Contineum Therapeutics — Third Quarter 2026 Earnings Summary

Financial Performance:

• Cash, cash equivalents, and marketable securities totaled $244.5 million as of September 30, 2026.
• Research and development expenses were $16.0 million for the quarter, representing a 45% increase from $11.0 million in the third quarter of 2025.
• General and administrative expenses were $5.0 million for the quarter, a 26% increase from $3.9 million in the third quarter of 2025.
• Net loss for the three months ended September 30, 2026, was $18.7 million, compared to $12.8 million in the same period of 2025.
• Total operating expenses for the nine months ended September 30, 2026, were $55.3 million, up from $50.9 million in the prior year period.
• Net loss for the nine months ended September 30, 2026, was $48.3 million, compared to $44.8 million in the prior year period.
• Interest income was $2.4 million for the quarter, up from $2.0 million in the third quarter of 2025.
• Accumulated deficit increased to $225.7 million as of September 30, 2026, from $177.4 million as of December 31, 2025.

Guidance and Future Outlook:

• Management projects a cash runway extending through mid-2029.
• The company states it is well-positioned with capital resources one year past the estimated completion of the idiopathic pulmonary fibrosis (IPF) trial.
• The PROPEL-IPF trial is projected to continue enrollment with a steady pace.

Business Segments and Product Lines:

• PIPE-791, an LPAR1 antagonist, is in clinical development for idiopathic pulmonary fibrosis (IPF) and chronic pain.
• The PROPEL-IPF global Phase 2 clinical trial initiated patient dosing in the first quarter of 2026.
• The PROPEL-IPF trial is a randomized, double-blind, placebo-controlled study evaluating once-daily oral PIPE-791 in approximately 324 IPF patients over 26 weeks.
• The trial has enrolled over 100 sites across 16 countries.
• PIPE-307 is a selective M1 receptor inhibitor in clinical development by Johnson & Johnson for major depressive disorder.
• The company reports no revenue, consistent with its status as a clinical-stage biopharmaceutical company.

Market and Competitive Landscape:

• Management notes that LPAR1 antagonism has strong clinical validation with multiple trials successfully completed involving more than 1,600 patients.
• The company positions PIPE-791 as potentially differentiated by a favorable safety and tolerability profile, sustained target engagement, and a one-time daily low oral dose requiring no titration.

Risks and Challenges:

• The company is heavily dependent on the success of PIPE-791 and PIPE-307, both of which are in early stages of clinical development and may not progress or receive regulatory approval.
• Clinical trial results may not be predictive of future results, and unexpected adverse side effects or inadequate efficacy may limit development.
• Regulatory authorities may disagree on trial design or require additional studies, which could be costly and time-consuming.
• The company relies on Janssen Pharmaceutica NV (a Johnson & Johnson company) to develop PIPE-307 in its sole discretion, with restrictions on the company's access to and disclosure of development information.
• Operating expenses are expected to continue to increase significantly for the foreseeable future.
• The company may be unable to compete successfully against competitors with greater resources.

Management Commentary and Tone:

• CEO Carmine Stengone stated that the LPAR1 class is the "ideal backbone for combination treatments."
• Management expressed confidence in the capital position, noting resources are sufficient to fund operations through mid-2029.
• The tone regarding the PROPEL-IPF trial is positive, highlighting the expansion of the trial footprint to over 100 sites in 16 countries.

Other Key Points:

• The company holds a global license and development agreement with Janssen Pharmaceutica NV regarding PIPE-307.
• Weighted-average shares of common stock outstanding for the quarter ended September 30, 2026, were 38.4 million, compared to 28.1 million in the prior year period.
• Net loss per share (basic and diluted) was $(0.49) for the quarter ended September 30, 2026, compared to $(0.45) in the prior year period.
• Total assets were $257.0 million as of September 30, 2026, down from $276.6 million as of December 31, 2025.
• Total liabilities were $11.6 million as of September 30, 2026, down from $15.7 million as of December 31, 2025.