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Contineum Therapeutics, Inc. (CTNM)·Q4 2024 Earnings Summary

Executive Summary

  • Q4 2024 was an execution-heavy quarter: net loss widened sequentially as R&D accelerated ahead of multiple 2025 data readouts; cash and securities ended at $204.8M, with runway projected through 2027 .
  • Management affirmed near-term catalysts: PIPE-791 Phase 1b PET topline data in Q2 2025 and PIPE-307 Phase 2 VISTA RRMS topline in H2 2025; J&J began recruiting for a PIPE-307/JNJ-89495120 Phase 2 MDD trial in December 2024 .
  • Operating expenses rose meaningfully YoY (R&D +62% YoY to $13.0M; G&A +$2.4M YoY to $4.0M), driven by program advancement and higher employee-related costs .
  • Consensus vs. actual: S&P Global estimates were unavailable at the time of this analysis; we cannot formally determine beat/miss vs. SPGI consensus for Q4 2024 .

What Went Well and What Went Wrong

What Went Well

  • Strong pipeline momentum with clear 2025 catalysts; CEO: “2025 is shaping up to be a pivotal year… we expect to be sponsoring up to six clinical trials during the course of the year” .
  • PIPE-307/JNJ-89495120 Phase 2 MDD trial initiated recruitment by J&J in December 2024, validating external interest and development progress .
  • Cash runway projected through 2027, supporting execution through key milestones; cash and securities were $204.8M at 12/31/2024 .

What Went Wrong

  • Sequential operating expense and loss increase: R&D rose to $13.0M (from $9.7M in Q3) and net loss widened to $14.6M (from $10.3M in Q3) as programs advanced .
  • No quarterly revenue recognized; license revenue was $0 in Q4 2024 (vs. FY 2024 license revenue of $50.0M earlier in the year), limiting P&L offsets to higher OpEx .
  • G&A rose to $4.0M (vs. $3.3M in Q3), driven by stock-based compensation and personnel costs, adding to expense pressure .

Financial Results

Income Statement Comparison (oldest → newest)

MetricQ4 2023Q2 2024Q3 2024Q4 2024
Revenue ($USD Millions)$0.000 $0.000 $0.000 $0.000
Research and Development ($USD Millions)$8.012 $7.901 $9.728 $13.014
General and Administrative ($USD Millions)$1.664 $3.043 $3.246 $4.033
Total Operating Expenses ($USD Millions)$9.676 $10.944 $12.974 $17.047
Interest Income ($USD Millions)$1.790 $2.001 $2.741 $2.528
Net Income (Loss) ($USD Millions)$(7.769) $(9.009) $(10.267) $(14.565)
EPS (Basic, $USD)$(3.32) $(0.39) $(0.40) $(0.56)

Notes:

  • YoY: R&D rose 62% to $13.0M vs. $8.0M in Q4 2023; G&A rose to $4.0M vs. $1.7M; net loss widened to $14.6M vs. $7.8M YoY .
  • Sequential: OpEx increased as clinical activities scaled across PIPE-791 and PIPE-307 .

Balance Sheet Highlights (period-end; oldest → newest)

Metric12/31/20236/30/20249/30/202412/31/2024
Cash, Cash Equivalents & Marketable Securities ($USD Millions)$125.190 $218.653 $213.911 $204.800
Total Assets ($USD Millions)$130.386 $221.355 $216.034 $212.847
Total Stockholders’ Equity ($USD Millions)$(67.936) $217.503 $210.228 $198.066
Cash ($USD Millions)———$21.943
Marketable Securities ($USD Millions)———$182.817

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
Cash runwayThrough 2027“Strong cash position… expected to support operations through 2027” (Q3) “Cash runway projected through 2027” (Q4) Maintained
PIPE-791 Phase 1b PET toplineQ2 2025Full dataset 1H 2025 (post-CTA authorization; Q3) Topline data Q2 2025 (affirmed) Maintained (timing specified)
PIPE-791 chronic toxicity studies1H 2025Not explicitly timed priorComplete 1H 2025 New
PIPE-791 Phase 2 POC (IPF, PrMS)2H 2025Planned Phase 2 post-toxicology (implied) Initiate in 2H 2025 (post-toxicology) Clarified
PIPE-791 Phase 1b chronic pain topline1H 2026Not previously disclosedTopline early 2026 (patient dosing began Mar 2025) New
PIPE-307 Phase 2 VISTA RRMS topline2H 2025Enrollment on track; fully enrolled 1H 2025 (Q3) Topline data 2H 2025 (affirmed) Maintained
PIPE-307/JNJ-89495120 Phase 2 MDD2024–2025J&J “on track to initiate” in 2024 (Q3) J&J began recruiting Dec 2024 Achieved progress
CTX-343 IND filing2H 2025Not previously disclosedPlan to file IND in 2H 2025 New
R&D expenses outlookFY 2025Not previously quantified“Full-year 2025 R&D expenses will be significantly higher vs. FY 2024” Raised OpEx outlook

