Contineum Therapeutics shares fall after MOONLIGHT-1 efficacy miss

CTNM fell about 10% after Phase 2 MOONLIGHT-1 (JNJ-5120/PIPE-307) missed its Day 5 MADRS efficacy endpoint; PIPE-307 also failed a Nov 2025 MS mid-stage trial. J&J is reviewing data, while CTNM says it has $236.6M cash and runway into mid-2029.