Modelling the dynamics of interactions in a neuronal ensemble is an important problem in functional connectivity research. One popular framework is latent factor models (LFMs), which have achieved notable success in decoding neuronal population dynamics. However, most LFMs are specified in discrete time, where the choice of bin size significantly impacts inference results. In this work, we present what is, to the best of our knowledge, the first continuous-time multivariate spike train LFM for studying neuronal interactions and functional connectivity. We present an efficient parameter inference algorithm for our biologically justifiable model which (1) scales linearly in the number of simultaneously recorded neurons and (2) bypasses time binning and related issues. Simulation studies show that parameter estimation using the proposed model is highly accurate. Applying our LFM to experimental data from a classical conditioning study on the prefrontal cortex in rats, we found that coordinated neuronal activities are affected by (1) the onset of the cue for reward delivery, and (2) the sub-region within the frontal cortex (OFC/mPFC). These findings shed new light on our understanding of cue and outcome value encoding.
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