Contineum Therapeutics reported that PIPE‑307, an oral M1 receptor antagonist developed with Janssen (J&J), failed to meet its primary efficacy endpoint in the Phase 2 VISTA trial for relapsing‑remitting multiple sclerosis; secondary endpoints also missed statistical significance. The company said the drug showed an acceptable safety and tolerability profile at both doses tested and that it will further analyze exploratory endpoints and share full datasets later. The result prompted a double‑digit drop in Contineum’s stock and raises near‑term questions about partnered clinical paths; Janssen’s 2023 deal included a $50 million upfront and substantial development milestones. For context: an efficacy miss in a mid‑stage vision endpoint often forces biotechs to reassess development strategy or seek additional studies to rescue an asset.