Connect Biopharma Holdings Ltd CNTB
Connect Biopharma, headquartered in San Diego, California, is a clinical-stage biopharmaceutical company dedicated to transforming care for asthma and chronic obstructive pulmonary disease ("COPD"). The Company is advancing rademikibart, a next-generation, potentially best-in-class antibody designed to target interleukin-4-receptor alpha ("IL-4Rα").
Asthma is a chronic inflammatory disease that affects the airways in the lungs and makes it difficult to breathe. It is one of the most common and costly diseases in the U.S., with an estimated 23 million adults and an estimated 5 million children suffering from asthma. Globally, asthma affected an estimated 262 million people in 2019 and caused 455,000 deaths. Asthma is associated with severe exacerbations that are difficult to treat and often require hospitalization. Approximately one million asthma patients visit emergency departments annually, of which approximately 11% are hospitalized with an average length-of-stay of two to three days. Approximately 50% of asthma patients who visit emergency departments meet treatment failure criteria within four weeks of an exacerbation. Approximately 20% of such patients require a re-visit to the emergency department and an additional approximately 30% require medical care from another source, such as urgent care or medical clinics. Current standard of care treatment for these patients includes fast-acting inhaled bronchodilators and oral or intravenous ("IV") corticosteroids. Severe cases may require IV magnesium sulfate, heliox therapy, and noninvasive ventilation. Intubation is considered if patients do not respond to these initial therapies. Approximately 50% of patients fail to improve on first-line treatments. As a result, we believe there exists a significant unmet need for more effective therapy for the treatment of acute asthma. Further, we believe that, if rademikibart were approved for the treatment of acute asthma, a significant percentage of asthma patients treated acutely with rademikibart would remain on it chronically. We also believe that rademikibart, if approved, would offer the opportunity for significant healthcare cost savings by potentially reducing the length of stay for admitted asthma patients, as well as potentially reducing the frequency of emergency department re-visits and rehospitalizations.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Revenue | $64.0K | $26.0M | $0 | — | — | — |
| R&D | $37.8M | $29.3M | $53.0M | — | — | — |
| SG&A | $20.3M | $19.2M | $16.1M | — | — | — |
| Total operating expenses | $58.1M | $48.5M | $69.1M | — | — | — |
| Operating income | -$58.1M | -$22.5M | -$69.1M | -$119.3M | -$98.1M | — |
| Pre-tax income | -$55.3M | -$15.4M | -$62.0M | — | — | — |
| Income tax | $197.0K | $223.0K | $120.0K | — | — | — |
| Net income | -$55.5M | -$15.6M | -$62.1M | -$118.1M | -$202.3M | — |
| EPS, basic | -1.00 | -0.28 | -1.13 | — | — | — |
| EPS, diluted | -1.00 | -0.28 | -1.13 | — | — | — |
| Shares, diluted (wtd. avg.) | 55.7M | 55.2M | 55.1M | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Cash and equivalents | $38.3M | $78.2M | $105.7M | $78.9M | — | — |
| Short-term investments | $6.0M | $15.5M | $12.6M | — | — | — |
| Receivables | $13.0K | $789.0K | $0 | — | — | — |
| Total current assets | $50.9M | $97.0M | $122.6M | — | — | — |
| Property, plant and equipment | $3.8M | $4.0M | $4.3M | — | — | — |
| Other intangibles | $45.0K | $53.0K | $62.0K | — | — | — |
| Total assets | $56.1M | $101.3M | $127.4M | $174.0M | $291.1M | — |
| Accounts payable | $2.0M | $342.0K | $2.2M | — | — | — |
| Total current liabilities | $13.6M | $8.5M | $25.3M | — | — | — |
| Total liabilities | $14.1M | $9.1M | $25.9M | — | — | — |
| Retained earnings | -$400.8M | -$345.4M | -$329.7M | — | — | — |
| Total equity | $42.0M | $92.2M | $101.5M | $158.4M | $272.3M | -$157.1M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Operating cash flow | -$51.2M | -$23.6M | -$47.7M | — | — | — |
| Depreciation and amortisation | $704.0K | $660.0K | $720.0K | — | — | — |
| Stock-based compensation | $3.7M | $6.7M | $5.4M | — | — | — |
| Capital expenditure | $434.0K | $750.0K | $81.0K | — | — | — |
| Investing cash flow | $9.8M | -$3.5M | $75.0M | — | — | — |
| Financing cash flow | $1.1M | $227.0K | $45.0K | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001835268-26-000013.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Revenue | — | — | — | $0 | $26.0M | $64.0K |
| Gross profit | — | — | — | — | — | — |
| Net income | — | -$202.3M | -$118.1M | -$62.1M | -$15.6M | -$55.5M |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Results announced Item 2.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Results announced Item 2.02
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02
- Regulation FD disclosure Item 7.01
- Other event Item 8.01
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Results announced Item 2.02
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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