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Contineum Therapeutics, Inc. (CTNM)·Q2 2025 Earnings Summary

Executive Summary

  • Q2 2025 EPS was -$0.62, a miss versus S&P Global consensus of -$0.41* as higher R&D and G&A drove a wider loss; revenue was $0 against a $6.0M consensus estimate*, a material miss .
  • Operating expenses rose sharply year over year: R&D $14.1M (+78% YoY) and G&A $3.8M (+26% YoY) as the company advanced PIPE-791 and PIPE-307 programs; net loss widened to $16.0M from $9.0M in Q2 2024 .
  • Cash, cash equivalents and marketable securities were $175.5M at 6/30/25; post quarter, CTNM raised ~$8.4M net via ATM in July, and reiterates cash runway through 2027 .
  • Program timing shifted: PIPE-791 PET topline moved to Q3 2025 (from Q2), IPF Phase 2 initiation targeted for Q4 2025; PrMS Phase 2 and CTX-343 FIH were postponed to prioritize IPF .
  • Near-term stock catalysts: PIPE-791 PET topline (Q3 2025) and PIPE-307 VISTA RRMS topline (Q4 2025) per management, plus clarity on Phase 2 IPF trial initiation (Q4 2025) .

What Went Well and What Went Wrong

What Went Well

  • Cash runway intact: $175.5M in cash/marketable securities at 6/30 and ~$8.4M net ATM proceeds in July support runway through 2027 .
  • Pipeline prioritization: Management focused resources on the highest-value near-term catalyst—global Phase 2 IPF trial—deferring other efforts to concentrate execution .
  • Clear milestones: PIPE-307 VISTA RRMS topline guided for Q4 2025; PIPE-791 PET topline expected in Q3 2025, providing tangible readouts that can reframe the thesis .
    Quote: “We’re focused on initiating a comprehensive, well-designed global Phase 2 proof-of-concept trial in IPF by year-end… With a cash runway…through 2027” – CEO Carmine Stengone .

What Went Wrong

  • Earnings miss: EPS -$0.62 vs -$0.41* consensus; revenue $0 vs $6.0M* consensus for Q2 2025, reflecting non-revenue stage and elevated investment pace .
  • Expense acceleration: R&D up 78% YoY to $14.1M driven by trial starts and PET work; G&A up 26% to $3.8M, expanding the net loss to $16.0M from $9.0M YoY .
  • Timing slippage and deferrals: PIPE-791 PET topline slipped to Q3 from Q2; PrMS Phase 2 and CTX-343 FIH postponed to prioritize IPF, pushing parts of the broader pipeline rightward .

Financial Results

MetricQ2 2024Q1 2025Q2 2025Q2 2025 Consensus
Revenue ($M)$0.0 $0.0 (no revenue line in filing) $0.0 $6.0*
Primary EPS (GAAP)-$0.39 -$0.62 -$0.62 -$0.41*
R&D Expense ($M)$7.90 $13.71 $14.06 N/A
G&A Expense ($M)$3.04 $4.40 $3.84 N/A
Net Loss ($M)-$9.01 -$15.99 -$16.04 N/A
Cash & Marketable Securities ($M)N/A$190.7 (3/31/25) $175.5 (6/30/25) N/A

*Values retrieved from S&P Global.

Segment/program spend detail (R&D, $000s):

ProgramQ2 2024Q2 2025
PIPE-791$2,028 $6,178
PIPE-307$2,258 $2,160
CTX-343$574 $1,059
Discovery$1,244 $1,328
Unallocated internal R&D$1,797 $3,338
Total R&D$7,901 $14,063

KPIs and liquidity:

  • Cash runway: through 2027 (management statement) .
  • ATM activity: 2,122,000 shares sold in July at $4.03, ~$8.4M net proceeds .
  • Interest income: $2.03M in Q2 2025, helping offset OpEx .

Guidance Changes

Metric/ProgramPeriodPrevious GuidanceCurrent GuidanceChange
PIPE-791 PET topline2025Q2 2025 (Q1 release) Q3 2025 (Q2 release) Lowered (timing delayed)
PIPE-791 IPF Phase 2 initiation2025H2 2025 (Q1) Q4 2025 (Q2) Refined (narrowed to Q4)
PIPE-791 PrMS Phase 22025Planned H2 2025 (Q1) Postponed to prioritize IPF Lowered (deferred)
CTX-343 (FIH/IND)2025IND in H2 2025 (Q1) Advancement postponed Lowered (deferred)
PIPE-307 VISTA RRMS topline2025H2 2025 (Q1/Q4) Q4 2025 (Q2) Refined (narrowed)
Cash runway2025–2027Through 2027 (Q1) Through 2027 (Q2) Maintained

Earnings Call Themes & Trends

Note: A Q2 2025 earnings call transcript was not available in our document set or on typical public repositories; we searched the company’s IR news page and external sources and did not locate a transcript .

