CNTB illustrates how continuity can outlive the original bull case. The company entered the period with FDA-supported Phase 2 asthma and COPD programs, sufficient liquidity, and a thesis centered on rapid lung-function improvement. Over the following year, however, escalating development costs, a dilutive financing, shifting ownership patterns, and delayed readouts steadily altered the investment narrative. When results finally arrived, asthma delivered significant FEV1 improvement but failed its primary treatment-failure endpoint, while COPD achieved its primary endpoint despite lacking a significant disclosed FEV1 result. Rather than producing a clear verdict, the data split the thesis into indication-specific outcomes. CNTB remained relevant throughout, but the reason for that relevance changed repeatedly, making it a useful case study in why investors must continuously reclassify recurring signals.