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Connect Biopharma (CNTB) Financials

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$2.46 +0.12 (+4.91%)
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Annual Income Statements for Connect Biopharma

Annual Income Statements for Connect Biopharma

This table shows Connect Biopharma's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 -24 -120 -202 -118 -62 -16 -55
Consolidated Net Income / (Loss)		 -24 -120 -202 -118 -62 -16 -55
Net Income / (Loss) Continuing Operations		 -24 -120 -202 -118 -62 -16 -55
Total Pre-Tax Income 		-24 -120 -202 -118 -62 -15 -55
Total Operating Income		 -16 -30 -98 -119 -69 -22 -58
Total Gross Profit		 0.58 -1.27 -1.46 0.00 0.00 26 0.06
Total Revenue		 0.59 -0.83 -1.45 0.00 0.00 26 0.06
Operating Revenue		 0.59 -0.83 -1.45 - 0.00 26 0.06
Total Cost of Revenue		 0.01 0.44 0.01 0.00 0.00 0.00 0.00
Total Operating Expenses		 17 31 100 122 69 48 58
Selling, General & Admin Expense		 1.39 7.34 19 21 16 19 20
Research & Development Expense		 15 23 80 97 53 29 38
Total Other Income / (Expense), net		 -8.12 -88 -101 1.52 7.07 7.05 2.27
Interest & Investment Income		 -8.53 -89 -104 1.54 5.22 4.45 2.27
Income Tax Expense		 0.00 0.00 0.27 0.30 0.12 0.22 0.20
Basic Earnings per Share		 ($10.00) ($45.60) ($3.88) ($2.15) ($1.13) ($0.28) ($1.00)
Weighted Average Basic Shares Outstanding		 - - 55.08M 55.04M 55.07M 55.21M 55.66M
Diluted Earnings per Share		 ($10.00) ($45.60) ($3.88) ($2.15) ($1.13) ($0.28) ($1.00)
Weighted Average Diluted Shares Outstanding		 - - 55.08M 55.04M 55.07M 55.21M 55.66M
Weighted Average Basic & Diluted Shares Outstanding		 - - 55.08M 55.04M 55.10M 55.35M 56.52M

Quarterly Income Statements for Connect Biopharma

This table shows Connect Biopharma's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 -8.69 15 -13 -8.91 -10 -13 -17 -15 -19
Consolidated Net Income / (Loss)		 -8.69 15 -13 -8.91 -10 -13 -17 -15 -19
Net Income / (Loss) Continuing Operations		 -8.69 15 -13 -8.91 -10 -13 -17 -15 -19
Total Pre-Tax Income 		-8.66 15 -13 -8.80 -10 -13 -17 -15 -19
Total Operating Income		 -13 14 -14 -9.62 -11 -13 -18 -16 -20
Total Gross Profit		 0.00 24 1.22 0.70 0.00 0.05 0.02 - 0.17
Total Revenue		 0.00 24 1.22 0.70 0.00 0.05 0.02 - 0.17
Operating Revenue		 - 24 1.22 - 0.00 0.05 0.02 - 0.17
Total Cost of Revenue		 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Total Operating Expenses		 13 10 15 10 11 13 18 16 20
Selling, General & Admin Expense		 3.97 5.12 6.06 4.08 4.81 4.70 6.58 4.24 4.75
Research & Development Expense		 8.66 5.35 9.01 6.24 6.63 8.77 11 11 15
Total Other Income / (Expense), net		 3.97 1.23 1.03 0.82 1.23 0.58 0.54 -0.08 0.26
Interest & Investment Income		 1.25 1.22 1.14 0.85 0.72 0.62 0.55 0.38 0.26
Income Tax Expense		 0.03 0.03 0.06 0.11 0.05 0.06 0.06 0.03 0.05
Basic Earnings per Share		 ($0.16) $0.27 ($0.23) ($0.16) ($0.19) ($0.23) ($0.31) ($0.27) ($0.34)
Weighted Average Basic Shares Outstanding		 55.10M 55.19M 55.25M 55.21M 55.35M 55.50M 55.72M 55.66M 56.55M
Diluted Earnings per Share		 ($0.16) $0.27 ($0.23) ($0.16) ($0.19) ($0.23) ($0.31) ($0.27) ($0.34)
Weighted Average Diluted Shares Outstanding		 55.10M 55.71M 55.25M 55.21M 55.35M 55.50M 55.72M 55.66M 56.55M
Weighted Average Basic & Diluted Shares Outstanding		 - - - 55.35M 55.56M 55.72M 55.90M 56.52M 62.96M

