--- title: "Connect Biopharma | 10-K: FY2025 Revenue: USD 64 K" type: "News" locale: "en" url: "https://longbridge.com/en/news/283991477.md" datetime: "2026-04-24T11:28:20.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/283991477.md) - [en](https://longbridge.com/en/news/283991477.md) - [zh-HK](https://longbridge.com/zh-HK/news/283991477.md) --- # Connect Biopharma | 10-K: FY2025 Revenue: USD 64 K Revenue: As of FY2025, the actual value is USD 64 K. EPS: As of FY2025, the actual value is USD -1, beating the estimate of USD -1.026. EBIT: As of FY2025, the actual value is USD -60.34 M. #### Revenue 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. 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. #### Net Loss 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. The accumulated loss as of December 31, 2025, was -$400.8 million. #### Research and Development (R&D) Expense R&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. 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. #### General and Administrative (G&A) Expense G&A expense rose to $20.3 million for the year ended December 31, 2025, from $19.2 million in 2024. 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. #### Other Income, Net 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. This decline was mainly attributed to a decrease in government subsidies and interest income from invested cash balances. #### Income Tax Expense Income tax expense remained consistent at $0.2 million for both the years ended December 31, 2025, and 2024. #### Net Cash Used in Operating Activities 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. This was primarily due to an increased net loss and a decrease in non-cash, share-based compensation expense. #### Net Cash Provided by Investing Activities Net cash provided by investing activities was $9.8 million in 2025, a shift from net cash used of -$3.5 million in 2024. 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. #### Net Cash Provided by Financing Activities Net cash provided by financing activities increased to $1.1 million in 2025, from $0.2 million in 2024. This was primarily due to higher net proceeds from stock option exercises and purchases under the Employee Stock Purchase Plan (ESPP). #### Unique Metrics and Milestones 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. 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. #### Outlook / Guidance 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. Research and development expenses are expected to increase in 2026 to support ongoing Phase 2 clinical trials for rademikibart. Additionally, an operating lease in Taicang, China, was extended until April 30, 2027, incurring $0.1 million in total rent expense for the extension. ### Related Stocks - [CNTB.US](https://longbridge.com/en/quote/CNTB.US.md) ## Related News & Research - [Nippo lifts profits and cash, delivers hefty special dividend ahead of earnings plateau](https://longbridge.com/en/news/286837429.md) - [Immunovant Posts Wider FY26 Loss, Advances IMVT-1402 Pipeline; Stock Up](https://longbridge.com/en/news/287065251.md) - [XP Inc. Reports First Quarter 2026 Results | XP Stock News](https://longbridge.com/en/news/286814239.md) - [NervGen Reports First Quarter 2026 Financial Results and Provides Business Updates | NGEN Stock News](https://longbridge.com/en/news/286761017.md) - [Casey's Announces Timing of Fourth Quarter and Fiscal Year Earnings Release and Conference Call | CASY Stock News](https://longbridge.com/en/news/286951772.md)