<span item_type="fundamental" item_id="d6aa378f5ecbdeb65def92869f5566db" counter_id="ST/US/CNTB" env="prod"></span><span item_type="announcement" item_id="632538377904130561" env="prod"></span><p>Revenue: As of FY2025, the actual value is USD 64 K.</p><p>EPS: As of FY2025, the actual value is USD -1, beating the estimate of USD -1.026.</p><p>EBIT: As of FY2025, the actual value is USD -60.34 M.</p><p></p><h4>Revenue</h4><p>Connect Biopharma Holdings Limited’s license and collaboration revenues were $0.064 million for the year ended December 31, 2025, a significant decrease from $26.0 million for the year ended December 31, 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1835268/000183526826000013/cntb-20251231.htm"></span> The 2025 revenue was primarily from cost reimbursements for clinical materials, while 2024 included an upfront license fee, development milestones, and cost reimbursements from the Simcere License Agreement.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1835268/000183526826000013/cntb-20251231.htm"></span></p><h4>Net Loss</h4><p>Connect Biopharma Holdings Limited reported a net loss of -$55.5 million for the year ended December 31, 2025, an increase from -$15.6 million for the year ended December 31, 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1835268/000183526826000013/cntb-20251231.htm"></span> The accumulated loss as of December 31, 2025, was -$400.8 million.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1835268/000183526826000013/cntb-20251231.htm"></span></p><h4>Research and Development (R&amp;D) Expense</h4><p>R&amp;D expense increased to $37.8 million for the year ended December 31, 2025, compared to $29.3 million for the same period in 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1835268/000183526826000013/cntb-20251231.htm"></span> This increase was mainly due to higher costs associated with the development of rademikibart, including the initiation of two Phase 2 clinical trials for acute exacerbations of asthma or COPD, partially offset by a decrease in non-cash, share-based compensation expense.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1835268/000183526826000013/cntb-20251231.htm"></span></p><h4>General and Administrative (G&amp;A) Expense</h4><p>G&amp;A expense rose to $20.3 million for the year ended December 31, 2025, from $19.2 million in 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1835268/000183526826000013/cntb-20251231.htm"></span> This increase was primarily driven by higher professional fees to support the company’s U.S.-centric strategy, partially offset by a decrease in non-cash, share-based compensation expense.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1835268/000183526826000013/cntb-20251231.htm"></span></p><h4>Other Income, Net</h4><p>Other income, net, decreased to $2.8 million for the year ended December 31, 2025, from $7.0 million for the same period in 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1835268/000183526826000013/cntb-20251231.htm"></span> This decline was mainly attributed to a decrease in government subsidies and interest income from invested cash balances.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1835268/000183526826000013/cntb-20251231.htm"></span></p><h4>Income Tax Expense</h4><p>Income tax expense remained consistent at $0.2 million for both the years ended December 31, 2025, and 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1835268/000183526826000013/cntb-20251231.htm"></span></p><h4>Net Cash Used in Operating Activities</h4><p>Net cash used in operating activities increased to -$51.2 million for the year ended December 31, 2025, compared to -$23.6 million for the same period in 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1835268/000183526826000013/cntb-20251231.htm"></span> This was primarily due to an increased net loss and a decrease in non-cash, share-based compensation expense.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1835268/000183526826000013/cntb-20251231.htm"></span></p><h4>Net Cash Provided by Investing Activities</h4><p>Net cash provided by investing activities was $9.8 million in 2025, a shift from net cash used of -$3.5 million in 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1835268/000183526826000013/cntb-20251231.htm"></span> This change was mainly due to net maturities of short-term investments of $10.3 million in 2025, compared to net purchases of $2.7 million in 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1835268/000183526826000013/cntb-20251231.htm"></span></p><h4>Net Cash Provided by Financing Activities</h4><p>Net cash provided by financing activities increased to $1.1 million in 2025, from $0.2 million in 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1835268/000183526826000013/cntb-20251231.htm"></span> This was primarily due to higher net proceeds from stock option exercises and purchases under the Employee Stock Purchase Plan (ESPP).<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1835268/000183526826000013/cntb-20251231.htm"></span></p><h4>Unique Metrics and Milestones</h4><p>As of December 31, 2025, Connect Biopharma Holdings Limited had received the full upfront payment of $21 million, along with $6.5 million for the achievement of certain development milestones and cost reimbursements, under the exclusive License and Collaboration Agreement with Simcere Pharmaceutical Co., Ltd.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1835268/000183526826000013/cntb-20251231.htm"></span> The company is eligible to receive remaining milestone payments up to approximately $110 million and tiered royalties up to low double-digit percentages on net sales in Greater China.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1835268/000183526826000013/cntb-20251231.htm"></span></p><h4>Outlook / Guidance</h4><p>Connect Biopharma Holdings Limited anticipates its cash, cash equivalents, and short-term investments, including proceeds from a $20.2 million private placement, will fund operations for at least one year from the Annual Report on Form 10-K filing date.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1835268/000183526826000013/cntb-20251231.htm"></span> Research and development expenses are expected to increase in 2026 to support ongoing Phase 2 clinical trials for rademikibart.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1835268/000183526826000013/cntb-20251231.htm"></span> Additionally, an operating lease in Taicang, China, was extended until April 30, 2027, incurring $0.1 million in total rent expense for the extension.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1835268/000183526826000013/cntb-20251231.htm"></span></p>

Connect Biopharma | 10-K: FY2025 Revenue: USD 64 K