Connect Biopharma Holdings Limited (CNTB) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 10, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 12, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the CNTB SEC filings page.
Connect Biopharma Holdings Limited (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 research-led: reported sales fell to $64K while annual cash needs stayed above $50M .
In 2025, R&D was over 500x reported revenue and operating cash outflow reached$51.2M ; the business is funding development rather than converting sales into cash.
Operating cash outflow widened from
The balance-sheet cushion narrowed: the current ratio fell from 11.5x to 3.7x as the latest period combined lower assets with higher liabilities. Reported liquidity equaled 10.4 months of the latest annual operating outflow, so funding capacity is being assessed against spending rather than sales.
Financial Health Signals
Connect Biopharma Holdings Limited 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 Limited scores -10.29, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($54.8M) 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 Limited 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 Limited 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 Limited generated $2.8M in revenue in Q2 2026. This represents an increase of 5666.7% from the same quarter a year earlier. Against the prior quarter it is up 1537.9%.
Connect Biopharma Holdings Limited's EBITDA was -$17.4M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 31.6% from the same quarter a year earlier. Against the prior quarter it is up 10.3%.
Connect Biopharma Holdings Limited reported -$17.3M in net income in Q2 2026. This represents a decrease of 34.0% from the same quarter a year earlier. Against the prior quarter it is up 10.9%.
Connect Biopharma Holdings Limited earned -$0.27 per diluted share (EPS) in Q2 2026. This represents a decrease of 17.4% from the same quarter a year earlier. Against the prior quarter it is up 20.6%.
Cash & Balance Sheet
Connect Biopharma Holdings Limited recorded an outflow of $15.9M in free cash flow in Q2 2026, representing a cash shortfall after capex. This represents a decrease of 23.5% from the same quarter a year earlier. Against the prior quarter it is up 0.5%.
Connect Biopharma Holdings Limited held $27.0M in cash as of Q2 2026; long-term debt is not reported for that period.
Not reported for Q2 2026.
Margins & Returns
Connect Biopharma Holdings Limited's ROE was -64.3% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is down 46.3 percentage points from the same quarter a year earlier. Against the prior quarter it is down 18.8 percentage points.
Not reported for Q2 2026.
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
Connect Biopharma Holdings Limited invested $16.3M in research and development in Q2 2026. This represents an increase of 85.5% from the same quarter a year earlier. Against the prior quarter it is up 8.3%.
Connect Biopharma Holdings Limited reported no capital expenditure in Q2 2026. This represents a decrease of 100.0% from the same quarter a year earlier.
Not reported for Q2 2026.
CNTB Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $2.8M+5666.7% | $169K | N/A | $16K-98.7% | $48K-99.8% | $0 | N/A | $1.2M |
| R&D Expenses | $16.3M+85.5% | $15.0M+126.6% | N/A | $11.1M+23.3% | $8.8M+64.0% | $6.6M-23.4% | N/A | $9.0M |
| SG&A Expenses | $4.1M-12.8% | $4.7M-1.4% | N/A | $6.6M+8.7% | $4.7M-8.3% | $4.8M+21.3% | N/A | $6.1M |
| Operating Income | -$17.6M-31.1% | -$19.6M-71.3% | N/A | -$17.7M-27.7% | -$13.4M-198.4% | -$11.4M+9.4% | N/A | -$13.8M |
| EBITDA | -$17.4M-31.6% | -$19.4M-72.5% | N/A | -$17.5M-28.0% | -$13.3M-196.0% | -$11.3M+9.6% | N/A | -$13.7M |
| Income Tax | $60K+9.1% | $48K-11.1% | N/A | $61K+7.0% | $55K+83.3% | $54K+80.0% | N/A | $57K |
| Net Income | -$17.3M-34.0% | -$19.4M-88.8% | N/A | -$17.2M-33.6% | -$12.9M-186.9% | -$10.3M-18.2% | N/A | -$12.9M |
| EPS (Basic) | -$0.27-17.4% | -$0.34-78.9% | -$0.27-68.8% | -$0.31-34.8% | -$0.23-185.2% | -$0.19-18.8% | -$0.16 | -$0.23 |
| EPS (Diluted) | -$0.27-17.4% | -$0.34-78.9% | -$0.27-68.8% | -$0.31-34.8% | -$0.23-185.2% | -$0.19-18.8% | -$0.16 | -$0.23 |
| Diluted Shares (Avg) | 63M+13.3% | 57M+2.2% | N/A | 56M+0.8% | 55M-0.4% | 55M+0.5% | N/A | 55M |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, Interest Expense.
