately 1 million U.S. MS patients.

Name

Contineum Therapeutics

Legal name

CONTINEUM THERAPEUTICS, INC.

Website

https://contineum-tx.com

Company type

Public

Founded year

2019

Operating status

Operating

Headcount range

11–50 employees

Short description

Contineum Therapeutics is a clinical-stage biopharmaceutical company developing oral small molecule therapies for neuroscience, inflammation, and immunology indications, with lead LPA1R and M1R antagonist programs in IPF, chronic pain, MS, and MDD.

Ownership category

akta.pro rank

Product category

Clinical-Stage Biopharmaceuticals (Small Molecule Therapeutics)

NAICS

Research and Development in Biotechnology (except Nanobiotechnology) (541714)

SIC

Pharmaceutical Preparations (2834)

akta.pro primary industry

Neurology & CNS Specialty Pharmaceuticals (HLAIACAC)

akta.pro secondary industry

Neurology & Psychiatry (CNS) Pharmaceuticals (HLAIAAAF)

Keywords

• Small molecule therapeutics
• Clinical-stage biopharmaceuticals
• Neuroscience drug development
• Inflammation and immunology therapies
• Orphan disease treatments

Headquarters

HQ city

San Diego

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales

Revenue model

1. Pharmaceutical Development: Contineum Therapeutics is a clinical-stage biopharmaceutical company without current product revenue. The company is developing small molecule drug candidates through clinical trials with the goal of obtaining regulatory approval and commercializing therapies for neuroscience, inflammation, and immunology indications.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Contineum Therapeutics is a clinical-stage biopharmaceutical company developing oral small molecule drug candidates targeting lysophosphatidic acid 1 receptor (LPA1R) and M1 muscarinic receptor (M1R) for serious neuroscience, inflammation, and immunology indications including idiopathic pulmonary fibrosis (IPF), chronic pain, relapsing-remitting multiple sclerosis (RRMS), and major depressive disorder (MDD). The company partners with Janssen Pharmaceutica NV (Johnson & Johnson) for development of its M1R antagonist PIPE-307 and relies on equity financing to advance its wholly-owned pipeline.

Product overview

Contineum Therapeutics is a clinical-stage biopharmaceutical company developing a portfolio of small molecule drug candidates targeting the intersection of neuroscience, inflammation, and immunology (NI&I). The company's lead program is PIPE-791, an LPA1 receptor antagonist in Phase 2 development for idiopathic pulmonary fibrosis (IPF) and Phase 1b for chronic pain. The company is also developing PIPE-307, an M1 muscarinic receptor antagonist partnered with Johnson & Johnson, for multiple sclerosis and major depressive disorder. Additional pipeline programs include CTX-343 (a peripherally-restricted LPA1 antagonist) and a calpain inhibitor program, both in preclinical stages. The pipeline is balanced between de-risked mechanisms with clinical validation and new opportunities with preclinical validation.

Differentiator

Problem solved

Functional benefit

Products and services

• PIPE-791 An oral lysophosphatidic acid 1 receptor (LPA1R) antagonist being developed as a potential best-in-class therapy for idiopathic pulmonary fibrosis (IPF), progressive multiple sclerosis, and chronic pain. Currently in a global Phase 2 trial (PROPEL-IPF) for IPF and Phase 1b for chronic pain, with Phase 1b chronic pain topline data expected Q2 2026.
• PIPE-307 An oral selective M1 muscarinic receptor (M1R) antagonist being developed in collaboration with Janssen Pharmaceutica NV (Johnson & Johnson) as a potential first-in-class therapy for relapsing-remitting multiple sclerosis (RRMS) and major depressive disorder (MDD). Targets remyelination in MS and clinically validated M1R biology in depression.
• CTX-343 A peripherally-restricted (unable to access the central nervous system) LPA1R antagonist in preclinical development. Leverages drug discovery capabilities synergistic with Contineum's existing portfolio. Clinical development has been deferred until funding is obtained.
• Calpain Inhibitor Program A preclinical calpain inhibitor program targeting a calcium-activated cysteine protease whose dysregulation is implicated in significant human pathological processes. The specific indication has not been publicly disclosed.

