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Connect Biopharma (CNTB) Financials

Connect Biopharma logo
$0.87 -0.01 (-1.21%)
Closing price 10/9/2026 04:00 PM Eastern
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$0.90 +0.04 (+4.02%)
As of 10/9/2026 07:46 PM Eastern
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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 Q2 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 6/30/2026
Net Income / (Loss) Attributable to Common Shareholders		 -8.69 15 -13 -8.91 -10 -13 -17 -15 -19 -17
Consolidated Net Income / (Loss)		 -8.69 15 -13 -8.91 -10 -13 -17 -15 -19 -17
Net Income / (Loss) Continuing Operations		 -8.69 15 -13 -8.91 -10 -13 -17 -15 -19 -17
Total Pre-Tax Income 		-8.66 15 -13 -8.80 -10 -13 -17 -15 -19 -17
Total Operating Income		 -13 14 -14 -9.62 -11 -13 -18 -16 -20 -18
Total Gross Profit		 0.00 24 1.22 0.70 0.00 0.05 0.02 - 0.17 2.77
Total Revenue		 0.00 24 1.22 0.70 0.00 0.05 0.02 - 0.17 2.77
Operating Revenue		 - 24 1.22 - 0.00 0.05 0.02 - 0.17 2.77
Total Cost of Revenue		 0.00 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 20
Selling, General & Admin Expense		 3.97 5.12 6.06 4.08 4.81 4.70 6.58 4.24 4.75 4.10
Research & Development Expense		 8.66 5.35 9.01 6.24 6.63 8.77 11 11 15 16
Total Other Income / (Expense), net		 3.97 1.23 1.03 0.82 1.23 0.58 0.54 -0.08 0.26 0.38
Interest & Investment Income		 1.25 1.22 1.14 0.85 0.72 0.62 0.55 0.38 0.26 0.31
Other Income / (Expense), net		 2.72 0.01 -0.11 -0.03 0.51 -0.04 -0.01 - - 0.07
Income Tax Expense		 0.03 0.03 0.06 0.11 0.05 0.06 0.06 0.03 0.05 0.06
Basic Earnings per Share		 ($0.16) $0.27 ($0.23) ($0.16) ($0.19) ($0.23) ($0.31) ($0.27) ($0.34) ($0.27)
Weighted Average Basic Shares Outstanding		 55.10M 55.19M 55.25M 55.21M 55.35M 55.50M 55.72M 55.66M 56.55M 62.88M
Diluted Earnings per Share		 ($0.16) $0.27 ($0.23) ($0.16) ($0.19) ($0.23) ($0.31) ($0.27) ($0.34) ($0.27)
Weighted Average Diluted Shares Outstanding		 55.10M 55.71M 55.25M 55.21M 55.35M 55.50M 55.72M 55.66M 56.55M 62.88M
Weighted Average Basic & Diluted Shares Outstanding		 - - - 55.35M 55.56M 55.72M 55.90M 56.52M 62.96M 62.97M

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 Q2 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 6/30/2026
Net Change in Cash & Equivalents		 8.44 -4.26 -13 -19 -31 -7.08 -2.79 0.50 7.69 -19
Net Cash From Operating Activities		 -0.59 -7.70 -13 -2.32 -9.96 -13 -17 -11 -16 -16
Net Cash From Continuing Operating Activities		 -0.59 -7.70 -13 -2.32 -9.96 -13 -17 -11 -16 -16
Net Income / (Loss) Continuing Operations		 -8.69 15 -13 -8.91 -10 -13 -17 -15 -19 -17
Consolidated Net Income / (Loss)		 -8.69 15 -13 -8.91 -10 -13 -17 -15 -19 -17
Depreciation Expense		 0.16 0.16 0.18 0.16 0.17 0.17 0.18 0.18 0.16 0.16
Amortization Expense		 -0.09 -0.01 - -0.02 -0.25 -0.29 -0.17 -0.07 -0.01 -0.00
Non-Cash Adjustments To Reconcile Net Income		 7.94 -8.56 5.96 -12 0.98 0.95 0.92 0.92 1.20 1.26
Changes in Operating Assets and Liabilities, net		 0.09 -14 -6.27 18 -0.59 -0.53 -1.13 2.82 2.04 -0.06
Net Cash From Investing Activities		 9.25 3.21 -0.15 -16 -21 5.13 14 11 6.00 -4.47
Net Cash From Continuing Investing Activities		 9.25 3.21 -0.15 -16 -21 5.13 14 11 6.00 -4.47
Purchase of Investments		 0.00 - - -15 -23 -7.91 - - 0.00 -4.47
Net Cash From Financing Activities		 0.00 0.12 - 0.11 0.00 0.16 0.22 0.72 18 1.33
Net Cash From Continuing Financing Activities		 0.00 0.12 - 0.11 0.00 0.16 0.22 0.72 18 1.33
Issuance of Common Equity		 - - - 0.01 0.00 - - 0.08 18 2.85
Effect of Exchange Rate Changes		 -0.22 0.10 0.51 -0.98 0.08 0.22 0.06 0.05 0.07 0.05