Annual Cash Flow Statements for Connect Biopharma

This table details how cash moves in and out of Connect Biopharma's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 -13 113 108 -192 27 -27 -40
Net Cash From Operating Activities		 -13 115 113 -188 -48 -24 -51
Net Cash From Continuing Operating Activities		 0.00 115 113 -188 -48 -24 -51
Net Income / (Loss) Continuing Operations		 0.00 0.00 0.00 0.00 -62 -16 -55
Consolidated Net Income / (Loss)		 - - - - -62 -16 -55
Depreciation Expense		 - - - - 0.72 0.66 0.70
Amortization Expense		 - - - - -1.70 -0.12 -0.77
Non-Cash Adjustments To Reconcile Net Income		 - -0.57 -0.17 -0.22 5.50 -6.19 3.77
Changes in Operating Assets and Liabilities, net		 - 116 113 -188 9.85 -2.33 0.58
Net Cash From Investing Activities		 -0.48 -2.30 -3.83 -4.41 75 -3.45 9.82
Net Cash From Continuing Investing Activities		 -0.48 -2.30 -3.83 -4.41 75 -3.45 9.82
Purchase of Property, Plant & Equipment		 -0.15 -2.30 -3.83 -4.41 -0.08 -0.75 -0.43
Purchase of Investments		 -23 - - - -31 -15 -30
Sale of Property, Plant & Equipment		 - - - - 0.00 0.00 0.00
Sale and/or Maturity of Investments		 23 - - - 103 13 41
Net Cash From Financing Activities		 -0.06 0.00 -0.53 0.12 0.05 0.23 1.09
Net Cash From Continuing Financing Activities		 -0.06 0.00 -0.53 0.12 0.05 0.23 1.09
Issuance of Common Equity		 0.00 0.00 0.03 0.12 0.04 0.03 0.22
Other Financing Activities, net		 0.01 - - - 0.00 0.19 0.88
Effect of Exchange Rate Changes		 - - - - -0.57 -0.60 0.41
Cash Income Taxes Paid		 - - - - 0.12 0.11 0.29

Quarterly Cash Flow Statements for Connect Biopharma

This table details how cash moves in and out of Connect Biopharma's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 8.44 -4.26 -13 -19 -31 -7.08 -2.79 0.50 7.69
Net Cash From Operating Activities		 -0.59 -7.70 -13 -2.32 -9.96 -13 -17 -11 -16
Net Cash From Continuing Operating Activities		 -0.59 -7.70 -13 -2.32 -9.96 -13 -17 -11 -16
Net Income / (Loss) Continuing Operations		 -8.69 15 -13 -8.91 -10 -13 -17 -15 -19
Consolidated Net Income / (Loss)		 -8.69 15 -13 -8.91 -10 -13 -17 -15 -19
Depreciation Expense		 0.16 0.16 0.18 0.16 0.17 0.17 0.18 0.18 0.16
Amortization Expense		 -0.09 -0.01 - -0.02 -0.25 -0.29 -0.17 -0.07 -0.01
Non-Cash Adjustments To Reconcile Net Income		 7.94 -8.56 5.96 -12 0.98 0.95 0.92 0.92 1.20
Changes in Operating Assets and Liabilities, net		 0.09 -14 -6.27 18 -0.59 -0.53 -1.13 2.82 2.04
Net Cash From Investing Activities		 9.25 3.21 -0.15 -16 -21 5.13 14 11 6.00
Net Cash From Continuing Investing Activities		 9.25 3.21 -0.15 -16 -21 5.13 14 11 6.00
Purchase of Property, Plant & Equipment		 0.00 -0.29 -0.15 -0.31 -0.08 -0.30 -0.03 -0.02 0.00
Purchase of Investments		 0.00 - - -15 -23 -7.91 - - 0.00
Sale of Property, Plant & Equipment		 0.00 - - - 0.00 - - - 0.00
Sale and/or Maturity of Investments		 9.25 3.50 - - 2.00 13 14 11 6.00
Net Cash From Financing Activities		 0.00 0.12 - 0.11 0.00 0.16 0.22 0.72 18
Net Cash From Continuing Financing Activities		 0.00 0.12 - 0.11 0.00 0.16 0.22 0.72 18
Issuance of Common Equity		 - - - 0.01 0.00 - - 0.08 18
Effect of Exchange Rate Changes		 -0.22 0.10 0.51 -0.98 0.08 0.22 0.06 0.05 0.07

