Contineum Therapeutics reported top-line phase II results for PIPE‑307 in relapsing‑remitting multiple sclerosis that failed to meet primary and secondary efficacy endpoints. The M1 receptor agonist showed an acceptable safety and tolerability profile but produced no significant change in the prespecified visual-acuity measure. The miss prompted a steep intraday drop in Contineum shares and will force reassessment of development strategy and partnerships.