PIPE-791's IPF bet is now the whole company; a 2028 FVC readout is the only path back after two Phase 2 failures

Contineum Therapeutics is a clinical-stage company developing a targeted drug for idiopathic pulmonary fibrosis that is not yet approved, and it has eliminated its two other programs after Phase 2 failures in depression and multiple sclerosis.

Contineum was built around two small-molecule programs, but the MOONLIGHT-1 Phase 2 miss in major depressive disorder — following PIPE-307's earlier RRMS failure — leaves PIPE-791, an LPA1 antagonist in idiopathic pulmonary fibrosis, as the sole remaining thesis. Whether the company has value depends entirely on PIPE-791 showing a meaningful change in forced vital capacity in the PROPEL-IPF readout. The primary risk is that PIPE-791's controlled efficacy record consists only of numerically favorable but non-significant exploratory pain endpoints, with no statistically significant primary efficacy win in any randomized trial.