Contineum Therapeutics, Inc. reported a net loss of $15.99 million for the first quarter of 2025, compared to a net loss of $8.42 million in the same period of the previous year. The company's operating expenses increased significantly to $18.11 million from $9.93 million year-over-year, driven primarily by a rise in research and development costs, which surged to $13.71 million from $7.78 million. This increase reflects heightened activity in ongoing clinical trials, including the VISTA Phase 2 trial for PIPE-307 and the Phase 1b trial for PIPE-791. General and administrative expenses also rose to $4.40 million from $2.15 million, largely due to increased personnel costs and stock-based compensation.
In terms of financial position, Contineum's total assets decreased to $198.26 million as of March 31, 2025, down from $212.85 million at the end of 2024. The company reported cash, cash equivalents, and marketable securities totaling $190.70 million, which management believes will be sufficient to support operations for at least the next 12 months. The accumulated deficit increased to $133.39 million, reflecting the ongoing investment in research and development activities.
Strategically, Contineum has made significant advancements, including the completion of its initial public offering (IPO) in April 2024, which raised approximately $107.9 million in net proceeds. The company has also entered into a license agreement with Janssen Pharmaceutica NV, a Johnson & Johnson company, granting exclusive rights to develop and commercialize PIPE-307. This agreement includes potential milestone payments of up to $1 billion and tiered royalties on net sales, although no revenue has yet been recognized from product sales.
Operationally, Contineum has focused on expanding its clinical portfolio, with PIPE-307 and PIPE-791 being the lead candidates. The company has initiated multiple clinical trials, including a Phase 2 trial for PIPE-307 in patients with relapse-remitting multiple sclerosis, which has fully enrolled. The company anticipates that top-line data from this trial will be available in the second half of 2025. Looking ahead, Contineum expects to continue increasing its operating expenses as it advances its drug candidates through clinical development and seeks regulatory approvals, while also exploring additional financing options to support its growth initiatives.
About Contineum Therapeutics, Inc.
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