C
Connect Biopharma Holdings Ltd
CNTBCIK 0001835268NasdaqNon-AcceleratedSmaller ReportingEmerging GrowthPharmaceutical PreparationsE9KYFY ends Dec 31
Period
FY 2025
Revenue
$64.0K
Net Income
$-55.48M
Total Assets
$56.08M
Equity
$41.98M
Shares Out
56.52M
Op. Cash Flow
$-51.21M
Business
Connect Biopharma Holdings Ltd is a clinical-stage biopharmaceutical company focused on developing rademikibart, a next-generation anti-IL-4Rα monoclonal antibody for respiratory diseases. Its primary product candidate is rademikibart, investigated for acute and chronic asthma and COPD (and previously studied in atopic dermatitis) as a subcutaneous biologic. The company’s operations center on research and development, clinical trials, manufacturing via third-party contract manufacturers, and out-licensing collaborations. It conducts global clinical programs and distributes through clinical trial sites, CMOs and a regional commercial licensee for Greater China.
Summary from filing dated 2025-03-31
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 |
|---|---|---|---|---|
| License and collaboration revenues | 64,000 | 26 | 0 | |
| Research and development expense | 38 | 29 | 53 | |
| General and administrative expense | 20 | 19 | 16 | |
| Total operating expenses | 58 | 48 | 69 | |
| Loss from operations | −58 | −22 | −69 | |
| Interest income | 2 | 4 | 5 | |
| Other income (expense) | 523,000 | 3 | 2 | |
| Total other income, net | 3 | 7 | 7 | |
| Net loss before income tax | −55 | −15 | −62 | |
| Income tax expense | 197,000 | 223,000 | 120,000 | |
| Net loss | −55 | −16 | −62 | |
| Foreign currency translation adjustments | 477,000 | −670,000 | −614,000 | |
| Unrealized gains (losses) on available-for-sale investments | −2,000 | 12,000 | 354,000 | |
| Comprehensive loss | −55 | −16 | −62 | |
| Basic net loss per ordinary share (in dollars per share) | −1 | −0.28 | −1.13 | |
| Diluted net loss per ordinary share (in dollars per share) | −1 | −0.28 | −1.13 | |
| Weighted-average ordinary shares outstanding, basic (in shares) | 56 | 55 | 55 | |
| Weighted-average ordinary shares outstanding, diluted (in shares) | 56 | 55 | 55 |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 |
|---|---|---|---|---|---|
| Cash and cash equivalents | 38 | 78 | 106 | — | |
| Short-term investments | 6 | 16 | 13 | — | |
| Accounts receivable, net | 13,000 | 789,000 | 0 | — | |
| Prepaid expenses and other current assets | 7 | 2 | 4 | — | |
| Total current assets | 51 | 97 | 123 | — | |
| Property and equipment, net | 4 | 4 | 4 | — | |
| Right-of-use lease assets, net | 647,000 | 189,000 | 462,000 | — | |
| Intangible assets, net | 45,000 | 53,000 | 62,000 | — | |
| Other assets | 646,000 | 33,000 | 24,000 | — | |
| Total assets | 56 | 101 | 127 | — | |
| Accounts payable | 2 | 342,000 | 2 | — | |
| Accrued liabilities | 11 | 8 | 9 | — | |
| Contract liabilities | 167,000 | 164,000 | 13 | — | |
| Current lease liabilities | 322,000 | 154,000 | 285,000 | — | |
| Total current liabilities | 14 | 8 | 25 | — | |
| Non-current lease liabilities | 368,000 | 24,000 | 180,000 | — | |
| Other non-current liabilities | 114,000 | 632,000 | — | — | |
| Total liabilities | 14 | 9 | 26 | — | |
| Commitments and contingencies (see Note 7) | — | — | — | — | |
| Preferred shares, $0.000174 par value: 40,000,000 shares authorized; no shares issued or outstanding at December 31, 2025 and 2024 | 0 | 0 | 0 | — | |
| Ordinary shares, $0.000174 par value; 400,000,000 shares authorized; 56,442,308 and 55,349,208 shares issued and outstanding at December 31, 2025 and 2024, respectively | 10,000 | 10,000 | 10,000 | — | |
| Additional paid-in capital | 444 | 439 | 432 | — | |
| Accumulated other comprehensive loss | −1 | −2 | −1 | — | |
| Treasury shares | −180,000 | −180,000 | −180,000 | — | |
| Accumulated deficit | −401 | −345 | −330 | — | |
| Total shareholders' equity | 42 | 92 | 101 | 158 | |
| Total liabilities and shareholders' equity | 56 | 101 | 127 | — |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 |
|---|---|---|---|---|
| Share-based compensation expense | 4 | 7 | 5 | |
| Depreciation and amortization | 704,000 | 660,000 | 720,000 | |
| Accretion of discounts on available-for-sale investments | −773,000 | −123,000 | −2 | |
| Impairment of property and equipment | 0 | 200,000 | 0 | |
| Loss on disposal of property and equipment | 37,000 | 9,000 | 0 | |
| Accounts receivable, net | 776,000 | −789,000 | 0 | |
| Prepaid expenses and other current assets | −4 | 2 | 4 | |
| Other non-current assets | −605,000 | 0 | 238,000 | |
| Accounts payable | 2 | −2 | −1 | |
| Accrued liabilities | 3 | −2 | −6 | |
| Contract liabilities | 3,000 | −13 | 13 | |
| Operating lease liabilities | 54,000 | −14,000 | −5,000 | |
| Other non-current liabilities | −518,000 | 227,000 | — | |
| Net cash used in operating activities | −51 | −24 | −48 | |
| Purchases of short-term investments | −30 | −15 | −31 | |
| Proceeds from maturities and sales of short-term investments | 41 | 13 | 103 | |
| Purchases of property and equipment | −434,000 | −750,000 | −81,000 | |
| Proceeds from sale of property and equipment | 2,000 | 0 | 2,000 | |
| Net cash provided by (used in) investing activities | 10 | −3 | 75 | |
| Proceeds from shares issued under the Employee Share Purchase Plan | 218,000 | 33,000 | 44,000 | |
| Proceeds from exercise of stock options | 875,000 | 194,000 | 1,000 | |
| Net cash provided by financing activities | 1 | 227,000 | 45,000 | |
| Effect of exchange rate changes on cash and cash equivalents | 408,000 | −595,000 | −568,000 | |
| Net decrease in cash and cash equivalents | −40 | −27 | 27 | |
| Federal income taxes paid | 291,000 | 110,000 | — | |
| State income taxes paid | 1,000 | 1,000 | — |
Filings
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