Thu, May 16, 9:02 PM (304 days ago)
Contineum Therapeutics, Inc. reported its financial results for the quarter ended March 31, 2024. The company, which focuses on developing small molecule therapies for neuroscience, inflammation, and immunology, highlighted several key financial metrics and operational updates: 1. **Financial Performance**: - **Revenue**: No revenue was reported as the company is still in the development phase. - **Net Loss**: The company incurred a net loss of $8.4 million, an increase from a $4.8 million loss in the same period in 2023, attributed to higher research and development expenses. - **Operating Expenses**: Research and development expenses rose to $7.8 million from $3.6 million, driven by increased clinical trial costs and personnel expenses. General and administrative expenses also increased to $2.2 million from $1.5 million. - **Cash and Cash Equivalents**: As of March 31, 2024, cash and cash equivalents stood at $16.3 million, with marketable securities of $101.6 million. 2. **Operational Updates**: - **Clinical Trials**: The company is advancing its lead drug candidates, PIPE-791 and PIPE-307, through early-stage clinical trials. PIPE-791 is being developed for idiopathic pulmonary fibrosis (IPF) and progressive multiple sclerosis (MS), while PIPE-307 is being developed in collaboration with Johnson & Johnson for depression and relapsing-remitting MS. - **IPO and Funding**: The company completed its IPO in April 2024, raising approximately $108 million in net proceeds, which will support its ongoing and future clinical trials and operational expenses. 3. **Future Outlook**: - Contineum expects to continue incurring significant expenses as it progresses its clinical trials and expands its pipeline. The company anticipates that its existing cash reserves, along with the IPO proceeds, will fund operations for at least the next 12 months. Overall, Contineum Therapeutics is focused on advancing its clinical programs while managing increased operational expenses and leveraging recent IPO proceeds to support its growth and development activities.