Annual Balance Sheets for Connect Biopharma

This table presents Connect Biopharma's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2020 2021 2022 2023 2024 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 167 291 174 127 101 56
Total Current Assets		 155 275 156 123 97 51
Cash & Equivalents		 155 268 79 106 78 38
Short-Term Investments		 - 0.00 73 13 15 6.00
Accounts Receivable		 - - - 0.00 0.79 0.01
Prepaid Expenses		 - 7.41 3.36 4.25 2.46 6.57
Plant, Property, & Equipment, net		 166 9.31 4.98 4.27 4.05 3.81
Total Noncurrent Assets		 -149 6.62 13 0.55 0.28 1.34
Intangible Assets		 0.05 0.09 0.07 0.06 0.05 0.05
Other Noncurrent Operating Assets		 -149 6.53 13 0.49 0.22 1.29
Total Liabilities & Shareholders' Equity		 330 291 174 127 101 56
Total Liabilities		 325 19 17 26 9.12 14
Total Current Liabilities		 3.79 18 16 25 8.46 14
Accounts Payable		 3.79 13 12 2.21 0.34 1.96
Accrued Expenses		 - - - 9.48 7.80 11
Current Deferred Revenue		 - - - 13 0.16 0.17
Other Current Liabilities		 - 0.10 0.19 0.29 0.15 0.32
Total Noncurrent Liabilities		 325 0.81 0.90 0.59 0.66 0.48
Other Noncurrent Operating Liabilities		 325 - - 0.18 0.66 0.48
Commitments & Contingencies		 - - - 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 1.02 272 157 101 92 42
Total Preferred & Common Equity		 1.02 272 157 101 92 42
Total Common Equity		 1.02 -356 -471 101 92 42
Common Stock		 - 0.01 0.01 432 439 444
Retained Earnings		 - -362 -480 -330 -345 -401
Treasury Stock		 - -0.18 -0.18 -0.18 -0.18 -0.18
Accumulated Other Comprehensive Income / (Loss)		 - - - -1.01 -1.67 -1.19

Quarterly Balance Sheets for Connect Biopharma

This table presents Connect Biopharma's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 93 83 67 60
Total Current Assets		 88 78 63 55
Cash & Equivalents		 48 41 38 46
Short-Term Investments		 36 31 17 0.00
Accounts Receivable		 0.01 0.00 0.02 0.00
Prepaid Expenses		 3.75 5.99 7.80 8.99
Plant, Property, & Equipment, net		 3.91 4.05 3.94 3.70
Total Noncurrent Assets		 1.02 0.92 0.83 1.34
Intangible Assets		 0.05 0.05 0.05 0.04
Other Noncurrent Operating Assets		 0.97 0.87 0.78 1.30
Total Liabilities & Shareholders' Equity		 93 83 67 60
Total Liabilities		 9.79 11 12 17
Total Current Liabilities		 8.57 11 11 17
Accounts Payable		 0.82 2.29 1.99 4.31
Accrued Expenses		 7.24 7.93 8.93 12
Current Deferred Revenue		 0.16 0.16 0.17 0.00
Other Current Liabilities		 0.35 0.35 0.34 0.41
Total Noncurrent Liabilities		 1.22 0.64 0.56 0.40
Other Noncurrent Operating Liabilities		 1.22 0.64 0.56 0.40
Commitments & Contingencies		 - 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 83 71 55 43
Total Preferred & Common Equity		 83 71 55 43
Total Common Equity		 83 71 55 43
Common Stock		 440 441 443 464
Retained Earnings		 -356 -369 -386 -420
Treasury Stock		 -0.18 -0.18 -0.18 -0.18
Accumulated Other Comprehensive Income / (Loss)		 -1.61 -1.38 -1.28 -1.06

Annual Metrics And Ratios for Connect Biopharma

This table displays calculated financial ratios and metrics derived from Connect Biopharma's official financial filings.

