Contineum Therapeutics reported top-line results from its Vista phase II trial of PIPE-307, an M1 receptor agonist developed with Janssen, showing the study missed primary and secondary efficacy endpoints in relapsing‑remitting multiple sclerosis. The company said safety and tolerability were acceptable but the absence of clinical benefit on the trial’s contrast-vision endpoint triggered a sell-off in the stock. Management and partners will review the data to determine next steps for the program, while analysts noted the outcome limits near-term value but does not necessarily preclude future development if subgroup or biomarker analyses reveal signals.