UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

~~WASHINGTON~~Washington, D.C. 20549

_______________________________________________________________________

FORM 10-Q

_______________________________________________________________________

(Mark One)


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended ~~September~~March 3031, ~~2025~~2026


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______ to _______

Commission File Number: 001-42001

_______________________________________________________________________

Contineum Therapeutics, Inc.

(Exact name of registrant as specified in its charter)

Delaware	27-1467257
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
3565 General Atomics Court, Suite 200 San Diego, California	92121
(Address of principal executive offices)	(Zip Code)

_______________________________________________________________________


Delaware			27-1467257
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)

3565 General Atomics Court, Suite 200 San Diego, California			92121
(Address of principal executive offices)			(Zip Code)

_______________________________________________________________________

(858) 333-5280

(Registrant’s telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

_______________________________________________________________________

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

~~Trading Symbol(s)~~

~~Name of each exchange on which registered~~

TradingSymbol(s)

Name of each exchange on which registered

Class A Common Stock, $0.001 par value per share

~~CTNM~~

~~The Nasdaq Stock Market LLC (Nasdaq Global Select Market)~~

CTNM

The Nasdaq Stock Market LLC(Nasdaq Global Select Market)

~~Table~~Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of ~~Contents~~ the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant ~~(1)~~ has ~~filed~~submitted ~~all~~electronically ~~reports~~every Interactive Data File required to be ~~filed~~submitted bypursuant ~~Section~~to 13Rule or405 ~~15(d)~~ of ~~the~~Regulation ~~Securities~~S-T ~~Exchange~~(§232.405 ~~Act~~ of ~~1934~~this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to ~~file~~submit such ~~reports~~files)~~, and (2) has been subject to such filing requirements for the past 90 days~~. Yes ☒ x No ☐o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐o Accelerated filer ☐o Non-accelerated filer ☒x Smaller reporting company ☒x Emerging growth company ☒x

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐o No ☒x

As of ~~October 27,~~April ~~2025~~30, 2026, the registrant had 2937,~~182~~386,~~511~~ 377 total shares outstanding, of which there were 2332,~~099~~723,~~173~~ 877 shares of Class A common stock, $0.001 par value per share, outstanding and 64,~~083~~662,~~338~~ 500 shares of Class B common stock, $0.001 par value per share, outstanding.

Table of Contents

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains forward-looking statements concerning our business, operations and financial performance and condition, as well as our plans, objectives and expectations for our business, operations and financial performance and condition. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking statements. These statements involve known and unknown risks, uncertainties and other important factors that are in some cases beyond our control and may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.

The words “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” or “would” or the negative of these terms or other similar expressions are intended to identify forward looking statements. Forward-looking statements contained in this report include, but are not limited to, statements about:

• the likelihood of our clinical trials demonstrating the safety and efficacy of our drug candidates;

• the timing and progress of our current clinical trials, the expected results of these clinical trials and the timing of initiation of our planned and future clinical trials;

• our plans relating to the clinical development of our current and future drug candidates, including the size, number and disease indications to be evaluated;

• Janssen Pharmaceutica NV, a Johnson & Johnson (“J&J”) company’s, plans related to the clinical development of PIPE-307;

• our clinical translational approach, and our ability to identify and develop drug candidates that can potentially treat neuroscience, inflammation and immunology (“NI&I”) diseases by targeting biological pathways associated with specific clinical impairment to alter the course of disease;

• the size of the market opportunities for our drug candidates;

• the rate and degree of market acceptance and clinical utility of our drug candidates;

• our plans relating to commercializing our drug candidates, if approved;

• the success of competing therapies and technologies that are or may become available;

• the beneficial characteristics, safety, efficacy, therapeutic effects and potential advantages of our drug candidates;

• the timing or likelihood of regulatory filings and approval for our drug candidates;

• our ability to obtain and maintain regulatory approval of our drug candidates and our drug candidates to meet existing or future regulatory standards;

• our plans relating to the further development and manufacturing of our drug candidates, including additional indications for which we may pursue;

• our ability to successfully identify and complete transactions to in-license or otherwise acquire additional drug candidates, technologies, products or businesses;

• our ability to attract and to enter into commercial arrangements with third parties who have development, regulatory, manufacturing and commercialization expertise;

• our plans and ability to obtain or protect intellectual property rights, including extensions of existing patent terms where available, as well as our ability to secure and maintain intellectual property regulatory rights and regulatory protections;

• our ability to retain our senior management;

• the need to hire additional personnel and our ability to attract and retain such personnel;

• the accuracy of our estimates regarding our operating runway, expenses, capital requirements and needs for additional financing;

Table of Contents

• the ~~sufficiency~~accuracy of our ~~existing~~estimates ~~capital~~regarding ~~resources to fund~~ our ~~future~~ operating runway, expenses, capital requirements and ~~capital~~needs ~~expenditure~~for ~~requirements~~additional financing;

• the ~~period~~sufficiency ~~during~~of ~~which~~our weexisting ~~expect~~capital weresources ~~will~~to ~~qualify~~fund asour anfuture ~~emerging~~operating ~~growth company under the Jumpstart Our Business Startups Act of 2012~~expenses, asdevelopment ~~amended~~plans ~~(the~~and ~~“JOBS~~capital ~~Act”) or~~expenditure ~~a smaller reporting company~~requirements;

•the ~~our~~period ~~anticipated~~during ~~use~~which ofwe ~~our~~expect ~~existing~~we ~~cash~~will qualify as an emerging growth company under the Jumpstart Our Business Startups Act of 2012, ~~cash~~as ~~equivalents~~amended ~~and~~(the ~~short-term~~“JOBS ~~investments;~~Act”) ~~and~~or a smaller reporting company;

•our ~~other~~anticipated ~~risks~~use ~~and~~of ~~uncertainties,~~our ~~including~~existing ~~those described under Part II~~cash, ~~Item~~cash ~~1A,~~equivalents ~~“Risk~~and ~~Factors”~~marketable ofsecurities; ~~this Quarterly Report on Form 10-Q.~~and

•other risks and uncertainties, including those described under Part II, Item 1A, “Risk Factors” of this Quarterly Report on Form 10-Q.

Any forward-looking statements in this Quarterly Report on Form 10-Q reflect our current views with respect to future events or to our future financial performance and involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. Factors that may cause actual results to differ materially from current expectations include, among other things, those listed under Part II, Item 1A, “Risk Factors” of this Quarterly Report on Form 10-Q. Given these uncertainties, you should not place undue reliance on these forward-looking statements or rely on forward-looking statements as predictions of future events. Except as required by law, we assume no obligation to update or revise these forward-looking statements for any reason, even if new information becomes available in the future.

Unless the context otherwise indicates, references in this Quarterly Report on Form 10-Q to the terms, “Contineum,” the “Company,” “we,” “our,” and “us” refer to Contineum Therapeutics, Inc. and references to our “common stock” refer to our voting Class A common stock.

Table of Contents

CONTINEUM THERAPEUTICS, INC.

TABLE OF CONTENTS

		~~Page~~		Page
PART I.	~~FINANCIAL INFORMATION~~		FINANCIAL INFORMATION
Item 1.	~~Condensed Financial Statements (Unaudited)~~	1	Condensed Financial Statements (Unaudited)	1
	~~Condensed Balance Sheets~~	1	Condensed Balance Sheets	1
	~~Condensed Statements of Operations and Comprehensive Loss~~	2	Condensed Statements of Operations and Comprehensive Loss	2
	Condensed Statements of Convertible Preferred Stock and Stockholders’ Equity (Deficit)	3
			Condensed Statements of Stockholders’ Equity	3
	~~Condensed Statements of Cash Flows~~	4	Condensed Statements of Cash Flows	4
	~~Notes to Unaudited Condensed Financial Statements~~	5	Notes to Unaudited Condensed Financial Statements	5
Item 2.	~~Management’s Discussion and Analysis of Financial Condition and Results of Operations~~	13	Management’s Discussion and Analysis of Financial Condition and Results of Operations	16
Item 3.	~~Quantitative and Qualitative Disclosures About Market Risk~~	20	Quantitative and Qualitative Disclosures About Market Risk	25
Item 4.	~~Controls and Procedures~~	20	Controls and Procedures	25
PART II.	~~OTHER INFORMATION~~		OTHER INFORMATION
Item 1.	~~Legal Proceedings~~	21	Legal Proceedings	26
Item 1A.	~~Risk Factors~~	21	Risk Factors	26
Item 2.	~~Unregistered Sales of Equity Securities and Use of Proceeds~~	22	Unregistered Sales of Equity Securities and Use of Proceeds	26
Item 3.	~~Defaults Upon Senior Securities~~	22	Defaults Upon Senior Securities	26
Item 4.	~~Mine Safety Disclosures~~	22	Mine Safety Disclosures	26
Item 5.	~~Other Information~~	22	Other Information	26
Item 6.	~~Exhibits~~	23	Exhibits	28
Signatures		25		29

Table of Contents

PART I — FINANCIAL INFORMATION

Item 1. Financial Statements.

CONTINEUM THERAPEUTICS, INC.

CONDENSED BALANCE SHEETS

(unaudited)

(in thousands, except share and par value data)

	September 30, 2025			December 31, 2024
		March 31, 2026					December 31, 2025
Assets
Current assets:
Cash and cash equivalents	$	~~42,633~~$	20,158	$	~~21,943~~		$	75,603
Marketable securities		~~139~~226,~~774~~170			~~182,817~~		187,293
Prepaid expenses and other current assets		26,~~520~~636			~~1,628~~		5,021
Total current assets		~~184~~252,~~927~~964			~~206,388~~		267,917
Property and equipment, net		~~880~~1,057			~~989~~		830
Other long-term assets		~~266~~312			3		256
Operating lease right-of-use assets		47,~~774~~016			~~5,467~~		7,639
Total assets	$	~~190,847~~$	261,349	$	~~212,847~~		$	276,642
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable	$	~~786~~$	1,495	$	~~1,811~~		$	1,016
Accrued expenses		42,~~098~~859			~~6,711~~		6,387
Current portion of operating lease liabilities		12,~~477~~303			~~1,452~~		2,341
Total current liabilities		6,~~361~~657			~~9,974~~		9,744
Operating lease liabilities, net of current portion		4,~~016~~651			~~4,807~~		5,909
Total liabilities		1011,~~377~~308			~~14,781~~		15,653
Commitments and contingencies (Note 8)
Stockholders' equity:
Class A common stock, $0.001 par value; authorized shares—200,000,000 at September 30, 2025 and December 31, 2024; issued and outstanding shares—22,765,839 and 19,125,377 at September 30, 2025 and December 31, 2024, respectively.		23			19
Class A common stock, $0.001 par value; authorized shares—200,000,000 at March 31, 2026 and December 31, 2025; issued and outstanding shares—32,723,877 and 31,236,787 at March 31, 2026 and December 31, 2025, respectively.		32					31
Class B common stock, $0.001 par value; authorized shares—20,000,000 at September 30, 2025 and December 31, 2024; issued and outstanding shares—6,416,672 and 6,729,172 at September 30, 2025 and December 31, 2024, respectively.		6			7
Class B common stock, $0.001 par value; authorized shares—20,000,000 at March 31, 2026 and December 31, 2025; issued and outstanding shares—4,662,500 and 6,083,338 at March 31, 2026 and December 31, 2025, respectively.		5					6
Preferred stock, $0.001 par value; authorized shares—10,000,000 at September 30, 2025 and December 31, 2024; no shares issued or outstanding at September 30, 2025 and December 31, 2024.		—			—
Preferred stock, $0.001 par value; authorized shares—10,000,000 at March 31, 2026 and December 31, 2025; no shares issued or outstanding at March 31, 2026 and December 31, 2025.		—					—
Additional paid-in-capital		~~342~~442,~~400~~093			~~315,371~~		438,072
Accumulated deficit		(~~162~~191,~~224~~836)	)		~~(117,402~~	)	(177,380)
Accumulated other comprehensive income		265			71
Accumulated other comprehensive income (loss)		(253)					260
Total stockholders' equity		~~180~~250,~~470~~041			~~198,066~~		260,989
Total liabilities and stockholders' equity	$	~~190,847~~$	261,349	$	~~212,847~~		$	276,642

The accompanying notes are an integral part of these unaudited condensed financial statements.

Table of Contents

CONTINEUM THERAPEUTICS, INC.

CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(unaudited)

(in thousands, except share and per share data)

	Three Months Ended September 30,							Nine Months Ended September 30,
		Three Months Ended March 31,
	2025			2024				2025			2024
		2026					2025
Operating expenses:
Research and development	$	~~10,992~~$	11,648	$	~~9,728~~		$	$13,712	~~38,767~~		$	~~25,407~~
General and administrative		35,~~940~~256			~~3,246~~		4,398		~~12,177~~			~~8,440~~
Total operating expenses		1416,~~932~~904			~~12,974~~		18,110		~~50,944~~			~~33,847~~
Loss from operations		(1416,~~932~~904)	)		~~(12,974~~	)	(18,110)		~~(50,944~~	)		~~(33,847~~	)
Other income (expense):
Interest income		12,~~957~~505			~~2,741~~		2,250		~~6,236~~			~~6,377~~
Change in fair value of warrant liability		—			—				—			(107	)
Other expense, net		(57)					(130)
Other income (expense), net		183			(34	)			(114	)		(116	)
Total other income, net		2,448					2,120
Total other income, net		2,410			2,707				6,122			6,154
Net loss		$	(14,456)				$	(15,990)
Net loss	$	(12,792	)	$	(10,267	)		$	(44,822	)	$	(27,693	)
Other comprehensive income (loss):
Other comprehensive income:
Unrealized gain (loss) on marketable securities		(513)					99
Unrealized gain on marketable securities		118			688				194			453
Comprehensive loss		$	(14,969)				$	(15,891)
Comprehensive loss	$	(12,674	)	$	(9,579	)		$	(44,628	)	$	(27,240	)
Net loss per share, basic and diluted (a)		$	(0.39)				$	(0.62)
Net loss per share, basic and diluted (a)	$	(0.45	)	$	(0.40	)		$	(1.68	)	$	(1.61	)
Weighted-average shares of common stock outstanding, basic and diluted		37,339,026					25,868,935
Weighted-average shares of common stock outstanding, basic and diluted		28,115,548			25,730,014				26,635,056			17,182,865

_____________

(a) Basic and diluted per share amounts are the same for Class A and Class B shares.

The accompanying notes are an integral part of these unaudited condensed financial statements.

Table of Contents

CONTINEUM THERAPEUTICS, INC.

CONDENSED STATEMENTS OF ~~CONVERTIBLE~~ ~~PREFERRED STOCK AND~~ STOCKHOLDERS’ ~~EQUITY~~ ~~(DEFICIT)~~EQUITY

(unaudited)

(in thousands, except share data)

	Class A and Class B					Additional		Accumulated Other							Total
		Class A and Class BCommon Stock							AdditionalPaid-inCapital					Accumulated OtherComprehensiveIncome (Loss)				AccumulatedDeficit		Total Stockholders'Equity
	Common Stock					Paid-in		Comprehensive			Accumulated				Stockholders'
		Shares			Amount
	Shares		Amount			Capital		Income			Deficit				Equity
Balance at December 31, 2025		37,320,125			$	37			$	438,072				$	260			$	(177,380)	$	260,989
Balance at December 31, 2024		25,854,549	$	26		$	315,371	$	71		$	(117,402	)		$	198,066
Exercise of stock options		66,252			—				198					—				—		198
Exercise of stock options		17,000		—			24		—			—				24
Stock-based compensation		—			—				3,823					—				—		3,823
Stock-based compensation		—		—			2,569		—			—				2,569
Net loss		—			—				—					—				(14,456)		(14,456)
Net loss		—		—			—		—			(15,990	)			(15,990	)
Unrealized loss on marketable securities		—			—				—					(513)				—		(513)
Unrealized gain on marketable securities		—		—			—		99			—				99
Balance at March 31, 2026		37,386,377			$	37			$	442,093				$	(253)			$	(191,836)	$	250,041
Balance at March 31, 2025		25,871,549	$	26		$	317,964	$	170		$	(133,392	)		$	184,768
Shares purchased through employee stock purchase plan		48,346		—			267		—			—				267
Stock-based compensation		—		—			2,418		—			—				2,418
Net loss		—		—			—		—			(16,040	)			(16,040	)
Unrealized loss on marketable securities		—		—			—		(23	)		—				(23	)
Balance at June 30, 2025		25,919,895	$	26		$	320,649	$	147		$	(149,432	)		$	171,390
Issuance of common stock in at-the-market offering, net of issuance costs		3,241,110		3			19,009		—			—				19,012
Exercise of stock options		21,506		—			173		—			—				173
Stock-based compensation		—		—			2,569		—			—				2,569
Net loss		—		—			—		—			(12,792	)			(12,792	)
Unrealized gain on marketable securities		—		—			—		118			—				118
Balance at September 30, 2025		29,182,511	$	29		$	342,400	$	265		$	(162,224	)		$	180,470

	Convertible							Class A and Class B					Additional			Accumulated Other						Total
		Class A and Class BCommon Stock									AdditionalPaid-inCapital				Accumulated Other ComprehensiveIncome					AccumulatedDeficit					TotalStockholders'Equity
	Preferred Stock							Common Stock					Paid-in			Comprehensive			Accumulated			Stockholders'
		Shares					Amount
	Shares			Amount				Shares		Amount			Capital			Income (Loss)			Deficit			Equity (Deficit)
Balance at December 31, 2024		25,854,549					$	26			$	315,371			$	71				$	(117,402)				$	198,066
Balance at December 31, 2023		15,906,236		$	192,620				2,349,554	$	2		$	7,098		$	108		$	(75,144	)	$	(67,936	)
Exercise of stock options		17,000					—				24				—					—					24
Exercise of stock options		—			—				34,872		—			122			—			—			122
Stock-based compensation		—					—				2,569				—					—					2,569
Stock-based compensation		—			—				—		—			768			—			—			768
Net loss		—					—				—				—					(15,990)					(15,990)
Net loss		—			—				—		—			—			—			(8,417	)		(8,417	)
Unrealized gain on marketable securities		—					—				—				99					—					99
Unrealized loss on marketable securities		—			—				—		—			—			(166	)		—			(166	)
Balance at March 31, 2025		25,871,549					$	26			$	317,964			$	170				$	(133,392)				$	184,768
Balance at March 31, 2024		15,906,236		$	192,620				2,384,426	$	2		$	7,988		$	(58	)	$	(83,561	)	$	(75,629	)
Issuance of common stock in connection with initial public offering, net of issuance costs of $10,912		—			—				7,423,682		7			107,860			—			—			107,867
Conversion of convertible preferred stock to common stock upon initial public offering		(15,906,236	)		(192,620	)			15,906,236		17			192,603			—			—			192,620
Reclassification of warrant from liability to equity		—			—				—		—			216			—			—			216
Exercise of stock options		—			—				8,932		—			13			—			—			13
Stock-based compensation		—			—				—		—			1,494			—			—			1,494
Net loss		—			—				—		—			—			—			(9,009	)		(9,009	)
Unrealized loss on marketable securities		—			—				—		—			—			(69	)		—			(69	)
Balance at June 30, 2024		—		$	—				25,723,276	$	26		$	310,174		$	(127	)	$	(92,570	)	$	217,503
Exercise of stock options		—			—				12,800		—			13			—			—			13
Stock-based compensation		—			—				—		—			2,291			—			—			2,291
Net income		—			—				—		—			—			—			(10,267	)		(10,267	)
Unrealized gain on marketable securities		—			—				—		—			—			688			—			688
Balance at September 30, 2024		—		$	—				25,736,076	$	26		$	312,478		$	561		$	(102,837	)	$	210,228

The accompanying notes are an integral part of these unaudited condensed financial statements.

Table of Contents

CONTINEUM THERAPEUTICS, INC.

CONDENSED STATEMENTS OF CASH FLOWS

(unaudited)

(in thousands)

	Nine Months Ended September 30,
		Three Months Ended March 31,
	2025			2024
		2026					2025
Operating activities
Net loss	$	~~(44,822~~$	(14,456)	$	~~(27,693~~	)	$	(15,990)
Adjustments to reconcile net loss to cash used in operating activities:
Depreciation and amortization		~~238~~83			~~183~~		78
Non-cash operating lease expense		693			719
Noncash operating lease expense		624					233
Stock-based compensation		73,~~556~~823			~~4,553~~		2,569
Accretion of premiums/discounts on marketable securities, net		(~~688~~395)	)		~~(2,875~~	)	(285)
Change in fair value of warrant liability		—			107
Loss on disposal of property and equipment		2					67
Loss on disposal of property and equipment		67			—
Gain on marketable securities		—					(2)
Gain on sale of equipment		—			(16	)
Changes in operating assets and liabilities
Gain on marketable securities		(6	)		(5	)
Prepaid expenses and other current assets		(1,616)					203
Changes in operating assets and liabilities
Accounts payable		490					1,834
Prepaid expenses and other current assets		(892	)		1,281
Accrued expenses		(3,525)					(2,862)
Other long-term assets		(6	)		937
Operating lease liabilities		(1,296)					(257)
Accounts payable		(1,031	)		763
Net cash used in operating activities		(16,266)					(14,412)
Accrued expenses		(2,613	)		(635	)
Investing activities
Operating lease liabilities		(766	)		38
Purchase of property and equipment		(312)					(47)
Net cash used in operating activities		(42,270	)		(22,643	)
Purchases of marketable securities		(97,117)					(33,691)
Investing activities
Sales and maturities of marketable securities		58,121					48,653
Purchase of property and equipment		(189	)		(348	)
Net cash provided by (used in) investing activities		(39,308)					14,915
Proceeds from sale of equipment		—			20
Financing activities
Purchases of marketable securities		(77,769	)		(172,054	)
Payments of deferred offering costs		(69)					—
Sales and maturities of marketable securities		121,698			112,031
Proceeds from exercise of stock options		198					24
Net cash provided by (used in) investing activities		43,740			(60,351	)
Net cash provided by financing activities		129					24
Financing activities
Net increase (decrease) in cash and cash equivalents		(55,445)					527
Payments of deferred offering costs		(256	)		—
Cash and cash equivalents at beginning of period		75,603					21,943
Proceeds from issuance of common stock upon initial public offering, net of underwriting discounts and commissions and other offering costs		—			108,211
Cash and cash equivalents at end of period		$	20,158				$	22,470
Proceeds from issuance of common stock in at-the-market offering, net of commissions and other offering costs		19,012			—
Proceeds from exercise of stock options		197			148
Proceeds from employee stock purchase plan		267			—
Net cash provided by financing activities		19,220			108,359
Net increase in cash and cash equivalents		20,690			25,365
Cash and cash equivalents at beginning of period		21,943			15,526
Cash and cash equivalents at end of period	$	42,633		$	40,891
Supplemental disclosure of noncash investing and financing activities
Conversion of convertible preferred stock to common stock upon initial public offering	$	—		$	192,620
Reclassification of warrant from liability to equity	$	—		$	216
Reclassification of deferred offering costs paid in prior year to equity	$	—		$	343

The accompanying notes are an integral part of these unaudited condensed financial statements.

