ADDED
As of February 27, 2026, the registrant had 37,336,036 total shares outstanding, of which there were 32,673,536 shares of Class A common stock, $0.001 par value per share, outstanding and 4,662,500 shares of Class B common stock, $0.001 par value per share, outstanding.
You should not rely upon forward-looking statements as predictions of future events.
We undertake no obligation to update publicly any forward-looking statements for any reason after the date of this report to conform these statements to actual results or to changes in our expectations, except as required by law.
We focus on developing selective compounds targeting challenging molecular pathways and have built a portfolio of small molecule drug candidates.
LPA1R antagonism is a clinically validated mechanism in IPF, and we believe that our preclinical studies, Phase 1 healthy volunteer data, and Phase 1 positron emission tomography ( PET ) data support the development of PIPE-791 for IPF and chronic pain.
Specifically, based on its high bioavailability, high selectivity, low plasma protein binding, and long receptor residence time, we believe PIPE-791 has the potential to be a differentiated LPA1R therapy.
In September 2025, we reported positive top-line data from our completed Phase 1b PET trial which measured the relationship of pharmacokinetics ( PK ) to receptor occupancy ( RO ) by PET imaging.
The data from the Phase 1b PET trial further affirmed the planned dose selection for our Phase 2 trial of PIPE-791 in IPF, which was initiated in December 2025.
In the fourth quarter of 2025, we completed enrollment for a phase 1b, randomized, double-blind, placebo-controlled, crossover study which was designed to explore the safety and efficacy of oral PIPE-791 in subjects with chronic osteoarthritic pain ( COAP ) or chronic low back pain ( CLBP ).
We anticipate top-line data from this trial in the second quarter of 2026.
REMOVED
false --12-31 FY 2024 true true true false true true 0.001 0.001 0 0 0 16,940,594 15,906,236 15,906,236 0.001 0.001 200,000,000 39,630,511 19,125,377 19,125,377 2,349,554 2,349,554 0.001 0.001 20,000,000 6,729,172 6,729,172 0 0 0 0.001 0.001 10,000,000 0 0 0 0 0 110 10,912 2 5 0 10 6.03 6.08 5 5 3 1 false false false false Other segment items primarily include change in fair value of warrant liability, change in fair value of investor rights and obligations liability, and other expense, net.
Basic and diluted per share amounts are the same for Class A and Class B shares.
As of February 28, 2025, the registrant had 25,871,549 total shares outstanding, of which there were 19,142,377 shares of Class A common stock, $0.001 par value per share, outstanding and 6,729,172 shares of Class B common stock, $0.001 par value per share, outstanding.
We undertake no obligation to update publicly any forward-looking statements for any reason after the date of this report to conform these statements to actual results or to changes in our expectations.
SUMMARY OF RISKS ASSOCIATED WITH OUR BUSINESS We face risks and uncertainties associated with our business, many of which are beyond our control.
We rely on third parties to conduct our ongoing clinical trials of PIPE-791 and PIPE-307 and expect to rely on third parties to conduct future clinical trials of PIPE-791 and any other drug candidates that we develop.
We have focused our efforts on developing selective compounds targeting challenging molecular pathways and have built a portfolio of small molecule drug candidates.
LPA1R antagonism is a clinically validated mechanism in IPF, and we believe that our preclinical studies and Phase 1 healthy volunteer data support the development of PIPE-791 for IPF, as well as PrMS and chronic pain.
We have completed a Phase 1 clinical trial of PIPE-791 in healthy volunteers in support of clinical development in IPF, PrMS and chronic pain.
In December 2024, we commenced a Phase 1b open-label trial to measure the relationship of pharmacokinetics ( PK ) to lung and brain receptor occupancy by positron emission tomography ( PET ) imaging.