Connect Biopharma Holdings Ltd
Financial highlights
| Metric | FY 12/31/25 | FY 12/31/24 | FY 12/31/23 | FY 12/31/22 |
|---|---|---|---|---|
| Income Statement | ||||
| Revenue | $64,000 | $26.0M | $0 | — |
| Research and development | $37.8M | $29.3M | $53.0M | — |
| Operating expenses | $58.1M | $48.5M | $69.1M | — |
| Operating income | -$58.1M | -$22.5M | -$69.1M | — |
| Pretax income | -$55.3M | -$15.4M | -$62.0M | — |
| Income tax expense | $197,000 | $223,000 | $120,000 | — |
| Net income | -$55.5M | -$15.6M | -$62.1M | — |
| Balance Sheet | ||||
| Cash and equivalents | $38.3M | $78.2M | $105.7M | — |
| Current assets | $50.9M | $97.0M | $122.6M | — |
| Total assets | $56.1M | $101.3M | $127.4M | — |
| Current liabilities | $13.6M | $8.5M | $25.3M | — |
| Total liabilities | $14.1M | $9.1M | $25.9M | — |
| Stockholders' equity | $42.0M | $92.2M | $101.5M | $158.4M |
| Cash Flow Statement | ||||
| Cash from operations | -$51.2M | -$23.6M | -$47.7M | — |
| Depreciation and amortization | $704,000 | $660,000 | $720,000 | — |
| Stock-based compensation | $3.7M | $6.7M | $5.4M | — |
| Capital expenditure | $434,000 | $750,000 | $81,000 | — |
| Free cash flow | -$51.6M | -$24.4M | -$47.8M | — |
| Impairments | $0 | $232,000 | $0 | — |
Shares outstanding 63.0M · Free float 34.0%
Annual filing data through FY ended December 31, 2025; float as of July 15, 2026.