Table of Contents

CONTINEUM THERAPEUTICS, INC.

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

1. Organization and Basis of Presentation

Organization and Nature of Operations

Contineum Therapeutics, Inc. (the “Company”), is a clinical-stage biopharmaceutical company pioneering differentiated therapies for the treatment of neuroscience, inflammation and immunology (“NI&I”) indications with significant unmet need. The Company was incorporated in the state of Delaware in 2009, and in November 2023 changed its name from Pipeline Therapeutics, Inc. to Contineum Therapeutics, Inc.

~~Reverse~~Liquidity ~~Stock~~and ~~Split~~Capital Resources

~~On April~~Since 1,its ~~2024~~inception, the Company ~~filed~~has andevoted ~~amendment~~substantially all its resources to research and development activities, business planning, establishing and maintaining its ~~fourth~~intellectual ~~amended~~property portfolio, hiring personnel, raising capital to support and ~~restated~~expand ~~certificate~~such ofactivities ~~incorporation~~and asproviding ~~amended~~general and ~~effected~~administrative asupport 1-for-5 these operations.~~5972~~ ~~reverse~~The ~~stock~~Company ~~split~~incurred a net loss of ~~its~~$14.5 ~~capital~~million ~~stock~~and $16.0 ~~All~~million ~~share~~for the three months ended March 31, 2026 and ~~per-share~~2025, ~~amounts~~respectively. ~~presented~~The inCompany ~~the~~had ~~financial~~an ~~statements~~accumulated ~~and~~deficit ~~related~~of ~~notes~~$191.8 ~~have~~million ~~been~~as ~~retroactively~~of ~~adjusted~~March 31, to2026. ~~reflect~~From its inception through March 31, 2026, the ~~reverse~~Company ~~stock~~has ~~split~~financed asits ofoperations primarily from the ~~beginning~~sale of equity securities and convertible equity securities, and a global license and development agreement (the ~~first~~“J&J ~~period~~License ~~presented~~Agreement”) the Company entered in February 2023 with Janssen Pharmaceutica NV, a Johnson & Johnson company.

~~Initial~~In ~~Public~~May ~~Offering~~2025, the Company entered into a Sales Agreement with Leerink Partners LLC (the “ATM Sales Agreement”) relating to the offer and sale of up to $75.0 million in shares of its Class A common stock, par value $0.001 per share (“Class A common stock”) in an “at-the-market” offering program (the “ATM Program”). During the year ended December 31, 2025, the Company sold 3,241,110 shares of its Class A common stock pursuant to the ATM Sales Agreement generating net proceeds of $19.0 million. In March 2026, the Company entered into Amendment No. 1 to the ATM Sales Agreement (the “ATM Amendment”) with Leerink Partners to increase the aggregate offering price of the shares of its Class A common stock that the Company may sell pursuant to the ATM Sales Agreement (as amended by the Amendment, the “Amended ATM Sales Agreement”). In connection with the ATM Amendment, the Company filed a prospectus supplement (the “ATM Prospectus Supplement”), pursuant to which the Company may offer and sell up to $100.0 million in shares of its Class A common stock under the Amended ATM Sales Agreement, exclusive of amounts previously sold under the ATM Sales Agreement. The Company did not sell any shares of its Class A common stock under the Amended ATM Sales Agreement during the three months ended March 31, 2026.

~~On April~~In 9,December ~~2024~~2025, the Company ~~closed~~completed ~~its~~a ~~initial~~follow-on public offering ~~(the~~in ~~“IPO”), pursuant to~~ which ~~it issued and sold an aggregate of 6~~8,~~875~~097,~~000~~570 shares of its Class A common stock were sold at a public offering price of $1612.0025 per share and on April 19, 2024, the Company issued and sold 548,682 additional shares of its common stock to the underwriters of the IPO pursuant to the partial exercise of their option to purchase additional shares, resulting in aggregate net proceeds of ~~approximately~~ $~~107~~93.~~9 million,~~0 ~~after deducting underwriting discounts, commissions and other offering expenses~~million. Upon the closing of the IPO, the Company’s outstanding convertible preferred stock automatically converted into Class A common stock or Class B common stock, as applicable. Converted redeemable convertible preferred stock outstanding as of the date of the IPO consisted of 15,906,236 shares that were outstanding immediately prior to the closing of the IPO. Following the closing of the IPO, no shares of redeemable convertible preferred stock were authorized or outstanding.

InAs ~~connection with the closing~~ of ~~the~~March ~~IPO~~31, ~~on April 9~~2026, ~~2024,~~ the Company’s ~~certificate~~had ofcash, ~~incorporation~~cash ~~was~~equivalents ~~amended~~ and ~~restated~~marketable ~~to (i)~~securities ~~authorize~~of ~~220,000,000~~$246.3 ~~shares~~million. ofManagement ~~common~~believes ~~stock~~the ofCompany's ~~which~~existing ~~200~~cash,~~000,000~~ ~~are~~cash ~~designated~~equivalents ~~as Class A common stock~~ and ~~20,000,000~~marketable ofsecurities ~~which~~will ~~are~~be ~~designated~~sufficient ~~as Class B common stock; (ii) eliminate all references~~ to ~~the~~support ~~previously~~its ~~existing~~operations ~~series~~for ofat ~~preferred~~least ~~stock;~~12 ~~and~~months ~~(iii) authorize 10,000,000 shares of undesignated preferred stock that may be issued~~ from ~~time to time by~~ the ~~Company’s~~issuance ~~board~~date of ~~directors~~these inunaudited ~~one~~condensed orfinancial ~~more series~~statements.

~~Liquidity~~As the Company continues to pursue its business plan, it expects to finance its operations through both public and ~~Capital~~private ~~Resources~~sales of equity, debt financings or other commercial arrangements, which could include income from collaborations, strategic partnerships or marketing, distribution, licensing or other strategic arrangements with third parties. However, there can be no assurance that any additional financing or strategic transactions will be available to the Company on acceptable terms, if at all. If events or circumstances occur such that the Company does not obtain additional funding, it may need to delay, reduce or eliminate its product development or future commercialization efforts, which could have a material adverse effect on the Company’s business, results of operations, financial condition and cash flows. Further, if the Company raises funds through licensing or other similar arrangements with third parties, it may be required to relinquish valuable rights to its technology, future revenue streams, research programs or drug candidates or may be required to grant licenses on terms that may not be favorable to it and/or may reduce the value of its common stock.

~~Since~~Unaudited ~~its~~Interim ~~inception,~~Condensed ~~the~~Financial Company has devoted substantially all its resources to research and development activities, business planning, establishing and maintaining its intellectual property portfolio, hiring personnel, raising capital to support and expand such activities and providing general and administrative support for these operations. The Company incurred a net loss of $12.8 million and $44.8 million for the three and nine months ended September 30, 2025, respectively. The Company had an accumulated deficit of $162.2 million as of September 30, 2025. From its inception through September 30, 2025, the Company has financed its operations primarily from the sale of equity securities and convertible equity securities, borrowings under credit facilities, a global license and development agreement (the “J&J License Agreement”) the Company entered in February 2023 with Janssen Pharmaceutica NV, a Johnson & Johnson company, net proceeds of approximately $107.9 million received in April 2024 from the IPO.Statements

~~In May~~The ~~2025,~~condensed ~~the~~balance ~~Company~~sheet ~~entered~~as ~~into~~of aMarch 31, ~~Sales~~2026, ~~Agreement~~condensed ~~with~~statements ~~Leerink~~of ~~Partners~~operations ~~LLC (the “Sales Agreement”) relating to the offer~~ and ~~sale~~comprehensive ofloss, upcondensed tostatements ~~$75.0 million in shares~~ of ~~its~~stockholders’ ~~Class A common stock~~equity, ~~par~~and ~~value~~condensed ~~$0.001~~statements ~~per~~of ~~share~~cash ~~(the~~flows ~~“Shares”)~~for ~~in an “at-~~the~~-market”~~ ~~offering program (the “ATM Program”). During the~~ three months ended ~~September~~ 30March 31, ~~2025,~~2026 ~~the~~and ~~Company sold 3~~2025,~~241,110~~ ~~shares~~and ofrelated ~~its~~notes ~~Class~~to Acondensed ~~common~~financial ~~stock~~statements ~~pursuant~~are ~~to the Sales Agreement~~unaudited. ~~The~~These ~~shares~~unaudited ofinterim ~~Class~~condensed Afinancial ~~common~~statements ~~stock~~have ~~were~~been ~~sold~~prepared aton athe ~~weighted~~same ~~average~~basis ~~price~~as ofthe ~~$6.04 per share, resulting in gross proceeds of $19.6 million. The~~ Company’s ~~raised~~annual ~~$19.0 million~~financial instatements ~~net proceeds after deducting sales agent commissions~~ and, ~~offering~~in ~~costs of $0.6 million.~~

As of September 30, 2025, the Company had cash, cash equivalents and marketable securities of $182.4 million. Management believes the Company's existing cash, cash equivalents and marketable securities will be sufficient to support its operations for at least 12 months from the issuance date of these unaudited condensed financial statements.5

AsTable ~~the Company continues to pursue its business plan, it expects to finance its operations through both public and private sales~~ of equity, debt financings or other commercial arrangements, which could include income from collaborations, strategic partnerships or marketing, distribution, licensing or other strategic arrangements with third parties. However, there can be no assurance that any additional financing or strategic transactions will be available to the Company on acceptable terms, if at all. If events or circumstances occur such that the Company does not obtain additional funding, it may need to delay, reduce or eliminate its product development or future commercialization efforts, which could have a material adverse effect on the Company’s business, results of operations, financial condition and cash flows. Further, if the Company raises funds through licensing or other similar arrangements with third parties, it may be required to relinquish valuable rights to its technology, future revenue streams, research programs or drug candidates or may be required to grant licenses on terms that may not be favorable to it and/or may reduce the value of its common stock.Contents

~~Unaudited~~the ~~Interim~~opinion ~~Condensed~~of ~~Financial~~management, ~~Statements~~reflect all adjustments (consisting only of normal recurring adjustments) that are necessary for the fair statement of the Company’s financial position, results of operations and cash flows for the periods presented. The condensed results of operations for the three months ended March 31, 2026 are not necessarily indicative of the results to be expected for the full year or for any other future annual or interim period. The condensed balance sheet as of December 31, 2025 included herein was derived from the audited financial statements as of that date. These interim unaudited condensed financial statements should be read in conjunction with the Company’s audited financial statements for the year ended December 31, 2025 included in the Company’s Annual Report on Form 10-K, filed with the Securities and Exchange Commission (“SEC”) on March 5, 2026.

The condensed balance sheet as of September 30, 2025, condensed statements of operations and comprehensive loss and condensed statements of convertible preferred stock and stockholders’ equity (deficit) for the three and nine months ended September 30, 2025 and 2024, and condensed statements of cash flows for the nine months ended September 30, 2025 and 2024, and related notes to condensed financial statements are unaudited2. ~~These~~Summary ~~unaudited interim condensed financial statements have been prepared on the same basis as the Company’s annual financial statements and, in the opinion~~ of ~~management,~~Significant ~~reflect~~Accounting ~~all~~Policies adjustments (consisting only of normal recurring adjustments) that are necessary for the fair statement of the Company’s financial position, results of operations and cash flows for the periods presented. The condensed results of operations for the three and nine months ended September 30, 2025 are not necessarily indicative of the results to be expected for the full year or for any other future annual or interim period. The condensed balance sheet as of December 31, 2024 included herein was derived from the audited financial statements as of that date. These interim unaudited condensed financial statements should be read in conjunction with the Company’s audited financial statements for the year ended December 31, 2024 included in the Company’s Annual Report on Form 10-K, filed with the Securities and Exchange Commission (“SEC”) on March 6, 2025.

During the three months ended March 31, 2026, there were no significant changes to the Company's significant accounting policies as described in the Company's Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on March 5, 2026.

Basis ~~Table~~ of ~~Contents~~ Presentation

2The Company has prepared the accompanying condensed financial statements in accordance with U.S. ~~Summary~~generally accepted accounting principles (“U.S. GAAP”) and the requirements of ~~Significant~~the SEC for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by U.S. GAAP can be condensed or omitted. The financial statements are presented in U.S. dollars. Any reference in these notes to applicable guidance is meant to refer to U.S. GAAP as found in the Accounting ~~Policies~~Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) promulgated by the Financial Accounting Standards Board (“FASB”).

~~During~~Use ~~the~~of nine months ended September 30, 2025, there were no significant changes to the Company's significant accounting policies as described in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on March 6, 2025.Estimates

~~Basis~~The preparation of ~~Presentation~~financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the Company’s financial statements and accompanying notes. Accounting estimates and management judgments reflected in the financial statements include: the accrual of research and development expenses; the incremental borrowing rate used to recognize the right-of-use assets and lease liabilities; the fair value of common stock; and stock-based compensation. Although these estimates are based on the Company’s knowledge of current events and actions it may undertake in the future, actual results may materially differ from these estimates and assumptions.

~~The~~Recently ~~Company~~Issued has prepared the accompanying condensed financial statements in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and the requirements of the SEC for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by U.S. GAAP can be condensed or omitted. The financial statements are presented in U.S. dollars. Any reference in these notes to applicable guidance is meant to refer to U.S. GAAP as found in the Accounting ~~Standards~~Pronouncements ~~Codification~~Not ~~(“ASC”)~~Yet ~~and Accounting Standards Updates (“ASU”) promulgated by the Financial Accounting Standards Board (“FASB”).~~Adopted

~~Use~~In November 2024, the FASB issued ASU No. 2024-03, Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of ~~Estimates~~Income Statement Expenses (“ASU 2024-03”). This standard requires a public entity to disaggregate certain income statement expenses. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of this guidance on its financial statements.

~~The~~In ~~preparation~~December of2025, ~~financial~~the ~~statements~~FASB inissued ~~conformity~~ASU ~~with~~No. 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements (“ASU 2025-11”). This standard clarifies the applicability of interim reporting guidance under U.S. GAAP, ~~requires~~provides ~~management~~a tocomprehensive ~~make~~list ~~estimates~~of ~~and~~interim ~~assumptions~~disclosure ~~that~~requirements ~~affect~~within ~~the~~Topic ~~amounts~~270, ~~reported~~and inintroduces ~~the~~a ~~Company’s~~disclosure ~~financial~~principle ~~statements~~requiring ~~and~~entities ~~accompanying~~to ~~notes.~~provide ~~Accounting~~information ~~estimates~~about events and ~~management~~changes ~~judgments~~occurring ~~reflected~~after inthe end of the ~~financial~~most ~~statements~~recent ~~include:~~annual ~~the~~reporting ~~accrual~~period ofthat ~~research~~have ~~and~~a ~~development~~material ~~expenses;~~impact on the ~~incremental~~entity. ~~borrowing~~The ~~rate~~ASU ~~used~~does tonot ~~recognize~~change the ~~right-~~fundamental nature of~~-use~~ ~~assets~~interim ~~and~~reporting ~~lease~~or ~~liabilities,~~expand ~~the~~or ~~fair~~reduce ~~value~~existing ofinterim ~~common~~disclosure ~~stock~~requirements. ~~and~~ASU ~~convertible~~2025-11 ~~preferred~~is ~~stock;~~effective ~~and~~for ~~stock-based~~interim ~~compensation.~~reporting ~~Although~~periods ~~these~~within ~~estimates~~annual ~~are~~reporting ~~based~~periods onbeginning ~~the~~after ~~Company’s~~December ~~knowledge~~15, of2027 ~~current~~for ~~events~~public ~~and~~business ~~actions~~entities, ~~it may undertake~~with inearly adoption permitted. The Company is currently evaluating the ~~future,~~impact ~~actual~~of ~~results may materially~~this ~~differ~~guidance ~~from~~on ~~these~~its ~~estimates~~interim financial reporting and ~~assumptions~~related disclosures.

~~Recently~~In ~~Adopted~~December ~~Accounting~~2025, ~~Pronouncements~~the FASB issued ASU No. 2025-12, Codification Improvements (“ASU 2025-12”). This standard addresses suggestions received from stakeholders regarding the ASC and makes other incremental improvements to U.S. GAAP. The update represents changes to the Codification that clarify, correct errors in or make other improvements to a variety of topics that are intended to make it easier to understand and apply. ASU 2025-12 is effective for annual reporting periods beginning after December 15, 2026, and interim periods within those annual periods, with early adoption permitted. Entities are required to apply the amendments to ASC 260 retrospectively. All other amendments may be

In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). This standard requires a public entity to disclose significant segment expenses and other segment items on an interim and annual basis. Additionally, it requires a public entity to disclose the title and position of the Chief Operating Decision Maker. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. A public entity should apply the amendments in this ASU retrospectively to all prior periods presented in the financial statements. The Company adopted ASU 2023-07 for the fiscal year ended December 31, 2024 and interim financial statements thereafter, on a retrospective basis for all prior periods presented in the financial statements. The adoption of ASU 2023-07 did not change the way that the Company identifies its reportable segments and, as a result, did not have a material impact on the Company’s financial position or results of operations. See Note 10 - Segment Reporting for further information.6

~~Recently~~Table ~~Issued~~of ~~Accounting Pronouncements Not Yet Adopted~~ Contents

~~In December~~applied ~~2023,~~prospectively ~~the~~or ~~FASB issued ASU No~~retrospectively. ~~2023-09,~~Early ~~Income~~adoption Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). This standard requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. ASU 2023-09 is ~~effective for public entities with annual periods beginning after December 15, 2024, with early adoption~~ permitted. The Company is currently evaluating the impact of this guidance on its financial statements and related disclosures.

~~In November 2024, the FASB issued ASU No~~3. ~~2024-03,~~Cash ~~Income~~Equivalents Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”). This standard requires a public entity to disaggregate certain income statement expenses. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026, and ~~interim~~Marketable ~~reporting~~Securities ~~periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of this guidance on its financial statements.~~

3.The ~~Marketable~~following ~~Securities~~table summarizes the amortized cost and fair value of the Company’s cash equivalents and marketable securities by major investment category (in thousands):

The Company invests its excess cash in marketable securities, including debt securities, commercial paper, asset-backed securities, yankee debt, certificate of deposit, and U.S. Government agency securities.


		March 31, 2026
				Unrealized
	Maturity in Years	Amortized Cost		Gains		Losses		Fair Value
Cash equivalents	Less than 1	$	17,869	$	—	$	(12)	17,857
U.S. Government agency securities	3 years or less	48,710		48		(64)		48,694
Certificate of deposit	Less than 1	1,408		1		—		1,409
Corporate debt securities	3 years or less	116,719		47		(254)		116,512
Commercial paper	Less than 1	49,435		1		(26)		49,410
Yankee debt	Less than 1	2,901		—		(5)		2,896
Asset-backed securities	3 years or less	7,238		13		(2)		7,249
Total		$	244,280	$	110	$	(363)	$	244,027

The following table summarizes the amortized cost and fair value of the Company’s marketable securities by major investment category (in thousands):


		December 31, 2025
				Unrealized
	Maturity in Years	Amortized Cost		Gains		Losses		Fair Value
U.S. Government agency securities	2 years or less	$	41,238	$	136	$	(1)	$	41,373
Certificate of deposit	Less than 1	3,009		4		—		3,013
Corporate debt securities	2 years or less	81,614		84		—		81,698
Commercial paper	Less than 1	48,448		7		(2)		48,453
Yankee debt	Less than 1	4,463		2		—		4,465
Asset-backed securities	3 years or less	8,261		30		—		8,291
Total		$	187,033	$	263	$	(3)	$	187,293

		September 30, 2025
				Unrealized
	Maturity in Years	Amortized Cost		Gains		Losses			Fair Value
U.S. Government agency securities	3 years or less	$	52,806	$	131	$	(7	)	$	52,930
Certificate of deposit	Less than 1		6,825		5		—			6,830
Corporate debt securities	2 years or less		59,321		91		(2	)		59,410
Commercial paper	Less than 1		9,139		8		—			9,147
Yankee debt	Less than 1		2,298		3		—			2,301
Asset-backed securities	3 years or less		9,120		36		—			9,156
Total		$	139,509	$	274	$	(9	)	$	139,774

The Company regularly reviews the securities in an unrealized loss position and evaluates the current expected credit loss by considering factors such as historical experience, market data, issuer-specific factors, current and expected future economic conditions. The Company has no requirement or intention to sell these securities before maturity or recovery of their amortized cost basis. As of March 31, 2026 and December 31, 2025, the Company did not record an allowance for credit loss related to its investment portfolio. As of March 31, 2026, 119 out of 224 of the Company’s cash equivalents and available-for-sale debt securities were in an aggregate gross unrealized loss position. The unrealized losses were broadly distributed across the portfolio and not concentrated in any one security. As of December 31, 2025, 7 out of 225 of the Company’s available-for-sale debt securities were in an aggregate gross unrealized loss position. As of March 31, 2026 and December 31, 2025, all of the Company’s available-for-sale debt securities in an unrealized loss position for which an allowance for credit losses has not been recorded had been in a continuous unrealized loss position for less than 12 months. Based on the Company’s review of these investments as of March 31, 2026, the Company believes none of the unrealized loss positions were not other-than-temporary in nature.

