1. An early-stage Biogen, but focused on discovering new treatments for neurological, inflammatory, and immunological diseases.

2. A specialized drug developer, like a smaller, R&D-focused Johnson & Johnson, targeting brain and immune system disorders.

• PIPE-791: A wholly-owned, brain-penetrant small molecule inhibitor of the LPA1 receptor in development for idiopathic pulmonary fibrosis (IPF) and progressive multiple sclerosis (Progressive MS).
• PIPE-307: A novel, small molecule selective inhibitor of the muscarinic type 1 M1 receptor (M1R) in development for depression and relapse remitting multiple sclerosis (RRMS).
• CTX-343: A peripherally-restricted LPA1R antagonist that has commenced preclinical studies.

Contineum Therapeutics (CTNM) is a clinical-stage biopharmaceutical company focused on discovering and developing novel therapies. As such, it does not currently sell commercial products to individuals or other companies for direct distribution. Instead, its "customers" are typically large pharmaceutical companies that partner on development or investors who fund its research.

Based on the provided information, the major customer or partner identified is:

• Johnson & Johnson (J&J) (JNJ) - Contineum Therapeutics is developing its drug candidate PIPE-307 in collaboration with Johnson & Johnson.

Carmine Stengone
Chief Executive Officer, President and Director

Carmine Stengone has served as President, Chief Executive Officer, and a member of the Board of Directors of Contineum Therapeutics since October 2018. Before joining Contineum (then Pipeline Therapeutics), he was Chief Business Officer and later President and Chief Executive Officer of Avelas Biosciences. Earlier in his career, he was Senior Vice President, Business Development for COI Pharmaceuticals, where he played a role in co-founding five new biotechnology companies. He also served as Vice President of Corporate Development for Afraxis and co-founder and CEO of Araxes. His prior experience also includes roles at Phenomix Corporation, Anadys Pharmaceuticals, and Johnson & Johnson Pharmaceutical Research and Development. He currently serves on the boards of directors for Avelas Biosciences and Kiora Pharmaceuticals.

Peter T. Slover
Chief Financial Officer

Peter T. Slover joined Contineum Therapeutics (then Pipeline Therapeutics) as Chief Financial Officer in September 2020. Prior to this, he held the position of Chief Financial Officer at Sophiris Bio Inc. (NASDAQ: SPHS), where he was instrumental in leading the company's initial public offering (IPO) on NASDAQ. Before Sophiris Bio, Mr. Slover held various significant management positions, including Vice President, Finance and Operations, at Anadys Pharmaceuticals Inc. (NASDAQ: ANDS). Anadys Pharmaceuticals was acquired by Roche in 2011. He began his career with seven years in public accounting as an auditor at KPMG LLP.

Daniel S. Lorrain
Chief Science Officer

Daniel S. Lorrain serves as the Chief Science Officer at Contineum Therapeutics. He is recognized as the founder of Contineum Therapeutics, which was originally established as Pipeline Therapeutics on May 9, 2017.

Timothy Watkins
Chief Medical Officer and Head of Development

Timothy Watkins holds the role of Chief Medical Officer and Head of Development at Contineum Therapeutics.

John Healy
General Counsel & Corporate Secretary

John Healy was appointed General Counsel & Corporate Secretary of Contineum Therapeutics in June 2024. Before joining Contineum, he served as General Counsel & Corporate Secretary at Tyra Biosciences, Inc., a public biotechnology company, where he was a member of the executive management team and oversaw the company's IPO in late 2021. He possesses over two decades of legal experience within the life sciences industry, including roles as a corporate associate at prominent law firms and as a legal consultant for numerous private and public life sciences clients, including Contineum Therapeutics.

