Financial Position - Contineum Therapeutics reported a strong cash position of $218.7 million as of June 30, 2024, up from $125.2 million at the end of 2023, supporting multiple clinical readouts[8] - The total assets of Contineum increased to $221.4 million as of June 30, 2024, compared to $130.4 million at the end of 2023[14] - The company completed its initial public offering (IPO) in April 2024, resulting in net proceeds of $107.9 million[8] Research and Development - Research and development expenses decreased to $7.9 million for Q2 2024, down from $9.5 million in Q2 2023, primarily due to a $4.8 million decrease in consulting and manufacturing expenses[9] - Research and development expenses for the six months ended June 30, 2024, were $15,679, up from $13,092 in the same period in 2023[15] - PIPE-307, a selective inhibitor of the M1 receptor, is being developed for relapsed-remitting multiple sclerosis (RRMS) and is expected to initiate a Phase 1b trial for PIPE-791 in Q4 2024[2] - Enrollment in the Phase 2 VISTA clinical trial for PIPE-307 is on track, with completion expected in 2025[4] - PIPE-791, an LPA1 receptor antagonist, showed promising preclinical results in treating neuropathic pain, presented at the IASP World Congress on Pain[6] - The company has a pipeline of drug candidates targeting high unmet needs in neuroscience, inflammation, and immunology indications[11] Operating Expenses - General and administrative expenses increased to $3.0 million for Q2 2024, compared to $1.6 million in Q2 2023, driven by a $0.6 million increase in consulting expenses and a $0.7 million increase in personnel costs[10] - Total operating expenses for the three months ended June 30, 2024, were $10,944, a decrease from $11,063 in the previous quarter[15] Income and Loss - Net loss for the three months ended June 30, 2024, was $(9,009), compared to a net income of $41,564 for the same period in 2023[15] - Net income per share, basic, for the three months ended June 30, 2024, was $(0.39), compared to $2.56 for the same period in 2023[15] - Comprehensive loss for the three months ended June 30, 2024, was $(9,078), compared to a comprehensive income of $41,508 for the same period in 2023[15] - Income (loss) from operations for the three months ended June 30, 2024, was $(10,944), compared to $38,937 in the previous quarter[15] Other Income - License revenue for the six months ended June 30, 2024, was $50,000, compared to $50,000 for the same period in 2023[15] - Interest income for the three months ended June 30, 2024, was $2,001, compared to $679 in the previous quarter[15] - Total other income for the three months ended June 30, 2024, was $1,935, compared to $3,356 in the previous quarter[15] Leadership - Contineum appointed experienced biotech leaders to its Board of Directors, including Troy Ignelzi and Sarah Boyce, enhancing its leadership team[2]
Contineum Therapeutics, Inc.(CTNM) - 2024 Q2 - Quarterly Results