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 Q2 2026
Period end date 3/31/2025 6/30/2025 9/30/2025 3/31/2026 6/30/2026
Total Assets		 93 83 67 60 43
Total Current Assets		 88 78 63 55 39
Cash & Equivalents		 48 41 38 46 27
Short-Term Investments		 36 31 17 0.00 4.47
Accounts Receivable		 0.01 0.00 0.02 0.00 2.94
Prepaid Expenses		 3.75 5.99 7.80 8.99 4.20
Plant, Property, & Equipment, net		 3.91 4.05 3.94 3.70 3.60
Total Noncurrent Assets		 1.02 0.92 0.83 1.34 1.25
Intangible Assets		 0.05 0.05 0.05 0.04 0.04
Other Noncurrent Operating Assets		 0.97 0.87 0.78 1.30 1.21
Total Liabilities & Shareholders' Equity		 93 83 67 60 43
Total Liabilities		 9.79 11 12 17 17
Total Current Liabilities		 8.57 11 11 17 16
Accounts Payable		 0.82 2.29 1.99 4.31 2.02
Accrued Expenses		 7.24 7.93 8.93 12 14
Current Deferred Revenue		 0.16 0.16 0.17 0.00 0.00
Other Current Liabilities		 0.35 0.35 0.34 0.41 0.39
Total Noncurrent Liabilities		 1.22 0.64 0.56 0.40 0.31
Other Noncurrent Operating Liabilities		 1.22 0.64 0.56 0.40 0.31
Commitments & Contingencies		 - 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 83 71 55 43 27
Total Preferred & Common Equity		 83 71 55 43 27
Total Common Equity		 83 71 55 43 27
Common Stock		 440 441 443 464 466
Retained Earnings		 -356 -369 -386 -420 -438
Treasury Stock		 -0.18 -0.18 -0.18 -0.18 -0.18
Accumulated Other Comprehensive Income / (Loss)		 -1.61 -1.38 -1.28 -1.06 -0.96

