Connect Biopharma Holdings Ltd Financials
Connect Biopharma Holdings Ltd (CNTB) reported $64K in revenue for fiscal year 2025, down 99.8% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 3 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Connect Biopharma remains a cash-funded R&D platform, with research spending rather than sales driving losses and liquidity.
The sharp improvement in FY2024 was not a durable operating reset: revenue briefly reached$26.0M as R&D fell to$29.3M , making that year look less cash-hungry than the surrounding periods. When that revenue faded to$64K in FY2025, operating cash outflow widened to-$51.2M , showing the company still behaves like a cash-funded clinical program rather than a self-financing commercial business.
FY2025 cash of
Across FY2023-FY2025, annual operating cash burn stayed in a fairly tight band between
Financial Health Signals
Connect Biopharma Holdings Ltd does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
Connect Biopharma Holdings Ltd scores -6.38, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($146.7M) relative to total liabilities ($14.1M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Connect Biopharma Holdings Ltd passes 1 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.
Connect Biopharma Holdings Ltd reported a net loss of $55.5M while operations used $51.2M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
Connect Biopharma Holdings Ltd generated $64K in revenue in fiscal year 2025. This represents a decrease of 99.8% from the prior year.
Connect Biopharma Holdings Ltd's EBITDA was -$57.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 163.3% from the prior year.
Connect Biopharma Holdings Ltd reported -$55.5M in net income in fiscal year 2025. This represents a decrease of 255.0% from the prior year.
Connect Biopharma Holdings Ltd earned -$1.00 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 257.1% from the prior year.
Cash & Balance Sheet
Connect Biopharma Holdings Ltd recorded an outflow of $51.6M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents a decrease of 112.0% from the prior year.
Connect Biopharma Holdings Ltd held $38.3M in cash as of fiscal year 2025; long-term debt is not reported for that period.
Not reported for fiscal year 2025.
Margins & Returns
Connect Biopharma Holdings Ltd's ROE was -132.2% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 115.2 percentage points from the prior year.
Not reported for fiscal year 2025.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
Connect Biopharma Holdings Ltd invested $37.8M in research and development in fiscal year 2025. This represents an increase of 29.2% from the prior year.
Connect Biopharma Holdings Ltd invested $434K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 42.1% from the prior year.
Not reported for fiscal year 2025.
CNTB Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 |
|---|---|---|---|---|
| Revenue | N/A | $64K-99.8% | $26.0M | $0 |
| R&D Expenses | N/A | $37.8M+29.2% | $29.3M-44.8% | $53.0M |
| SG&A Expenses | N/A | $20.3M+5.8% | $19.2M+19.8% | $16.1M |
| Operating Income | N/A | -$58.1M-158.7% | -$22.5M+67.5% | -$69.1M |
| Income Tax | N/A | $197K-11.7% | $223K+85.8% | $120K |
| Net Income | N/A | -$55.5M-255.0% | -$15.6M+74.8% | -$62.1M |
| EPS (Diluted) | — | -$1.00-257.1% | -$0.28+75.2% | -$1.13 |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, Interest Expense.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
CNTB Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 |
|---|---|---|---|
| Total Assets | $56.1M-44.6% | $101.3M-20.5% | $127.4M |
| Current Assets | $50.9M-47.5% | $97.0M-20.9% | $122.6M |
| Cash & Equivalents | $38.3M-51.0% | $78.2M-26.0% | $105.7M |
| Accounts Receivable | $13K-98.4% | $789K | $0 |
| Total Liabilities | $14.1M+54.6% | $9.1M-64.8% | $25.9M |
| Current Liabilities | $13.6M+60.9% | $8.5M-66.5% | $25.3M |
| Total Equity | $42.0M-54.5% | $92.2M-9.2% | $101.5M |
| Retained Earnings | -$400.8M-16.1% | -$345.4M-4.7% | -$329.7M |
Not reported in any period shown, so not listed: Inventory, Goodwill, Long-Term Debt.
