Contineum Therapeutics, Inc. (CTNM) priced a public offering of 7,346,938 shares of its Class A common stock at $12.25 per share on Thursday, December 11 2025, raising $90.0 million in gross proceeds. The offering is expected to close on December 15 2025 and includes a 30‑day option for underwriters to purchase an additional 1,102,040 shares at the same price, which would add $13.5 million to the total proceeds if exercised.
The capital raised will be directed toward advancing the company’s two lead candidates, PIPE‑791, an LPA1 receptor antagonist for idiopathic pulmonary fibrosis and chronic pain, and PIPE‑307, a selective M1 receptor inhibitor for relapsing‑remitting multiple sclerosis and major depressive disorder. Management said the funds will support clinical development milestones and extend the company’s cash runway through 2028, providing a buffer for the next phase of clinical testing and regulatory submissions.
CEO Carmine Stengone emphasized that the offering “strengthens our balance sheet and gives us the flexibility to pursue our pipeline without immediate funding constraints.” He added that the company remains on track to meet its clinical milestones, noting that the cash runway now extends to 2028 and that the firm is focused on executing against its key programs while maintaining disciplined capital allocation.
In extended trading, the company’s shares fell 3.3 percent, a reaction largely driven by the dilutive effect of the new shares and the recent news that PIPE‑307’s Phase 2 VISTA trial did not meet its primary or secondary endpoints. Investors weighed the immediate dilution against the long‑term benefit of additional capital for pipeline development, leading to a muted market response.
The offering underscores Contineum’s strategy of securing funding to sustain its clinical pipeline amid a competitive neuroscience and immunology landscape. By extending its runway to 2028, the company positions itself to navigate the uncertainties of late‑stage development while maintaining the ability to invest in promising candidates such as PIPE‑791, which has shown encouraging early‑stage data.
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