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 Q2 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 6/30/2026
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 62,963,853.00
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 62,963,853.00
DEI Earnings Per Adjusted Shares Outstanding		 -0.16 0.27 -0.23 -0.16 -0.19 -0.23 -0.31 -0.27 -0.34 -0.27
Growth Metrics		 - - - - - - - - - -
Revenue Growth		 0.00% 0.00% 0.00% 0.00% 0.00% -99.80% -98.69% 0.00% 0.00% 5,666.67%
EBITDA Growth		 0.00% 0.00% 0.00% 0.00% -11.99% -198.36% -28.28% -61.98% -76.59% -27.98%
EBIT Growth		 0.00% 0.00% 0.00% 0.00% -10.37% -198.59% -26.73% -60.91% -79.26% -30.26%
NOPAT Growth		 0.00% 0.00% 0.00% 0.00% 9.39% -169.00% -27.67% -61.41% -71.29% -31.14%
Net Income Growth		 0.00% 0.00% 0.00% 0.00% -18.16% -186.88% -33.58% -69.65% -88.84% -33.99%
EPS Growth		 0.00% 0.00% 0.00% 0.00% -18.75% -185.19% -34.78% -68.75% -78.95% -17.39%
Operating Cash Flow Growth		 0.00% 0.00% 0.00% 0.00% -1,585.11% -63.63% -33.82% -385.12% -60.71% -26.46%
Free Cash Flow Firm Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -64.96% 9.44%
Invested Capital Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -53.18% -211.22% -985.68%
Revenue Q/Q Growth		 0.00% 0.00% -94.95% -42.74% -100.00% 0.00% -66.67% 0.00% 0.00% 1,537.87%
EBITDA Q/Q Growth		 0.00% 240.39% -199.79% 30.94% -15.75% -23.30% -30.15% 12.80% -26.20% 10.65%
EBIT Q/Q Growth		 0.00% 237.79% -202.19% 30.85% -13.36% -23.08% -31.35% 12.20% -26.28% 10.56%
NOPAT Q/Q Growth		 0.00% 254.00% -171.17% 30.53% -19.00% -17.27% -31.68% 12.17% -26.28% 10.22%
Net Income Q/Q Growth		 0.00% 270.79% -186.72% 30.83% -15.34% -25.57% -33.34% 12.16% -28.39% 10.90%
EPS Q/Q Growth		 0.00% 268.75% -185.19% 30.43% -18.75% -21.05% -34.78% 12.90% -25.93% 20.59%
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% 0.52%
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% 28.80%
Invested Capital Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 28.92% 61.13% 238.50% -500.34% -44.41% -35.59%
Profitability Metrics		 - - - - - - - - - -
Gross Margin		 0.00% 100.00% 100.00% 100.00% 0.00% 100.00% 100.00% 0.00% 100.00% 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% -627.85%
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% -635.98%
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% -633.56%
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% -624.42%
Tax Burden Percent		 100.35% 99.80% 100.44% 101.20% 100.53% 100.43% 100.36% 100.18% 100.25% 100.35%
Interest Burden Percent		 87.42% 108.95% 91.87% 91.20% 93.42% 95.40% 96.92% 97.14% 98.69% 98.22%
Effective Tax Rate		 0.00% 0.20% 0.00% 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% 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% 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% 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% -140.51%
Cash Return on Invested Capital (CROIC)		 0.00% 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% -29.65%
Return on Assets (ROA)		 0.00% 0.00% 0.00% -290.53% 0.00% -638.32% -1,216.06% 0.00% -35.02% -29.22%
Return on Common Equity (ROCE)		 0.00% 0.00% 0.00% -16.14% -20.76% -63.01% -2,146.01% -82.72% -102.94% -140.51%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 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 -12
NOPAT Margin		 0.00% 56.47% -795.09% -964.66% 0.00% -19,576.67% -77,336.88% 0.00% -8,121.24% -445.19%
Net Nonoperating Expense Percent (NNEP)		 0.00% 0.00% 0.00% -2.32% -5.38% -9.76% -17.62% -6.14% -8.73% -9.61%
Return On Investment Capital (ROIC_SIMPLE)		 - - - -7.31% -9.67% -13.17% -22.35% -25.89% -32.20% -45.88%
Cost of Revenue to Revenue		 0.00% 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% 148.09%
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% 587.90%
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% 735.98%
Earnings before Interest and Taxes (EBIT)		 -9.91 14 -14 -9.65 -11 -13 -18 -16 -20 -18
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -9.84 14 -14 -9.52 -11 -14 -18 -15 -19 -17
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 5.57
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 5.58
Price to Revenue (P/Rev)		 0.00 0.00 0.00 7.35 7.35 27.68 154.28 2,452.52 635.83 50.68
Price to Earnings (P/E)		 0.00 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% 0.00%
Earnings Yield		 0.00% 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 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 40.02
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 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 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 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 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 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 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 0.00
Financial Leverage		 0.00 0.00 0.00 -1.02 -1.01 -1.01 -0.99 -1.03 -1.04 -1.05