		December 31, 2024
				Unrealized
	Maturity in Years	Amortized Cost		Gains		Losses			Fair Value
U.S. Government agency securities	3 years or less	$	57,232	$	57	$	(134	)	$	57,155
Certificate of deposit	Less than 1		8,519		6		(1	)		8,524
Corporate debt securities	2 years or less		80,751		110		(39	)		80,822
Commercial paper	Less than 1		22,265		11		(1	)		22,275
Yankee debt	Less than 1		2,145		1		—			2,146
Asset-backed securities	2 years or less		11,834		61		—			11,895
Total		$	182,746	$	246	$	(175	)	$	182,817

The following tables summarize the Company’s cash equivalents and available-for-sale debt securities in an unrealized loss position for which an allowance for credit losses has not been recorded, aggregated by major security type (in thousands):

The Company regularly reviews the securities in an unrealized loss position and evaluates the current expected credit loss by considering factors such as historical experience, market data, issuer-specific factors, current and expected future economic conditions. The Company has no requirement or intention to sell these securities before maturity or recovery of their amortized cost basis. As of September 30, 2025 and December 31, 2024, the Company did not record an allowance for credit loss related to its investment portfolio. As of September 30, 2025, 18 out of 219 of our available-for-sale debt securities were in an aggregate gross unrealized loss position. As of December 31, 2024, 86 out of 252 of our available-for-sale debt securities were in an aggregate gross unrealized loss position. As of September 30, 2025 and December 31, 2024, all of our available-for-sale debt securities in an unrealized loss position for which an allowance for credit losses has not been recorded had continuous unrealized loss positions of less than 12 months.7

~~The~~Table ~~following~~of tables summarize our available-for-sale debt securities in an unrealized loss position for which an allowance for credit losses has not been recorded, aggregated by major security type (in thousands):Contents

	September 30, 2025
		March 31, 2026
	~~Fair Value~~	Fair Value		~~Unrealized Losses~~			Unrealized Losses
U.S. Government agency securities	$	8,589		$	(7	)
Cash equivalents		$	8,795				$	(12)
Corporate debt securities		5,736			(2	)
U.S. Government agency securities		19,414					(64)
Total	$	14,325		$	(9	)
Corporate debt securities		86,083					(254)
Commercial paper		46,810					(26)
Yankee debt		2,896					(5)
Asset-backed securities		1,710					(2)
Total		$	165,708				$	(363)

	December 31, 2024
		December 31, 2025
	~~Fair Value~~	Fair Value		~~Unrealized Losses~~			Unrealized Losses
U.S. Government agency securities	$	~~30,155~~$	1,771	$	~~(134~~	)	$	(1)
Certificate of deposit		3,722			(1	)
Commercial paper		25,104					(2)
Corporate debt securities		22,528			(39	)
Total		$	26,875				$	(3)
Commercial paper		4,556			(1	)
Total	$	60,961		$	(175	)

4. 6Fair Value Measurements

The ~~Table~~accounting ofguidance ~~Contents~~defines fair value, establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the accounting guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:

4.Level ~~Fair~~1—Unadjusted ~~Value~~quoted ~~Measurements~~prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.

~~The~~Level ~~accounting~~2—Quoted ~~guidance~~prices ~~defines fair value, establishes a consistent framework~~ for ~~measuring~~similar ~~fair~~assets ~~value~~ and ~~expands~~liabilities ~~disclosure~~in ~~for~~active ~~each~~markets, ~~major~~quoted ~~asset~~prices ~~and~~in ~~liability~~markets ~~category~~that ~~measured~~are atnot ~~fair~~active, ~~value on either a recurring~~ or ~~nonrecurring~~inputs ~~basis.~~which ~~Fair~~are ~~value is defined as an exit price~~observable, ~~representing~~either ~~the~~directly ~~amount that would be received to sell an asset~~ or ~~paid to transfer a liability in an orderly transaction between market participants. As such~~indirectly, ~~fair~~for ~~value~~substantially isthe afull ~~market-based~~term ~~measurement~~of ~~that~~the ~~should be determined based on assumptions that market participants would use in pricing an~~ asset or liability. ~~As a basis for considering such assumptions, the accounting guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:~~

Level 1 3—~~Unadjusted~~Prices ~~quoted~~or ~~prices~~valuation intechniques ~~active~~that ~~markets~~require inputs that are ~~accessible~~both atsignificant to the fair value measurement ~~date~~and ~~for~~unobservable ~~identical,~~(i.e. ~~unrestricted~~supported ~~assets~~by little or ~~liabilities~~no market activity).

Level 2—Quoted prices for similar assets and liabilities in active markets, quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability.8

~~Level 3—Prices~~Table orof ~~valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e. supported by little or no market activity).~~Contents

Assets and liabilities measured at fair value on a recurring basis are as follows (in thousands):

				~~Fair Value Measurements Using~~		Fair Value Measurements Using
				Quoted Prices in			Significant Other		Significant
		Total				Quoted Prices inActive Marketsfor IdenticalAssets (Level 1)				Significant OtherObservableInputs(Level 2)		SignificantUnobservableInputs(Level 3)
				Active Markets			Observable		Unobservable
March 31, 2026:
				for Identical			Inputs		Inputs
Assets:
	Total			Assets (Level 1)			(Level 2)		(Level 3)
Cash equivalents (1)		$	18,305			$	18,305			$	—	$	—
September 30, 2025:
U.S. Government agency securities		48,694				48,694				—		—
Assets:
Certificates of deposits		1,409				—				1,409		—
Cash equivalents	$	41,328		$	41,328		$	—	$	—
Corporate debt securities		116,512				—				116,512		—
U.S. Government agency securities		52,930			52,930			—		—
Commercial paper		49,410				—				49,410		—
Certificates of deposits		6,830			—			6,830		—
Yankee debt		2,896				—				2,896		—
Corporate debt securities		59,410			—			59,410		—
Asset-backed securities		7,249				—				7,249		—
Commercial paper		9,147			—			9,147		—
Total financial assets		$	244,475			$	66,999			$	177,476	$	—
Yankee debt		2,301			—			2,301		—
December 31, 2025:
Asset-backed securities		9,156			—			9,156		—
Assets:
Total financial assets	$	181,102		$	94,258		$	86,844	$	—
Cash equivalents		$	75,051			$	75,051			$	—	$	—
December 31, 2024:
U.S. Government agency securities		41,373				41,373				—		—
Cash equivalents	$	21,042		$	21,042		$	—	$	—
Certificates of deposits		3,013				—				3,013		—
U.S. Government agency securities		57,155			57,155			—		—
Corporate debt securities		81,698				—				81,698		—
Certificates of deposits		8,524			—			8,524		—
Commercial paper		48,453				—				48,453		—
Corporate debt securities		80,822			—			80,822		—
Yankee debt		4,465				—				4,465		—
Commercial paper		22,275			—			22,275		—
Asset-backed securities		8,291				—				8,291		—
Yankee debt		2,146			—			2,146		—
Total financial assets		$	262,344			$	116,424			$	145,920	$	—
Asset-backed securities		11,895			—			11,895		—
Total financial assets	$	203,859		$	78,197		$	125,662	$	—

~~The~~(1) ~~carrying~~Cash ~~amounts of the Company’s financial instruments, including cash, cash~~ equivalents, ~~prepaid~~includes ~~and other current assets, accounts payable, and accrued liabilities, approximate fair value due to their short maturities~~$17.9 ~~Included~~million in ~~cash~~short-term ~~and~~investments ~~cash equivalents at September 30, 2025~~ and ~~December~~ ~~31, 2024 are money market funds with a carrying value and fair value of~~ $80.~~8 million~~4 ~~and $3.9~~ million, ~~respectively,~~in ~~based~~other ~~upon~~cash ~~a Level 1 fair value assessment~~equivalents.

The 7carrying amounts of the Company’s financial instruments, including cash, cash equivalents, prepaid and other current assets, accounts payable, and accrued liabilities, approximate fair value due to their short maturities. Included in cash and cash equivalents at March 31, 2026 and December 31, 2025 are money market funds with a carrying value and fair value of $9.0 million and $6.5 million, respectively, based upon a Level 1 fair value assessment.

5. ~~Table~~Accrued ofExpenses ~~Contents~~

5. Accrued ~~Expenses~~expenses consisted of the following (in thousands):

Accrued expenses consisted of the following (in thousands):


	March 31, 2026		December 31, 2025
Accrued compensation expenses	$	1,568	$	4,796
Accrued research and development expenses	993		1,195
Accrued professional and consulting expenses	205		342
Other accrued expenses	93		54
Total accrued expenses	$	2,859	$	6,387

	September 30,		December 31,
	2025		2024
Accrued compensation expenses	$	2,814	$	3,338
Accrued research and development expenses		1,172		3,151
Accrued professional and consulting expenses		62		98
Other accrued expenses		50		124
Total accrued expenses	$	4,098	$	6,711

6.Table ~~Stockholders’ Equity~~of ~~(Deficit)~~Contents

~~Sales~~6. ~~Agreement~~Stockholders’ Equity

~~In May~~Common ~~2025,~~Stock the Company entered into the Sales Agreement. During the three months ended September 30, 2025, the Company sold 3,241,110 shares of its Class A common stock pursuant to the Sales Agreement. The shares of Class A common stock were sold at a weighted average price of $6.04 per share, resulting in gross proceeds of $19.6 million. The Company raised $19.0 million in net proceeds after deducting sales agent commissions and offering costs of $0.6 million.

~~Common~~The ~~Stock~~Company has two classes of common stock: Class A common stock and Class B common stock. Class A common stock has one vote per share and Class B common stock has no votes per share.

The ~~Company~~following ~~has~~table ~~two~~summarizes ~~classes of common stock: Class A common stock and Class B common stock. Class A common stock has one vote per share and Class B common stock has no votes per share. As of September 30, 2025, of~~ the ~~authorized~~changes ~~200,000,000~~in ~~shares of~~ Class A common stock, ~~22,765,839 shares of Class A common stock were issued~~ and ~~outstanding, and of the authorized 20,000,000 shares of~~ Class B common stock~~, 6,416,672 shares~~ ~~of Class~~for ~~B common stock were issued and outstanding. As of September 30, 2024, of~~ the ~~authorized 200,000,000 shares~~three ofmonths ~~Class~~ended ~~A common stock,~~March 1931,~~006,904 shares~~ of2026 ~~Class~~(in ~~A common stock were issued and outstanding, and of the authorized 20,000,000~~ shares ~~of Class B common stock, 6,729,172 shares of Class B common stock were issued and outstanding.~~):

The following table summarizes the changes in Class A common stock and Class B common stock for the nine months ended September 30, 2025 (in shares):


	Common Stock
	Class A	Class B
Balance at December 31, 2025	31,236,787	6,083,338
Exercise of stock options	66,252	—
Conversion of Class B common stock into Class A common stock	1,420,838	(1,420,838)
Balance at March 31, 2026	32,723,877	4,662,500

	Common Stock
		Class A	Class B
Balance at December 31, 2024		19,125,377	6,729,172
Exercise of stock options		17,000	—
Balance at March 31, 2025		19,142,377	6,729,172
Shares purchased through employee stock purchase plan		48,346	—
Balance at June 30, 2025		19,190,723	6,729,172
Issuance of common stock in at-the-market offering		3,241,110	—
Conversion of Class B common stock into Class A common stock		312,500	(312,500	)
Exercise of stock options		21,506	—
Balance at September 30, 2025		22,765,839	6,416,672

The following table summarizes the changes in Class A common stock and Class B common stock for the three months ended March 31, 2025 (in shares):

The following table summarizes the changes in Class A common stock and Class B common stock for the nine months ended September 30, 2024 (in shares):


	Common Stock
	Class A	Class B
Balance at December 31, 2024	19,125,377	6,729,172
Exercise of stock options	17,000	—
Balance at March 31, 2025	19,142,377	6,729,172

	Common Stock
		Class A	Class B
Balance at December 31, 2023		2,349,554	—
Exercise of stock options		34,872	—
Balance at March 31, 2024		2,384,426	—
Issuance of common stock in connection with initial public offering		7,423,682	—
Conversion of convertible preferred stock to common stock upon initial public offering		9,177,064	6,729,172
Exercise of stock options		8,932	—
Balance at June 30, 2024		18,994,104	6,729,172
Exercise of stock options		12,800	—
Balance at September 30, 2024		19,006,904	6,729,172

Class A common stock reserved for future issuance consisted of the following:


	March 31, 2026	December 31, 2025
Common stock options granted and outstanding	7,485,027	5,548,320
Shares available for issuance under the 2024 Equity Incentive Plan	2,320,610	1,707,563
Common stock warrant	15,764	15,764
Common stock reserved under the 2024 Employee Stock Purchase Plan	716,306	436,306
Shares available for issuance under the 2026 Inducement Plan	625,000	—
Total common stock reserved for future issuance	11,162,707	7,707,953

~~Table~~There are no shares of ~~Contents~~Class B common stock reserved for future issuance as of March 31, 2026 and December 31, 2025.

~~Class~~Follow-On APublic ~~common stock reserved for future issuance consisted of the following:~~Offering

	September 30,		December 31,
	2025		2024
Common stock options granted and outstanding		5,597,573		4,045,500
Shares available for issuance under the 2024 Equity Incentive Plan		1,662,457		1,674,309
Common stock warrant		15,764		15,764
Common stock reserved under the 2024 Employee Stock Purchase Plan		472,203		262,004
Total common stock reserved for future issuance		7,747,997		5,997,577

In December 2025, the Company completed a follow-on public offering in which 8,097,570 shares of its Class A common stock were sold at a public offering price of $12.25 per share resulting in aggregate net proceeds of $93.0 million

~~There~~Sales ~~are no shares of Class B common stock reserved for future issuance as of September 30, 2025 and December 31, 2024.~~Agreement

In 9May 2025, the Company entered into the ATM Sales Agreement relating to the offer and sale of up to $75.0 million in shares of its Class A common stock in the ATM Program. During the year ended December 31, 2025, the Company sold 3,241,110 shares of its Class A common stock pursuant to the ATM Sales Agreement generating net proceeds of $19.0 million. In March 2026, the Company entered into the ATM Amendment with Leerink Partners to increase the aggregate offering price of the shares of its Class A common stock that the Company may sell pursuant to the ATM Sales Agreement. In connection with the ATM Amendment, the Company filed the ATM Prospectus Supplement, pursuant to which the Company may offer and sell up to $100.0 million in shares of its Class A common stock under the Amended ATM Sales Agreement, exclusive of amounts previously sold under the ATM Sales Agreement. The Company

~~Table of Contents~~ 10

~~Stock~~Table ~~Options~~of Contents

~~In March~~did ~~2024,~~not ~~the~~sell ~~Company's~~any ~~board~~shares of ~~directors and~~ its ~~stockholders~~Class ~~adopted~~A ~~and~~common ~~approved~~stock ~~the 2024 Equity Incentive Plan (the “2024 Plan”). The 2024 Plan is the successor of the Company's 2012 Equity Incentive Plan (the “2012 Plan”). However, awards outstanding~~ under the ~~2012~~Amended ~~Plan~~ATM ~~will~~Sales ~~continue~~Agreement toduring ~~be governed by their existing terms. The 2024 Plan allowed for~~ the ~~issuance~~three ofmonths ~~incentive~~ended ~~stock options~~March 31, ~~nonstatutory stock options, stock appreciation rights, restricted shares, restricted stock units, and other stock awards to the Company's employees, members of its board of directors, and consultants~~2026.

~~The~~Equity ~~number~~Incentive of shares initially reserved for issuance under the 2024 Plan was 2,700,000. As of September 30, 2025, there were 1,662,457 shares of the Company’s Class A common stock available for issuance under the 2024 Plan. The aggregate number of shares reserved for issuance under the 2024 Plan will automatically increase on the first day of each fiscal year of the Company, commencing in 2025 and ending in (and including) 2034, by a number equal to the lesser of (a) 5% of the aggregate shares of Class A common stock and Class B common stock issued and outstanding as of the last day of the prior fiscal year, or (b) a number of shares of Class A common stock determined by the Company's board of directors.Plans

~~Under~~As ~~the~~of ~~2024~~March 31, ~~Plan~~2026, ~~the~~there ~~exercise~~were ~~price~~2,320,610 ~~for~~shares ~~options granted under the 2024 Plan may not be less than 100%~~ of the ~~fair~~Company’s ~~market value of the~~ Class A common stock onavailable ~~the~~for ~~grant~~issuance ~~date.~~under ~~Optionees will be permitted to pay~~ the ~~exercise~~2024 ~~price~~Equity inIncentive ~~cash~~Plan ~~or, with the consent of the compensation committee~~ (~~i) with shares of common stock that~~ the ~~optionee~~“2024 ~~already owns, (ii~~Plan”) by an immediate sale of shares through a broker approved by the Company, (iii) by instructing the Company to withhold a number of shares otherwise deliverable upon exercise having an aggregate fair market value that does not exceed the exercise price, or (iv) by other methods permitted by applicable law.

~~The~~In January 2026, the Company'’s board of directors adopted and approved the 2026 Employment Inducement Equity Incentive Plan (orthe a“2026 ~~committee~~Inducement ~~thereof~~Plan”). The terms of the 2026 Inducement Plan are substantially similar to ~~which~~the terms of the Company'’s ~~board~~2024 ofEquity ~~directors~~Incentive ~~has~~Plan ~~delegated~~with ~~authority)~~ the exception that incentive stock options may ~~amend or~~not ~~terminate~~be issued under the ~~2024~~Inducement Plan atand ~~any~~awards ~~time.~~under Ifthe Inducement Plan may only be issued to eligible recipients under the ~~Company's~~applicable Nasdaq rules. The 2026 Inducement Plan was adopted by the board of directors ~~amends~~without stockholder approval pursuant to Rule 5635(c)(4) of the ~~2024~~Nasdaq Listing Rules. Under the 2026 Inducement Plan, itthe ~~does~~Company ~~not~~may ~~need~~grant ~~stockholder~~non-qualified ~~approval~~stock ofoptions, ~~the~~restricted ~~amendment~~stock, ~~unless~~restricted ~~required~~stock byunits, ~~applicable~~stock ~~law~~appreciation rights, ~~regulation~~and other stock or ~~rules~~cash-based awards to an employee in connection with his or her commencement of employment with the Company. The ~~2024~~number ~~Plan~~of ~~will~~shares ~~terminate~~initially ~~automatically~~reserved ~~ten~~for ~~years~~issuance ~~after~~under the ~~date~~2026 ~~when~~Inducement Plan was 750,000. Options granted were pursuant to Nasdaq Listing Rule 5635(c)(4) and are subject to service-based vesting conditions. As of March 31, 2026, there were 625,000 shares of the Company'’s ~~board~~Class ofA ~~directors~~common ~~adopted~~stock available for issuance under the ~~2024~~2026 Inducement Plan.

~~In April 2025,~~Stock ~~the~~Options Company granted inducement awards outside of the 2024 Plan to the Company's Chief Medical Officer and Head of Development in the form of an option to purchase 286,000 shares of the Company's Class A common stock with an exercise price per share equal to $4.50. The option awards were granted as an inducement material to his commencement of employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4). These inducement awards are included in stock-based compensation and the following tables.

Stock option activity is as follows:

	~~Options Outstanding~~	Options Outstanding		~~Weighted- Average Exercise Price~~		Weighted- Average ExercisePrice	~~Weighted- Average Remaining Contractual Term~~		~~Aggregate Intrinsic Value (in thousands)~~	Weighted- Average RemainingContractual Term	Aggregate Intrinsic Value (inthousands)
Balance at December 31, 2024		4,045,500		$	9.91			7.52	$	21,470
Balance at December 31, 2025		5,548,320				$	9.46			7.28	$	18,235
Options granted		12,~~600~~032,~~542~~857			~~8.07~~	14.24		—		—	—
Options exercised		(3866,~~506~~252)	)		~~5.11~~	3.03		—		—	—
Options cancelled and forfeited		(529,~~007~~898)	)		~~11.74~~	13.42		—		—	—
Options expired		~~(4,956~~—	)		~~9.67~~	—		—		—	—
Balance at September 30, 2025		5,597,573		$	9.41			7.55	$	19,858
Balance at March 31, 2026		7,485,027				$	10.80			7.79	$	24,046
Options vested and expected to vest as of September 30, 2025		5,571,573		$	9.44			7.54	$	19,669
Options vested and expected to vest as of March 31, 2026		7,485,027				$	10.80			7.79	$	24,046
Options exercisable as of September 30, 2025		2,749,352		$	7.71			6.02	$	13,611
Options exercisable as of March 31, 2026		3,505,900				$	8.57			6.24	$	18,254

The aggregate intrinsic value of options exercised during the ~~nine~~three months ended ~~September~~ 30March 31, ~~2025~~ 2026 and ~~2024~~ 2025 was $0.3 7 million and $0.6 2 million, respectively, determined as of the date of exercise.

