Financial Performance - Contineum completed its initial public offering (IPO) in April 2024, resulting in net proceeds of $108.0 million, increasing its proforma cash balance to $225.9 million as of March 31, 2024, which is expected to fund operations until the end of 2027[3] - Research and development expenses for Q1 2024 were $7.8 million, a 115% increase from $3.6 million in Q1 2023, primarily due to increased development activities[9] - General and administrative expenses rose to $2.2 million in Q1 2024 from $1.5 million in Q1 2023, reflecting a 47% increase driven by higher consulting and personnel costs[10] - The net loss for Q1 2024 was $8.4 million, compared to a net loss of $4.8 million in Q1 2023, indicating a 75% increase in losses year-over-year[15] - Contineum's cash, cash equivalents, and marketable securities decreased to $117.9 million as of March 31, 2024, down from $125.2 million at the end of 2023[8] Clinical Development - The company initiated a Phase 2 trial of PIPE-307 in relapse-remitting multiple sclerosis (RRMS) and plans to start a Phase 1b trial of PIPE-791 in Q4 2024[2] - Contineum nominated a third development candidate, CTX-343, in January 2024, with preclinical studies underway and an Investigational New Drug Application (IND) expected to be submitted in 2025[5] - The Phase 1 clinical trial of PIPE-791 met its primary and secondary objectives, demonstrating safety and tolerability, with plans for a Phase 1b trial to assess pharmacokinetics[4] - The company presented positive LPA1 expression data for PIPE-791 at the Myelin Gordon Conference, supporting its clinical development in progressive multiple sclerosis[6] Leadership Changes - Contineum appointed Olivia Ware to its Board of Directors, bringing over 20 years of experience in pharmaceutical drug development and commercialization[7]
Contineum Therapeutics, Inc.(CTNM) - 2024 Q1 - Quarterly Results