Contineum Therapeutics reported topline Phase 2 VISTA results showing PIPE‑307, an M1 receptor antagonist developed with Janssen (J&J), failed to meet its primary efficacy endpoint of improving binocular low‑contrast visual acuity in relapsing‑remitting multiple sclerosis. Secondary endpoints were also missed, though the company said safety and tolerability were acceptable across doses. The mid‑stage study enrolled 182 RRMS patients and tested two doses versus placebo. Contineum said it will further analyze exploratory endpoints and share a full dataset at an upcoming medical meeting and in a peer‑reviewed journal. The outcome triggered a roughly 14% drop in Contineum’s stock in after‑hours trading. PIPE‑307’s Phase 2 failure follows the company’s earlier pipeline pause and complicates the $50 million‑upfront collaboration structure with Janssen that included potential billion‑dollar contingent payments; Contineum said it remains committed to its NI&I (neuroscience, inflammation, immunology) strategy while reevaluating programs.