Contineum Therapeutics, Inc.(CTNM) - 2024 Q4 - Annual Results

Report Highlights and CEO Commentary Contineum Therapeutics reported Q4 2024 results, highlighting 2025 as a pivotal year with key clinical data readouts and a projected cash runway into 2027 - The company anticipates sponsoring up to six clinical trials during 2025, marking it as a pivotal year[2] - Key topline data is expected from the PIPE-791 Phase 1b PET trial in Q2 2025 and the PIPE-307 Phase 2 VISTA trial in H2 2025[1][2] - The company projects its cash runway will fund operations through critical milestones in 2027[1][2] Key Clinical Development Milestones & Outlook The company detailed its clinical pipeline, anticipating key data readouts for PIPE-791 and PIPE-307 in 2025, alongside new trial initiations and IND filings - PIPE-791: Topline data from the Phase 1b PET trial is expected in Q2 2025 Phase 2 trials for idiopathic pulmonary fibrosis (IPF) and progressive multiple sclerosis (PrMS) are planned for H2 2025, pending successful completion of chronic toxicity studies[5] - PIPE-307: Topline data from the Phase 2 VISTA trial for relapsing-remitting multiple sclerosis (RRMS) is anticipated in H2 2025[5] - Partnered Program: Johnson & Johnson began recruiting for a Phase 2 trial of PIPE-307 (JNJ-89495120) for major depressive disorder (MDD) in December 2024[5] - New Program: The company plans to file an Investigational New Drug (IND) application for CTX-343 with the FDA in the second half of 2025[5] Fourth-Quarter 2024 Financial Results Contineum reported a Q4 2024 net loss of $14.6 million due to increased R&D expenses, ending the year with $204.8 million in cash Q4 2024 Financial Performance | Metric | Q4 2024 | Q4 2023 | Change | | :--- | :--- | :--- | :--- | | Research and Development Expenses | $13.0M | $8.0M | +62% | | General and Administrative Expenses | $4.0M | $1.7M | +$2.3M | | Net Loss | $14.6M | $7.8M | Increased Loss | - Cash, cash equivalents, and marketable securities totaled $204.8 million as of December 31, 2024[8] - The company projects full-year 2025 R&D expenses will be significantly higher than in 2024 due to increased clinical development activity[8] Financial Statements Detailed financial statements reveal a significant increase in cash and total assets, alongside a shift to positive stockholders' equity by December 31, 2024 Balance Sheets Balance sheets show total assets increased to $212.8 million and stockholders' equity turned positive to $198.1 million by December 31, 2024 Balance Sheet Summary | Account (in thousands) | Dec 31, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | Cash, cash equivalents & marketable securities | $204,760 | $125,190 | | Total Assets | $212,847 | $130,386 | | Total Liabilities | $14,781 | $5,702 | | Total Stockholders' Equity (Deficit) | $198,066 | ($67,936) | Statements of Operations and Comprehensive Income (Loss) Q4 2024 net loss widened to $14.6 million, and full-year 2024 saw a $42.3 million net loss, primarily due to increased R&D expenses and no license revenue Q4 2024 Operations Summary | Metric (in thousands, except per share data) | Q4 2024 | Q4 2023 | | :--- | :--- | :--- | | Total operating expenses | $17,047 | $9,676 | | Net loss | ($14,565) | ($7,769) | | Net loss per share, basic | ($0.56) | ($3.32) | Full Year 2024 Operations Summary | Metric (in thousands) | Full Year 2024 | Full Year 2023 | | :--- | :--- | :--- | | License revenue | $0 | $50,000 | | Research and development | $38,422 | $27,603 | | Net income (loss) | ($42,258) | $22,720 |