Detailed financial statements for Contineum Therapeutics, Inc. (CTNM): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Contineum Therapeutics, Inc., a clinical stage biopharmaceutical company, engages in developing of small molecules different therapies for neuroscience, inflammation, and immunology indications in the United States. The company’s lead asset is PIPE-791, a novel, brain penetrant, small molecule inhibitor of the lysophosphatidic acid 1 receptor (LPA1R) for the treatment of idiopathic pulmonary fibrosis and chronic pain.
Analysis Summary
Trailing-twelve-month margins: gross margin 0.0%, operating margin 0.0%, net margin 0.0%.
At the current price of $13.76, CTNM has negative trailing earnings (P/E not meaningful) and an ROE of -24.73%. Market capitalisation stands at $518M.
Balance sheet quality for CTNM: current ratio of 27.5, net cash position of $254.6M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | 0 | 0 | $50.0M | 0 | 0 |
| Cost of Revenue | 0 | 0 | 0 | $258000 | 0 |
| Gross Profit | 0 | 0 | $50.0M | -$258000 | 0 |
| Research & Development | $22.4M | $16.9M | $27.6M | $38.2M | $51.5M |
| Selling, General & Admin | $6.3M | $5.8M | $6.3M | $12.5M | $16.5M |
| Operating Expenses | $28.6M | $22.7M | $66.1M | $50.6M | $68.1M |
| Operating Income | -$28.6M | -$22.7M | -$16.1M | -$50.9M | -$68.1M |
| EBITDA | -$28.3M | -$23.5M | $23.6M | -$42.0M | -$67.7M |
| Interest Expense | $332000 | $388000 | $208000 | 0 | 0 |
| Pre-tax Income | -$29.0M | -$24.3M | $23.2M | -$42.3M | -$60.0M |
| Income Tax | 0 | 0 | $450000 | 0 | 0 |
| Net Income | -$29.0M | -$24.3M | $22.7M | -$42.3M | -$60.0M |
| EPS | $-1.15 | $-0.97 | $0.13 | $-1.63 | $-2.17 |
| EPS (Diluted) | $-1.15 | $-0.97 | $0.13 | $-1.63 | $-2.17 |
| Shares Outstanding (Diluted) | $25.1M | $25.1M | $25.1M | $25.9M | $27.7M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | 0 | 0 | 0 | 0 |
| Gross Profit | 0 | 0 | 0 | 0 |
| Operating Income | -$14.9M | -$17.1M | -$16.9M | -$17.4M |
| EBITDA | -$14.9M | -$17.0M | -$16.8M | -$17.3M |
| Net Income | -$12.8M | -$15.2M | -$14.5M | -$15.2M |
| EPS | $-0.45 | $-0.49 | $-0.39 | $-0.40 |
| EPS (Diluted) | $-0.45 | $-0.49 | $-0.39 | $-0.40 |
Balance Sheet (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $4.6M | $5.6M | $15.5M | $21.9M | $75.6M |
| Short-term Investments | $64.4M | $41.7M | $109.7M | $182.8M | $187.3M |
| Receivables | 0 | 0 | 0 | 0 | 0 |
| Inventory | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $69.8M | $48.4M | $127.7M | $206.4M | $267.9M |
| Property, Plant & Equipment | $642000 | $2.1M | $1.4M | $6.5M | $8.5M |
| Goodwill | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $70.5M | $50.6M | $130.4M | $212.8M | $276.6M |
| Accounts Payable | $660000 | $430000 | $635000 | $1.8M | $1.0M |
| Short-term Debt | $1.2M | $3.9M | 0 | 0 | 0 |
| Total Current Liabilities | $3.7M | $7.5M | $5.5M | $10.0M | $9.7M |
| Long-term Debt | $3.7M | 0 | $192.6M | 0 | 0 |
| Total Liabilities | $8.9M | $11.4M | $198.3M | $14.8M | $15.7M |
| Retained Earnings | -$73.6M | -$97.9M | -$75.1M | -$117.4M | -$177.4M |
| Total Equity | $61.6M | $39.3M | -$67.9M | $198.1M | $261.0M |
| Total Debt | $4.9M | $5.8M | $193.2M | $6.3M | $8.2M |
| Net Debt | -$64.1M | -$41.4M | $68.0M | -$198.5M | -$254.6M |
| Working Capital | $66.1M | $40.8M | $122.2M | $196.4M | $258.2M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $42.6M | $75.6M | $20.2M | $14.7M |
| Total Assets | $190.8M | $276.6M | $261.3M | $250.4M |
| Total Liabilities | $10.4M | $15.7M | $11.3M | $10.7M |
| Total Equity | $180.5M | $261.0M | $250.0M | $239.7M |
| Total Debt | $5.5M | $8.2M | $7.0M | $6.6M |
Cash Flow (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$29.0M | -$24.3M | $22.7M | -$42.3M | -$60.0M |
| Depreciation & Amortization | $325000 | $329000 | $195000 | $258000 | $323000 |
| Stock-based Compensation | $1.7M | $1.9M | $2.2M | $6.8M | $10.0M |
| Change in Working Capital | $108000 | -$1.3M | -$1.0M | $5.3M | -$6.0M |
| Operating Cash Flow | -$26.3M | -$20.1M | $19.3M | -$32.8M | -$55.3M |
| Capital Expenditure | -$168000 | -$118000 | -$414000 | -$514000 | -$231000 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | -$4000 | -$28000 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$26.4M | -$20.2M | $18.9M | -$33.4M | -$55.5M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$12.2M | -$13.0M | -$16.3M | -$11.5M |
| Capital Expenditure | -$98000 | -$42000 | -$312000 | -$6000 |
| Free Cash Flow | -$12.3M | -$13.1M | -$16.6M | -$11.5M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $2.6M | $2.5M | $3.8M | $3.8M |
Growth & Margins (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | | | -100.0% | |
| Net Income Growth (YoY) | | +16.4% | +193.7% | -286.0% | -41.9% |
| EPS Growth (YoY) | | +15.7% | +113.4% | -1353.8% | -33.1% |
| Shares Change (YoY) | | +0.0% | +0.0% | +2.9% | +7.1% |
| FCF Growth (YoY) | | +23.4% | +193.6% | -276.2% | -66.5% |
| Gross Margin | | | 100.0% | | |
| Operating Margin | | | -32.2% | | |
| EBITDA Margin | | | 47.1% | | |
| Net Margin | | | 45.4% | | |
| FCF Margin | | | 37.9% | | |
| Effective Tax Rate | -0.0% | -0.0% | 1.9% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-1.05 | $-0.81 | $0.75 | $-1.29 | $-2.01 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $25.1M | $25.1M | $25.1M | $25.9M | $27.7M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -24.73% |
| Return on Invested Capital | -26.96% |
| Return on Assets | -22.99% |
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | 0.03 |
| Current Ratio | 37.17 |
| Piotroski F-Score | 2 |
| Altman Z-Score | 11.55 |
Key Ratios (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -13.39 | -15.88 | 118.46 | -8.99 | -5.27 |
| P/B | 6.28 | 9.86 | -5.70 | 1.91 | 1.21 |
| P/S | 0.00 | 0.00 | 7.74 | 0.00 | 0.00 |
| Gross Margin | 0.0% | 0.0% | 100.0% | 0.0% | 0.0% |
| Operating Margin | 0.0% | 0.0% | -32.2% | 0.0% | 0.0% |
| Net Margin | 0.0% | 0.0% | 45.4% | 0.0% | 0.0% |