CNTB Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 |
|---|---|---|---|---|
| Operating Cash Flow | -$60.6M | -$51.2M-116.9% | -$23.6M+50.5% | -$47.7M |
| Capital Expenditures | $50K | $434K-42.1% | $750K+825.9% | $81K |
| Free Cash Flow | -$60.6M | -$51.6M-112.0% | -$24.4M+49.1% | -$47.8M |
| Investing Cash Flow | $26.9M | $9.8M+384.5% | -$3.5M-104.6% | $75.0M |
| Financing Cash Flow | $19.9M | $1.1M+381.5% | $227K+404.4% | $45K |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
CNTB Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 |
|---|---|---|---|
| Operating Margin | -90740.6% | -86.2% | N/A |
| Net Margin | -86687.5% | -60.0% | N/A |
| Return on Equity | -132.2%-115.2pp | -17.0%+44.2pp | -61.2% |
| Return on Assets | -98.9%-83.5pp | -15.4%+33.3pp | -48.8% |
| Current Ratio | 3.74-7.7x | 11.46+6.6x | 4.85 |
| Debt-to-Equity | 0.34+0.2x | 0.10-0.2x | 0.26 |
| FCF Margin | -80687.5% | -93.6% | N/A |
Not reported in any period shown, so not listed: Gross Margin.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
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Where Connect Biopharma Holdings Ltd Ranks
Frequently Asked Questions
What is Connect Biopharma Holdings Ltd's annual revenue?
Connect Biopharma Holdings Ltd (CNTB) reported $64K in total revenue for fiscal year 2025. This represents a -99.8% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Connect Biopharma Holdings Ltd's revenue growing?
Connect Biopharma Holdings Ltd (CNTB) revenue declined by 99.8% year-over-year, from $26.0M to $64K in fiscal year 2025.
Is Connect Biopharma Holdings Ltd profitable?
No, Connect Biopharma Holdings Ltd (CNTB) reported a net income of -$55.5M in fiscal year 2025.
What is Connect Biopharma Holdings Ltd's EBITDA?
Connect Biopharma Holdings Ltd (CNTB) had EBITDA of -$57.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Connect Biopharma Holdings Ltd's return on equity (ROE)?
Connect Biopharma Holdings Ltd (CNTB) has a return on equity of -132.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Connect Biopharma Holdings Ltd's free cash flow?
Connect Biopharma Holdings Ltd (CNTB) recorded an outflow of $51.6M in free cash flow during fiscal year 2025. This represents a -112.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Connect Biopharma Holdings Ltd's operating cash flow?
Connect Biopharma Holdings Ltd (CNTB) recorded an outflow of $51.2M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Connect Biopharma Holdings Ltd's total assets?
Connect Biopharma Holdings Ltd (CNTB) had $56.1M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Connect Biopharma Holdings Ltd's capital expenditures?
Connect Biopharma Holdings Ltd (CNTB) invested $434K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Connect Biopharma Holdings Ltd spend on research and development?
Connect Biopharma Holdings Ltd (CNTB) invested $37.8M in research and development during fiscal year 2025.
What is Connect Biopharma Holdings Ltd's current ratio?
Connect Biopharma Holdings Ltd (CNTB) had a current ratio of 3.74 as of fiscal year 2025, which is generally considered healthy.
What is Connect Biopharma Holdings Ltd's debt-to-equity ratio?
Connect Biopharma Holdings Ltd (CNTB) had a debt-to-equity ratio of 0.34 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Connect Biopharma Holdings Ltd's return on assets (ROA)?
Connect Biopharma Holdings Ltd (CNTB) had a return on assets of -98.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Connect Biopharma Holdings Ltd's Altman Z-Score?
Connect Biopharma Holdings Ltd (CNTB) has an Altman Z-Score of -6.38, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Connect Biopharma Holdings Ltd's Piotroski F-Score?
Connect Biopharma Holdings Ltd (CNTB) has a Piotroski F-Score of 1 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Connect Biopharma Holdings Ltd's earnings high quality?
Connect Biopharma Holdings Ltd (CNTB) reported a net loss of $55.5M while operations used $51.2M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.