Revenue: As of FY2026 Q1, the actual value is USD 169 K.EPS: As of FY2026 Q1, the actual value is USD -0.34, missing the estimate of USD -0.278.<h4>Segment Revenue</h4>Connect Biopharma Holdings Limited reported license and collaboration revenues of $0.2 million for the three months ended March 31, 2026, which were related to an upfront license fee under an agreement with Simcere. There were no license and collaboration revenues for the three months ended March 31, 2025.<h4>Operational Metrics</h4><ul><li>Research and Development Expense: Research and development expense increased to $15.0 million for the three months ended March 31, 2026, from $6.6 million for the same period in 2025. This increase was primarily due to higher rademikibart-related development costs following the initiation of Phase 2 Seabreeze STAT asthma and COPD studies in May 2025.</li><li>General and Administrative Expense: General and administrative expense remained comparable at $4.7 million for the three months ended March 31, 2026, and $4.8 million for the same period in 2025.</li><li>Total Operating Expenses: Total operating expenses were $19.8 million for the three months ended March 31, 2026, compared to $11.4 million for the same period in 2025.</li><li>Loss from Operations: The loss from operations was - $19.6 million for the three months ended March 31, 2026, compared to - $11.4 million for the same period in 2025.</li><li>Net Loss: The net loss for the three months ended March 31, 2026, was - $19.4 million, compared with - $10.3 million for the same period in 2025.</li></ul><h4>Cash and Investments</h4>Cash and cash equivalents were $46.0 million as of March 31, 2026, an increase from $44.3 million as of December 31, 2025.<h4>Unique Metrics</h4>On March 31, 2026, Connect Biopharma Holdings Limited completed a private placement with gross proceeds of $20.2 million and estimated net proceeds of $18.6 million. The company is eligible to receive remaining milestone payments up to an aggregate amount of approximately $110 million upon the achievement of certain development, regulatory, and commercial milestones from its license agreement with Simcere Pharmaceutical Co., Ltd. Additionally, the company is eligible for tiered royalties up to low double-digit percentages on net sales in Greater China.<h4>Outlook / Guidance</h4>Connect Biopharma Holdings Limited expects to report topline data from both Phase 2 Seabreeze STAT asthma and COPD studies mid-2026. Following this data, the company plans to meet with the U.S. Food and Drug Administration (FDA) to align on a Phase 3 program. Based on its current operating plan, the company anticipates its cash and investments will be sufficient to fund operations into the second half of 2027.

Connect Biopharma | 8-K: FY2026 Q1 Revenue: USD 169 K