Promising Potential of PIPE-791: Buy Rating for Contineum Therapeutics Amid Positive Phase 1b ResultsWe note that in brain, PIPE-791 achieved meaningful receptor occupancy in both healthy volunteers and patients with progressive MS. While lung receptor occupancy was not viable, we see this as a known limitation (low levels of LPA1R in healthy lungs, and hurdles imaging vs. brain). As an aside, we note the corporate slide deck demonstrates a meaningfully elevated LPA1R expression level in IPF donor lung sections ( Exhibit 1 ), giving us confidence LPA1R has a meaningful role IPF pathology. Moreover, we believe the brain PET and receptor occupancy values are encouraging for leveraging LPA1R antagonism in both PrMS and IPF. Importantly, we see a best-in-class PK signature for an LPA1R antagonist, where even 1mg 1 exceeded EC50 ( Exhibit 2 ) for >24 hours, and 1mg Day 7 target coverage exceeded EC90 for >24 hours.