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Connect Biopharma Holdings (CNTB) investor relations material

Connect Biopharma Holdings Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary12 Nov, 2025

Executive summary

  • Advancing rademikibart, a next-generation antibody for asthma and COPD, with ongoing Phase 2 trials and positive data presented at ERS 2025 showing significant improvement in lung function and asthma control, especially in patients with elevated inflammatory markers.

  • Recruitment ongoing for Phase 2 Seabreeze STAT studies in acute asthma and COPD, with topline data expected in the first half of 2026.

  • NDA for rademikibart in atopic dermatitis accepted by China's NMPA; Simcere progressing Phase 3 asthma study.

  • Terminated ADR program in September 2025, with shares now directly listed on Nasdaq to enhance visibility and investor base.

  • Cash, cash equivalents, and short-term investments totaled $54.8 million as of September 30, 2025, expected to fund operations into 2027.

Financial highlights

  • License and collaboration revenue was $16,000 for Q3 2025 and $64,000 for the nine months, down from $1.2 million and $25.3 million in the prior year, reflecting the timing of milestone payments under the Simcere agreement.

  • Research and development expenses increased to $11.1 million for Q3 2025 and $26.5 million for the nine months, up from $9.0 million and $23.0 million, primarily due to rademikibart development costs and initiation of Phase 2 Seabreeze STAT studies.

  • General and administrative expenses rose to $6.6 million for Q3 2025 and $16.1 million for the nine months, compared to $6.1 million and $15.1 million, mainly due to higher professional fees.

  • Net loss was $17.2 million ($0.31 per share) for Q3 2025 and $40.4 million ($0.73 per share) for the nine months, compared to $12.9 million ($0.23 per share) and $6.7 million ($0.12 per share) in the prior year.

  • Cash and equivalents decreased from $93.7 million at year-end 2024 to $54.8 million at September 30, 2025.

Outlook and guidance

  • Management expects current cash resources to fund operations into 2027.

  • Topline data from ongoing Phase 2 acute exacerbation studies in asthma and COPD expected in the first half of 2026.

  • Eligible to receive up to $110 million in milestone payments and tiered royalties from Simcere for Greater China.

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Frequently asked questions

Connect Biopharma Holdings Ltd is a global, clinical-stage biopharmaceutical company focused on developing innovative therapies for chronic inflammatory diseases by leveraging its expertise in T cell biology. The company is advancing a pipeline of novel small molecules and biologics, targeting various conditions such as atopic dermatitis, ulcerative colitis, and chronic pruritus. These therapies aim to address significant unmet medical needs by modulating immune system responses. Connect Biopharma's approach combines a deep understanding of T cell-driven research with proprietary Immune Modulation Technology Platform, aiming to significantly reduce the discovery time and cost for new, effective treatments. The company is headquartered in San Diego, California, and its shares are listed on the NASDAQ.

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