CNTB Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $43.5M-47.4% | $60.1M-35.2% | $56.1M-44.6% | $67.4M | $82.7M | $92.7M | $101.3M-20.5% | N/A |
| Current Assets | $38.6M-50.3% | $55.0M-37.3% | $50.9M-47.5% | $62.6M | $77.8M | $87.8M | $97.0M-20.9% | N/A |
| Cash & Equivalents | $27.0M-33.5% | $46.0M-3.5% | $38.3M-51.0% | $37.8M-61.1% | $40.6M-63.0% | $47.7M-58.2% | $78.2M-26.0% | $97.2M |
| Short-Term Investments | $4.5M-85.6% | $0-100.0% | $6.0M-61.2% | $16.9M | $31.1M | $36.3M | $15.5M+22.4% | $0 |
| Accounts Receivable | $2.9M | $0-100.0% | $13K-98.4% | $17K | $0 | $8K | $789K | N/A |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $16.6M+45.9% | $17.4M+78.2% | $14.1M+54.6% | $12.0M | $11.4M | $9.8M | $9.1M-64.8% | N/A |
| Current Liabilities | $16.3M+51.8% | $17.0M+99.0% | $13.6M+60.9% | $11.4M | $10.7M | $8.6M | $8.5M-66.5% | N/A |
| Non-Current Liabilities | $310K-51.7% | $398K-67.4% | $482K-26.5% | $563K | $642K | $1.2M | $656K+12.1% | N/A |
| Total Equity | $26.9M-62.3% | $42.6M-48.6% | $42.0M-54.5% | $55.4M-45.0% | $71.3M-35.7% | $82.9M-11.7% | $92.2M-9.2% | $100.6M |
| Retained Earnings | -$437.5M-18.7% | -$420.2M-18.2% | -$400.8M-16.1% | -$385.7M | -$368.5M | -$355.6M | -$345.4M-4.7% | N/A |
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. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$15.9M-26.5% | -$16.0M-60.7% | -$11.3M-385.1% | -$17.4M-33.8% | -$12.6M-63.6% | -$10.0M-1585.1% | -$2.3M | -$13.0M |
| Depreciation & Amortization | $161K-5.8% | $164K-5.2% | $181K+14.6% | $179K+1.7% | $171K+5.6% | $173K+5.5% | $158K | $176K |
| Stock-Based Compensation | $1.3M+32.6% | $1.2M+27.3% | N/A | $916K-54.7% | $951K-52.2% | $942K-28.4% | N/A | $2.0M |
| Capital Expenditures | $0-100.0% | $0-100.0% | $16K-94.9% | $34K-76.9% | $303K+4.5% | $81K | $313K | $147K |
| Free Cash Flow | -$15.9M-23.5% | -$16.0M-59.4% | -$11.3M-328.0% | -$17.4M-32.6% | -$12.9M-61.5% | -$10.0M-1598.8% | -$2.6M | -$13.2M |
| Investing Cash Flow | -$4.5M-187.1% | $6.0M+129.1% | $11.0M+169.7% | $14.3M+9859.2% | $5.1M+59.8% | -$20.6M-323.1% | -$15.8M | -$147K |
| Financing Cash Flow | $1.3M+724.2% | $17.6M+881000.0% | $715K+574.5% | $215K | $161K+33.1% | $2K | $106K | $0 |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
CNTB Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | -636.0% | -11601.8% | N/A | -110481.3% | -27966.7% | N/A | N/A | -1135.8% |
| Net Margin | -624.4% | -11478.1% | N/A | -107500.0% | -26872.9% | N/A | N/A | -1056.3% |
| Return on Equity | -64.3%-46.3pp | -45.5%-33.1pp | N/A | -31.1%-18.3pp | -18.1%-31.5pp | -12.4%-3.1pp | N/A | -12.8% |
| Return on Assets | -39.8%-24.2pp | -32.3%-21.2pp | N/A | -25.5% | -15.6% | -11.1% | N/A | N/A |
| Current Ratio | 2.37-4.9x | 3.23-7.0x | 3.74-7.7x | 5.48 | 7.24 | 10.25 | 11.46+6.6x | N/A |
