Contineum depression drug fails mid-stage clinical trial

Contineum Therapeutics announced that its experimental depression drug, JNJ-5120 (also known as PIPE-307), failed to meet the primary efficacy endpoint in a mid-stage clinical trial. Developed in partnership with Johnson & Johnson under a global licensing agreement, the drug was tested on patients with major depressive disorder (MDD).

The trial aimed to measure improvements on a standard depression rating scale at day five compared to a placebo. While the drug did not meet its main goal, the company reported that the treatment was well-tolerated and showed no new safety signals. The compound targets the M1 brain receptor and was intended to provide rapid relief, unlike traditional antidepressants.

Following the announcement, shares of Contineum fell nearly 8% in after-hours trading. This failure follows a 2025 study where the same compound failed to show benefit in patients with multiple sclerosis. Johnson & Johnson is currently reviewing broader data from the study to determine future steps for the medicine.