Fortunes can change quietly. At the start of the year, Contineum Therapeutics Inc. (CTNM) was trading near its lows. Today, its shares are at a 52-week high. Behind that rise is a clear and disciplined focus: advancing the clinical programs with the greatest potential and the best chance of success.
The company's lead drug candidate is PIPE-791, which is in a global Phase 2 trial for the treatment of patients with idiopathic pulmonary fibrosis, dubbed PROPEL-IPF.
When did we first highlight CTNM?
Contineum was featured on our site on February 18, 2025, when it was trading around $7.81.
Our report focused on the company's clinical pipeline, including PIPE-791, which was then being evaluated in a Phase 1b positron emission tomography (PET) trial involving healthy volunteers and patients with idiopathic pulmonary fibrosis and progressive multiple sclerosis. We also highlighted the catalysts ahead that could shape the company's next chapter, as well as PIPE-307, which was in Phase 2 development for relapsing-remitting multiple sclerosis and being explored as a potential treatment for depression.
PIPE-307 is being developed in collaboration with Johnson & Johnson's Janssen Pharma.
Under the agreement signed in April 2023, Janssen received exclusive worldwide rights to research, develop, and commercialize PIPE-307 across all indications, while Contineum retained the right to continue advancing the drug in relapsing-remitting multiple sclerosis through the Phase 2 trial.
The Phase 2 trial of PIPE-307 in relapsing-remitting multiple sclerosis, dubbed VISTA, conducted by Contineum, was completed in November 2025, and it failed to meet its prespecified primary or secondary efficacy endpoints.
When we revisited the stock on October 13, 2025, the shares had climbed to $12.11.
What's Driving the Stock?
• March 2025: Began patient dosing in a Phase 1b study of PIPE-791 for chronic pain associated with osteoarthritis and low back pain.
• June 2025: Completed enrollment of the healthy volunteer and progressive multiple sclerosis (PrMS) cohorts in the Phase 1b positron emission tomography (PET) study of PIPE-791.
• September 2025: Reported positive topline results from the Phase 1b PET study of PIPE-791, showing high brain receptor occupancy in both healthy volunteers and patients with PrMS.
• March 2026: Initiated patient dosing in PROPEL-IPF, the global Phase 2 study evaluating PIPE-791 in patients with idiopathic pulmonary fibrosis (IPF).
• April 2026: Reported positive topline results from the Phase 1b study of PIPE-791 evaluating the drug as a potential non-opioid treatment for chronic osteoarthritis pain (COAP) and chronic low back pain (CLBP).
• June 2026: Johnson & Johnson completed enrollment of 107 adults in the Phase 2 MOONLIGHT-1 trial of JNJ-5120/PIPE-307 as a monotherapy for major depressive disorder (MDD).
Near-term Catalysts
• September 15, 2026: The company is scheduled to present at the 2026 Morgan Stanley Global Healthcare Conference at 5:35 p.m. ET.
• June 2028: The global Phase 2 PROPEL-IPF trial of PIPE-791 in IPF is expected to reach completion.
Stock Performance Since Publication
• Published Date: February 18, 2025
• Published Price: $7.81
• Peak Price Since Publication: $17.78 (+127%) on Sep.3, 2026
• Closing Price: $17.57 (+125%) on Sep.3, 2026.
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