~~Options~~The ~~exercisable~~Company ~~include options~~estimated ~~which~~the ~~are~~fair ~~not~~value ~~vested but~~of ~~are~~stock ~~available~~options tousing bethe ~~early~~Black-Scholes ~~exercised~~valuation model. AsThe ~~of September~~Company ~~30,~~accounts ~~2025,~~for ~~there~~any ~~were~~forfeitures noof options ~~available~~when tothey beoccur. ~~early~~Previously ~~exercised~~recognized compensation expense for an award is reversed in the period that the award is forfeited. As ~~of December~~The ~~31,~~fair ~~2024,~~ value of ~~the 2,114,772 options~~stock ~~exercisable, 35,794~~ options ~~were available~~expected to bevest ~~early~~was ~~exercised.~~estimated using the following weighted-average assumptions:


	Three Months Ended March 31,
	2026		2025
Assumptions:
Expected term (in years)	6.02		6.07
Expected volatility	112	%	93	%
Risk free interest rate	3.90	%	4.41	%
Dividend yield	—		—

~~Table of Contents~~ 11

~~The~~Table ~~Company estimated the fair value~~ of stock options using the Black-Scholes valuation model. The Company accounts for any forfeitures of options when they occur. Previously recognized compensation expense for an award is reversed in the period that the award is forfeited. The fair value of stock options expected to vest was estimated using the following weighted-average assumptions:Contents

	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Assumptions:
Expected term (in years)		6.08			6.08			5.96			6.03
Expected volatility		97	%		112	%		94	%		110	%
Risk free interest rate		3.89	%		3.79	%		4.25	%		4.42	%
Dividend yield		—			—			—			—

The weighted-average grant-date fair value per share of stock options granted and expected to vest as of their grant date during the three months ended March 31, 2026 and 2025 was $12.10 and $7.64 per share, respectively.

~~The weighted~~Stock-~~average~~based grant-date fair value per share of stock options granted and expected to vest as of their grant date during the three months ended September 30, 2025 and 2024 was $4.84 and $16.21 per share, respectively. The weighted-average grant-date fair value per share of stock options granted and expected to vest as of their grant date during the nine months ended September 30, 2025 and 2024 was $6.33 and $13.63 per share, respectively.compensation

Stock-based compensation has been reported in the condensed statements of operations and comprehensive loss as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
Research and development	$	1,706	$	1,083
General and administrative	2,117		1,486
Total	$	3,823	$	2,569

	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Research and development	$	1,176	$	922	$	3,353	$	1,930
General and administrative		1,393		1,369		4,203		2,623
Total	$	2,569	$	2,291	$	7,556	$	4,553

As of March 31, 2026, there was approximately $40.9 million of total unrecognized stock-based compensation related to stock-based compensation arrangements, which is expected to be recognized over a weighted-average period of approximately 2.9 years.

AsEmployee ~~of September~~Stock ~~30,~~Purchase 2025, there was approximately $23.1 million of total unrecognized stock-based compensation related to stock-based compensation arrangements, which is expected to be recognized over a weighted-average period of approximately 2.7 years. Plan

As of March 31, 2026, there were 716,306 shares of the Company’s Class A common stock reserved and available for issuance under the 2024 Employee Stock Purchase Plan (“2024 ESPP”). During the three months ended March 31, 2026 and 2025, there were no shares purchased under the 2024 ESPP and the recorded expense was not material.

~~In March 2024, the Company's board of directors and its stockholders adopted and approved the 2024 Employee Stock Purchase Plan (the “2024 ESPP”)~~7. ~~The~~License ~~2024~~Agreement ESPP became effective as of April 9, 2024. The purpose of the 2024 ESPP is to provide eligible employees with an opportunity to increase their interest in the success of the Company by purchasing shares of Class A common stock from the Company on favorable terms and to pay for such purchases through payroll deductions or other approved contributions. The new payroll deduction rate may be any whole percentage of the participant’s compensation, but not less than 1% nor more than 15%.

~~The~~In ~~number~~February of2023, ~~shares~~the ~~initially~~Company ~~reserved~~entered ~~for~~into ~~issuance~~the ~~under~~J&J License Agreement, pursuant to which the ~~2024~~Company ~~ESPP~~granted ~~was~~J&J ~~280~~an exclusive,~~000. As~~ ~~of September~~worldwide ~~30,~~license ~~2025~~to develop, ~~there~~manufacture ~~were~~and ~~472,203~~commercialize ~~shares~~PIPE-307 ofin all indications. The J&J License Agreement allowed the Company’s ~~common~~to ~~stock~~elect, ~~reserved~~at ~~and~~its ~~available~~sole ~~for~~discretion ~~issuance~~and ~~under~~cost, ~~the~~to ~~2024~~conduct ~~ESPP. The~~a ~~number~~Phase of2 ~~shares~~trial ~~reserved~~of PIPE-307 for ~~issuance~~patients ~~under~~with ~~the~~multiple ~~2024~~sclerosis ~~ESPP~~which ~~will~~the ~~automatically increase on~~Company completed during the ~~first~~year ~~day~~ended ofDecember ~~each~~31, ~~fiscal~~2025. ~~year~~With the completion of ~~the~~this ~~Company~~trial, ~~commencing~~J&J inmay, ~~2025~~at ~~and~~its ~~ending~~sole indiscretion, ~~(and~~further ~~including)~~develop ~~2044~~PIPE-307 for patients with multiple sclerosis. Additionally, byupon J&J deciding to conduct a ~~number~~first ~~equal~~Phase to3 ~~the~~clinical ~~lesser~~trial offor ~~(i)~~a ~~280,000~~product ~~shares~~using PIPE-307, ~~(ii)~~the 1%J&J ofLicense Agreement allows the ~~aggregate~~Company ~~shares~~the ofoption ~~Class~~to Aco-fund ~~common~~a ~~stock~~portion of all Phase 3 and ~~Class~~subsequent Bdevelopment ~~common~~costs ~~stock~~for ~~issued~~PIPE-307, ~~and~~with ~~outstanding~~such oncosts capped annually. If the ~~last~~Company ~~day~~opts ofto ~~the~~fund ~~prior~~such ~~fiscal~~development ~~year~~costs, or ~~(iii)~~then athe ~~number~~royalties the Company is eligible to receive will increase. Pursuant to the terms of ~~shares~~the ~~determined~~J&J byLicense Agreement, the Company's ~~board~~received ofan ~~directors.~~upfront, ~~The~~non-refundable ~~number~~and non-creditable payment of ~~shares~~$50.0 ~~reserved~~million ~~under~~upon transferring the ~~2024~~license ~~ESPP~~and ~~will~~know-how, ~~automatically~~existing beinventory ~~adjusted~~and inmanufacturing ~~the~~technology. ~~event~~The ofCompany ais ~~stock~~also ~~split,~~eligible ~~stock~~to ~~dividend~~receive orapproximately a$1.0 ~~reverse~~billion ~~stock~~in ~~split~~non-refundable, ~~(including~~non-creditable anmilestone ~~adjustment~~payments. Additionally, the Company is eligible to receive tiered royalties in the ~~per~~low-~~purchase~~double ~~period~~digit ~~share~~to ~~limit)~~high-teen percent range on net sales of products containing PIPE-307.

~~During~~In ~~the~~August ~~three~~2023, ~~months~~the ~~ended September~~Company ~~30,~~elected ~~2025,~~to ~~there~~conduct ~~were~~a noPhase ~~shares~~2 ~~purchased~~trial ~~under~~using ~~the~~PIPE-307 ~~2024~~for ~~ESPP and~~patients ~~the~~with ~~recorded~~multiple ~~expense~~sclerosis, which was ~~not~~considered ~~material. During~~a contract modification under the ~~nine~~accounting ~~months~~guidance ~~ended September~~that ~~30,~~added ~~2025,~~promised ~~there~~goods ~~were~~or ~~48,346 shares~~services ~~purchased~~that ~~under~~are ~~the~~distinct ~~2024~~at ~~ESPP and~~a ~~the~~price ~~recorded~~that ~~expense~~is ~~was~~below ~~$0.1~~the ~~million~~standalone selling price. As of March ~~During~~31, 2026, the ~~three~~Company ~~and~~had ~~nine~~completed ~~months~~the ~~ended September~~Phase ~~30,~~2 ~~2024~~trial, and subsequently there were no ~~shares~~remaining ~~purchased~~unsatisfied ~~under~~performance obligations from the ~~2024~~J&J ~~ESPP~~License ~~and~~Agreement. ~~the~~All ~~recorded~~variable ~~expense~~consideration ~~was~~remained fully constrained as of March ~~not material~~31, 2026.

7There was no revenue recognized for the three months ended March 31, 2026 and 2025. ~~License~~The ~~Agreement~~Company does not have any products approved for sale and have not yet generated any revenue from product sales.

In February 2023, the Company entered into the J&J License Agreement, pursuant to which the Company granted J&J an exclusive, worldwide license to develop, manufacture and commercialize PIPE-307 in all indications8. ~~The~~Commitments ~~J&J License Agreement allows the Company to elect, at its sole discretion~~ and ~~cost,~~Contingencies to conduct a Phase 2 trial of PIPE-307 for patients with multiple sclerosis. After such trial, J&J may, at its sole discretion, further develop PIPE-307 for patients with multiple sclerosis. Additionally, upon J&J deciding to conduct a first Phase 3 clinical trial for a product using PIPE-307, the J&J License Agreement allows the Company the option to co-fund a portion of all Phase 3 and subsequent development costs for PIPE-307, with such costs capped annually. If the Company opts to fund such development costs, then the royalties the Company is eligible to receive will increase. Pursuant to the terms of the J&J License Agreement, the Company received an upfront, non-refundable and non-creditable payment of $50.0 million upon transferring the license and know-how, existing inventory and manufacturing technology. The Company is also eligible to receive approximately $1.0 billion in non-refundable, non-creditable milestone payments. Additionally, the Company is eligible to receive tiered royalties in the low-double digit to high-teen percent range on net sales of products containing PIPE-307.

~~The~~Operating Company sold approximately 1.7 million shares of series C convertible preferred stock to Johnson & Johnson Innovation - JJDC, Inc., an affiliate of J&J, at $15.00 per share, for an aggregate purchase price of approximately $25.0 million, in April 2023. The Company determined that this preferred stock purchase was at fair value as other new investors purchased shares of preferred stock at the same price.Lease

~~The~~In ~~Company~~October ~~concluded~~2023, ~~that~~the ~~J&J~~Company ~~represented~~executed a ~~customer~~noncancelable ~~and~~operating ~~applied~~lease ~~relevant~~for ~~guidance~~new ~~from~~premises ~~ASC 606~~ to ~~evaluate~~be ~~the~~used ~~appropriate accounting~~ for ~~the~~office, ~~J&J~~research ~~License~~and ~~Agreement.~~development ~~The~~and ~~Company~~laboratory ~~evaluated~~purposes ~~the~~(“General ~~J&J~~Atomics ~~License~~Court ~~Agreement~~Lease”). ~~and~~The ~~concluded~~General ~~that~~Atomics itCourt ~~had~~Lease ~~promises~~has ~~to transfer~~ a ~~license of functional intellectual property, know~~five-~~how,~~year ~~existing~~term ~~inventory~~with ~~and~~an ~~manufacturing~~option ~~technology~~to ~~(each~~extend offor ~~which~~another ~~was~~three-year ~~determined~~period subject to becertain aconditions, ~~distinct~~which ~~performance obligation). Control of~~ the ~~promised~~Company ~~goods~~is ~~was~~not ~~transferred~~reasonably certain to ~~J&J~~exercise ~~in the second quarter of 2023,~~ and ~~the~~therefore ~~$50.0 million upfront payment~~ was ~~recognized~~not considered in ~~May~~ ~~2023~~determining ~~upon satisfaction of~~ the ~~performance obligations. The remaining consideration consists~~ right-of ~~future contingent milestone~~-~~based~~use ~~payments~~(“ROU”) assets and ~~sales-based~~lease ~~royalties.~~liabilities ~~As of September 30, 2025, all variable consideration under the J&J License Agreement was fully constrained~~balance.

In August 2023, the Company elected to conduct a Phase 2 trial using PIPE-307 for patients with multiple sclerosis, which was considered a contract modification under the accounting guidance that added promised goods or services that are distinct at a price that is below the standalone selling price. Therefore, the Company accounted for the modification as a termination of the existing contract and creation of a new contract. Accordingly, the amount of consideration to be allocated to the remaining performance obligations consists of future contingent milestone-based payments and sales-based royalties, all of which were constrained. The only remaining performance obligation is the promise to conduct the Phase 2 trial, as the other performance obligations had been satisfied prior to the modification date. Accordingly, the variable consideration allocated to the Phase 2 trial will be recognized as the study is completed using a cost-based measure of progress and when the amounts are no longer probable of a significant reversal. As of September 30, 2025, no amounts had been recognized related to the Phase 2 trial as all remaining variable consideration was fully constrained subsequent to the contract modification.12

8.Table ~~Commitments~~of ~~and Contingencies~~ Contents

~~Operating~~In August 2025, the Company signed an amendment to the General Atomics Court Lease for additional space (“General Atomics Court Lease Expansion”). The General Atomics Court Lease Expansion commenced for accounting purposes in October 2025. The General Atomics Court Lease Expansion expires in December 2027 with an option to extend through October 2029, which the Company is not reasonably certain to exercise and therefore was not considered in determining the ROU assets and lease liabilities balance. Upon commencement of the General Atomics Court Lease Expansion, the Company recorded an additional ROU asset and lease liability of approximately $1.4 million.

In ~~October~~ ~~2023~~November 2025, the Company ~~executed~~leased acertain ~~noncancelable~~equipment ~~operating lease for new premises to be~~ used ~~for~~in ~~office,~~connection ~~research~~with ~~and~~its ~~development~~on-going ~~and~~Phase ~~laboratory~~2 ~~purposes (“General~~clinical ~~Atomics~~trial ~~Court~~of ~~Lease”),~~PIPE-791 ~~with~~for the ~~same~~treatment ~~landlord~~of ~~as the Science Center Drive Lease~~IPF. The ~~General~~leases ~~Atomics~~are ~~Court~~accounted ~~Lease commenced~~ for ~~accounting~~as ~~purposes~~operating ~~in October~~leases ~~2024 when the Company took control of the premises~~ and ~~has~~have ~~a 5-year~~lease ~~initial~~terms ~~term~~expiring ~~from~~in ~~the commencement date~~2028. The ~~General~~Company ~~Atomics~~recorded ~~Court Lease has a five-year term with~~ an ~~option~~ROU toasset ~~extend for another three-year period subject to certain conditions, which the Company is not reasonably certain to exercise~~ and ~~therefore~~lease ~~was not considered~~liability ~~in determining the right-~~of~~-use~~ ~~(“ROU”)~~approximately ~~assets~~$1.9 ~~and lease liabilities balance~~million.

AsBelow is a ~~result~~summary of the ~~new lease, the~~ Company’s ~~received~~operating ~~rent abatement from January to October 2024 on the Science Center Drive Lease. This resulted in a modification of the Science Center Drive Lease and a remeasurement of the existing~~ lease ~~liability and the associated~~ right-of-use ~~asset~~assets ~~in October~~and ~~2023. As~~lease aliabilities ~~result,~~as ~~$0.6 million from the payments~~ of ~~the~~March 31, ~~new~~2026 ~~lease~~and ~~were~~2025 ~~allocated~~(in ~~to the Science Center Drive Lease~~thousands, ~~based~~except onfor ayears ~~relative~~and ~~standalone selling price analysis.~~ %):

The Company’s operating lease ROU asset and the related lease liabilities are initially measured at the present value of future lease payments over the lease term. Upon commencement of the new lease, in October 2024, the Company recorded an ROU asset and lease liability of approximately $5.6 million. This includes the $0.6 million allocation, which led to a corresponding decrease in the ROU asset value for the new lease. The lease agreement includes variable payments which are not included in the measurement of the ROU assets and lease liability.


	March 31, 2026			December 31, 2025
Operating lease right-of-use assets	$	7,016		$	7,639

Operating lease liability obligations, current	$	2,303		$	2,341
Operating lease liability obligations, less current portion	4,651			5,909
Total lease liability obligations	$	6,954		$	8,250

Weighted-average remaining lease term	3.3			3.4
Weighted-average discount rate	8.9		%	8.9		%

~~Below~~During isthe athree ~~summary~~months ofended March 31, 2026 and 2025, the Company’s recognized $0.5 million and $0.4 million, respectively, in operating lease ~~right-of-use~~expenses, ~~assets~~which ~~and~~are ~~lease~~included ~~liabilities~~in (operating expenses in ~~thousands,~~the ~~except~~Company’s ~~for~~statements ~~years~~of operations and ~~%):~~comprehensive loss.

	September 30,			December 31,
	2025			2024
Operating lease right-of-use assets	$	4,774		$	5,467
Operating lease liability obligations, current	$	1,477		$	1,452
Operating lease liability obligations, less current portion		4,016			4,807
Total lease liability obligations	$	5,493		$	6,259
Weighted-average remaining lease term		4.1			4.4
Weighted-average discount rate		9.0	%		9.0	%

Supplemental cash flow information related to operating leases are as follows (in thousands):

During the three months ended September 30, 2025 and 2024, the Company recognized $0.4 million and $0.3 million, respectively, in operating lease expenses, which are included in operating expenses in the Company's statements of operations and comprehensive loss. During the nine months ended September 30, 2025 and 2024, the Company recognized $1.2 million and $0.9 million, respectively, in operating lease expenses, which are included in operating expenses in the Company's statements of operations and comprehensive loss.


	Three Months Ended March 31,
	2026		2025
Cash paid for amounts included in the measurement of lease liabilities	$	1,328	$	378

~~Supplemental~~Future ~~cash~~minimum ~~flow~~lease ~~information~~payments ~~related~~for tothe Company’s operating ~~leases~~lease ~~are~~liabilities as of March 31, 2026 were as follows (in thousands):

	Nine Months Ended September 30,
2026		$	1,779
	2025			2024
2027		2,636
Cash paid for amounts included in the measurement of lease liabilities	$	1,134		$	—
2028		2,000
2029		1,556
Total minimum lease payments		7,971
Less: Amount representing interest		1,017
Total lease liability obligations		6,954
Less: Current portion of operating lease liabilities		2,303
Operating lease liabilities, net of current portion		$	4,651

~~Future minimum lease payments for the Company’s operating lease liabilities as of September 30, 2025 are as follows (in thousands):~~13

2025	$	385
2026		1,564
2027		1,611
2028		1,660
2029		1,292
Total minimum lease payments		6,512
Less: Amount representing interest		1,019
Total lease liability obligations		5,493
Less: Current portion of operating lease liabilities		1,477
Operating lease liabilities, net of current portion	$	4,016

Table of Contents

Litigation

From time to time, the Company may become involved in various legal proceedings and claims that arise in the ordinary course of ~~our~~the Company’s business activities. As of ~~September~~ 30March 31, ~~2025~~2026, the Company was not ~~currently~~ a party to any material legal proceedings.

Other Commitments

The Company has various manufacturing, clinical, research and other contracts with vendors in the conduct of the normal course of its business. Such contracts are generally terminable with advanced written notice and payment for any products or services received by the Company through the effective time of termination and any non-cancelable and non-refundable obligations incurred by the vendor at the effective time of the termination. In the case of terminating a clinical trial agreement at a particular site, the Company would also be obligated to provide continued support for appropriate medical procedures at that site until completion or termination.

9. Net Loss Per Share

~~The~~For ~~following~~the ~~table~~three ~~sets~~months ~~forth~~ended March 31, 2026 and 2025, net loss is attributable equally to each share of Class A common stock and Class B common stock and is determined based on the ~~computation~~weighted-average number of the respective class of common stock outstanding. Weighted-average common shares include shares of the Company’s Class A common stock and Class B common stock. The basic and diluted net loss per share ~~(in~~amounts ~~thousands,~~are ~~except~~the ~~share~~same for Class A common stock and ~~per~~Class ~~share~~B ~~amounts):~~common stock.

	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Numerator:
Net loss applicable to common stockholders	$	(12,792	)	$	(10,267	)	$	(44,822	)	$	(27,693	)
Denominator:
Weighted average shares used to compute net loss per common share, basic and diluted		28,115,548			25,730,014			26,635,056			17,182,865
Net loss per share:
Basic and diluted	$	(0.45	)	$	(0.40	)	$	(1.68	)	$	(1.61	)

The Company’s potentially dilutive securities, which include common stock options and a common stock warrant have been excluded from the computation of diluted net loss per share for the three months ended March 31, 2026 and 2025, as the effect would reduce the net loss per share. Therefore, the weighted-average number of shares of common stock outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same.

The 11following potentially dilutive securities have been excluded from the diluted per share calculation for the periods presented as they would be anti-dilutive:

Table of Contents


	March 31, 2026	March 31, 2025
Common stock options	7,485,027	5,107,770
Common stock warrant	15,764	15,764
Total potentially dilutive securities	7,500,791	5,123,534

For the three and nine months ended September 30, 2025 and 2024, net loss is attributable equally to each share of Class A common stock and Class B common stock and is determined based on the weighted-average number of the respective class of common stock outstanding10. ~~Weighted-average~~Segment common shares include shares of the Company's Class A common stock and Class B common stock. The basic and diluted net loss per share amounts are the same for Class A common stock and Class B common stock.Reporting

The Company’s ~~potentially~~operates ~~dilutive~~in ~~securities,~~one ~~which~~reportable ~~include~~segment, ~~common~~pioneering ~~stock~~differentiated ~~options~~therapies ~~and a common stock warrant have been excluded from the computation of diluted net loss per share~~ for the ~~three~~ ~~and~~treatment ~~nine months ended September 30, 2025 and 2024, as the effect would reduce the net loss per share. Therefore, the weighted-average number~~ of ~~shares~~NI&I ofindications ~~common~~with ~~stock~~significant ~~outstanding~~unmet ~~used to calculate both basic and diluted net loss per share attributable to common stockholders is the same~~need.

The ~~following~~ ~~potentially~~Company’s ~~dilutive securities have~~chief ~~been~~operating ~~excluded~~decision ~~from~~maker (“CODM”) is its President and Chief Executive Officer, Carmine Stengone. The CODM makes decisions on resource allocation, assesses performance of the ~~diluted~~business, ~~per~~and ~~share~~monitors ~~calculation~~budget ~~for~~versus actual results of the ~~periods~~Company ~~presented~~as a whole using operating expenses, as ~~they~~reported ~~would~~on bethe ~~anti-dilutive:~~Company’s statements of operations and comprehensive loss. Net loss is also a measure that is considered in monitoring budget versus actual results. The CODM does not review assets in evaluating the results of the Company, and therefore, such information is not presented.

