Contineum Therapeutics (CTNM) Morgan Stanley 24th Annual Global Healthcare Conference summary

Macro environment and innovation

• China-origin innovation is accelerating the pace of biotech development and offers new BD opportunities and cost advantages, especially for partnerships in Asia.

• AI is used primarily for cost efficiency, rapid data analysis, and competitive intelligence, but not for molecule synthesis.

• FDA guidance is the primary regulatory focus due to the early-stage clinical status.

Pipeline updates and clinical strategy

• PIPE-307, in partnership with J&J, missed its primary endpoint in a phase IIa MDD study; exploratory endpoints are under review for future direction.

• PIPE-791 is a once-daily LPA1R antagonist for IPF, designed to avoid dose titration, improving convenience and adherence for older, comorbid patients.

• PROPEL-IPF is enrolling across 70+ sites in eight countries, targeting 324 patients, with study completion expected mid-2028.

• The company is funded through mid-2029, covering 12 months beyond PROPEL-IPF completion.

Clinical differentiation and competitive landscape

• 26-week FVC change is used as a proof-of-concept endpoint, with background antifibrotics included for most patients.

• PET studies show PIPE-791 achieves high LPA1 receptor occupancy at all tested doses, supporting dose selection and differentiation from competitors.

• No hemodynamic signature observed with PIPE-791, unlike BMS’s admilparant, potentially eliminating the need for dose titration.

• A positive phase III result for BMS’s admilparant would validate the LPA1 class and strengthen PIPE-791’s positioning; a negative result would require further analysis.