Leverage Ratio		 0.00 0.00 0.00 1.18 1.12 1.16 1.22 1.17 1.22 1.29
Compound Leverage Factor		 0.00 0.00 0.00 1.08 1.04 1.11 1.18 1.14 1.20 1.26
Debt to Total Capital		 0.00% 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% 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% 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% 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% 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% 100.00%
Debt to EBITDA		 0.00 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 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 0.00
Debt to NOPAT		 0.00 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 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 0.00
Altman Z-Score		 0.00 0.00 0.00 8.80 7.27 -2.91 -2.08 -3.44 -5.01 -9.33
Noncontrolling Interest Sharing Ratio		 0.00% 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 2.37
Quick Ratio		 0.00 0.00 0.00 11.17 9.81 6.68 4.80 3.26 2.70 2.11
Cash Flow Metrics		 - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 0.00 0.00 0.00 -6.92 -8.97 -13 -10 -11 -8.12
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% 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 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 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 0.00
Efficiency Ratios		 - - - - - - - - - -
Asset Turnover		 0.00 0.00 0.00 0.23 0.28 0.02 0.01 0.00 0.00 0.05
Accounts Receivable Turnover		 0.00 0.00 0.00 0.00 3,254.13 0.00 44.82 0.16 0.00 0.00
Inventory Turnover		 0.00 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 0.77
Accounts Payable Turnover		 0.00 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 0.00
Days Inventory Outstanding (DIO)		 0.00 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 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 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 -4.63
Invested Capital Turnover		 0.00 0.00 0.00 -16.88 -47.51 -9.23 2.58 -0.03 -0.10 -1.17
Increase / (Decrease) in Invested Capital		 0.00 0.00 0.00 0.00 -1.10 -0.43 0.59 -0.82 -2.32 -4.20
Enterprise Value (EV)		 0.00 0.00 0.00 98 107 -17 63 113 102 118
Market Capitalization		 96 85 80 191 191 54 118 157 148 150
Book Value per Share		 $0.00 $0.00 $0.00 $1.67 $1.50 $1.28 $0.99 $0.75 $0.76 $0.43
Tangible Book Value per Share		 $0.00 $0.00 $0.00 $1.67 $1.50 $1.28 $0.99 $0.75 $0.76 $0.43
Total Capital		 0.00 0.00 0.00 92 83 71 55 42 43 27
Total Debt		 0.00 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 0.00
Net Debt		 0.00 0.00 0.00 -94 -84 -72 -55 -44 -46 -31
Capital Expenditures (CapEx)		 0.00 0.29 0.15 0.31 0.08 0.30 0.03 0.02 0.00 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 -9.16
Debt-free Net Working Capital (DFNWC)		 0.00 0.00 0.00 88 79 67 51 37 38 22
Net Working Capital (NWC)		 0.00 0.00 0.00 88 79 67 51 37 38 22
Net Nonoperating Expense (NNE)		 -0.15 -1.23 3.18 2.17 2.26 3.50 4.83 4.24 5.67 4.96
Net Nonoperating Obligations (NNO)		 0.00 0.00 0.00 -94 -84 -72 -55 -44 -46 -31
Total Depreciation and Amortization (D&A)		 0.08 0.15 0.18 0.13 -0.08 -0.12 0.01 0.11 0.16 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% -310.33%
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% 755.91%
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% 755.91%
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) ($0.27)
Adjusted Weighted Average Basic Shares Outstanding		 0.00 0.00 0.00 55.21M 55.35M 55.50M 55.72M 55.66M 56.55M 62.88M
Adjusted Diluted Earnings per Share		 $0.00 $0.00 $0.00 ($0.16) ($0.19) ($0.23) ($0.31) ($0.27) ($0.34) ($0.27)
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 0.00 0.00 55.21M 55.35M 55.50M 55.72M 55.66M 56.55M 62.88M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $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 62.97M
Normalized Net Operating Profit after Tax (NOPAT)		 -8.84 14 -9.69 -6.73 -8.01 -9.40 -12 -11 -14 -12
Normalized NOPAT Margin		 0.00% 56.47% -795.09% -964.66% 0.00% -19,576.67% -77,336.88% 0.00% -8,121.24% -445.19%
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% -622.25%
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 0.00
NOPAT to Interest Expense		 0.00 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 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 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% 0.00%
Augmented Payout Ratio		 0.00% 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’s Q2 2026 results show early revenue progress, but the company remains heavily dependent on its cash reserves and external financing. Revenue increased to $2.8 million from $169,000 in Q1 2026 and $48,000 in Q2 2025. Because the company reported no cost of revenue, gross profit also totaled $2.8 million. However, operating expenses remained substantial at $20.4 million, including $16.3 million of research and development spending, resulting in a $17.3 million net loss.