	September 30,		September 30,
	2025		2024
Common stock options		5,597,573		4,122,230
Common stock warrant		15,764		15,764
Total potentially dilutive securities		5,613,337		4,137,994

Significant segment expenses within net loss include research and development related to PIPE-791, PIPE-307, CTX-343, discovery programs and unallocated internal costs, general and administrative and interest income.

~~10. Segment Reporting~~14

~~The~~Table ~~Company operates in one reportable segment, pioneering differentiated therapies for the treatment~~ of ~~NI&I indications with significant unmet need.~~Contents

~~Our chief operating decision maker (“CODM”) is our President and Chief Executive Officer, Carmine Stengone.~~ The ~~CODM~~following ~~uses~~table ~~operating~~provides ~~expenses, as reported on our statements of operations and comprehensive loss. The CODM makes decisions on resource allocation, assesses performance of~~ the ~~business,~~operating ~~and~~financial ~~monitors budget versus actual~~ results of the Company’s assingle areportable ~~whole~~segment ~~using operating expenses. Net loss is also a measure that is considered~~ (in ~~monitoring budget versus actual results. The CODM does not review assets in evaluating the results of the Company, and therefore, such information is not presented.~~thousands):


	Three Months Ended March 31,
	2026		2025
Significant segment expenses
Research and development
PIPE-791	$	6,051	$	5,554
PIPE-307	251		2,615
CTX-343	273		1,378
Discovery programs	1,426		1,382
Unallocated internal costs(1)	3,647		2,783
General and administrative	5,256		4,398
Total operating expenses	16,904		18,110
Loss from operations	(16,904)		(18,110)
Interest income	2,505		2,250
Other segment items(2)	(57)		(130)
Net loss	$	(14,456)	$	(15,990)

~~The following table provides the operating financial results of our single reportable segment (in thousands):~~______________________

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024
Significant and other segment expenses
Research and development
PIPE-791	$	4,465	$	2,707	$	16,197	$	7,596
PIPE-307		1,526		3,214		6,301		7,547
CTX-343		512		567		2,949		1,453
Discovery programs		1,263		1,109		3,973		3,456
Unallocated internal costs(1)		3,226		2,131		9,347		5,355
General and administrative		3,940		3,246		12,177		8,440
Interest income		1,957		2,741		6,236		6,377
Other segment items(2)		183		(34)		(114)		(223)
Net loss	$	(12,792)	$	(10,267)	$	(44,822)	$	(27,693)

(1)Unallocated internal research and development costs include employee-related expenses that cannot be directly attributable to a specific research project, stock-based compensation for employees engaged in research and development functions, facilities, depreciation and other related expenses.

~~______________________~~(2)Other segment items include other expense, net which primarily consists of non-operating items.

(1) Unallocated internal research and development costs include employee-related expenses that cannot be directly attributable to a specific research project, stock-based compensation for employees engaged in research and development functions, facilities, depreciation and other related expenses.15

~~(2)~~Table ~~Other segment items primarily include change in fair value~~ of ~~warrant liability and other income (expense), net.~~Contents

Item 122. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The ~~Table~~following discussion and analysis of ~~Contents~~our financial condition and results of operations should be read in conjunction with our unaudited condensed financial statements and related notes included in this Quarterly Report on Form 10-Q and our audited financial statements and related notes thereto as of and for the year ended December 31, 2025 and the related Management’s Discussion and Analysis of Financial Condition and Results of Operations, both of which are included in our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on March 5, 2026.

~~Item~~This 2Quarterly Report on Form 10-Q may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). ~~Management’s~~Such ~~Discussion~~forward-looking statements, which represent our intent, belief, or current expectations, involve risks and ~~Analysis~~uncertainties. We use words such as “may,” “will,” “expect,” “anticipate,” “estimate,” “intend,” “plan,” “predict,” “potential,” “believe,” “should” and similar expressions to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Such statements may include, but are not limited to, statements concerning projections about our accounting and finances, our clinical trial and product development plans and timelines, the indications, anticipated benefits of, ~~Financial~~and ~~Condition~~market opportunities for our drug candidates, our operating runway, our business strategies and ~~Results~~plans, and other statements regarding future performance. Although we believe the expectations reflected in these forward-looking statements are reasonable, such statements are inherently subject to risk and we can give no assurances that our expectations will prove to be correct. You should not place undue reliance on these forward-looking statements, which apply only as of ~~Operations~~the date of this Quarterly Report on Form 10-Q. As a result of many factors, including without limitation those set forth under “Risk Factors” under Item 1A of Part II below, and elsewhere in this Quarterly Report on Form 10-Q, our actual results may differ materially from those anticipated in these forward-looking statements. Except as required by law, we undertake no obligation to update these forward-looking statements to reflect events or circumstances after the date of this report or to reflect actual outcomes.

~~The~~Overview following discussion and analysis of our financial condition and results of operations should be read in conjunction with our unaudited condensed financial statements and related notes included in this Quarterly Report on Form 10-Q and our audited financial statements and related notes thereto as of and for the year ended December 31, 2024 and the related Management’s Discussion and Analysis of Financial Condition and Results of Operations, both of which are included in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on March 6, 2025.

~~This~~We ~~Quarterly~~are ~~Report~~a ~~on Form 10~~clinical-Qstage ~~may~~biopharmaceutical ~~contain~~company ~~“forward-looking~~pioneering ~~statements”~~differentiated ~~within~~therapies ~~the~~for ~~meaning of Section 27A of~~ the ~~Securities~~treatment ~~Act~~ of ~~1933,~~NI&I asindications ~~amended,~~with ~~and~~significant ~~Section 21E~~unmet ~~of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)~~need. ~~Such forward-looking statements, which represent our intent, belief, or current expectations, involve risks and uncertainties.~~ We ~~use~~target ~~words~~biological ~~such~~pathways asassociated ~~“may,”~~with ~~“will,”~~specific “expect,” “anticipate,” “estimate,” “intend,” “plan,” “predict,” “potential,” “believe,” “should” and similar expressions to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Such statements may include, but are not limited to, statements concerning projections about our accounting and finances, our clinical ~~trial~~impairments ~~and~~that product development plans and timelines, the indications, anticipated benefits of, and market opportunities for our drug candidates, our operating runway, our business strategies and plans, and other statements regarding future performance. Although we believe, ~~the~~once ~~expectations reflected in these forward-looking statements are reasonable~~modulated, ~~such statements are inherently subject to risk and we can give no assurances that our expectations~~ will ~~prove~~demonstrably toalter ~~be correct. You should not place undue reliance on these forward-looking statements, which apply only as of~~ the ~~date~~course of ~~this Quarterly Report on Form 10-Q~~disease. As a result of many factors, including without limitation those set forth under “Risk Factors” under Item 1A of Part II below, and elsewhere in this Quarterly Report on Form 10-Q, our actual results may differ materially from those anticipated in these forward-looking statements. We undertake no obligation to update these forward-looking statements to reflect events or circumstances after the date of this report or to reflect actual outcomes.

~~Overview~~We focus on developing selective compounds targeting challenging molecular pathways and have built a portfolio of small molecule drug candidates. We believe our two clinical stage, internally-discovered drug candidates, PIPE-791 and PIPE-307, will have broad applicability across multiple NI&I indications. We are developing PIPE-307 in collaboration with J&J.

WeOur ~~are~~wholly-owned alead ~~clinical~~asset, PIPE-~~stage~~791, ~~biopharmaceutical~~is ~~company~~a ~~pioneering~~novel, ~~differentiated~~brain ~~therapies~~penetrant, small molecule inhibitor of the lysophosphatidic acid 1 receptor (“LPA1R”) in development for idiopathic pulmonary fibrosis (“IPF”) and chronic pain. LPA1R antagonism is a clinically validated mechanism in IPF, and we believe that our preclinical studies, Phase 1 healthy volunteer data, and Phase 1 positron emission tomography (“PET”) data support the ~~treatment~~development of ~~NI&I~~PIPE-791 ~~indications~~for ~~with~~IPF ~~significant~~and ~~unmet~~chronic ~~need~~pain. WeSpecifically, ~~target~~based ~~biological~~on ~~pathways~~its ~~associated~~high ~~with~~bioavailability, ~~specific~~high ~~clinical~~selectivity, ~~impairments~~low ~~that~~plasma protein binding, and long receptor residence time, we believe PIPE-791 has the potential to be a differentiated LPA1R therapy. In September 2025, ~~once~~we ~~modulated~~reported positive top-line data from our completed Phase 1b PET trial which measured the relationship of pharmacokinetics to receptor occupancy (“RO”) by PET imaging. The data from the Phase 1b PET trial further affirmed the planned dose selection for our Phase 2 trial of PIPE-791 in IPF, ~~will~~which ~~demonstrably~~was ~~alter~~initiated in December 2025. In the ~~course~~fourth quarter of ~~disease~~2025, we completed enrollment for a Phase 1b, randomized, double-blind, placebo-controlled, crossover study which was designed to explore the safety and efficacy of oral PIPE-791 in subjects with chronic osteoarthritic pain or chronic low back pain. We announced positive topline data from this trial in April 2026. The Phase 1b trial achieved its primary endpoint demonstrating favorable safety and tolerability. We also observed encouraging trends across multiple exploratory efficacy endpoints including improvements in measures of pain, and other functional patient-reported outcomes. We believe these results support further evaluation of PIPE-791 in chronic pain.

WeOur ~~have~~second ~~focused~~novel ~~our~~drug ~~efforts~~candidate, onPIPE-307, ~~developing~~is a selective, ~~compounds~~small-molecule ~~targeting~~inhibitor ~~challenging~~of ~~molecular~~the ~~pathways~~muscarinic type 1 receptor (“M1R”), in development for depression and relapse-remitting multiple sclerosis (“RRMS”). We have ~~built~~completed atwo ~~portfolio~~Phase 1 trials of ~~small~~PIPE-307 ~~molecule~~in ~~drug~~healthy ~~candidates~~volunteers. WeIn ~~believe~~December ~~our~~2024, ~~two~~J&J ~~clinical~~began ~~stage~~recruiting an estimated 124 adult participants for the Phase 2 Moonlight-1 trial of PIPE-307, ~~internally~~renamed by J&J to JNJ-~~discovered~~89495120. ~~drug~~This ~~candidates~~trial is a randomized, ~~PIPE~~double-~~791~~blind, multicenter, placebo-controlled, proof-of-concept study to evaluate the efficacy, safety, and tolerability of PIPE-307,/JNJ-89495120 ~~will~~as ~~have~~a ~~broad~~monotherapy ~~applicability~~in ~~across~~adult ~~multiple~~participants ~~NI&I~~with ~~indications~~major depressive disorder (“MDD”). We ~~are~~estimate ~~developing~~this trial to be completed in June 2026. In November 2025, we reported top-line data from our Phase 2 VISTA trial of PIPE-307 infor ~~collaboration~~the treatment of patients with ~~J&J~~RRMS. The trial demonstrated acceptable safety and tolerability at both doses

Our wholly-owned lead asset, PIPE-791, is a novel, brain penetrant, small molecule inhibitor of the lysophosphatidic acid 1 receptor (“LPA1R”) in development for idiopathic pulmonary fibrosis (“IPF”) and chronic pain. LPA1R antagonism is a clinically validated mechanism in IPF, and we believe that our preclinical studies and Phase 1 healthy volunteer data support the development of PIPE-791 for IPF and chronic pain. Specifically, based on its high bioavailability, low plasma protein binding, and long receptor occupancy time in our preclinical studies compared to the preclinical data of other LPA1R antagonists, we believe PIPE-791 has the potential to be a differentiated LPA1R therapy. We have completed a Phase 1 clinical trial of PIPE-791 in healthy volunteers in support of clinical development in IPF and chronic pain as well as a Phase 1b open-label trial to measure the relationship of pharmacokinetics (“PK”) to lung and brain receptor occupancy by positron emission tomography (“PET”) imaging to inform dose selection in our future Phase 2 trials of PIPE-791. We plan to initiate a global Phase 2 clinical trial in IPF in the fourth quarter of 2025. In March 2025, we announced the initiation of patient dosing in an exploratory PIPE-791 Phase 1b, randomized, double-blind, placebo-controlled, crossover, chronic pain trial for the treatment of chronic pain associated with two separate indications, chronic osteoarthritis and chronic low back pain. We expect to enroll approximately 40 patients at up to five sites in the U.S., and a treatment duration of 28 days. We anticipate topline data from this trial in the first half of 2026.16

~~Our~~Table ~~second drug candidate, PIPE-307, is a novel, small molecule selective inhibitor~~ of the muscarinic type 1 receptor (“M1R”), in development for depression and relapse-remitting multiple sclerosis (“RRMS”). We have completed two Phase 1 trials of PIPE-307 in healthy volunteers. In 2023, we initiated a Phase 2 VISTA trial of PIPE-307 for the potential treatment of RRMS. In January 2025, we announced that we have fully enrolled our Phase 2 VISTA trial. We expect the topline data from this trial will be available in the fourth quarter of 2025. In December 2024, J&J began recruiting an estimated 124 adult participants for a Phase 2 trial of PIPE-307/JNJ-89495120 for the potential treatment of major depressive disorder (“MDD”). This trial is a randomized, double-blind, multi-center, placebo-controlled, proof-of-concept study to evaluate the efficacy, safety and tolerability of PIPE-307/JNJ-89495120 as monotherapy in adult participants with MDD. We believe PIPE-307 is the most advanced selective M1R antagonist in clinical development.Contents

Inthat ~~addition,~~were weinvestigated ~~are~~in ~~leveraging~~the ~~our~~trial. ~~drug~~The ~~discovery~~trial ~~capabilities~~did tonot ~~expand our~~meet ~~clinical~~its ~~portfolio~~prespecified primary and secondary efficacy endpoints. WeJ&J ~~are~~has ~~actively~~sole ~~conducting~~discretion ~~preclinical~~whether ~~and~~or ~~discovery~~not to further develop PIPE-~~phase~~307 ~~experiments~~for ~~targeting~~RRMS, ~~other~~MDD, ~~NI&I~~or ~~indications~~any ~~where~~other ~~our~~indication. ~~internally~~We believe PIPE-~~discovered~~307 ~~molecules~~is ~~may~~the ~~have~~most ~~therapeutic~~advanced ~~potential~~selective M1R antagonist in clinical development.

13We have a portfolio of novel and proprietary small molecule programs that we believe can modulate innate pathways to restore function in NI&I indications. We retain worldwide rights to our LPA1R programs and discovery portfolio, and we have partnered with J&J for the development and potential commercialization efforts of PIPE-307.

(1)We ~~Table~~made a strategic decision to defer further clinical development of ~~Contents~~our PIPE-791 progressive multiple sclerosis (“PrMS”) program and to defer the initiation of clinical development for our CTX-343 program until funding is obtained to specifically move these programs forward.

We(2)J&J ~~have~~has asole ~~portfolio~~discretion ofwhether ~~novel~~or ~~and~~not ~~proprietary small molecule programs that we believe can modulate innate pathways~~ to ~~restore~~further ~~function~~develop inPIPE-307 ~~NI&I indications. We retain worldwide rights to our LPA1R programs and discovery portfolio, and we have partnered with J&J~~ for ~~the~~RRMS ~~development~~ and ~~potential commercialization efforts of PIPE-307~~MDD.

We ~~expect~~are ~~our~~also ~~operating~~actively ~~expenses~~conducting topreclinical ~~significantly increase as we continue to develop, conduct clinical trials,~~ and ~~seek~~discovery-phase ~~regulatory~~experiments ~~approvals~~targeting ~~for our drug candidates, engage in~~ other ~~research~~NI&I ~~and development activities to expand the~~ indications ~~for~~where our ~~existing~~internally-discovered ~~drug~~molecules candidates and develop a pipeline of additional drug candidates, expand our operations and headcount, maintain and expand our intellectual property portfolio, and, if we obtain approval for one or more of our drug candidates, launch commercial activities. We also expect to incur additional operating expenses as we continue operating as a public company. Our net losses may ~~fluctuate~~have ~~significantly~~therapeutic ~~from quarter-to-quarter and year-to-year, depending on the timing and scope of our clinical trials and our expenditures on other research and development activities~~potential.

AsWe weexpect ~~continue to pursue~~ our ~~business~~operating ~~plan,~~expenses ~~we expect~~ to ~~finance~~significantly ~~our~~increase ~~operations~~as ~~through~~we ~~both~~continue ~~public~~to ~~and private sales of equity~~develop, ~~debt~~conduct ~~financings~~clinical ~~or other commercial arrangements~~trials, ~~which~~and ~~could~~seek ~~include~~regulatory ~~income~~approvals ~~from~~for ~~collaborations,~~our ~~strategic~~drug ~~partnerships or marketing~~candidates, ~~distribution,~~engage ~~licensing~~in or other ~~strategic~~research ~~arrangements~~and ~~with~~development ~~third~~activities ~~parties. However, there can be no assurance that any additional financing or strategic transactions will be available~~ to usexpand onthe ~~acceptable~~indications ~~terms,~~for ifour atexisting ~~all.~~drug Ifcandidates ~~events~~and ordevelop ~~circumstances~~a ~~occur~~pipeline ~~such~~of ~~that we do not obtain~~ additional ~~funding,~~drug ~~we may need to delay~~candidates, ~~reduce~~expand ~~or eliminate~~ our ~~product~~operations ~~development~~and ~~or future commercialization efforts~~headcount, ~~which~~maintain ~~could~~and ~~have~~expand aour ~~material~~intellectual ~~adverse~~property ~~effect on our business~~portfolio, ~~results of operations or financial condition. Further~~and, if we ~~raise~~obtain ~~funds~~approval ~~through~~for ~~licensing~~one or ~~other~~more ~~commercial~~of ~~arrangements~~our ~~with~~drug ~~third parties~~candidates, welaunch ~~may~~commercial beactivities. ~~required~~We also expect to ~~relinquish~~incur ~~valuable~~additional ~~rights~~operating toexpenses ~~our~~as ~~technology,~~we ~~future~~continue ~~revenue~~operating ~~streams,~~as ~~research~~a ~~programs~~public orcompany. ~~drug~~Our ~~candidates~~net orlosses may befluctuate ~~required~~significantly from quarter-to-quarter ~~grant~~and ~~licenses~~year-to-year, depending on ~~terms~~the ~~that~~timing ~~may~~and ~~not~~scope beof ~~favorable~~our toclinical ustrials and~~/or~~ ~~may~~our ~~reduce~~expenditures ~~the~~on ~~value~~other ofresearch ~~our~~and ~~common~~development ~~stock~~activities.

~~Collaboration~~As we continue to pursue our business plan, we expect to finance our operations through both public and private sales of equity, debt financings or other commercial arrangements, which could include income from collaborations, strategic partnerships or marketing, distribution, licensing or other strategic arrangements with third parties. However, there can be no assurance that any additional financing or strategic transactions will be available to us on acceptable terms, if at all. If events or circumstances occur such that we do not obtain additional funding, we may need to delay, reduce or eliminate our product development or future commercialization efforts, which could have a material adverse effect on our business, results of operations or financial condition. Further, if we raise funds through licensing or other commercial arrangements with third parties, we may be required to relinquish valuable rights to our technology, future revenue streams, research programs or drug candidates or may be required to grant licenses on terms that may not be favorable to us and/or may reduce the value of our common stock.

In February 2023, we entered into a license agreement with J&J (the “J&J License Agreement”), pursuant to which we granted J&J an exclusive, worldwide license to develop, manufacture and commercialize PIPE-307 in all indications.17

~~J&J~~Table is generally responsible for all development, manufacturing and commercialization activities for PIPE-307. Upon J&J conducting a first Phase 3 clinical trial for a product using PIPE-307, we have an opt-in right to fund a portion of ~~all Phase 3 and subsequent development costs for PIPE-307. If we opt to fund such development costs, then the royalties we are eligible to receive will increase by one to two percentage points.~~Contents

WeCollaboration are conducting, at our own expense, a Phase 2 clinical trial of PIPE-307 in patients with RRMS. We completed enrollment of our Phase 2 clinical trial in December 2024, and expect the topline data from this trial will be available in the fourth quarter of 2025. J&J has the right, in its sole discretion, to further develop or to elect not to develop PIPE-307 for this indication. In December 2024, J&J began recruiting an estimated 124 adult participants for a Phase 2 trial of PIPE-307/JNJ-89495120 for the potential treatment of MDD. This trial is a randomized, double-blind, multi-center, placebo-controlled, proof-of-concept study to evaluate the efficacy, safety and tolerability of PIPE-307/JNJ-89495120 as monotherapy in adult participants with MDD.

~~The~~In ~~J&J~~February ~~License~~2023, ~~Agreement~~we ~~expires~~entered oninto a ~~licensed~~license ~~product-by-product~~agreement ~~and~~with ~~country-by-country~~J&J ~~basis upon the last to occur of:~~ (i) the expiration of the last-to-expire licensed patent claim covering the composition of matter of the licensed compound in such licensed product in such country; (ii) the expiration of exclusive marketing rights conferred by a regulatory authority or applicable law (other than patent exclusivity) for such licensed product in such country; or (iii) ten years after the first commercial sale of such licensed product in such country. Either party may terminate the “J&J License Agreement”), inpursuant ~~the~~to ~~event~~which ofwe angranted ~~uncured material breach by the other party or a bankruptcy or insolvency of the other party.~~ J&J ~~may~~an ~~terminate~~exclusive, ~~the~~worldwide ~~J&J~~license ~~License Agreement without cause upon prior written notice~~ to ~~us. Upon any termination~~develop, ~~all~~manufacture ~~license~~and ~~rights~~commercialize ~~granted~~PIPE-307 toin ~~J&J~~all ~~terminate~~indications.

