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CNTB

Connect Biopharma Holdings Limited

CNTB

Connect Biopharma Holdings Limited • NASDAQ
$2.81 ▼ -0.71% (-0.02)
Market Cap $157.08 M
52w High $3.28
52w Low $0.51
Dividend Yield 0%
P/E -3.16
Volume 213.31K
Outstanding Shares 55.90M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2025 $48K ▼ $13.472M ▼ $-12.899M ▲ -26.873K% ▼ $-0.23 ▲ $-13.253M ▲
Q4-2024 $1.912M ▼ $26.635M ▲ $-23.217M ▼ -1.214K% ▼ $-0.42 ▼ $-22.871M ▼
Q2-2024 $24.116M ▲ $16.808M ▼ $7.649M ▲ 31.718% ▲ $0.14 ▲ $8.195M ▲
Q4-2023 $0 $27.736M ▼ $-28.922M ▲ 0% $-0.52 ▲ $-28.372M ▲
Q2-2023 $0 $34.338M $-30.581M 0% $-0.56 $-30M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $71.768M ▼ $82.725M ▼ $11.383M ▲ $71.342M ▼
Q4-2024 $93.708M ▼ $101.284M ▼ $9.118M ▼ $92.166M ▼
Q2-2024 $110.174M ▼ $120.57M ▼ $10.091M ▼ $110.479M ▲
Q4-2023 $118.653M ▼ $125.892M ▼ $24.849M ▲ $101.043M ▼
Q2-2023 $131.216M $143.697M $15.373M $128.324M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $-12.899M ▲ $-12.591M ▲ $5.129M ▲ $161K ▼ $-7.077M ▲ $-12.894M ▲
Q4-2024 $-23.217M ▼ $-15.577M ▼ $-15.719M ▼ $272.417K ▲ $-31.942M ▼ $-15.89M ▼
Q2-2024 $6.154M ▲ $-8.286M ▲ $12.46M ▼ $121K ▲ $28.995M ▲ $-8.41M ▲
Q4-2023 $-31.632M ▼ $-16.843M ▲ $40.905M ▲ $-115.717K ▲ $-81.609M ▼ $-16.851M ▲
Q2-2023 $-30.581M $-31.087M $34.25M $-130.283K $2.022M $-31.373M

Revenue by Products

Product Q2-2025
License
License
 $110.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Connect Biopharma is still essentially pre‑revenue, which is normal for a clinical‑stage biotech. Sales are negligible and do not yet contribute meaningfully to covering costs. The company runs a clear operating loss every year, driven by research, clinical development, and corporate expenses. The encouraging piece is that these losses have been narrowing more recently, suggesting tighter cost control or a more focused pipeline. Still, the business is far from break‑even and remains fully dependent on external funding or future milestone and royalty income rather than internal profits.

Balance Sheet

Balance Sheet The balance sheet is simple and typical for an early‑stage biotech: a small base of total assets, mostly held in cash or cash‑like instruments, and no financial debt. That lack of borrowing reduces balance‑sheet risk. Historically, shareholder equity swung into negative territory at times, which hints at accumulated losses outpacing prior capital raises. More recently, equity has moved back into positive territory, likely reflecting new capital or restructuring. Overall, the company’s financial foundation is modest but relatively clean, with the main vulnerability being the limited scale of assets rather than heavy leverage.

Cash Flow

Cash Flow Cash flows are consistently negative, reflecting ongoing spending on trials, staff, and overhead with virtually no offsetting revenue. Operating and free cash outflows have been meaningful each year, but the trend shows some improvement, which may indicate more disciplined spending or a sharper focus on the lead programs. Capital expenditures are very light, so cash burn is almost entirely operating in nature. The company has stated that its current cash should last several years, but the underlying pattern is clear: until a product is approved and commercialized or substantial partnership income arrives, Connect Biopharma will keep consuming cash.

Competitive Edge

Competitive Edge Connect Biopharma is trying to carve out a distinct niche rather than compete head‑on with the largest players in all areas. Its lead antibody targets the same biological pathway as a major blockbuster drug but aims to differentiate through stronger binding, faster onset of action, and focus on acute exacerbations of asthma and COPD—an area where existing biologics are not designed to be used. This gives the company a potentially unique angle in a crowded inflammatory disease market. On the other hand, it faces formidable competition from large pharmaceutical companies with deep commercial infrastructure and established physician relationships. Its moat will depend heavily on proving clear clinical advantages, securing strong reimbursement, and executing on partnerships and regional approvals.

Innovation and R&D

Innovation and R&D R&D is highly concentrated around rademikibart, which is positioned as a next‑generation antibody for inflammatory and allergic diseases. Early clinical data suggest potentially faster and stronger effects than current standards, particularly in acute respiratory episodes, which is scientifically and clinically attractive but still unproven at large scale. The company also built a proprietary platform for discovering T‑cell‑modulating drugs, which could support a longer‑term pipeline beyond the lead asset. Other programs in gut and skin diseases provide some diversification, though one key program missed a primary endpoint and is now in search of a partner, underscoring the inherent trial risk in biotech. Overall, Connect Biopharma is innovative but highly dependent on a small number of assets and successful clinical outcomes.

Summary

Connect Biopharma is a classic early‑stage biotech story: minimal revenue today, steady cash burn, no debt, and a balance sheet built mainly on cash raised from investors. The financial profile is loss‑making but has modestly improved, while cash usage remains the central constraint. Strategically, the company is focused and differentiated, pursuing a lead drug that could open a new treatment niche in acute inflammatory exacerbations, supported by long patent life and a discovery platform. Key future value drivers are regulatory progress in China, mid‑stage clinical readouts in acute asthma and COPD, and potential partnering deals for noncore assets. The opportunity is significant but comes with high scientific, regulatory, and funding uncertainty that is typical for a small, clinical‑stage biotech dependent on a few key programs and upcoming trial results.

NEWS

November 24, 2025 · 9:00 AM UTC

Connect Biopharma to Present at the 8th Annual Evercore Healthcare Conference

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November 12, 2025 · 9:00 AM UTC

Connect Biopharma Reports Third Quarter 2025 Financial Results and Provides Business Update

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September 29, 2025 · 9:00 AM UTC

Connect Biopharma Presents Data Supporting Rademikibart at the European Respiratory Society Congress 2025

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September 4, 2025 · 8:00 AM UTC

Connect Biopharma Announces Two Presentations at the European Respiratory Society (ERS) Congress 2025

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September 3, 2025 · 8:00 AM UTC

Connect Biopharma Completes Termination of its American Depositary Receipt Program and Directly Lists its Ordinary Shares on Nasdaq

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