Earnings Call Themes & Trends

(Transcript not located; themes derived from Q2–Q4 earnings materials)

TopicQ2 2024 (Previous)Q3 2024 (Previous)Q4 2024 (Current)Trend
Pipeline catalysts (PIPE-791, PIPE-307)PET trial planned Q4 start; VISTA enrollment progressing; multiple 2025 readouts VISTA two-thirds enrolled; PET CTA filed; full PET dataset expected 1H 2025 PET topline Q2 2025; VISTA topline 2H 2025; toxicology completion 1H 2025; pain trial dosing initiated Mar 2025 Strengthening
External partnerships (J&J)J&J plans Phase 2 depression trial in 2024 J&J remains on track to initiate Phase 2 depression J&J began recruiting Dec 2024 Advancing
Cash runway$219M cash/securities; runway extended via IPO $214M; runway expected through 2027 $204.8M; runway projected through 2027 Stable runway
OpEx trajectoryR&D down YoY; G&A up modestly R&D and G&A rising with program advancement R&D +62% YoY; G&A +$2.4M YoY; 2025 R&D expected “significantly higher” Rising OpEx
Indication strategyRRMS, IPF, PrMS focus; explore additional NI&I indications RRMS VISTA ahead of initial projections IPF & PrMS POC trials planned 2H 2025; pain indications (OA/LBP) in Phase 1b Broadening execution

Management Commentary

  • “2025 is shaping up to be a pivotal year, as we have several important clinical data readouts and trial initiations on the horizon… we expect to be sponsoring up to six clinical trials during the course of the year” — Carmine Stengone, CEO .
  • “Our potentially best-in-class/first-in-class LPA1 and M1 receptor antagonists support our vision of seeking better and new therapies… With capital that takes us through our critical milestones in 2027, we remain focused on executing against our key clinical development objectives.” — Carmine Stengone, CEO .

Q&A Highlights

  • The Q4 2024 earnings call transcript was not available via SEC/IR at the time of analysis; Q&A themes could not be reviewed .

Estimates Context

  • S&P Global Wall Street consensus data could not be retrieved during this session; therefore, beat/miss vs. SPGI consensus is not presented .
  • For directional context only (non-SPGI), an external aggregator lists Q4 2024 estimated EPS of -$0.44 vs. actual -$0.56, implying an EPS miss; this source is not used for formal comparison .

Key Takeaways for Investors

  • Expense-driven loss widening is consistent with accelerated clinical execution; management explicitly flagged materially higher R&D in 2025, setting expectations for continued investment ahead of data readouts .
  • The pipeline offers multiple near-term catalysts (PIPE-791 PET Q2 2025; PIPE-307 VISTA 2H 2025), which are likely to be stock drivers; sustained runway through 2027 reduces near-term financing overhang .
  • J&J’s recruitment start for MDD in Dec 2024 provides external validation and potential optionality beyond RRMS; progress under the license may enhance perceived asset value .
  • Sequential OpEx growth (R&D +$3.3M vs. Q3; G&A +$0.8M vs. Q3) and no recognized quarterly revenue keep the P&L sensitive to timing of milestones and any partnership inflows .
  • Monitor upcoming toxicity completion and Phase 2 initiations for PIPE-791 in IPF/PrMS, and 1H 2026 pain topline; development speed and data quality will shape medium-term thesis .
  • Near-term trading: expect sensitivity to clinical timeline updates and any interim enrollment/data timing disclosures; medium-term, thesis hinges on remyelination efficacy signals (PIPE-307) and receptor occupancy/PK correlations translating into Phase 2 efficacy (PIPE-791) .