Financial Performance - Net loss for Q1 2024 was $8.4 million, up from a net loss of $4.8 million in Q1 2023, representing a 75% increase in losses[138]. - Cash used in operating activities was $8.0 million in Q1 2024, compared to $5.2 million in Q1 2023, indicating a 54% increase in cash outflow[138]. - Interest income grew to $1.6 million in Q1 2024 compared to $0.4 million in Q1 2023, reflecting a 300% increase due to higher investments in marketable securities[130]. - General and administrative expenses rose to $2.2 million in Q1 2024 from $1.5 million in Q1 2023, an increase of 47%[129]. - Research and development expenses increased to $7.8 million in Q1 2024 from $3.6 million in Q1 2023, a rise of 114%[128]. Funding and Financial Position - The company raised approximately $194.0 million from the issuance of convertible preferred stock and promissory notes, along with a $50.0 million upfront payment from the J&J License Agreement[133]. - As of March 31, 2024, the company had cash, cash equivalents, and marketable securities totaling $117.9 million[134]. - The company anticipates that existing cash and marketable securities will be sufficient to support operations for at least 12 months from the date of the report[134]. - The total contractual commitments for lease agreements amounted to approximately $7.8 million as of March 31, 2024[147]. Research and Development - Total research and development costs for the three months ended March 31, 2024, were $7.778 million, a significant increase from $3.632 million in the same period of 2023[120]. - PIPE-791's development is supported by preclinical studies and Phase 1 data, with plans to submit a clinical trial application in 2024 for a Phase 1b trial[104]. - PIPE-307 is in a Phase 2 trial for relapse-remitting multiple sclerosis (RRMS) and is the most clinically advanced selective M1R antagonist in development[105]. - The company has completed two Phase 1 trials of PIPE-307 and is conducting a Phase 2 trial at its own expense[113]. - The company plans to leverage its drug discovery capabilities with preclinical studies for CTX-343, a peripherally-restricted LPA1R antagonist[106]. - The company expects substantial increases in research and development expenses in connection with planned preclinical and clinical development activities[121]. - The company expects to incur substantial expenses related to clinical trials and product development activities in the near term[132]. Operational Expectations - The company expects operating expenses to significantly increase as it continues clinical trials and seeks regulatory approvals for its drug candidates[108]. - The company anticipates that general and administrative expenses will rise due to increased research and development activities and operating as a public company[124]. - The company may need to delay or reduce product development if additional funding is not obtained, which could adversely affect its business[109]. Internal Controls - As of March 31, 2024, the company's disclosure controls and procedures were evaluated as effective at the reasonable assurance level by the principal executive officer and principal financial officer[157]. - There have been no changes in the internal control over financial reporting during the quarter ended March 31, 2024, that materially affected or are likely to materially affect the internal control over financial reporting[158].
Contineum Therapeutics, Inc.(CTNM) - 2024 Q1 - Quarterly Report