14J&J is generally responsible for all development, manufacturing and commercialization activities for PIPE-307. Upon J&J conducting a first Phase 3 clinical trial for a product using PIPE-307, we have an opt-in right to fund a portion of all Phase 3 and subsequent development costs for PIPE-307. If we opt to fund such development costs, then the royalties we are eligible to receive will increase by one to two percentage points.

In ~~Table~~November 2025, we reported top-line data from our Phase 2 VISTA trial of ~~Contents~~PIPE-307 for the treatment of patients with RRMS. The trial demonstrated acceptable safety and tolerability at both doses that were investigated in the trial. The trial did not meet its prespecified primary and secondary efficacy endpoints. J&J has sole discretion whether or not to further develop PIPE-307 for RRMS and MDD.

~~Financial~~In ~~Operations~~December ~~Overview~~2024, J&J began recruiting an estimated 124 adult participants for the Phase 2 Moonlight-1 trial of PIPE-307, renamed by J&J to JNJ-89495120. This trial is a randomized, double-blind, multicenter, placebo-controlled, proof-of-concept study to evaluate the efficacy, safety, and tolerability of PIPE-307/JNJ-89495120 as a monotherapy in adult participants with MDD. We estimate this trial to be completed in June 2026.

~~Revenue~~The J&J License Agreement expires on a licensed product-by-product and country-by-country basis upon the last to occur of: (i) the expiration of the last-to-expire licensed patent claim covering the composition of matter of the licensed compound in such licensed product in such country; (ii) the expiration of exclusive marketing rights conferred by a regulatory authority or applicable law (other than patent exclusivity) for such licensed product in such country; or (iii) ten years after the first commercial sale of such licensed product in such country. Either party may terminate the J&J License Agreement in the event of an uncured material breach by the other party or a bankruptcy or insolvency of the other party. J&J may terminate the J&J License Agreement without cause upon prior written notice to us. Upon any termination, all license rights granted to J&J terminate.

WeFinancial ~~recognize~~Operations ~~license~~Overview revenues as identified performance obligations are satisfied or other events occur, specifically related to our J&J License Agreement. Pursuant to the terms of the J&J License Agreement, we received an upfront payment of $50.0 million in May 2023. We are also eligible to receive approximately $1.0 billion in non-refundable, non-creditable milestone payments, pursuant to the terms of the J&J License Agreement. Additionally, we are eligible to receive tiered royalties in the low-double digit to high-teen percent range on net sales of products containing PIPE-307. We do not have any products approved for sale and we have not yet generated any revenue from product sales. We did not recognize any revenue for the three and nine months ended September 30, 2025 or 2024.

~~Operating~~Revenue ~~Expenses~~

~~Research~~We recognize license revenues as identified performance obligations are satisfied or other events occur, specifically related to our J&J License Agreement. Pursuant to the terms of the J&J License Agreement, we received an upfront payment of $50.0 million in May 2023. We are also eligible to receive approximately $1.0 billion in non-refundable, non-creditable milestone payments, pursuant to the terms of the J&J License Agreement. Additionally, we are eligible to receive tiered royalties in the low-double digit to high-teen percent range on net sales of products containing PIPE-307. We determined that the initial transaction price under the J&J License Agreement equals $50.0 million, consisting solely of the upfront, non-refundable payment of $50.0 million received during the year ended December 31, 2023. There was no revenue recognized for the three months ended March 31, 2026 and ~~Development~~2025. We do not have any products approved for sale and we have not yet generated any revenue from product sales.

~~Research~~Operating ~~and~~Expenses ~~development expenses consist primarily of costs incurred for our internal research and development activities.~~

~~Direct~~Research ~~costs~~and ~~include:~~Development

•Research ~~employee-related~~and development expenses, ~~including~~consist ~~salaries,~~primarily ~~related~~of ~~benefits,~~costs ~~and~~incurred ~~travel~~for ~~that~~our ~~can~~internal beresearch ~~directly~~and ~~attributable~~development ~~to each research project;~~activities.

•Direct ~~expenses~~costs ~~incurred in connection with research, laboratory consumables and preclinical studies;~~include:

•employee-related expenses ~~incurred in connection with conducting clinical trials~~, including ~~investigator~~salaries, ~~grants~~related ~~and~~benefits, ~~site payments for time~~ and ~~pass-through~~travel ~~expenses~~that ~~and~~can ~~expenses~~be ~~incurred~~directly ~~under~~attributable ~~agreements~~to ~~with~~each ~~contract~~ research ~~organizations (“CROs”), other vendors or central laboratories and service providers engaged to conduct our trials~~project;

•expenses ~~the~~incurred ~~cost~~in ofconnection ~~consultants~~with ~~engaged~~research, inlaboratory ~~research~~consumables and ~~development~~preclinical ~~related services~~studies;

•expenses ~~the~~incurred ~~cost~~in toconnection ~~manufacture~~with ~~drug~~conducting ~~products~~clinical trials, including investigator grants and site payments for ~~use~~time inand ~~our~~pass-through ~~preclinical~~expenses ~~studies~~and expenses incurred under agreements with contract research organizations (“CROs”), other vendors or central laboratories and ~~clinical~~service providers engaged to conduct our trials; ~~and~~

~~• costs related to regulatory compliance.~~18

~~Unallocated~~Table ~~internal~~of ~~research and development costs include:~~Contents

•the ~~employee-related~~cost ~~expenses,~~of ~~including~~consultants ~~salaries,~~engaged ~~related~~in ~~benefits,~~research and ~~travel~~development ~~that~~related ~~cannot be directly attributable to a specific research project~~services;

•the ~~stock-based~~cost ~~compensation~~to ~~for~~manufacture ~~employees~~drug ~~engaged~~products for use in ~~research~~our preclinical studies and ~~development~~clinical ~~functions~~trials; and

•costs ~~facilities,~~related ~~depreciation~~to ~~and~~regulatory ~~other related expenses~~compliance.

WeUnallocated ~~expense~~internal ~~our~~ research and development costs as they are incurred. We record advance payments for goods or services to be received in the future for use in research and development as prepaid expenses. We then expense the prepaid amounts as the related goods are delivered or the services are performed.include:

~~We track outsourced development costs, consultant costs and other external research and development costs such as third~~•employee-~~party~~related ~~contract costs relating to manufacturing~~expenses, ~~clinical trial activities, translational medicine and toxicology activities to specific programs. We allocate employee related costs~~ including salaries, ~~and~~ related benefits, ~~based~~and ~~upon~~travel ~~the~~that ~~level~~cannot ofbe ~~effort~~directly ~~for~~attributable ~~each~~to a specific research project.;

~~Certain~~•stock-based ~~employee~~compensation ~~activities that cannot be allocated to any one specific project or management related activities are considered indirect costs. The following tables summarize our research and development expenses~~ for ~~the~~employees ~~three~~engaged ~~and~~in nine months ended September 30, 2025 and 2024. The direct external development program expenses reflect external costs attributable to our clinical development and preclinical programs and personnel costs that can be directly attributed to a development program. The unallocated internal research and development ~~costs~~functions; ~~include unallocated personnel costs, facility costs, stock-based compensation, laboratory consumables~~ and ~~discovery and research related activities.~~

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024
	(in thousands)				(in thousands)
Direct external development program expense
PIPE-791	$	4,465	$	2,707	$	16,197	$	7,596
PIPE-307		1,526		3,214		6,301		7,547
CTX-343		512		567		2,949		1,453
Discovery programs		1,263		1,109		3,973		3,456
Unallocated internal research and development costs
Personnel related		831		671		2,666		1,524
Stock-based compensation		1,176		922		3,353		1,930
Facilities costs		490		220		1,476		675
Others		729		318		1,852		1,226
Total research and development costs	$	10,992	$	9,728	$	38,767	$	25,407

•facilities, depreciation and other related expenses.

15We expense our research and development costs as they are incurred. We record advance payments for goods or services to be received in the future for use in research and development as prepaid expenses. We then expense the prepaid amounts as the related goods are delivered or the services are performed.

We ~~Table~~track outsourced development costs, consultant costs and other external research and development costs such as third-party contract costs relating to manufacturing, clinical trial activities, translational medicine and toxicology activities to specific programs. We allocate employee related costs including salaries and related benefits based upon the level of ~~Contents~~effort for each specific project.

~~Research~~Certain ~~and~~employee ~~development~~ activities ~~are~~that ~~central~~cannot tobe ~~our~~allocated ~~business~~to ~~model. There are numerous factors associated with the successful commercialization of~~ any ofone ~~our~~specific ~~drug~~project ~~candidates,~~or ~~including~~management ~~future~~related ~~clinical~~activities ~~trial~~are ~~design~~considered ~~and~~indirect ~~various regulatory requirements, many of which we cannot determine with accuracy at this time based on our stage of development~~costs. InThe ~~addition,~~following ~~future~~tables ~~regulatory~~summarize ~~factors beyond~~ our ~~control~~research ~~may~~and ~~impact our clinical~~ development ~~programs.~~expenses ~~Drug~~for ~~candidates~~the inthree ~~later~~months ~~stages~~ended ~~of clinical development generally have higher development costs than those in earlier stages of clinical development~~March 31, ~~primarily~~2026 ~~due to the increased size~~ and ~~duration of later-stage clinical trials~~2025. AtThe ~~this~~direct ~~time,~~external wedevelopment ~~cannot~~program ~~reasonably~~expenses ~~estimate~~reflect orexternal ~~know the nature, timing and~~ costs ofattributable ~~the efforts that will be necessary~~ to ~~complete~~our ~~the preclinical and~~ clinical development ofand ~~any~~preclinical ofprograms ~~our drug candidates~~ and ~~our~~personnel costs ~~may~~that ~~increase~~can ifbe wedirectly ~~exercise~~attributed ~~our opt-in right~~ to ~~fund~~ a ~~portion of all Phase 3 and subsequent~~ development ~~costs for PIPE-307 pursuant to the J&J License Agreement~~program. ~~However,~~The weunallocated ~~expect~~internal ~~that our~~ research and development ~~expenses~~costs ~~will~~include ~~increase~~unallocated ~~substantially~~personnel incosts, ~~connection~~facility ~~with~~costs, ~~our~~stock-based ~~planned~~compensation, ~~preclinical~~laboratory consumables and ~~clinical~~discovery ~~development activities in the near term~~ and ~~for~~research ~~the~~related ~~foreseeable future~~activities.

The successful development of our drug candidates is highly uncertain. This is due to numerous risks and uncertainties, including the following:


	Three Months Ended March 31,
	2026		2025

	(in thousands)
Direct external development program expense
PIPE-791	$	6,051	$	5,554
PIPE-307	251		2,615
CTX-343	273		1,378
Discovery programs	1,426		1,382
Unallocated internal research and development costs
Personnel related	917		628
Stock-based compensation	1,706		1,083
Facilities costs	505		504
Others	519		568
Total research and development costs	$	11,648	$	13,712

•Research and development activities are central to our business model. There are numerous factors associated with the successful ~~completion~~commercialization of ~~preclinical~~any ~~studies~~of our drug candidates, including future clinical trial design and various regulatory requirements, many of which we cannot determine with accuracy at this time based on our stage of development. In addition, future regulatory factors beyond our control may impact our clinical development programs. Drug candidates in later stages of clinical development generally have higher development costs than those in earlier stages of clinical development, primarily due to the increased size and duration of later-stage clinical trials;. At this time, we cannot reasonably estimate or know the nature, timing and costs of the efforts that will be necessary to complete the preclinical and clinical development of any of our drug candidates and our costs may increase if we exercise our opt-in right to fund a portion of all Phase 3 and subsequent development costs for PIPE-307 pursuant to the J&J License Agreement. However,

~~• delays in regulators or institutional review boards authorizing us or our investigators to commence or continue our clinical trials;~~19

•Table ~~our~~of ~~ability to negotiate agreements with clinical trial sites or CROs;~~Contents

•we ~~the~~expect ~~number~~that ofour ~~clinical~~research ~~sites~~and ~~included~~development expenses will increase substantially in connection with our planned preclinical and clinical ~~trials;~~development activities in the near term and for the foreseeable future.

•The ~~raising~~successful ~~additional~~development ~~funds~~of ~~necessary~~our drug candidates is highly uncertain. This is due to ~~complete~~numerous ~~clinical~~risks ~~development~~and ofuncertainties, ~~our~~including ~~drug~~the ~~candidates;~~following:

•successful ~~obtaining~~completion ~~and~~of ~~maintaining~~preclinical ~~patent,~~studies ~~trade secret~~ and ~~other~~clinical ~~intellectual property protection and regulatory exclusivity for our drug candidates~~trials;

•delays ~~establishing~~in ~~and~~regulators ~~qualifying~~or ~~manufacturing~~institutional ~~capabilities~~review ~~for~~boards ~~clinical~~authorizing ~~supplies~~us ofor our ~~drug~~investigators ~~candidates,~~to ~~whether~~commence ~~directly~~ or ~~through~~continue ~~qualified~~our ~~third~~clinical ~~party manufacturers~~trials;

• our ability to ~~receive~~negotiate ~~necessary~~agreements ~~regulatory~~with ~~approvals~~clinical ~~from~~trial ~~the~~sites ~~U.S.~~or ~~Food and Drug Administration and comparable governmental bodies outside the United States~~CROs;

•the ~~our~~number ~~decision to elect to fund a portion~~ of ~~Phase~~clinical 3sites ~~and~~included ~~subsequent~~in ~~development~~our ~~costs~~clinical ~~for PIPE-307~~trials;

•raising ~~coverage~~additional ~~for~~funds ~~our~~necessary ~~products~~to bycomplete ~~governmental~~clinical ~~and~~development ~~third~~of ~~party~~our ~~payors~~drug candidates;

•obtaining ~~protecting~~ and ~~enforcing~~maintaining ~~our~~patent, ~~rights~~trade insecret ~~our~~and other intellectual property ~~portfolio~~protection and regulatory exclusivity for our drug candidates;

•establishing ~~our~~and ~~ability~~qualifying tomanufacturing ~~successfully~~capabilities ~~compete~~for ~~with~~clinical supplies of our ~~competitors~~drug ~~and~~candidates, ~~their~~whether ~~product~~directly ~~offerings;~~or ~~and~~through qualified third party manufacturers;

•our ~~maintaining~~ability ato ~~continued~~receive ~~acceptable~~necessary ~~safety~~regulatory ~~profile~~approvals offrom the ~~products~~U.S. ~~following~~Food ~~approval.~~and Drug Administration and comparable governmental bodies outside the United States;

A•our ~~change~~decision into ~~the~~elect ~~outcome of any of these variables with respect~~ to ~~the~~fund ~~development~~a portion of ~~our~~Phase ~~drug~~3 ~~candidates may significantly impact the costs~~ and ~~timing~~subsequent ~~associated with the~~ development ofcosts ~~our drug candidates. We may never succeed in obtaining regulatory approval~~ for ~~any~~PIPE-307; ~~of our drug candidates or successfully commercialize our products, even if approved.~~

~~General~~•coverage for our products by governmental and ~~Administrative~~third party payors;

~~General~~•protecting and ~~administrative~~enforcing ~~expenses~~our ~~consist~~rights ~~primarily of salaries and employee-related costs, including stock-based compensation, for personnel~~ in ~~executive,~~our ~~finance and other administrative functions. Other significant costs include legal fees relating to~~ intellectual property, ~~patent applications, and corporate matters, professional fees for accounting and consulting services and facility-related costs.~~portfolio;

~~We expect~~ •our ~~general~~ability ~~and administrative expenses will increase for the foreseeable future~~ to ~~support~~successfully ~~our~~compete ~~increased~~with ~~research and development activities, the growth of~~ our ~~business~~competitors ~~operations~~ and ~~headcount~~their ~~and~~product toofferings; reflect increased operating expenses as we continue operating as a public company. These increased costs will likely include increased expenses related to audit, legal, regulatory services associated with maintaining compliance with exchange listing and ~~SEC requirements, director and officer insurance premiums and investor relations costs.~~

~~Other~~•maintaining ~~Income~~a ~~(Expense)~~continued acceptable safety profile of the products following approval.

~~Interest~~A ~~Income~~change in the outcome of any of these variables with respect to the development of our drug candidates may significantly impact the costs and timing associated with the development of our drug candidates. We may never succeed in obtaining regulatory approval for any of our drug candidates or successfully commercialize our products, even if approved.

~~Interest~~General ~~income consists of interest earned on our cash, cash equivalents~~ and ~~marketable~~Administrative ~~securities.~~

16General and administrative expenses consist primarily of salaries and employee-related costs, including stock-based compensation, for personnel in executive, finance and other administrative functions. Other significant costs include legal fees relating to intellectual property, patent applications, and corporate matters, professional fees for accounting and consulting services and facility-related costs.

We ~~Table~~expect our general and administrative expenses will increase for the foreseeable future to support our increased research and development activities, the growth of ~~Contents~~our business operations and headcount and to reflect increased operating expenses as we continue operating as a public company. These increased costs will likely include increased expenses related to audit, legal, regulatory services associated with maintaining compliance with exchange listing and SEC requirements, director and officer insurance premiums and investor relations costs.

~~Results~~Other ~~of Operations~~ Income

~~Comparison~~Interest ofIncome ~~the Three Months Ended September 30, 2025 and 2024~~

~~The~~Interest ~~following~~income ~~table~~consists ~~summarizes~~of ~~our~~interest ~~results~~earned ofon ~~operations~~our ~~(in~~cash, ~~thousands)~~cash ~~for~~equivalents ~~the~~and ~~periods~~marketable ~~indicated:~~securities.

	Three Months Ended
	September 30,
	2025			2024			Change
Operating expenses:
Research and development	$	10,992		$	9,728		$	1,264
General and administrative		3,940			3,246			694
Total operating expenses		14,932			12,974			1,958
Loss from operations		(14,932	)		(12,974	)		(1,958	)
Other income (expense):
Interest income		1,957			2,741			(784	)
Change in fair value of warrant liability		—			—			—
Other income (expense), net		183			(34	)		217
Total other income, net		2,140			2,707			(567	)
Net loss	$	(12,792	)	$	(10,267	)	$	(2,525	)

~~Research~~Table ~~and development expenses. Research and development expenses were $11.0 million and $9.7 million for the three months ended September 30, 2025 and 2024, respectively. The increase~~ of ~~$1.3 million from period to period was due to the following:~~Contents

•Results ~~$1.1~~of ~~million~~Operations ~~increase in personnel-related expense related to an overall increase in personnel from period to period;~~

•Comparison ~~$1.1 million increase in contract research organization costs due to a $1.3 million increase in startup costs related to the Phase 2 trial for PIPE-791 for the treatment~~ of ~~IPF, a $1.0 million increase in costs related to~~ the ~~Phase~~Three 1bMonths ~~trial~~Ended ~~for PIPE-791 for the treatment of chronic pain~~March 31, 2026 and a $0.4 million increase in costs related to the Phase 1b PET trial for PIPE-791, partially offset by a $1.6 million decrease in costs related to the VISTA Phase 2 clinical trial for PIPE-307 for the treatment of RRMS;2025

•The ~~$0.3~~following ~~million~~table ~~increase~~summarizes inour ~~facilities~~results ~~costs;~~of operations for the three months ended March 31, 2026 and 2025 (in thousands):

• $0.3 million increase in non-cash stock-based compensation; and


	Three Months Ended March 31,
	2026		2025		Change
Operating expenses:
Research and development	$	11,648	$	13,712	$	(2,064)
General and administrative	5,256		4,398		858
Total operating expenses	16,904		18,110		(1,206)
Loss from operations	(16,904)		(18,110)		1,206
Other income (expense):
Interest income	2,505		2,250		255
Other expense, net	(57)		(130)		73
Total other income, net	2,448		2,120		328
Net loss	$	(14,456)	$	(15,990)	$	1,534

•Research and development expenses. Research and development expenses were $011.16 million ~~increase~~and in$13.7 ~~biology~~million for the three months ended March 31, 2026 and ~~chemistry~~2025, ~~supplies~~respectively. The decrease of $2.1 million from period to period was due to the following:

~~Partially~~•$2.5 ~~offsetting~~million ~~these~~decrease ~~increases~~in ~~was~~contract research organization costs due to a $12.3 million decrease in ~~expenses~~ costs related to the completed VISTA Phase 2 clinical trial for ~~toxicology~~PIPE-307 ~~studies~~for ~~primarily~~the treatment of RRMS, a $1.4 million decrease in costs related to the completed Phase 1b PET trial for PIPE-791, and a $0.35 million decrease in ~~manufacturing~~costs ~~expenses~~related to the Phase 1b trial for PIPE-791 ~~and~~for ~~CTX-343~~the treatment of chronic pain partially offset by a $1.7 million increase in costs related to the Phase 2 trial for PIPE-791 for the treatment of IPF, and

~~General and administrative expenses. General and administrative expenses were~~ •$31.~~9 million~~1 ~~and $3.2~~ million ~~for~~decrease ~~the three months ended September 30, 2025 and 2024, respectively. The increase of $0.7 million was due to a $0.5 million increase~~ in ~~personnel-related~~ expenses ~~related~~ tofor antoxicology ~~overall~~studies ~~increase~~primarily infor ~~personnel~~PIPE-791 ~~from period to period, a $0.1 million increase in facilities costs,~~ and ~~a $0~~CTX-343.~~1 million increase in other administrative costs.~~

~~Interest~~Partially ~~income. Interest~~offsetting ~~income~~these decreases was a $2.0 ~~million~~.8 ~~and~~increase ~~$2.7 million~~in ~~for~~personnel-related ~~the~~expense ~~three months~~related ~~ended~~to ~~September~~an ~~30,~~overall ~~2025~~increase ~~and~~in ~~2024,~~personnel ~~respectively.~~from ~~The~~period ~~decrease~~to ofperiod, $0.7 6 million ~~was~~increase ~~due to a decrease~~ in ~~funds~~noncash ~~invested~~stock-based incompensation, ~~marketable securities~~ and a ~~decrease~~$0.1 inmillion ~~the~~increase ~~yields~~in ~~earned~~facilities ~~on our marketable securities during the three months ended September 30, 2024 compared to the three months ended September 30, 2025~~costs.

