Contineum Therapeutics has pumped the brakes on two projects, freeing up resources to go full speed ahead in its pursuit of Bristol Myers Squibb in idiopathic pulmonary fibrosis (IPF).
The San Diego-based biotech has delayed the planned start of a phase 2 trial of PIPE-791 in progressive multiple sclerosis (PrMS) and the progress of CTX-343 into first-in-human studies. Hitting pause positions Contineum to focus on taking the LPA1 antagonist PIPE-791 into a phase 2 trial in IPF, the lead indication of BMS’ rival candidate, in the fourth quarter.
Contineum flagged PIPE-791 as a potential PrMS treatment because of the role the LPA1 receptor plays in remyelination and neuroinflammation. William Blair analysts believe PrMS is a bigger gamble than Contineum’s work on relapsing-remitting MS, where the biotech is partnered with Johnson & Johnson.
“Though we view preclinical work from Contineum as providing a solid rationale for development of LPAR1 antagonism as a potential demyelinating therapy, we view its clinical success in PrMS as potentially more risky than RRMS given the extent of neuronal damage in these patients,” the analysts said in a note to investors.
Contineum disclosed the postponement of the PIPE-791 study, which was scheduled to start this year, alongside the news of a delay to CTX-343. The company designed CTX-343 to act on LPA1 receptors outside of the central nervous system to support the treatment of peripheral fibrotic disease. Contineum had previously planned to file to run a phase 1 trial this year.
The biotech spent $2.7 million on CTX-343 development in the first half of the year, up from less than $1 million over the comparable period of 2024. PIPE-791 is the big line item, with R&D costs totaling $11.7 million in the first six months of 2025, but the figure reflects work on multiple indications. Contineum is running phase 1b trials in PrMS and chronic pain that are scheduled to post data in the coming months.
While Contineum is pulling back from CTX-343 and PrMS, the company maintained its earlier forecast that its cash runway will fund operations through 2027. The biotech will funnel the $175.5 million it had at the end of June into a phase 2 IPF trial that is scheduled to start in the fourth quarter of the year.
Contineum is lagging behind BMS, which began phase 3 trials of its rival asset BMS-986278 in 2023, but analysts see room for the biotech to differentiate its candidate. William Blair analysts highlighted the hypotensive events in a phase 2 trial of BMS-986278, also known as admilparant, and the “protracted dose titration schedule” in BMS’ phase 3 program as potential opportunities for Contineum.