Revenue: As of FY2025 Q3, the actual value is USD 16 K.EPS: As of FY2025 Q3, the actual value is USD -0.31, missing the estimate of USD -0.2375.EBIT: As of FY2025 Q3, the actual value is USD -18.22 M.<h3>Segment Revenue</h3><ul><li>License and Collaboration Revenue: For the three and nine months ended September 30, 2025, revenue was $16,000 and $64,000, respectively, compared to $1.2 million and $25.3 million for the same periods in 2024.</li></ul><h3>Operational Metrics</h3><ul><li>Net Loss: The net loss for the three and nine months ended September 30, 2025, was $17.2 million and $40.4 million, respectively, compared to $12.9 million and $6.7 million for the same periods in 2024.</li><li>Research and Development Expense: For the three and nine months ended September 30, 2025, expenses were $11.1 million and $26.5 million, respectively, compared to $9.0 million and $23.0 million for the same periods in 2024.</li><li>General and Administrative Expense: For the three and nine months ended September 30, 2025, expenses were $6.6 million and $16.1 million, respectively, compared to $6.1 million and $15.1 million for the same periods in 2024.</li></ul><h3>Cash Flow</h3><ul><li>Net Cash Used in Operating Activities: For the nine months ended September 30, 2025, net cash used was $40.0 million, compared to $21.3 million for the same period in 2024.</li><li>Net Cash Used in Investing Activities: For the nine months ended September 30, 2025, net cash used was $1.2 million, compared to net cash provided of $12.3 million for the same period in 2024.</li><li>Net Cash Provided by Financing Activities: For the nine months ended September 30, 2025, net cash provided was $0.4 million, compared to $0.1 million for the same period in 2024.</li></ul><h3>Unique Metrics</h3><ul><li>Share-Based Compensation Expense: For the three and nine months ended September 30, 2025, expenses were $916,000 and $2.8 million, respectively, compared to $2.0 million and $5.3 million for the same periods in 2024.</li></ul><h3>Future Outlook and Strategy</h3><ul><li>Core Business Focus: Connect Biopharma plans to continue advancing rademikibart, with ongoing Phase 2 studies in asthma and COPD, and expects to report topline data in the first half of 2026.</li><li>Non-Core Business: The company has terminated its ADR program and listed its ordinary shares on Nasdaq, indicating a strategic shift towards a more U.S.-centric focus.</li></ul>

Connect Biopharma | 10-Q: FY2025 Q3 Revenue: USD 16 K