Metric 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 0.00 0.00 55,076,319.00 55,041,247.00 55,102,954.00 55,102,954.00 55,903,513.00
DEI Adjusted Shares Outstanding		 0.00 0.00 55,076,319.00 55,041,247.00 55,102,954.00 55,102,954.00 55,903,513.00
DEI Earnings Per Adjusted Shares Outstanding		 0.00 0.00 -3.67 -2.15 -1.13 -0.28 -0.99
Growth Metrics		 - - - - - - -
Revenue Growth		 0.00% -240.10% -75.13% 100.00% 0.00% 0.00% -99.75%
EBITDA Growth		 0.00% -90.28% -224.30% -22.43% 41.47% 71.67% -200.93%
EBIT Growth		 0.00% -90.28% -224.30% -22.43% 42.31% 70.45% -192.45%
NOPAT Growth		 0.00% -92.17% -222.54% -21.62% 42.12% 67.49% -158.66%
Net Income Growth		 0.00% -395.03% -68.77% 41.62% 47.41% 74.84% -255.00%
EPS Growth		 0.00% -356.00% 91.49% 44.59% 47.44% 75.22% -257.14%
Operating Cash Flow Growth		 0.00% 991.11% -2.56% -267.15% 74.62% 50.54% -116.86%
Free Cash Flow Firm Growth		 0.00% 0.00% -234.56% 78.91% 73.26% -40.44% -28.57%
Invested Capital Growth		 0.00% 0.00% 103.37% -9.81% -277.41% 90.82% -53.18%
Revenue Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -91.60%
EBITDA Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -12.28%
EBIT Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -12.26%
NOPAT Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -11.32%
Net Income Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -12.59%
EPS Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -12.36%
Operating Cash Flow Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -21.13%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Invested Capital Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -500.34%
Profitability Metrics		 - - - - - - -
Gross Margin		 98.71% 0.00% 0.00% 0.00% 0.00% 100.00% 100.00%
EBITDA Margin		 -2,609.45% 0.00% 0.00% 0.00% 0.00% -74.22% -90,848.44%
Operating Margin		 -2,678.35% 0.00% 0.00% 0.00% 0.00% -86.24% -90,740.63%
EBIT Margin		 -2,609.45% 0.00% 0.00% 0.00% 0.00% -76.28% -90,740.63%
Profit (Net Income) Margin		 -4,096.82% 0.00% 0.00% 0.00% 0.00% -60.03% -86,687.50%
Tax Burden Percent		 100.00% 100.00% 100.13% 100.25% 100.19% 101.45% 100.36%
Interest Burden Percent		 157.00% 408.45% 212.28% 101.11% 92.23% 77.58% 95.19%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Equity (ROE)		 0.00% -11,802.86% -148.03% -54.96% -47.96% -16.14% -82.72%
Cash Return on Invested Capital (CROIC)		 0.00% 0.00% -3,724.27% -825.90% 0.00% 0.00% 0.00%
Operating Return on Assets (OROA)		 0.00% 0.00% 0.00% 0.00% 0.00% -17.37% -73.81%
Return on Assets (ROA)		 0.00% 0.00% 0.00% 0.00% 0.00% -13.67% -70.51%
Return on Common Equity (ROCE)		 0.00% -11,802.86% 192.50% 105.83% 68.46% -16.14% -82.72%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 0.00% -74.29% -74.98% -61.19% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -11 -21 -69 -84 -48 -16 -41
NOPAT Margin		 -1,874.85% 0.00% 0.00% 0.00% 0.00% -60.37% -63,518.44%
Net Nonoperating Expense Percent (NNEP)		 0.00% -62.98% -46.49% -16.87% -10.34% 0.08% -21.48%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - -47.63% -17.05% -96.84%
Cost of Revenue to Revenue		 1.29% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 235.98% 0.00% 0.00% 0.00% 0.00% 73.86% 31,781.25%
R&D to Revenue		 2,585.37% 0.00% 0.00% 0.00% 0.00% 112.38% 59,059.38%
Operating Expenses to Revenue		 2,821.36% 0.00% 0.00% 0.00% 0.00% 186.24% 90,840.63%
Earnings before Interest and Taxes (EBIT)		 -15 -29 -95 -116 -67 -20 -58
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -15 -29 -95 -116 -68 -19 -58
Valuation Ratios		 - - - - - - -
Price to Book Value (P/BV)		 0.00 188.35 0.00 0.00 0.64 2.08 3.74
Price to Tangible Book Value (P/TBV)		 0.00 198.63 0.00 0.00 0.64 2.08 3.74
Price to Revenue (P/Rev)		 323.63 0.00 0.00 0.00 0.00 7.35 2,452.52
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 61.37 55.34 0.00 0.00 0.00
Enterprise Value to Revenue (EV/Rev)		 0.00 0.00 0.00 0.00 0.00 3.75 1,759.68
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.31 5.73 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.12 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - -
Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Financial Leverage		 0.00 -308.24 -2.10 -0.95 -1.03 -1.09 -1.03
Leverage Ratio		 0.00 164.32 1.68 1.08 1.16 1.18 1.17
Compound Leverage Factor		 0.00 671.19 3.56 1.09 1.07 0.92 1.12
Debt to Total Capital		 0.00% 0.00% 0.01% 0.16% 0.00% 0.00% 0.00%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.01% 0.16% 0.00% 0.00% 0.00%