The key risks for Contineum Therapeutics (CTNM) are primarily associated with the inherent uncertainties of its business as a clinical-stage biopharmaceutical company. These risks are:

1. Clinical Development and Regulatory Approval Risk: Contineum Therapeutics' pipeline consists of drug candidates (PIPE-791, PIPE-307, CTX-343) that are in preclinical or various stages of clinical development, ranging from Phase 1 to Phase 2. There is no guarantee that these candidates will demonstrate sufficient safety and efficacy in ongoing or future clinical trials. A significant portion of drug candidates fail during clinical development due to lack of efficacy, safety concerns, or other issues. Even if clinical trials are successful, obtaining regulatory approvals from agencies such as the FDA or MHRA is a complex and uncertain process, with no assurance of success, which is crucial for the company's ability to commercialize any product.
2. Financing Risk: As a clinical-stage company without any commercialized products, Contineum Therapeutics is reliant on external funding to advance its drug candidates through costly clinical trials and research and development activities. While they have a collaboration with Johnson & Johnson for PIPE-307, the continued development of their wholly-owned lead asset, PIPE-791, and other pipeline programs will require substantial financial resources. The ability to raise additional capital, if needed, will depend on market conditions, the company's clinical progress, and investor interest, and there is no guarantee that sufficient funding will be available on favorable terms, or at all.
3. Reliance on Collaborations: The development of Contineum Therapeutics' drug candidate, PIPE-307, is in collaboration with Johnson & Johnson. The success and progress of this program are dependent on the continuation and effectiveness of this partnership. Any disagreements, disputes, or the termination of this collaboration by Johnson & Johnson could significantly impact the development timeline, funding, and potential success of PIPE-307, potentially requiring Contineum Therapeutics to assume full responsibility and costs for its further development, or to abandon the program.

Other biopharmaceutical companies developing drug candidates that target the same clinically validated biological pathways (LPA1R for idiopathic pulmonary fibrosis and progressive multiple sclerosis, and M1R for depression and relapse remitting multiple sclerosis) as Contineum Therapeutics' lead assets, PIPE-791 and PIPE-307. If these competing therapies demonstrate superior efficacy, safety, or achieve earlier market approval, they could significantly undermine the commercial potential and competitive differentiation of CTNM's pipeline.

PIPE-791

• Idiopathic Pulmonary Fibrosis (IPF): The global idiopathic pulmonary fibrosis treatment market was estimated at approximately USD 3.68 billion in 2024 and is projected to reach USD 5.46 billion by 2030, growing at a Compound Annual Growth Rate (CAGR) of 6.8% from 2025 to 2030. In 2023, the global idiopathic pulmonary fibrosis market size was valued at around USD 3,763.90 million and is projected to reach USD 6,804.23 million by 2032. North America dominated the global market with a revenue share of 37.5% in 2024.
• Progressive Multiple Sclerosis (Progressive MS): The global primary progressive multiple sclerosis (PPMS) treatment market size was USD 1.25 billion in 2024 and is expected to reach approximately USD 4.98 billion by 2034, exhibiting a CAGR of 14.8% during the forecast period from 2025 to 2034. Another estimate indicates the global market size is projected to expand from USD 1.29 billion in 2024 to USD 5.11 billion by 2034, with a CAGR of 14.84%. North America is a dominant region in the primary progressive multiple sclerosis market share.

PIPE-307

• Depression: The global anxiety disorders and depression treatment market was estimated at USD 15.42 billion in 2024 and is projected to reach USD 19.28 billion by 2030, growing at a CAGR of 3.8% from 2025 to 2030. The market size for anxiety disorders and depression treatment is estimated at USD 12.93 billion in 2025 and is expected to reach USD 17.43 billion by 2035. North America dominated the global market with a revenue share of 37.6% in 2024. For Major Depressive Disorder specifically, the market size in the seven major markets (7MM) was approximately USD 7,165 million in 2023, with the U.S. market alone accounting for approximately USD 5,600 million in the same year.
• Relapse Remitting MS (RRMS): The relapsing-remitting multiple sclerosis (RRMS) market in the 7MM was valued at USD 21,831 million in 2025 and is projected to reach USD 30,597 million by 2034, with a CAGR of 3.80%. The RRMS market size was approximately USD 18.0 billion in 2025 and is projected to reach around USD 29.24 billion by the end of 2035, rising at a CAGR of approximately 5.29% from 2026-2035. The Multiple Sclerosis market size in the U.S. was approximately USD 16,000 million in 2024. North America was the largest region in the relapsing-remitting multiple sclerosis market in 2025.

