Contineum Therapeutics is a clinical-stage biopharmaceutical company developing small molecule drug candidates for neuroinflammation, immunology, and fibrosis indications. Contineum has no approved products and generates no product revenue. Its pipeline centers on two clinical-stage assets. PIPE-791 is a brain-penetrant, oral LPA1 receptor antagonist that Contineum owns outright and is advancing primarily in idiopathic pulmonary fibrosis (IPF), a progressive fatal lung disease, with a Phase 2 trial initiated in December 2025 targeting results in mid-2028. PIPE-791 is also in a Phase 1b trial for chronic pain, with data expected in Q2 2026. PIPE-307 is a selective muscarinic M1 receptor antagonist licensed to J&J for development in major depressive disorder (MDD) and relapsing-remitting multiple sclerosis (RRMS); the RRMS Phase 2 trial failed its endpoints in late 2025, while the MDD Phase 2 trial is ongoing. Contineum's business model has two tracks: licensing assets to large pharma partners in exchange for upfront payments, milestones, and royalties (as with J&J, which paid $50M upfront and could pay up to ~$1B in milestones), and retaining full rights to PIPE-791 with plans to build its own U.S. commercial organization if approved. J&J bears all development costs for PIPE-307, limiting Contineum's cash burn on that program. Contineum's near-term focus and capital are concentrated on PIPE-791 in IPF and chronic pain.