Cash consumption remains the key financial issue. Connect Biopharma used $15.9 million in operating cash during Q2 2026 and reported a $19.0 million decline in cash and equivalents after investing and financing activity. Cash and short-term investments totaled approximately $31.5 million at June 30, 2026, down sharply from approximately $84.3 million at June 30, 2025. At the recent quarterly operating cash-burn rate, the company has limited liquidity coverage unless revenue improves, expenses decline or additional capital is raised.

The balance sheet still has some favorable characteristics. Total liabilities were $16.6 million, with no traditional long-term debt reported, while current assets of $38.6 million exceeded current liabilities of $16.3 million. Nevertheless, total assets fell to $43.5 million from $82.7 million a year earlier, and shareholders’ equity declined to $26.9 million from $71.3 million. The increase in weighted-average shares outstanding to 62.9 million in Q2 2026 from 55.5 million in Q2 2025 also indicates meaningful dilution from equity financing. Investors should note that several 2025 income statement periods were restated, which may affect historical comparisons.

  • Revenue is beginning to emerge: Q2 2026 revenue of $2.8 million was a significant improvement from $169,000 in Q1 2026 and $48,000 in the year-ago quarter.
  • Gross profitability was strong on reported revenue: The company recorded no cost of revenue, producing a reported 100% gross margin in Q2 2026. Investors should determine whether this revenue is recurring before assigning it a full valuation benefit.
  • Liquidity remains above near-term obligations: Cash, short-term investments and current assets exceeded current liabilities, providing some flexibility to fund operations.
  • Debt exposure appears limited: The balance sheet reported only $310,000 of noncurrent operating liabilities and no traditional long-term debt balance.
  • Quarterly losses improved sequentially: The Q2 2026 net loss of $17.3 million was narrower than the $19.4 million loss reported in Q1 2026, although it remained worse than the $12.9 million loss in Q2 2025.
  • Research spending remains elevated: R&D expense rose to $16.3 million in Q2 2026 from $8.8 million in Q2 2025, indicating continued investment in the pipeline but also increasing the company’s funding requirements.
  • Investment balances have fluctuated significantly: The company has repeatedly purchased and sold short-term investments, making changes in cash balances partly dependent on portfolio management rather than operating performance.
  • Operating cash flow remains deeply negative: Connect Biopharma used $15.9 million in operating cash during Q2 2026, and operating cash flow has been negative in each reported quarter provided.
  • Cash reserves have deteriorated: Cash and short-term investments fell from approximately $84.3 million in Q2 2025 to $31.5 million in Q2 2026, while total assets declined by nearly half over the same period.
  • Shareholder dilution is a material risk: Weighted-average shares increased approximately 13% year over year to 62.9 million in Q2 2026, and the company issued $2.8 million of common equity during the quarter.
10/10/26 02:43 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 financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Connect Biopharma's net income appears to be on an upward trend, with a most recent value of -$55.48 million in 2025, falling from -$24.21 million in 2019. The previous period was -$15.63 million in 2024. View Connect Biopharma's forecast to see where analysts expect Connect Biopharma to go next.

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%.

In the past 5 quarters, Connect Biopharma's cash and equivalents has ranged from $27.02 million in Q2 2026 to $47.71 million in Q1 2025, and is currently $27.02 million as of their latest financial filing in Q2 2026.

Connect Biopharma had total debt of $0.00 at the end of 2025, compared with none in 2024, and none in 2019.

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 8/12/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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