~~Comparison~~General ofand administrative expenses. General and administrative expenses were $5.3 million and $4.4 million for the ~~Nine~~three ~~Months~~months ~~Ended September~~ended 30March 31, 2026 and 2025, respectively. The increase of $0.9 million was due to a $0.6 million increase in noncash stock-based compensation and ~~2024~~ a $0.2 million increase in personnel-related expenses related to an overall increase in personnel from period to period.

~~The~~Interest ~~following~~income. Interest ~~table~~income ~~summarizes~~was ~~our~~$2.5 ~~results~~million and $2.3 million for the three months ended March 31, 2026 and 2025, respectively. The increase of ~~operations~~$0.2 (million was due to an increase in ~~thousands)~~funds ~~for~~invested in marketable securities during the ~~periods~~three ~~indicated:~~months ended March 31, 2026 compared to the three months ended March 31, 2025.

	Nine Months Ended
	September 30,
	2025			2024			Change
Operating expenses:
Research and development	$	38,767		$	25,407		$	13,360
General and administrative		12,177			8,440			3,737
Total operating expenses		50,944			33,847			17,097
Loss from operations		(50,944	)		(33,847	)		(17,097	)
Other income (expense):
Interest income		6,236			6,377			(141	)
Change in fair value of warrant liability		—			(107	)		107
Other expense, net		(114	)		(116	)		2
Total other income, net		6,122			6,154			(32	)
Net loss	$	(44,822	)	$	(27,693	)	$	(17,129	)

Liquidity and Capital Resources

~~Research~~Sources ~~and development expenses. Research and development expenses were $38.8 million and $25.4 million for the nine months ended September 30, 2025 and 2024, respectively. The increase~~ of ~~$13.4 million~~Liquidity ~~from period to period was due to the following:~~

•We ~~$9.1~~have ~~million~~incurred ~~increase~~net inlosses ~~contract~~and ~~research~~negative ~~organization~~cash ~~costs~~flows ~~due~~from tooperations ain ~~$4.9~~nearly ~~million~~every ~~increase~~reporting inperiod ~~startup~~since ~~costs~~our ~~related~~inception toand ~~the~~anticipate ~~Phase~~that 2we ~~trial~~will ~~for~~continue ~~PIPE-791~~to incur net losses for the ~~treatment~~foreseeable offuture. ~~IPF,~~We aexpect ~~$3.1~~to ~~million~~incur ~~increase~~substantial inexpenditures ~~costs~~as ~~related~~we toadvance ~~the~~our ~~Phase~~drug 1bcandidates ~~trial~~through ~~for~~clinical ~~PIPE-791~~development, ~~for~~undergo the ~~treatment~~regulatory ofapproval ~~chronic pain~~process, ~~and~~engage ain ~~$1.9~~other ~~million~~research ~~increase~~and indevelopment ~~costs~~activities ~~related~~ to ~~the~~expand ~~Phase~~our 1bpipeline ~~PET~~of ~~trial~~drug ~~for PIPE-791~~candidates, ~~partially~~expand ~~offset~~our byoperations aand ~~$0.8~~headcount, ~~million~~maintain ~~decrease~~and inexpand ~~costs~~our ~~related~~intellectual toproperty ~~the~~portfolio ~~VISTA~~and, ~~Phase~~if 2we ~~clinical~~obtain ~~trial~~approval for ~~PIPE-307~~one ~~for~~or ~~the~~more ~~treatment~~ of ~~RRMS;~~our drug candidates, launch commercial activities.

~~• $3.6 million increase in personnel-related expense related to an overall increase in personnel from period to period;~~21

•Table ~~$1.4~~of ~~million increase in non-cash stock-based compensation;~~Contents

•Through March 31, 2026, we have funded our operations primarily from the sale of equity securities, convertible equity securities, and the J&J License Agreement. Through March 31, 2026, we have raised gross proceeds of approximately $0431.86 million ~~increase~~through inequity ~~facilities~~issuances ~~costs;~~ and an upfront payment from the J&J License Agreement of $50.0 million. As of March 31, 2026, we had an accumulated deficit of $191.8 million.

•As of March 31, 2026, we had cash, cash equivalents and marketable securities of $0246.63 million. ~~increase~~Based inon ~~consulting~~our current operating plan, we believe that our existing cash and cash equivalents and marketable securities, will be sufficient to meet our anticipated operating expenses and capital expenditure requirements through at least the next 12 months following the date of this Quarterly Report on Form 10-Q.

~~Partially~~In ~~offsetting~~May ~~these~~2025, ~~increases~~we ~~was~~entered ainto the ATM Sales Agreement relating to the offer and sale of up to $175.5 0 million ~~decrease~~in shares of our Class A common stock, par value $0.001 per share in ~~expenses~~ ~~for~~the ~~toxicology~~ATM ~~studies~~Program. ~~primarily~~During ~~for~~the ~~PIPE-791~~year ~~and~~ended December a31, 2025, we sold 3,241,110 shares of our Class A common stock pursuant to the ATM Sales Agreement generating net proceeds of $019.60 million. ~~decrease~~In inMarch ~~manufacturing~~2026, ~~expenses~~we ~~for~~entered ~~PIPE-791~~into the ATM Amendment with Leerink Partners to increase the aggregate offering price of the shares of our Class A common stock that we may sell pursuant to the ATM Sales Agreement. In connection with the ATM Amendment, we filed the ATM Prospectus Supplement, pursuant to which we may offer and ~~CTX-343~~sell up to $100.0 million in shares of our Class A common stock under the Amended ATM Sales Agreement, exclusive of amounts previously sold under the ATM Sales Agreement. We did not sell any shares of our Class A common stock under the ATM Amended Sales Agreement during the three months ended March 31, 2026.

~~General~~In ~~and~~December ~~administrative~~2025, ~~expenses. General~~we ~~and~~completed ~~administrative~~a ~~expenses~~follow-on ~~were~~public ~~$12.1 million~~offering ~~and~~in ~~$8.4 million~~which ~~for the nine months ended September 30~~8, ~~2025 and 2024~~097,570 ~~respectively.~~shares ~~The increase~~ of ~~$3.7 million~~our ~~was~~Class ~~primarily~~A ~~due~~common tostock awere ~~$1.7 million~~sold ~~increase~~at ~~in personnel-related expenses related to an overall increase in personnel from period to period,~~ a ~~$1.6~~public ~~million~~offering ~~increase~~price inof ~~non-cash stock-based compensation, a~~ $012.325 ~~million~~per ~~increase~~share resulting in ~~facilities~~aggregate ~~costs~~net ~~and~~proceeds aof $093.10 million ~~increase in director and officer insurance~~.

~~Liquidity~~As we continue to pursue our business plan, we expect to finance our operations through both public and ~~Capital~~private ~~Resources~~sales of equity, debt financings or other commercial arrangements, which could include milestone payments from collaborations, strategic partnerships or marketing, distribution, licensing or other strategic arrangements with third parties. However, there can be no assurance that any additional financing or strategic transactions will be available to us on acceptable terms, if at all. If events or circumstances occur such that we do not obtain additional funding, we may need to delay, reduce or eliminate our product development or future commercialization efforts, which could have a material adverse effect on our business, results of operations or financial condition. Further, if we raise funds through licensing or other commercial arrangements with third parties, we may be required to relinquish valuable rights to our technology, future revenue streams, research programs or drug candidates or may be required to grant licenses on terms that may not be favorable to us and/or may reduce the value of our common stock.

~~Sources~~Cash ofFlows ~~Liquidity~~

WeThe ~~have~~following ~~incurred~~table ~~net~~sets ~~losses~~forth ~~and~~a ~~negative~~summary ~~cash~~of ~~flows from operations in nearly every reporting period since~~ our ~~inception~~cash ~~and~~flows ~~anticipate that we will continue to incur net losses~~ for the ~~foreseeable~~periods ~~future.~~indicated ~~We expect to incur substantial expenditures as we advance our drug candidates through clinical development, undergo the regulatory approval process, engage~~ (in other research and development activities to expand our pipeline of drug candidates, expand our operations and headcount, maintain and expand our intellectual property portfolio and, if we obtain approval for one or more of our drug candidates, launch commercial activities. thousands):

Through September 30, 2025, we have funded our operations primarily from the sale of equity securities and convertible equity securities, borrowings under credit facilities, the J&J License Agreement, and net proceeds from the IPO and ATM Program. Through September 30, 2025, we have raised gross proceeds of approximately $332.4 million through equity issuances and an upfront payment from the J&J License Agreement of $50.0 million. In addition, we borrowed $5.0 million at the inception of the loan and security agreement with First Citizens Bank. Upon the closing of the IPO, our outstanding convertible preferred stock automatically converted into Class A common stock or Class B common stock, as applicable. In April 2024, we raised approximately $107.9 million in net proceeds from the IPO. As of September 30, 2025, we had an accumulated deficit of $162.2 million.


	Three Months Ended March 31,
	2026		2025
Net cash used in operating activities	$	(16,266)	$	(14,412)
Net cash provided by (used in) investing activities	(39,308)		14,915
Net cash provided by financing activities	129		24
Net increase (decrease) in cash and cash equivalents	$	(55,445)	$	527

AsOperating ofActivities September 30, 2025, we had cash, cash equivalents and marketable securities of $182.4 million. Based on our current operating plan, we believe that our existing cash and cash equivalents and short-term investments, will be sufficient to meet our anticipated operating expenses and capital expenditure requirements through at least the next 12 months, following the date of this Quarterly Report on Form 10-Q.

InNet ~~May~~cash ~~2025,~~used ~~the~~in ~~Company~~operating ~~entered~~activities ~~into~~was ~~the Sales Agreement~~$16.3 ~~During~~million for the three months ended ~~September 30~~March 31, ~~2025~~2026, ~~the~~which ~~Company~~primarily ~~sold~~related ~~3,241,110~~to ~~shares~~our net loss of ~~its~~$14.5 ~~Class~~million Aand ~~common~~a ~~stock~~$5.9 ~~pursuant~~million tochange ~~the~~in ~~Sales~~operating ~~Agreement.~~assets ~~The~~and ~~shares~~liabilities, partially offset by $4.1 million of ~~Class~~noncash Acharges ~~common~~for stock-based ~~were~~compensation, ~~sold~~depreciation atand aamortization, ~~weighted~~accretion ~~average~~of ~~price~~premiums/discounts ofon $6investments, and noncash operating lease expense.04 ~~per~~Net ~~share,~~cash ~~resulting~~used in ~~gross~~operating ~~proceeds~~activities ofwas $1914.64 million. for the three months ended March ~~The~~31, ~~Company~~2025, ~~raised~~which primarily related to our net loss of $1916.0 million inand ~~net~~a ~~proceeds~~$1.1 ~~after~~million ~~deducting~~change ~~sales~~in ~~agent~~operating ~~commissions~~assets and ~~offering~~liabilities, ~~costs~~partially ofoffset by $02.6 7 million of non-cash charges for stock-based compensation, depreciation and amortization, accretion of premiums/discounts on investments, and non-cash operating lease expense.

17Investing Activities

Net ~~Table~~cash used in investing activities was $39.3 million for the three months ended March 31, 2026, which related to $97.1 million of ~~Contents~~purchases of marketable securities and $0.3 million for purchases of property and equipment, partially

As we continue to pursue our business plan, we expect to finance our operations through both public and private sales of equity, debt financings or other commercial arrangements, which could include milestone payments from collaborations, strategic partnerships or marketing, distribution, licensing or other strategic arrangements with third parties. However, there can be no assurance that any additional financing or strategic transactions will be available to us on acceptable terms, if at all. If events or circumstances occur such that we do not obtain additional funding, we may need to delay, reduce or eliminate our product development or future commercialization efforts, which could have a material adverse effect on our business, results of operations or financial condition. Further, if we raise funds through licensing or other commercial arrangements with third parties, we may be required to relinquish valuable rights to our technology, future revenue streams, research programs or drug candidates or may be required to grant licenses on terms that may not be favorable to us and/or may reduce the value of our common stock.22

~~Cash~~Table ~~Flows~~of Contents

~~The~~offset ~~following~~by ~~table~~$58.1 ~~sets~~million ~~forth~~of asales ~~summary~~and maturities of ~~our~~marketable securities. Net cash ~~flows~~provided by investing activities was $14.9 million for the ~~periods~~three ~~indicated~~months ~~(in~~ended ~~thousands):~~March 31, 2025, which primarily related to $48.7 million of sales and maturities of marketable securities, partially offset by $33.7 million of purchases of marketable securities.

	Nine Months Ended
	September 30,
	2025			2024
Net cash used in operating activities	$	(42,270	)	$	(22,643	)
Net cash provided by (used in) investing activities		43,740			(60,351	)
Net cash provided by financing activities		19,220			108,359
Net increase (decrease) in cash and cash equivalents	$	20,690		$	25,365

Financing Activities

~~Operating~~Net ~~Activities~~cash provided by financing activities was approximately $0.1 million for the three months ended March 31, 2026, which was primarily related to $0.2 million of proceeds from the exercise of stock options, partially offset by $0.1 million in payments of deferred offering costs. Net cash provided by financing activities was $24,000 for the three months ended March 31, 2025, which related to proceeds from the exercise of stock options.

~~Net~~Funding ~~cash~~Requirements used in operating activities was $42.3 million for the nine months ended September 30, 2025, which related to our net loss of $44.8 million and a $5.3 million change in operating assets and liabilities, partially offset by $7.8 million of non-cash charges for stock-based compensation, depreciation and amortization, accretion of premiums/discounts on investments, and non-cash operating lease expense. Net cash used in operating activities was $22.6 million for the nine months ended September 30, 2024, which primarily related to our net loss of $27.7 million, partially offset by $2.6 million of non-cash charges for stock-based compensation, depreciation and amortization, accretion of premiums/discounts on investments, and non-cash operating lease expense, and $2.4 million change in operating assets and liabilities.

~~Investing~~We ~~Activities~~expect our operating expenses to significantly increase as we continue to develop and seek regulatory approvals for our drug candidates, engage in other research and development activities to expand our pipeline of drug candidates, expand our operations and headcount, maintain and expand our intellectual property portfolio, and, if we obtain approval for one or more of our drug candidates, launch commercial activities. However, our forecast of the period of time through which our financial resources will be adequate to support our operations is a forward-looking statement that involves risks and uncertainties, and our actual results could vary materially. We have based this estimate on assumptions that may prove to be wrong, and we could deplete our capital resources sooner than we expect. Additionally, the process of testing our drug candidates in clinical trials is costly, and the timing of progress and expenses in these trials is uncertain.

~~Net~~Our ~~cash~~future ~~provided~~capital ~~by investing~~requirements ~~activities~~will ~~was~~depend ~~$43.7 million for~~on ~~the~~many ~~nine months ended September 30~~factors, 2025, which related to $121.7 million of sales and maturities of marketable securities, partially offset by $77.8 million of purchases of marketable securities and $0.2 million for purchases of property and equipment. Net cash used in investing activities was $60.4 million for the nine months ended September 30, 2024, which primarily related to $172.1 million of purchases of marketable securities and $0.3 million of purchases of property and equipment, partially offset by $112.0 million of sales and maturities of marketable securities.including:

~~Financing~~•the ~~Activities~~type, number, scope, progress, expansions, results, costs and timing of, our clinical trials and preclinical studies for our drug candidates or other potential drug candidates or indications which we are pursuing or may choose to pursue in the future;

~~Net cash provided by financing activities was approximately $19.2 million for~~ •the ~~nine months ended September 30~~outcome, ~~2025,~~timing ~~which was primarily related to $19.0 million of proceeds from the issuance of common stock in the ATM Program, $0.3 million of proceeds from employee stock purchase plan,~~ and ~~$0.2 million of proceeds from the exercise of stock options, partially offset by $0.3 million in payments of deferred offering~~ costs~~. Net~~ ~~cash provided by financing activities was $108.4 million for the nine months ended September 30, 2024, which primarily related to $107.9 million~~ of ~~net~~regulatory ~~proceeds~~review ~~from the issuance~~ of ~~common~~our ~~stock~~drug ~~in the Company's IPO and $0.1 million of proceeds from the exercise of stock options.~~ candidates;

~~Funding~~•the ~~Requirements~~costs and timing of manufacturing for our drug candidates;

~~We expect~~ •our ~~operating~~efforts ~~expenses~~ to ~~significantly~~enhance ~~increase as we continue to develop and seek regulatory approvals for~~ our ~~drug~~operational ~~candidates,~~systems ~~engage in other research~~ and ~~development~~hire ~~activities~~additional topersonnel expand our pipeline of drug candidates, expand our operations and headcount, maintain and expand our intellectual property portfolio, and, if we obtain approval for one or more of our drug candidates, launch commercial activities. However, our forecast of the period of time through which our financial resources will be adequate to ~~support~~satisfy our ~~operations~~obligations isas a ~~forward-looking~~public ~~statement that involves risks and uncertainties~~company, ~~and~~including ~~our~~enhanced ~~actual~~internal ~~results~~controls ~~could~~over ~~vary~~financial materially. We have based this estimate on assumptions that may prove to be wrong, and we could deplete our capital resources sooner than we expect. Additionally, the process of testing our drug candidates in clinical trials is costly, and the timing of progress and expenses in these trials is uncertain.reporting;

~~Our~~•the ~~future~~costs ~~capital~~associated ~~requirements~~with ~~will~~hiring ~~depend~~additional onpersonnel ~~many~~and ~~factors,~~consultants ~~including:~~as our preclinical and clinical activities expand;

• the ~~type, number, scope, progress, expansions, results,~~ costs and timing of, ~~our~~establishing ~~clinical~~or ~~trials~~securing ~~and~~manufacturing ~~preclinical~~facilities ~~studies~~ for our drug candidates ~~or other potential drug candidates or indications which we are pursuing or may choose to pursue in the future~~;

• the ~~outcome,~~costs and timing of establishing sales and ~~costs~~marketing ofcapabilities ~~regulatory~~if ~~review~~any of our drug candidates are approved;

•our ~~the~~ability ~~costs~~to establish and ~~timing~~maintain ofstrategic ~~manufacturing~~collaborations, ~~for~~licensing ~~our~~or ~~drug~~other ~~candidates~~arrangements;

•the ~~our~~financial ~~efforts~~terms toof ~~enhance~~any ~~our~~such ~~operational~~agreements ~~systems~~that ~~and~~we ~~hire~~may ~~additional~~enter ~~personnel to satisfy our obligations as a public company, including enhanced internal controls over financial reporting~~into;

•our ~~the~~decision ~~costs~~to ~~associated~~elect ~~with~~to ~~hiring~~fund ~~additional~~a ~~personnel~~portion ~~and~~of ~~consultants~~Phase as3 ~~our~~and ~~preclinical~~subsequent ~~and~~development ~~clinical~~costs ~~activities~~for ~~expand~~PIPE-307;

• the costs ~~and~~of ~~timing~~obtaining, ofmaintaining ~~establishing~~and orenforcing ~~securing~~our ~~manufacturing~~patent ~~facilities~~and ~~for~~other ~~our~~intellectual ~~drug~~property ~~candidates~~rights; and

18•costs associated with any drug candidates, products or technologies that we may in-license or acquire.

Until ~~Table~~such time as we can generate significant revenue from sales of ~~Contents~~our drug candidates, if ever, we expect to finance our cash needs through public or private equity or debt financings or other commercial arrangements, including collaborations, strategic partnerships or marketing, distribution, licensing or other strategic arrangements with third parties. We may be unable to raise additional funds or enter into such commercial arrangements when needed, on favorable terms, or at all. To the extent that we raise additional capital through the sale of equity or convertible debt securities, the ownership interest of our stockholders will be or could be diluted, and the terms of these securities may include liquidation or other preferences that adversely affect the rights of our common stockholders. Debt financing and equity financing, if available, may involve agreements that include covenants limiting or restricting our ability to take specific actions, such as incurring additional debt, making capital expenditures or declaring dividends. If we raise funds through collaborations, or

~~• the costs and timing of establishing sales and marketing capabilities if any of our drug candidates are approved;~~23

•Table ~~our~~of ~~ability to establish and maintain strategic collaborations, licensing or other arrangements;~~Contents

•other ~~the~~similar ~~financial~~arrangements with third parties, we may be required to relinquish valuable rights to our drug candidates, future revenue streams or research programs or may be required to grant licenses on terms that may not be favorable to us and may reduce the value of ~~any~~our ~~such~~common ~~agreements~~stock. ~~that~~If we are unable to raise additional funds through equity or debt financings or through commercial arrangements when needed, we may ~~enter~~be ~~into;~~required to delay, limit, reduce or terminate our product development or future commercialization efforts or grant rights to develop and market our drug candidates even if we would otherwise prefer to develop and market such drug candidates ourselves.

•Contractual ~~our~~Obligations ~~decision to elect to fund a portion of Phase 3~~ and ~~subsequent~~Commitments ~~development costs for PIPE-307;~~

•Our ~~the~~contractual ~~costs~~obligations and commitments relate to our operating leases that relate primarily to our leases of ~~obtaining~~office and laboratory space in San Diego, ~~maintaining~~California and ~~enforcing~~leased equipment used in connection with our ~~patent~~on-going ~~and~~Phase ~~other~~2 ~~intellectual~~clinical ~~property~~trial ~~rights;~~of ~~and~~PIPE-791 for the treatment of IPF. Our total contractual commitments for our lease agreements amount to approximately $8.0 million as of March 31, 2026.

•We ~~costs~~enter ~~associated~~into ~~with~~contracts ~~any~~in ~~drug~~the ~~candidates~~normal course of business for contract research services, contract manufacturing services, professional services and other services and products orfor ~~technologies~~operating ~~that~~purposes. weThese ~~may~~contracts generally provide for termination after a notice period, and, therefore, are cancelable contracts and not included in~~-license~~ orthe ~~acquire~~table above.