Quantifiable outcome

• Phase 2 PROPEL-IPF trial enrolled 324 IPF patients
• +1 more outcomes

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

One partnership is on record.

• Janssen Pharmaceutica NV (Johnson & Johnson)coreStrategic or Co-development PartnerContineum is developing PIPE-307 targeting the M1 muscarinic receptor in collaboration with Janssen Pharmaceutica NV, a Johnson & Johnson company. The partnership covers development for both relapsing-remitting multiple sclerosis (RRMS) and major depressive disorder (MDD). Janssen Pharmaceutica NV has sole discretion whether or not to further develop PIPE-307 for these indications. Johnson & Johnson's subsidiary began recruiting patients in December 2024 for a Phase 2 Moonlight-1 trial of PIPE-307/JNJ-89495120 in adult participants with major depressive disorder.

Scale indicators7 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Pliant Therapeutics: Clinical-stage biopharmaceutical company developing small molecule therapies for fibrotic diseases, including IPF. Pliant's PLN-74809 (Bexotegrast) is an oral integrin inhibitor in Phase 2b/3 for IPF, making it the most directly comparable peer given shared indication and small-molecule development approach in pulmonary fibrosis.
• Bristol-Myers Squibb: Develops BMS-986278, an LPA1R antagonist in clinical development for IPF—directly competing with Contineum's PIPE-791 on the same target and indication. BMS's substantially greater resources, manufacturing scale, and commercialization infrastructure make it the most consequential competitive threat.
• Karuna Therapeutics: Clinical-stage CNS biopharmaceutical company that developed xanomeline-trospium (Cobenfy) for schizophrenia and was acquired by Bristol-Myers Squibb in 2024 for $14B. Comparable to Contineum as a small-molecule CNS specialty developer targeting validated muscarinic receptor mechanisms, now part of BMS's CNS franchise.
• Sage Therapeutics: Clinical-stage CNS biopharmaceutical company developing small molecule therapies for depression (Zurzuvae/zuranolone) and neurology indications. Direct peer in CNS-focused small molecule development for major depressive disorder, sharing Contineum's strategic focus on underserved CNS indications with novel mechanisms.
• Acadia Pharmaceuticals: Specialty CNS biopharmaceutical company with commercial product Nuplazid (pimavanserin) for Parkinson's disease psychosis and pipeline including trofinetide (Daybue) for Rett syndrome. Comparable as a small-cap specialty CNS developer pursuing differentiated mechanisms in underserved neurology and psychiatry indications.
• FibroGen: Biopharmaceutical company with a portfolio including pamrevlumab (anti-CTGF) which was in development for IPF. Directly comparable given shared IPF indication and small-molecule/biologic development approach in fibrotic lung disease, providing relevant IPF clinical-development benchmarks and competitive context.
• Madrigal Pharmaceuticals: Clinical-stage biopharmaceutical company that developed Rezdiffra (resmetirom) for NASH/MASH liver disease, gaining FDA approval in 2024. Comparable as a small-cap clinical-stage small-molecule developer that successfully translated a mechanism-driven therapy into first-in-class approval in a high-unmet-need indication—mirroring Contineum's path with PIPE-791 in IPF.

Broad incumbents

• Biogen: Major multiple sclerosis franchise owner with Tysabri, Tecfidera, and Avonex products, plus an active CNS specialty pipeline (including acquisition of Sage Therapeutics). Relevant as the established incumbent in MS—the same indication where Contineum's PIPE-307 just failed Phase 2—illustrating competitive scale and bar for differentiation.
• AbbVie: Large biopharmaceutical company with Vraylar (cariprazine) for major depressive disorder adjunctive treatment and an active CNS/neurology pipeline including Cerevel-acquired assets. Comparable as a broad incumbent with commercialized CNS franchises overlapping Contineum's MDD and MS target indications.
• Roche: Global biopharmaceutical company with a major multiple sclerosis franchise (Ocrevus) and active CNS/inflammation R&D including remyelination research programs. Relevant as a broad incumbent competing across multiple of Contineum's target indications (MS, MDD, IPF-adjacent fibrotic disease).

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/contineumtherapeutics

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Contineum Therapeutics