TopicPrevious Mentions (Q4’24, Q1’25)Current Period (Q2’25)Trend
PIPE-791 PETGuided to Q2 2025 topline (Q4/Q1) Shifted to Q3 2025 topline Slipped 1 quarter
IPF Phase 2 startH2 2025 (post-tox completion) Q4 2025 target; global proof-of-concept Narrowed timing
PrMS Phase 2H2 2025 plan Postponed to focus on IPF Deprioritized
PIPE-307 VISTA RRMSH2 2025 topline Q4 2025 topline reiterated Maintained, more precise
Capital/runwayThrough 2027 reiterated Through 2027; ATM $8.4M net in July Reinforced
Operating expensesR&D/G&A up given development ramp R&D +78% YoY; G&A +26% YoY Elevated with pipeline ramp

Management Commentary

  • Strategy focus: “We’re focused on initiating a comprehensive, well-designed global Phase 2 proof-of-concept trial in IPF by year-end.” – CEO Carmine Stengone .
  • Capital sufficiency: “With a cash runway that is projected to extend through 2027, our near-term objectives are advancing the PIPE-307 partnered programs and PIPE-791 IPF program through critical milestones.” – CEO Carmine Stengone .
  • Execution cadence (earlier): “We remain on track to achieve all of our clinical operations milestones and significant clinical data readouts.” – CEO Carmine Stengone (Q1 release) .
  • Pivotal year setup (earlier): “2025 is shaping up to be a pivotal year… key topline data from our PIPE-791 PET… and PIPE-307 VISTA RRMS.” – CEO Carmine Stengone (Q4 release) .

Q&A Highlights

  • No Q2 2025 earnings call transcript was available to review; we searched Contineum’s IR news page and common transcript aggregators and did not locate a published transcript for the period .
  • As a result, no call-specific Q&A themes or clarifications can be provided for Q2 2025.

Estimates Context

  • EPS vs. S&P Global consensus: Q2 2025 EPS -$0.62 vs -$0.41* (miss); Q1 2025 EPS -$0.62 vs -$0.57* (miss). The shortfall reflects higher OpEx as R&D ramped (trial startup costs for IPF, chronic pain, PET) and higher personnel and stock-based comp .
  • Revenue vs. S&P Global consensus: Q2 2025 $0 vs $6.0M* (miss). CTNM recognized no revenue in Q2 2025 or Q2 2024; the model stage and accounting treatment under the J&J agreement yielded no recognized revenue this quarter .
  • Forward lens: FY 2025 EPS consensus is -$2.07*; near-term estimate revisions may trend modestly lower given expense trajectory and deferrals of some pipeline activities, unless upcoming PET and VISTA readouts de-risk development and improve funding outlook.

*Values retrieved from S&P Global.

Key Takeaways for Investors

  • CTNM remains a pre-revenue clinical-stage story; the quarter’s headline “miss” is largely OpEx-driven with R&D up 78% YoY to support IPF/IP MS programs and PET imaging work .
  • Management tightened timelines: PIPE-791 PET topline shifted to Q3 2025 and IPF Phase 2 to Q4 2025; postponements (PrMS Phase 2, CTX-343 FIH) concentrate resources on the IPF proof-of-concept trial .
  • Liquidity is adequate: $175.5M at 6/30/25 plus ~$8.4M net post-quarter ATM supports runway through 2027, limiting near-term financing risk ahead of data catalysts .
  • Most material catalysts are data-dependent: PIPE-791 PET (Q3 2025) and PIPE-307 VISTA RRMS topline (Q4 2025) could re-rate shares on positive outcomes, while delays or negative data would pressure the thesis .
  • Watch estimate dispersion: Given zero recognized revenue and elevated OpEx, EPS/“revenue” consensus may need recalibration; investors should anchor on cash burn and milestone timing rather than near-term P&L .
  • Program spend shows emphasis on PIPE-791 (Q2 spend $6.18M vs $2.03M YoY), evidencing the prioritization described by management .
  • Partnership optionality: J&J’s rights and potential milestones on PIPE-307 remain longer-dated but provide strategic upside if RRMS data are supportive .