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SAN DIEGO - Contineum Therapeutics (NASDAQ:CTNM), a clinical-stage biotech currently trading at $4.53 and according to InvestingPro analysis showing signs of being overvalued, has completed enrollment of healthy volunteer and progressive multiple sclerosis (PrMS) cohorts in its Phase 1b positron emission tomography (PET) trial of PIPE-791, the company announced Wednesday.
The clinical-stage biopharmaceutical company, which is developing therapies for neuroscience, inflammation and immunology indications, added two additional PrMS patients in early June to assess PET imaging of the brain. InvestingPro data shows the company maintains a strong liquidity position with a current ratio of 21.47, though it’s currently experiencing rapid cash burn.
PIPE-791 is a selective antagonist of the lysophosphatidic acid 1 (LPA1) receptor being studied for potential treatment of idiopathic pulmonary fibrosis (IPF), progressive multiple sclerosis, and chronic pain.
The trial has enrolled 12 healthy volunteers and four PrMS patients to date. Screening and enrollment of IPF patients is still ongoing. The study aims to assess the correlation between pharmacokinetics and LPA1 receptor occupancy using PET imaging.
"While adding these additional patients to the trial has led to a modest delay in reporting our topline data, we believe the enhanced clinical understanding of PIPE-791 in patients is important to the program," said Timothy Watkins, Chief Medical Officer and Head of Development at Contineum Therapeutics.
The company now expects to report topline data from the fully enrolled cohorts in the third quarter of 2025, later than previously anticipated.
The Phase 1b trial is designed to help guide dose selection for the next stages of clinical development of PIPE-791, building on preclinical data to improve understanding of receptor occupancy in both healthy volunteers and patients.
In other recent news, Contineum Therapeutics received an outperform rating from William Blair, with a fair value estimate of $23.26 per share. The firm highlighted Contineum’s lead candidate, PIPE-791, which is being developed for conditions such as idiopathic pulmonary fibrosis (IPF) and multiple sclerosis. William Blair attributes approximately 70% of its valuation estimate to PIPE-791’s potential in IPF, emphasizing its clean safety profile from Phase I trials. Data from a Phase Ib trial, crucial for future Phase II studies, is expected later in the second quarter. Another promising candidate, PIPE-307, is under development in collaboration with Johnson & Johnson and is being tested for relapsing multiple sclerosis and major depressive disorder. The anticipated data from the Phase II VISTA trial for PIPE-307 in 2025 is seen as a significant upcoming event for Contineum. William Blair also noted the large market opportunity for new IPF treatments, referencing Boehringer Ingelheim’s Ofev, which generated $3.9 billion in sales in 2024.
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