Preferred Equity to Total Capital		 0.00% 0.00% 230.88% 398.55% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 0.00% 100.00% -130.89% -298.71% 100.00% 100.00% 100.00%
Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt to EBITDA		 0.00 0.00 2.81 1.31 0.00 0.00 0.00
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt to NOPAT		 0.00 0.00 3.90 1.82 0.00 0.00 0.00
Long-Term Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Altman Z-Score		 0.00 0.86 7.29 -3.37 -2.94 8.47 -5.94
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 230.04% 292.57% 242.74% 0.00% 0.00%
Liquidity Ratios		 - - - - - - -
Current Ratio		 0.00 41.00 15.30 9.97 4.85 11.46 3.74
Quick Ratio		 0.00 41.00 14.89 9.76 4.68 11.17 3.26
Cash Flow Metrics		 - - - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 291 -391 -82 -22 -31 -40
Operating Cash Flow to CapEx		 -8,419.39% 5,020.35% 2,934.66% -4,269.47% -60,431.65% -3,148.27% -11,853.24%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 -3,928.15 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 -8,955.71 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 -9,165.48 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - -
Asset Turnover		 0.00 0.00 0.00 0.00 0.00 0.23 0.00
Accounts Receivable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.16
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 0.00 0.00 0.00 0.00 0.00 6.26 0.02
Accounts Payable Turnover		 0.00 0.12 0.00 0.00 0.00 0.00 0.00
Days Sales Outstanding (DSO)		 0.00 0.00 0.00 0.00 0.00 0.00 2,286.95
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 0.00 3,108.49 430,816.17 0.00 0.00 0.00 0.00
Cash Conversion Cycle (CCC)		 0.00 0.00 0.00 0.00 0.00 0.00 2,286.95
Capital & Investment Metrics		 - - - - - - -
Invested Capital		 0.00 -312 11 9.47 -17 -1.54 -2.36
Invested Capital Turnover		 0.00 0.00 0.00 0.00 0.00 -2.84 -0.03
Increase / (Decrease) in Invested Capital		 0.00 -312 322 -1.03 -26 15 -0.82
Enterprise Value (EV)		 0.00 36 645 524 -53 98 113
Market Capitalization		 191 191 284 48 65 191 157
Book Value per Share		 $0.00 $0.09 ($6.47) ($8.55) $1.84 $1.67 $0.75
Tangible Book Value per Share		 $0.00 $0.09 ($6.47) ($8.56) $1.84 $1.67 $0.75
Total Capital		 0.00 1.02 272 158 101 92 42
Total Debt		 0.00 0.00 0.03 0.25 0.00 0.00 0.00
Total Long-Term Debt		 0.00 0.00 0.03 0.25 0.00 0.00 0.00
Net Debt		 0.00 -155 -268 -152 -118 -94 -44
Capital Expenditures (CapEx)		 0.15 2.30 3.83 4.41 0.08 0.75 0.43
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 0.00 -3.79 -11 -12 -21 -5.21 -7.03
Debt-free Net Working Capital (DFNWC)		 0.00 152 257 140 97 88 37
Net Working Capital (NWC)		 0.00 152 257 140 97 88 37
Net Nonoperating Expense (NNE)		 13 99 134 35 14 -0.09 15
Net Nonoperating Obligations (NNO)		 0.00 -313 -262 -148 -118 -94 -44
Total Depreciation and Amortization (D&A)		 0.00 0.00 0.00 0.00 -0.98 0.54 -0.07
Debt-free, Cash-free Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% -20.01% -10,978.13%
Debt-free Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 339.95% 58,306.25%
Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 339.95% 58,306.25%
Earnings Adjustments		 - - - - - - -
Adjusted Basic Earnings per Share		 $0.00 $0.00 ($3.90) ($14.50) ($1.08) ($0.28) ($1.00)
Adjusted Weighted Average Basic Shares Outstanding		 0.00 0.00 55.08M 55.04M 55.10M 55.21M 55.66M
Adjusted Diluted Earnings per Share		 $0.00 $0.00 ($3.90) ($2.10) ($1.08) ($0.28) ($1.00)
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 0.00 55.08M 55.04M 55.10M 55.21M 55.66M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 ($3.90) $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 0.00 55.08M 55.04M 55.10M 55.35M 56.52M
Normalized Net Operating Profit after Tax (NOPAT)		 -11 -21 -69 -80 -48 -16 -41
Normalized NOPAT Margin		 -1,874.85% 0.00% 0.00% 0.00% 0.00% -60.37% -63,518.44%
Pre Tax Income Margin		 -4,096.82% 0.00% 0.00% 0.00% 0.00% -59.17% -86,379.69%
Debt Service Ratios		 - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 -5,547.52 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 -3,977.20 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 -5,757.29 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 -4,186.96 0.00 0.00 0.00
Payout Ratios		 - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% -0.28% 0.00% 0.00% 0.00% 0.00%

