Contineum–J&J depression drug misses Phase 2 trial goal

Contineum Therapeutics said its Phase 2 MOONLIGHT-1 trial of JNJ-5120, also known as PIPE-307, failed to meet its primary efficacy endpoint in adults with major depressive disorder.

The study measured change from baseline on the Montgomery–Åsberg Depression Rating Scale at Day 5 versus placebo. Patients receiving the drug did not improve significantly more than those receiving placebo.

The drug was reportedly well tolerated, with no new safety signals identified.

Johnson & Johnson, which is developing the drug under a global licensing agreement, is reviewing the broader results—including exploratory endpoints—before deciding whether to continue development.

Contineum shares fell roughly 8% to 10% in after-hours trading following the announcement.

The result is a second mid-stage setback for PIPE-307:
an earlier Phase 2 trial in relapsing-remitting multiple sclerosis also failed to show benefit in 2025.