A phase 2 trial of Johnson & Johnson’s JNJ-5120 has missed its primary endpoint, denting the prospects of the Contineum Therapeutics-partnered depression drug candidate.
In 2023, J&J paid Pipeline Therapeutics $50 million upfront and committed up to $1 billion in milestones for global rights to the M1 receptor antagonist, which is also called PIPE-307. Pipeline, which rebranded as Contineum later in 2023, had completed two phase 1 trials of the drug candidate, teeing J&J up to run midphase studies in relapsing-remitting multiple sclerosis (MS) and major depressive disorder (MDD).
Ten months after disclosing the failure of the MS trial, Contineum reported that the MDD study missed its primary endpoint. Investigators randomized 107 people with MDD to receive one of two JNJ-5120 regimens or placebo.
At Day 5, patients receiving JNJ-5120 performed no better on a depression scale than those on placebo, causing the trial to miss its primary endpoint. William Blair analysts removed JNJ-5120 from their model in response to the setback, extinguishing hopes of success that they had put at 35% before the readout.
“We had always viewed the study as risky, especially considering the risky nature of placebo-controlled studies in MDD, where placebo responses have eroded effect sizes and patient heterogeneity can lead to volatility in patient response rates on active drug,” the analysts said.
J&J has yet to give up on the asset. The Big Pharma continues to evaluate the results, including data on prespecified exploratory endpoints, Contineum said. J&J’s review of the totality and clinical relevance of its findings will inform the next steps.
Investors appeared sanguine about the setback, sending Contineum’s share price down just 3.5% to $14.30 in after-hours trading. The muted response aligns with the assessment of William Blair analysts, who said most of Contineum’s value is tied to the LPAR1 antagonist, PIPE-791, which the company is developing in idiopathic pulmonary fibrosis.
PIPE-791, a potential rival to Bristol Myers Squibb’s admilparant, is in phase 2 development. The next key catalyst for Contineum's shares is readthrough from phase 3 data on admilparant, which BMS is expected to share early in the fourth quarter, the analysts said.