Quarterly Metrics And Ratios for Connect Biopharma

This table displays calculated financial ratios and metrics derived from Connect Biopharma's official financial filings.

Metric Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 55,102,954.00 55,102,954.00 55,102,954.00 55,102,954.00 55,349,208.00 55,561,056.00 55,721,657.00 55,903,513.00 56,521,282.00
DEI Adjusted Shares Outstanding		 55,102,954.00 55,102,954.00 55,102,954.00 55,102,954.00 55,349,208.00 55,561,056.00 55,721,657.00 55,903,513.00 56,521,282.00
DEI Earnings Per Adjusted Shares Outstanding		 -0.16 0.27 -0.23 -0.16 -0.19 -0.23 -0.31 -0.27 -0.34
Growth Metrics		 - - - - - - - - -
Revenue Growth		 0.00% 0.00% 0.00% 0.00% 0.00% -99.80% -98.69% 0.00% 0.00%
EBITDA Growth		 0.00% 0.00% 0.00% 0.00% -11.99% -198.36% -28.28% -61.98% -76.59%
EBIT Growth		 0.00% 0.00% 0.00% 0.00% -10.37% -198.59% -26.73% -60.91% -79.26%
NOPAT Growth		 0.00% 0.00% 0.00% 0.00% 9.39% -169.00% -27.67% -61.41% -71.29%
Net Income Growth		 0.00% 0.00% 0.00% 0.00% -18.16% -186.88% -33.58% -69.65% -88.84%
EPS Growth		 0.00% 0.00% 0.00% 0.00% -18.75% -185.19% -34.78% -68.75% -78.95%
Operating Cash Flow Growth		 0.00% 0.00% 0.00% 0.00% -1,585.11% -63.63% -33.82% -385.12% -60.71%
Free Cash Flow Firm Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -64.96%
Invested Capital Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -53.18% -211.22%
Revenue Q/Q Growth		 0.00% 0.00% -94.95% -42.74% -100.00% 0.00% -66.67% 0.00% 0.00%
EBITDA Q/Q Growth		 0.00% 240.39% -199.79% 30.94% -15.75% -23.30% -30.15% 12.80% -26.20%
EBIT Q/Q Growth		 0.00% 237.79% -202.19% 30.85% -13.36% -23.08% -31.35% 12.20% -26.28%
NOPAT Q/Q Growth		 0.00% 254.00% -171.17% 30.53% -19.00% -17.27% -31.68% 12.17% -26.28%
Net Income Q/Q Growth		 0.00% 270.79% -186.72% 30.83% -15.34% -25.57% -33.34% 12.16% -28.39%
EPS Q/Q Growth		 0.00% 268.75% -185.19% 30.43% -18.75% -21.05% -34.78% 12.90% -25.93%
Operating Cash Flow Q/Q Growth		 0.00% -1,202.03% -69.03% 82.17% -329.45% -26.43% -38.24% 35.37% -42.27%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% -29.69% -44.51% 22.49% -13.55%
Invested Capital Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 28.92% 61.13% 238.50% -500.34% -44.41%
Profitability Metrics		 - - - - - - - - -
Gross Margin		 0.00% 100.00% 100.00% 100.00% 0.00% 100.00% 100.00% 0.00% 100.00%
EBITDA Margin		 0.00% 57.25% -1,130.27% -1,363.18% 0.00% -28,291.67% -110,462.50% 0.00% -11,508.88%
Operating Margin		 0.00% 56.58% -1,135.85% -1,378.08% 0.00% -27,966.67% -110,481.25% 0.00% -11,601.78%
EBIT Margin		 0.00% 56.62% -1,144.71% -1,382.38% 0.00% -28,047.92% -110,525.00% 0.00% -11,601.78%
Profit (Net Income) Margin		 0.00% 61.56% -1,056.28% -1,275.93% 0.00% -26,872.92% -107,500.00% 0.00% -11,478.11%
Tax Burden Percent		 100.35% 99.80% 100.44% 101.20% 100.53% 100.43% 100.36% 100.18% 100.25%
Interest Burden Percent		 87.42% 108.95% 91.87% 91.20% 93.42% 95.40% 96.92% 97.14% 98.69%
Effective Tax Rate		 0.00% 0.20% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -199,765.08% 0.00% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -199,747.46% 0.00% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 197,619.07% 0.00% 0.00%
Return on Equity (ROE)		 0.00% 0.00% 0.00% -16.14% -20.76% -63.01% -2,146.01% -82.72% -102.94%
Cash Return on Invested Capital (CROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Return on Assets (OROA)		 0.00% 0.00% 0.00% -314.77% 0.00% -666.23% -1,250.28% 0.00% -35.39%
Return on Assets (ROA)		 0.00% 0.00% 0.00% -290.53% 0.00% -638.32% -1,216.06% 0.00% -35.02%
Return on Common Equity (ROCE)		 0.00% 0.00% 0.00% -16.14% -20.76% -63.01% -2,146.01% -82.72% -102.94%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -8.84 14 -9.69 -6.73 -8.01 -9.40 -12 -11 -14
NOPAT Margin		 0.00% 56.47% -795.09% -964.66% 0.00% -19,576.67% -77,336.88% 0.00% -8,121.24%
Net Nonoperating Expense Percent (NNEP)		 0.00% 0.00% 0.00% -2.32% -5.38% -9.76% -17.62% -6.14% -8.73%
Return On Investment Capital (ROIC_SIMPLE)		 - - - -7.31% -9.67% -13.17% -22.35% -25.89% -32.20%
Cost of Revenue to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 0.00% 21.24% 496.80% 584.67% 0.00% 9,789.58% 41,143.75% 0.00% 2,808.28%
R&D to Revenue		 0.00% 22.18% 739.05% 893.41% 0.00% 18,277.08% 69,437.50% 0.00% 8,893.49%
Operating Expenses to Revenue		 0.00% 43.42% 1,235.85% 1,478.08% 0.00% 28,066.67% 110,581.25% 0.00% 11,701.78%
Earnings before Interest and Taxes (EBIT)		 -9.91 14 -14 -9.65 -11 -13 -18 -16 -20
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -9.84 14 -14 -9.52 -11 -14 -18 -15 -19
Valuation Ratios		 - - - - - - - - -