~~Until~~Off-Balance ~~such~~Sheet ~~time~~Arrangements as we can generate significant revenue from sales of our drug candidates, if ever, we expect to finance our cash needs through public or private equity or debt financings or other commercial arrangements, including collaborations, strategic partnerships or marketing, distribution, licensing or other strategic arrangements with third parties. We may be unable to raise additional funds or enter into such commercial arrangements when needed, on favorable terms, or at all. To the extent that we raise additional capital through the sale of equity or convertible debt securities, the ownership interest of our stockholders will be or could be diluted, and the terms of these securities may include liquidation or other preferences that adversely affect the rights of our common stockholders. Debt financing and equity financing, if available, may involve agreements that include covenants limiting or restricting our ability to take specific actions, such as incurring additional debt, making capital expenditures or declaring dividends. If we raise funds through collaborations, or other similar arrangements with third parties, we may be required to relinquish valuable rights to our drug candidates, future revenue streams or research programs or may be required to grant licenses on terms that may not be favorable to us and may reduce the value of our common stock. If we are unable to raise additional funds through equity or debt financings or through commercial arrangements when needed, we may be required to delay, limit, reduce or terminate our product development or future commercialization efforts or grant rights to develop and market our drug candidates even if we would otherwise prefer to develop and market such drug candidates ourselves.

~~Contractual~~During ~~Obligations~~the periods presented, we did not have, nor do we currently have, any off-balance sheet arrangements as defined under the rules and ~~Commitments~~regulations of the SEC.

~~Our~~Critical ~~contractual~~Accounting ~~obligations~~Policies and ~~commitments~~Significant ~~relate~~Judgments ~~to our operating leases that relate primarily to our leases of office~~ and ~~laboratory~~Estimates ~~space in San Diego, California. Our total contractual commitments for our lease agreements amount to approximately $7.3 million as of September 30, 2025.~~

WeOur ~~enter~~management’s ~~into~~discussion ~~contracts~~and inanalysis ~~the~~of ~~normal~~our ~~course~~financial condition and results of ~~business~~operations ~~for~~are ~~contract~~based ~~research~~on ~~services~~our financial statements, ~~contract~~which ~~manufacturing~~have ~~services~~been prepared in accordance with U.S. GAAP. The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of our assets, ~~professional~~liabilities, ~~services~~revenue, and ~~other~~expenses ~~services~~and the disclosure of contingent assets and ~~products~~liabilities ~~for~~in ~~operating~~our ~~purposes~~financial statements and accompanying notes. ~~These~~On ~~contracts~~an ~~generally~~ongoing ~~provide~~basis, ~~for~~we ~~termination~~evaluate ~~after~~our aestimates ~~notice~~and ~~period~~judgments, including those related to the accrual of research and development expenses; stock-based compensation, ~~therefore~~and common stock valuation. We base our estimates and assumptions on historical experience, known trends and events, and various other factors that we believe are ~~cancelable~~reasonable ~~contracts~~and appropriate under the circumstances, the results of which form the basis for making judgments about the carrying values of our assets and liabilities that are not ~~included~~readily inapparent ~~the~~from ~~table~~other ~~above~~sources. Our actual results may differ from these estimates under different assumptions or conditions.

~~Off~~There have been no material changes to our critical accounting estimates from those described under our “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Critical Accounting Policies and Significant Judgments and Estimates” included in our Annual Report on Form 10-~~Balance~~K ~~Sheet~~for ~~Arrangements~~the year ended December 31, 2025.

~~During~~Emerging ~~the~~growth ~~periods~~company ~~presented, we did not have, nor do we currently have, any off-balance sheet arrangements as defined under the rules~~ and ~~regulations~~smaller ofreporting ~~the~~company ~~SEC.~~status

~~Critical~~We ~~Accounting~~are ~~Policies~~an ~~and~~“emerging ~~Significant~~growth ~~Judgments~~company,” as defined in the JOBS Act. Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies. We have elected to use this extended transition period under the JOBS Act until the earlier of the date we (1) are no longer an emerging growth company or (2) affirmatively and ~~Estimates~~irrevocably opt out of the extended transition period provided in the JOBS Act. As a result, our financial statements may not be comparable to companies that comply with new or revised accounting pronouncements as of public company effective dates. We will remain an emerging growth company until the earliest to occur of: (i) the last day of the fiscal year in which we have more than $1.235 billion in annual gross revenue; (ii) the date we qualify as a “large accelerated filer” as defined in Rule 12b-2 under the Exchange Act, with at least $700 million of equity securities held by non-affiliates; (iii) the issuance, in any three-year period, by us of more than $1.0 billion in non-convertible debt securities; or (iv) December 31, 2029, the last day of the fiscal year ending after the fifth anniversary of our IPO.

~~Management’s~~We ~~discussion and analysis of our financial condition and results of operations~~ are ~~based~~also ona ~~our~~“smaller ~~financial~~reporting ~~statements,~~company” ~~which~~as ~~have~~defined ~~been prepared~~ in ~~accordance~~the ~~with~~Exchange UAct.S. ~~GAAP.~~Even ~~The~~after ~~preparation~~we ofno ~~these~~longer ~~financial~~qualify ~~statements~~as ~~requires~~an usemerging togrowth ~~make estimates and judgments that affect the reported amounts of our assets~~company, ~~liabilities,~~we ~~revenue,~~may ~~and~~continue ~~expenses~~to ~~and~~qualify ~~the~~as ~~disclosure~~a of“smaller ~~contingent~~reporting ~~assets and liabilities in our financial statements and accompanying notes. On an ongoing basis~~company,” wewhich ~~evaluate~~would ~~our~~allow ~~estimates~~us ~~and judgments, including those related~~ to ~~the~~take ~~accrual~~advantage of ~~research~~many ~~and~~of ~~development expenses;~~ the ~~incremental~~same ~~borrowing~~exemptions ~~rate~~from ~~used~~disclosure torequirements, ~~recognize~~if ~~the~~either ~~right-of-use~~(i) ~~assets and lease liabilities,~~ the ~~fair~~market value of ~~common~~our stock ~~and~~held ~~convertible~~by ~~preferred stock; and stock~~non-~~based~~affiliates ~~compensation We~~is ~~base~~less ~~our~~than ~~estimates~~$250 ~~and~~million ~~assumptions~~or on(ii) ~~historical~~our ~~experience,~~annual ~~known~~revenue ~~trends~~is ~~and~~less ~~events,~~than ~~and~~$100 ~~various~~million ~~other~~during ~~factors~~the ~~that~~most werecently ~~believe~~completed ~~are~~fiscal ~~reasonable~~year and ~~appropriate under~~ the ~~circumstances,~~market ~~the~~value ~~results~~ of ~~which form the basis for making judgments about the carrying values of~~ our ~~assets~~stock ~~and~~held ~~liabilities~~by ~~that~~non-affiliates ~~are~~is ~~not~~less ~~readily~~than ~~apparent~~$700 ~~from other sources~~million. ~~Our actual results may differ from these estimates under different assumptions or conditions.~~

There have been no material changes to our critical accounting estimates from those described under our “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Critical Accounting Policies and Significant Judgements and Estimates” included in our Annual Report on Form 10-K for the year ended December 31, 2024.24

~~Emerging~~Table ~~growth~~of ~~company and smaller reporting company status~~Contents

WeItem ~~are an “emerging growth company,” as defined in the JOBS Act~~3. ~~Under~~Quantitative the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies. We have elected to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and ~~private~~Qualitative ~~companies~~Disclosures ~~until~~About ~~the~~Market ~~earlier of the date we (i) are no longer an emerging growth company or (ii) affirmatively and irrevocably opt out of the extended transition period provided in the JOBS Act~~Risk. We will remain an emerging growth company until the earlier of (i) December 31, 2029, the last day of the fiscal year following the fifth anniversary of the completion of the IPO, (ii) the last day of the fiscal year (a) in which we have total annual gross revenue of at least $1.235 billion or (b) in which we are deemed to be a large accelerated filer, which means the market value of our voting and non-voting common stock that is held by non-affiliates exceeds $700 million as of the prior June 30th, or (iii) the date on which we have issued more than $1.0 billion in non-convertible debt during the prior three-year period. As a result, our financial statements may not be comparable to companies that comply with new or revised accounting pronouncements as of public company effective dates.

We are ~~also~~ a “smaller reporting company” as defined inby ~~the~~Rule ~~Exchange~~12b-2 ~~Act. We may continue to be a smaller reporting company even after we are no longer an emerging growth company. We have elected to take advantage~~ of ~~certain of~~ the ~~scaled~~Exchange ~~disclosures~~Act ~~available to smaller reporting companies~~ and ~~will~~are benot ~~able~~required to ~~take~~provide ~~advantage of these scaled disclosures for so long as~~ the ~~market~~information ~~value~~required ofunder ~~our~~this voting and non-voting common stock held by non-affiliates is less than $250 million measured on the last business day of our second fiscal quarter, or our annual revenue is less than $100 million during the most recently completed fiscal year and the market value of our voting and non-voting common stock held by non-affiliates is less than $700 million measured on the last business day of our second fiscal quarteritem.

19Item 4. Controls and Procedures.

Evaluation ~~Table~~ of ~~Contents~~Disclosure Controls and Procedures

~~Item~~As 3required by Rules 13a-15(b) and 15d-15(b) of the Exchange Act, our management with the participation of our Chief Executive Officer and our Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures as of March 31, 2026. ~~Quantitative~~The term “disclosure controls and ~~Qualitative~~procedures” ~~Disclosures~~as ~~About~~defined ~~Market~~in ~~Risk~~Rules 13a-15(e) and 15d-15(e) under the Exchange Act, means controls and other procedures of a company that are designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the company’s management, including its principal executive and principal financial officer, as appropriate to allow timely decisions regarding required disclosure. Management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives, and management necessarily applies its judgment in evaluating the cost-benefit relationship of possible controls and procedures. Based on the evaluation of our disclosure controls and procedures as of March 31, 2026, our Chief Executive Officer and our Chief Financial Officer concluded that, as of such date, our disclosure controls and procedures were effective at the reasonable assurance level.

WeChanges ~~are~~in aInternal ~~smaller~~Control ~~reporting~~over ~~company~~Financial ~~as defined by Rule 12b-2 of the Exchange Act and are not required to provide the information required under this item.~~Reporting

~~Item~~During 4.the ~~Controls~~quarter ended March 31, 2026, there have been no changes in our internal control over financial reporting, as such term is defined in Rules 13a-15(f) and ~~Procedures~~15(d)-15(f) promulgated under the Exchange Act, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

~~Evaluation of Disclosure Controls and Procedures~~25

~~Our~~Table ~~management, with the participation~~ of our principal executive officer and our principal financial officer, evaluated, as of the end of the period covered by this Quarterly Report on Form 10-Q, the effectiveness of our disclosure controls and procedures. Based on this evaluation of our disclosure controls and procedures as of September 30, 2025, our principal executive officer and principal financial officer concluded that our disclosure controls and procedures as of such date were effective at the reasonable assurance level. The term “disclosure controls and procedures,” as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act means controls and other procedures of a company that are designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act are recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. Management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives, and management necessarily applies its judgment in evaluating the cost-benefit relationship of possible controls and procedures.Contents

~~Changes~~PART inII ~~Internal~~- ~~Control~~OTHER ~~over Financial Reporting~~INFORMATION

~~During~~Item ~~the~~1. ~~quarter~~Legal ended September 30, 2025, there have been no changes in our internal control over financial reporting, as such term is defined in Rules 13a-15(f) and 15(d)-15(f) promulgated under the Exchange Act, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reportingProceedings.

20From time to time, we may become involved in various legal proceedings and claims that arise in the ordinary course of our business activities. We are not currently a party to any material legal proceedings. Regardless of the outcome, litigation could have an adverse impact on us because of defense and settlement costs, diversion of management resources, negative publicity, reputational harm and other factors.

Item ~~Table~~1A. ofRisk ~~Contents~~ Factors.

~~PART~~Investing IIin our common stock involves a high degree of risk. In addition to the information set forth in this Quarterly Report on Form 10-Q, ~~OTHER~~including ~~INFORMATION~~the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and our condensed financial statements and related notes, you should consider carefully the factors discussed in Part I, Item 1A, “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on March 5, 2026. The occurrence of any of the risks and uncertainties described in such Annual Report could materially and adversely affect our business, financial condition, results of operations and prospects. In that event, the price of our common stock could decline and you could lose part or all of your investment. Furthermore, such risks are not the only ones we face; additional risks and uncertainties not currently known or that we currently deem to be immaterial may also materially adversely affect our business, financial condition or results of operations.

Item 12. ~~Legal~~Unregistered ~~Proceedings~~Sales of Equity Securities and Use of Proceeds.

~~From time to time, we may become involved in various legal proceedings and claims that arise in the ordinary course of our business activities. We are not currently~~ (a) ~~party~~Recent toSales ~~any material legal proceedings. Regardless~~ of ~~the~~Unregistered ~~outcome,~~Equity ~~litigation could have an adverse impact on us because of defense and settlement costs, diversion of management resources, negative publicity, reputational harm and other factors~~Securities.

~~Item 1A~~None. ~~Risk Factors.~~

~~Investing~~(b) inUse ~~our common stock involves a high degree~~ of ~~risk.~~Proceeds In addition to the information set forth in this Quarterly Report on Form 10-Q, including the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and our condensed financial statements and related notes, you should consider carefully the factors discussed in Part I, Item 1A, “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on March 6, 2025. The occurrence of any of the risks and uncertainties described in such Annual Report could materially and adversely affect our business, financial condition, results of operations and prospects. In that event, the price of our common stock could decline and you could lose part or all of your investment. Furthermore, such risks are not the only ones we face; additional risks and uncertainties not currently known or that we currently deem to be immaterial may also materially adversely affect our business, financial condition or results of operations. Except as set forth in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, there have been no material changes from ~~the~~Initial ~~risk~~Public ~~factors~~Offering ~~set forth in Part I, Item 1A~~ of ~~the~~Common ~~Company’s Annual Report on Form 10-K for the year ended December 31, 2024~~Stock.

21On April 4, 2024, our registration statement on Form S-1 (333-278003) relating to the initial public offering of our common stock was declared effective by the SEC (the “Registration Statement”). Pursuant to such Registration Statement, we issued and sold an aggregate of 7,423,682 shares of our common stock, which includes 548,682 shares sold pursuant to the underwriters’ partial exercise of their option to purchase additional shares, at the public offering price of $16.00 per share. On April 9, 2024, we closed the sale of 6,875,000 shares and on April 19, 2024, we closed the sale of the 548,682 shares sold pursuant to the underwriters’ exercise of their option to purchase additional shares. The aggregate offering price for shares sold in the IPO was approximately $118.8 million, resulting in aggregate net proceeds of approximately $107.9 million, after deducting the underwriting discounts, commissions and offering expenses paid or payable by us. No offering expenses were paid or payable, directly or indirectly, to our directors, officers, persons owning 10% or more of any class of our equity securities, or to any of our affiliates. Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, Stifel Nicolaus & Company, Incorporated and RBC Capital Markets, LLC acted as joint book-running managers for the IPO.

There ~~Table~~has been no material change in the planned use of ~~Contents~~proceeds from the IPO from those described in the final Prospectus, dated April 4, 2024, filed with the SEC on April 8, 2024, pursuant to Rule 424(b) of the Securities Act.

~~Item~~(c) 2.Issuer ~~Unregistered~~Purchases ~~Sales~~ of Equity Securities ~~and Use of Proceeds~~.

~~(a) Recent Sales of Unregistered Equity Securities~~None.

~~None~~Item 3. Defaults Upon Senior Securities.

~~(b) Use of Proceeds from Initial Public Offering of Common Stock~~None.

OnItem ~~April~~ 4~~, 2024, our registration statement on Form S-1 (333-278003) relating to the initial public offering of our common stock was declared effective by the SEC (the "Registration Statement")~~. ~~Pursuant~~Mine toSafety such Registration Statement, we issued and sold an aggregate of 7,423,682 shares of our common stock, which includes 548,682 shares sold pursuant to the underwriters’ partial exercise of their option to purchase additional shares, at the public offering price of $16Disclosures.00 per share. On April 9, 2024, we closed the sale of 6,875,000 shares and on April 19, 2024, we closed the sale of the 548,682 shares sold pursuant to the underwriters’ exercise of their option to purchase additional shares. The aggregate offering price for shares sold in the IPO was approximately $118.8 million, resulting in aggregate net proceeds of approximately $107.9 million, after deducting the underwriting discounts, commissions and offering expenses paid or payable by us. No offering expenses were paid or payable, directly or indirectly, to our directors, officers, persons owning 10% or more of any class of our equity securities, or to any of our affiliates. Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, Stifel Nicolaus & Company, Incorporated and RBC Capital Markets, LLC acted as joint book-running managers for the IPO.

~~There~~Not has been no material change in the planned use of proceeds from the IPO from those described in the final Prospectus, dated April 4, 2024, filed with the SEC on April 8, 2024, pursuant to Rule 424(b) of the Securities ActApplicable.

~~(c) Issuer~~Item ~~Purchases~~5. ofOther ~~Equity Securities~~Information.

~~None.~~Trading Arrangements

~~Item 3. Defaults Upon Senior Securities.~~26

~~None.~~Table of Contents

During the quarter ended March 31, 2026, none of our directors or officers adopted or terminated any Rule 10b5-1 trading arrangement or any non-Rule 10b5-1 trading arrangement (as such terms are defined pursuant to Item 4.408(a) ~~Mine~~of ~~Safety~~Regulation ~~Disclosures~~S-K).

~~Not Applicable.~~27

~~Item~~Table 5.of ~~Other Information.~~Contents

~~Trading~~Item ~~Arrangements~~6. Exhibits

From time to time, our officers (as defined in Rule 16a-1(f) of the Exchange Act) and directors may enter into Rule 10b5-1 or non-Rule 10b5-1 trading arrangements (as each such term is defined in Item 408 of Regulation S-K). During the three months ended September 30, 2025, none of our officers or directors adopted or terminated any such trading arrangements except as set forth below:

Exhibit

Incorporated by Reference

Filed

Number

Description

Form

File No.

Exhibit

Filing Date

Herewith

3.1

Amended and Restated Certificate of Incorporation of the Registrant.

8-K

001-42001

3.1

04/09/2024

3.2

Amended and Restated Bylaws of the Registrant.

8-K

001-42001

3.2

04/09/2024

10.1

2026 Employment Inducement Equity Incentive Plan and forms of agreements thereunder.

10-K

001-42001

10.16

03/05/2026

31.1

Certification of Principal Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2

Certification of Principal Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1*

Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2*

Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101.INS

Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document.

101.SCH

Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents.

104

Cover Page Interactive Data File (embedded within the Inline XBRL document).

Name	Action Taken	Type of	Nature of	Duration of	Aggregate Number
(Title)	(Date of Action)	Trading Arrangement	Trading Arrangement	Trading Arrangement	of Securities
Carmine Stengone (President and Chief Executive Officer)	Adoption ( September 23, 2025)	Rule 10b5-1 trading arrangement*	Sale	Until November 30, 2026, or such earlier date upon which all transactions are completed or expire without execution	Up to 231,925 shares
Peter Slover (Chief Financial Officer)	Adoption ( September 23, 2025)	Rule 10b5-1 trading arrangement*	Sale	Until November 18, 2026, or such earlier date upon which all transactions are completed or expire without execution	Up to 41,730 shares
Daniel Lorrain, Ph.D. (Chief Scientific Officer)	Adoption ( September 23, 2025)	Rule 10b5-1 trading arrangement*	Sale	Until November 30, 2026, or such earlier date upon which all transactions are completed or expire without execution	Up to 221,245 shares
Timothy Watkins, M.D., M.Sc. (Chief Medical Officer and Head of Development)	Adoption ( September 23, 2025)	Rule 10b5-1 trading arrangement*	Sale	Until December 27, 2026, or such earlier date upon which all transactions are completed or expire without execution	Up to 173,333 shares

_________________________________________

*The ~~Intended~~certifications furnished in Exhibit 32.1 and 32.2 hereto are deemed to ~~satisfy~~be furnished with this Quarterly Report on Form 10-Q and will not be deemed to be “filed” for purposes of Section 18 of the ~~affirmative~~Securities ~~defense~~Exchange Act of ~~Rule 10b5-1(c)~~1934, as amended, except to the extent that the Registrant specifically incorporates them by reference.

22 28

Table of Contents

~~Item 6. Exhibits~~SIGNATURES

Exhibit		Incorporated by Reference				Filed
Number	Description	Form	File No.	Exhibit	Filing Date	Herewith
3.1	Amended and Restated Certificate of Incorporation of the Registrant.	8-K	001-42001	3.1	04/09/2024
3.2	Amended and Restated Bylaws of the Registrant.	8-K	001-42001	3.2	04/09/2024

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


	Contineum Therapeutics, Inc.

May 5, 2026	By:	/s/ Carmine Stengone
		Carmine Stengone
		President, Chief Executive Officer and Director
		(Principal Executive Officer)

Table of Contents


May 5, 2026	By:	/s/ Peter Slover
		Peter Slover
		Chief Financial Officer
		(Principal Financial Officer and Principal Accounting Officer)

31.1	Certification of Principal Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.	X
31.2	Certification of Principal Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.	X
32.1*	Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.	X
32.2*	Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.	X
101.INS	Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document.	X
101.SCH	Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents.	X
104	Cover Page Interactive Data File (embedded within the Inline XBRL document).	X

_________________________________________

* The certifications furnished in Exhibit 32.1 and 32.2 hereto are deemed to be furnished with this Quarterly Report on Form 10-Q and will not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, except to the extent that the Registrant specifically incorporates them by reference.

Table of Contents

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	Contineum Therapeutics, Inc.
October 30, 2025	By:	/s/ Carmine Stengone
		Carmine Stengone
		President, Chief Executive Officer and Director
		(Principal Executive Officer)

October 30, 2025	By:	/s/ Peter Slover
		Peter Slover
		Chief Financial Officer
		(Principal Financial Officer and Principal Accounting Officer)

Filing Compare · Contineum Therapeutics, Inc.