Contineum Therapeutics (CTNM) is a clinical-stage biopharmaceutical company focused on developing novel therapies for neuroscience, inflammation, and immunology indications. Over the next 2-3 years, the company's future revenue growth is expected to be driven primarily by the following factors:

1. Achievement of Milestone Payments from the Johnson & Johnson Collaboration for PIPE-307 in Major Depressive Disorder: Contineum Therapeutics has an exclusive global license agreement with Johnson & Johnson for PIPE-307. This collaboration includes potential milestone payments of approximately $1.0 billion, in addition to tiered royalties on future sales. Johnson & Johnson initiated a Phase 2 trial (Moonlight-1) for PIPE-307 (renamed JNJ-89495120) in major depressive disorder in December 2024. Positive progress in this trial could trigger significant milestone payments, contributing directly to Contineum's revenue growth.
2. Advancement of PIPE-791 Through Phase 2 Clinical Trials for Idiopathic Pulmonary Fibrosis and Progressive Multiple Sclerosis: PIPE-791, Contineum's wholly-owned lead asset, has entered a global Phase 2 trial (PROPEL-IPF) for idiopathic pulmonary fibrosis (IPF), with patient dosing initiated in late 2025/early 2026. Additionally, the company plans to initiate Phase 2 proof-of-concept clinical trials for PIPE-791 in progressive multiple sclerosis (PrMS). Successful clinical trial outcomes for PIPE-791 in these indications would significantly de-risk the asset, increasing its value and attractiveness for potential future licensing or collaboration agreements, which could generate substantial upfront and milestone payments.
3. Formation of New Strategic Partnerships and Licensing Agreements for Pipeline Assets: As a clinical-stage biopharmaceutical company, Contineum's revenue growth is highly dependent on its ability to advance its pipeline and secure partnerships. The progress of PIPE-791, including upcoming top-line data from an exploratory Phase 1b trial in chronic pain expected in the second quarter of 2026, could lead to new collaborations. Furthermore, the planned Investigational New Drug (IND) application for CTX-343 in the second half of 2025 could position this early-stage asset for potential future partnerships, providing additional avenues for non-dilutive revenue generation through upfront payments and milestones.

Share Issuance

• Contineum Therapeutics completed an upsized public offering in the fourth quarter of 2025, generating net proceeds of $93.0 million from the issuance of approximately 8.1 million shares of Class A common stock.
• In the third quarter of 2025, the company raised $19.0 million through at-the-market (ATM) offerings, issuing approximately 3.2 million shares of Class A common stock.
• As part of the collaboration agreement with Johnson & Johnson for PIPE-307, Contineum Therapeutics received a $25 million equity investment in 2023.

Inbound Investments

• In February 2021, Pipeline Therapeutics, the predecessor to Contineum Therapeutics, completed an $80 million Series C financing round to advance its clinical programs and discovery efforts.
• The collaboration with Johnson & Johnson (J&J) for PIPE-307, established in 2023, included a $50.0 million upfront payment to Contineum Therapeutics, along with potential milestone payments exceeding $1.0 billion and tiered royalties.

Capital Expenditures

• Contineum Therapeutics reported capital expenditures of $42K in the fourth quarter of 2025.
• For the nine months ended September 30, 2025, purchases of property and equipment amounted to $189K, compared to $348K for the same period in 2024.
• The company's capital allocation strategy prioritizes its lead clinical programs and advancing select discovery programs, indicating continued investment in research and development infrastructure.