Price to Book Value (P/BV)		 0.00 0.00 0.00 2.08 2.31 0.76 2.12 3.74 3.48
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 2.08 2.31 0.76 2.13 3.74 3.48
Price to Revenue (P/Rev)		 0.00 0.00 0.00 7.35 7.35 27.68 154.28 2,452.52 635.83
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 0.00 0.00 0.00 0.00 106.41 0.00 0.00
Enterprise Value to Revenue (EV/Rev)		 0.00 0.00 0.00 3.75 4.12 0.00 82.39 1,759.68 438.26
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - -
Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Financial Leverage		 0.00 0.00 0.00 -1.02 -1.01 -1.01 -0.99 -1.03 -1.04
Leverage Ratio		 0.00 0.00 0.00 1.18 1.12 1.16 1.22 1.17 1.22
Compound Leverage Factor		 0.00 0.00 0.00 1.08 1.04 1.11 1.18 1.14 1.20
Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 0.00% 0.00% 0.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Altman Z-Score		 0.00 0.00 0.00 8.80 7.27 -2.91 -2.08 -3.44 -5.01
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - -
Current Ratio		 0.00 0.00 0.00 11.46 10.25 7.24 5.48 3.74 3.23
Quick Ratio		 0.00 0.00 0.00 11.17 9.81 6.68 4.80 3.26 2.70
Cash Flow Metrics		 - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 0.00 0.00 0.00 -6.92 -8.97 -13 -10 -11
Operating Cash Flow to CapEx		 0.00% -2,653.45% -8,848.30% -740.89% -12,606.33% -4,155.45% -51,194.12% -70,312.50% 0.00%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - -
Asset Turnover		 0.00 0.00 0.00 0.23 0.28 0.02 0.01 0.00 0.00
Accounts Receivable Turnover		 0.00 0.00 0.00 0.00 3,254.13 0.00 44.82 0.16 0.00
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 0.00 0.00 0.00 6.26 6.66 0.49 0.19 0.02 0.06
Accounts Payable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Sales Outstanding (DSO)		 0.00 0.00 0.00 0.00 0.11 0.00 8.14 2,286.95 0.00
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Cash Conversion Cycle (CCC)		 0.00 0.00 0.00 0.00 0.11 0.00 8.14 2,286.95 0.00
Capital & Investment Metrics		 - - - - - - - - -
Invested Capital		 0.00 0.00 0.00 -1.54 -1.10 -0.43 0.59 -2.36 -3.41
Invested Capital Turnover		 0.00 0.00 0.00 -16.88 -47.51 -9.23 2.58 -0.03 -0.10
Increase / (Decrease) in Invested Capital		 0.00 0.00 0.00 0.00 -1.10 -0.43 0.59 -0.82 -2.32
Enterprise Value (EV)		 0.00 0.00 0.00 98 107 -17 63 113 102
Market Capitalization		 96 85 80 191 191 54 118 157 148
Book Value per Share		 $0.00 $0.00 $0.00 $1.67 $1.50 $1.28 $0.99 $0.75 $0.76
Tangible Book Value per Share		 $0.00 $0.00 $0.00 $1.67 $1.50 $1.28 $0.99 $0.75 $0.76
Total Capital		 0.00 0.00 0.00 92 83 71 55 42 43
Total Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Long-Term Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt		 0.00 0.00 0.00 -94 -84 -72 -55 -44 -46
Capital Expenditures (CapEx)		 0.00 0.29 0.15 0.31 0.08 0.30 0.03 0.02 0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 0.00 0.00 0.00 -5.21 -4.81 -4.75 -3.61 -7.03 -8.06
Debt-free Net Working Capital (DFNWC)		 0.00 0.00 0.00 88 79 67 51 37 38
Net Working Capital (NWC)		 0.00 0.00 0.00 88 79 67 51 37 38
Net Nonoperating Expense (NNE)		 -0.15 -1.23 3.18 2.17 2.26 3.50 4.83 4.24 5.67
Net Nonoperating Obligations (NNO)		 0.00 0.00 0.00 -94 -84 -72 -55 -44 -46
Total Depreciation and Amortization (D&A)		 0.08 0.15 0.18 0.13 -0.08 -0.12 0.01 0.11 0.16
Debt-free, Cash-free Net Working Capital to Revenue		 0.00% 0.00% 0.00% -20.01% -18.46% -241.88% -473.88% -10,978.13% -3,458.80%
Debt-free Net Working Capital to Revenue		 0.00% 0.00% 0.00% 339.95% 304.19% 3,410.43% 6,715.22% 58,306.25% 16,298.28%
Net Working Capital to Revenue		 0.00% 0.00% 0.00% 339.95% 304.19% 3,410.43% 6,715.22% 58,306.25% 16,298.28%
Earnings Adjustments		 - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.00 $0.00 $0.00 ($0.16) ($0.19) ($0.23) ($0.31) ($0.27) ($0.34)
Adjusted Weighted Average Basic Shares Outstanding		 0.00 0.00 0.00 55.21M 55.35M 55.50M 55.72M 55.66M 56.55M
Adjusted Diluted Earnings per Share		 $0.00 $0.00 $0.00 ($0.16) ($0.19) ($0.23) ($0.31) ($0.27) ($0.34)
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 0.00 0.00 55.21M 55.35M 55.50M 55.72M 55.66M 56.55M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 0.00 0.00 55.35M 55.56M 55.72M 55.90M 56.52M 62.96M
Normalized Net Operating Profit after Tax (NOPAT)		 -8.84 14 -9.69 -6.73 -8.01 -9.40 -12 -11 -14
Normalized NOPAT Margin		 0.00% 56.47% -795.09% -964.66% 0.00% -19,576.67% -77,336.88% 0.00% -8,121.24%
Pre Tax Income Margin		 0.00% 61.69% -1,051.60% -1,260.75% 0.00% -26,758.33% -107,118.75% 0.00% -11,449.70%
Debt Service Ratios		 - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Financials Breakdown Chart

