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StocksMediumUpdated•Originally published 14 September 2026•Updated 14 September 2026•
2 min read

JNJ-5120 Phase 2 Depression Trial Misses Primary Goal as J&J Reviews Next Steps

Key Facts

1The Phase 2 MOONLIGHT-1 trial missed its primary endpoint involving change in total MADRS score at Day 5 versus placebo.
2The study completed enrollment of 107 adults in June 2026 and was randomized, double-blind, multicenter and placebo-controlled.
3JNJ-5120/PIPE-307 was well tolerated with no new safety signals, while J&J continues to assess the data and next steps.
4Contineum had $236.6 million in cash, cash equivalents and marketable securities as of June 30, 2026, and said its resources were sufficient through mid-2029.

Contineum Therapeutics said on September 14, 2026, that the Phase 2 MOONLIGHT-1 trial of JNJ-5120/PIPE-307 missed its primary efficacy endpoint: improvement from baseline in the Montgomery-Åsberg Depression Rating Scale, or MADRS, total score at Day 5 versus placebo. The company added that the drug was well tolerated with no new safety signals.

MOONLIGHT-1 was a randomized, double-blind, multicenter, placebo-controlled proof-of-concept study testing the drug as monotherapy in adults with major depressive disorder. Johnson & Johnson completed enrollment of 107 adults in June 2026 in the study registered as NCT06785012.

Missing the primary endpoint means the study did not establish efficacy on its prespecified main measure at Day 5. The results announcement did not publish arm-level MADRS changes, the treatment difference or a p-value, however, so the disclosed information does not permit an independent assessment of the effect size.

Johnson & Johnson is developing JNJ-5120/PIPE-307 under a global license and development agreement with Contineum. J&J continues to analyze the study data, including prespecified exploratory endpoints, and assess the totality and clinical relevance of the findings before deciding the next steps; no program discontinuation was announced.

The result concerns a partnered asset for which J&J is generally responsible for development, rather than a trial funded and controlled solely by Contineum. As of June 30, 2026, Contineum reported $236.6 million in cash, cash equivalents and marketable securities and said its resources could fund planned operations through mid-2029.

CTNM closed at $14.82 on September 11, 2026, before the announcement, after reaching a daily high of $15.24. Those figures establish a pre-news baseline rather than an investor reaction to the results, so the revised copy makes no claim about the subsequent share move.