Contineum Therapeutics reported topline Phase II VISTA data showing PIPE‑307 failed to meet its primary and secondary efficacy endpoints in relapsing‑remitting multiple sclerosis, driving a sharp drop in the company’s stock. The oral M1 receptor antagonist showed acceptable safety but no significant change in the trial’s visual acuity measure. Contineum said it will analyze exploratory endpoints and present full data at a future conference; the setback complicates the J&J collaboration and raises questions about the M1 approach in MS. Investors will watch whether the company pivots the program or repositions other pipeline assets.