Key Financial Trends

Connect Biopharma (NASDAQ: CNTB) continues to look like a development-stage biotech with a very large cash cushion, but also a consistently heavy cash burn and limited revenue generation. Over the last four years of quarterly filings, the company has remained far from profitability, with operating losses driven mainly by research and development spending and SG&A costs. The latest quarter shows some improvement in liquidity, but the core business remains early-stage and dependent on capital markets and investment income.

What stands out most in Q1 2026: cash and equivalents rose to $46.0 million from $37.8 million in Q3 2025, while total current assets were $55.0 million. However, operating cash flow was still deeply negative at $16.0 million, and net loss came in at $19.4 million. CNTB also raised cash through common equity issuance, which helped offset the burn.

  • Cash and equivalents increased to $46.0 million in Q1 2026, up from $37.8 million in Q3 2025, giving the company more near-term liquidity.
  • Total equity improved to $42.6 million in Q1 2026, after falling to $55.4 million in Q3 2025, reflecting a stronger balance sheet than many early-stage biotech peers after recent capital raises.
  • The company generated $6.0 million from sales and/or maturities of investments in Q1 2026, helping support liquidity.
  • Interest and investment income remains meaningful relative to revenue, providing a partial offset to operating losses.
  • Debt appears minimal, with total liabilities of $17.4 million in Q1 2026 and no meaningful long-term borrowing shown.
  • Revenue is still extremely small at $169,000 in Q1 2026, so results are not being driven by commercial sales yet.
  • Basic EPS was -$0.34 in Q1 2026, compared with -$0.27 in Q4 2025, showing losses remain substantial on a per-share basis.
  • Operating cash flow was negative $16.0 million in Q1 2026, indicating the company is still consuming cash at a high rate.
  • Net income loss widened to $19.4 million in Q1 2026 from $15.1 million in Q4 2025.
  • Research & development expense remained very high at $15.0 million in Q1 2026, and SG&A added another $4.7 million, keeping operating losses elevated.

Longer-term trends are mixed, but the underlying pattern is clear. In 2024, CNTB had a brief period of much stronger revenue and even positive net income in Q2 2024, when revenue reached $24.1 million and net income was $14.8 million. But that strength did not last. By late 2024 and through 2025, revenue fell sharply again, losses returned, and operating cash burn resumed. By Q1 2025, revenue was zero and the company was posting a $10.3 million loss, while Q3 and Q4 2025 showed only modest revenue and continued double-digit million-dollar losses.

Balance sheet trend: CNTB’s cash position has generally been supported by investment holdings and equity raises rather than by operating performance. Cash and short-term investments were much higher in early 2025, but the company drew them down through the year as operating losses continued. The latest quarter’s increase in cash suggests another financing event or asset monetization helped stabilize liquidity, but it does not change the fact that the business is still burning cash.

Bottom line: Connect Biopharma has enough liquidity for now, and the balance sheet is not burdened by significant debt. Still, the stock’s long-term story will depend on whether the company can convert its pipeline into meaningful revenue while slowing its cash burn. Until then, investors should expect continued losses, periodic dilution risk, and a high dependency on future financing or investment income.

07/17/26 07:57 AM ETAI Generated. May Contain Errors.

Connect Biopharma Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Connect Biopharma's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Connect Biopharma's net income appears to be on a downward trend, with a most recent value of -$55.48 million in 2025, rising from -$24.21 million in 2019. The previous period was -$15.63 million in 2024. Check out Connect Biopharma's forecast to explore projected trends and price targets.

Connect Biopharma's total operating income in 2025 was -$58.07 million, based on the following breakdown:
  • Total Gross Profit: $64 thousand
  • Total Operating Expenses: $58.14 million

Over the last 6 years, Connect Biopharma's total revenue changed from $590.96 thousand in 2019 to $64 thousand in 2025, a change of -89.2%.

Connect Biopharma's total liabilities were at $14.10 million at the end of 2025, a 54.6% increase from 2024, and a 95.7% decrease since 2020.

In the past 5 years, Connect Biopharma's cash and equivalents has ranged from $38.35 million in 2025 to $267.72 million in 2021, and is currently $38.35 million as of their latest financial filing in 2025.

Over the last 6 years, Connect Biopharma's book value per share changed from 0.00 in 2019 to 0.75 in 2025, a change of 75.1%.


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Financial statements for NASDAQ:CNTB last updated on 7/9/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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