Financial Performance - The net loss for the three months ended March 31, 2025, was $15.99 million, compared to a net loss of $8.42 million in the same period of 2024, representing an increase of $7.57 million[119]. - The accumulated deficit reached $133.4 million as of March 31, 2025, indicating ongoing financial challenges[124]. - The company has not generated any revenue from product sales as of the reporting date[105]. - Interest income increased to $2.3 million for the three months ended March 31, 2025, compared to $1.6 million in 2024, due to higher funds invested in marketable securities[121]. - Net cash used in operating activities was $14.4 million for the three months ended March 31, 2025, compared to $8.0 million in 2024, reflecting an increase in operational losses[128]. - Cash, cash equivalents, and marketable securities totaled $190.7 million as of March 31, 2025, providing sufficient liquidity for anticipated operating expenses for at least the next 12 months[125]. - The company raised approximately $312.8 million in gross proceeds from various financing activities, including the IPO and convertible preferred stock[124]. Research and Development - Total research and development costs for the three months ended March 31, 2025, were $13.7 million, a 76.5% increase from $7.8 million in the same period in 2024[110]. - Research and development expenses increased to $13.7 million for the three months ended March 31, 2025, compared to $7.8 million in the same period of 2024, reflecting a $5.9 million increase[119]. - PIPE-791 is in a Phase 1b trial with top-line data expected in Q2 2025, targeting idiopathic pulmonary fibrosis, progressive multiple sclerosis, and chronic pain[92]. - PIPE-307 has completed enrollment in its Phase 2 VISTA trial, with top-line data anticipated in the second half of 2025[93]. - The company expects significant increases in operating expenses as it continues clinical trials and seeks regulatory approvals for its drug candidates[98]. - The company has initiated a Phase 1b trial for PIPE-791 targeting chronic pain, expecting to enroll approximately 40 patients[92]. - J&J is responsible for all development and commercialization activities for PIPE-307, with the company retaining an opt-in right for Phase 3 costs[101]. - The company has a pipeline that includes CTX-343, a peripherally-restricted LPA1R antagonist, currently in preclinical studies[94]. Operating Expenses - General and administrative expenses rose to $4.4 million for the three months ended March 31, 2025, up from $2.2 million in 2024, with a $1.1 million increase attributed to non-cash stock-based compensation[120]. - The company anticipates fluctuations in net losses due to the timing and scope of clinical trials and research activities[98]. Strategic Considerations - The company is evaluating the costs and timing of establishing sales and marketing capabilities contingent on the approval of its drug candidates[146]. - Strategic collaborations, licensing agreements, and their financial terms are critical considerations for the company's future operations[146]. - The company plans to fund a portion of Phase 3 and subsequent development costs for its drug candidate PIPE-307[146]. - The company is focused on the costs associated with obtaining, maintaining, and enforcing its patent and intellectual property rights[146]. - The company may incur costs related to any drug candidates, products, or technologies that it may in-license or acquire[146]. Regulatory and Compliance - The company is classified as an "emerging growth company" under the JOBS Act, allowing it to delay adopting new accounting standards until certain conditions are met[144]. - The company is also a "smaller reporting company," which enables it to utilize scaled disclosures as long as its market value remains below $250 million or annual revenue is below $100 million[145]. Contractual Obligations - The total contractual commitments for lease agreements amounted to approximately $7.3 million as of March 31, 2025[136].
Contineum Therapeutics, Inc.(CTNM) - 2025 Q1 - Quarterly Report