| Debt-to-Equity | 0.62+0.5x | 0.41+0.3x | 0.34+0.2x | 0.22 | 0.16 | 0.12 | 0.10-0.2x | N/A |
| Asset Turnover | 0.06+0.1x | 0.000.0x | N/A | 0.00 | 0.00 | 0.00 | N/A | N/A |
| FCF Margin | -575.2% | -9470.4% | N/A | -109000.0% | -26862.5% | N/A | N/A | -1079.1% |
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.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Connect Biopharma Holdings Limited CNTB | FY2025 | $64K | -$55.5M | N/A | $54.8M | — |
| Coya Therapeutics, Inc. COYA | FY2025 | $7.9M | -$21.2M | N/A | $116.1M | 63/100 |
| Ovid Therapeutics Inc. OVID | FY2025 | $7.3M | -$17.4M | N/A | $480.4M | 66/100 |
| InflaRx N.V. IFRX | FY2025 | $20K | N/A | N/A | $235.8M | — |
| Shattuck Labs, Inc. STTK | FY2025 | $1.0M | -$48.8M | N/A | $599.2M | 59/100 |
| VAXART INC VXRT | FY2025 | $237.3M | $16K | 0.0% | $103.2M | — |
Where Connect Biopharma Holdings Limited Ranks
Frequently Asked Questions
What is Connect Biopharma Holdings Limited's annual revenue?
Connect Biopharma Holdings Limited (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 Limited's revenue growing?
Connect Biopharma Holdings Limited (CNTB) revenue declined by 99.8% year-over-year, from $26.0M to $64K in fiscal year 2025.
Is Connect Biopharma Holdings Limited profitable?
No, Connect Biopharma Holdings Limited (CNTB) reported a net income of -$55.5M in fiscal year 2025.
What is Connect Biopharma Holdings Limited's EBITDA?
Connect Biopharma Holdings Limited (CNTB) had EBITDA of -$57.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Connect Biopharma Holdings Limited's return on equity (ROE)?
Connect Biopharma Holdings Limited (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 Limited's free cash flow?
Connect Biopharma Holdings Limited (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 Limited's operating cash flow?
Connect Biopharma Holdings Limited (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 Limited's total assets?
Connect Biopharma Holdings Limited (CNTB) had $56.1M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Connect Biopharma Holdings Limited's capital expenditures?
Connect Biopharma Holdings Limited (CNTB) invested $434K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Connect Biopharma Holdings Limited spend on research and development?
Connect Biopharma Holdings Limited (CNTB) invested $37.8M in research and development during fiscal year 2025.
What is Connect Biopharma Holdings Limited's current ratio?
Connect Biopharma Holdings Limited (CNTB) had a current ratio of 3.74 as of fiscal year 2025, which is generally considered healthy.
What is Connect Biopharma Holdings Limited's debt-to-equity ratio?
Connect Biopharma Holdings Limited (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 Limited's return on assets (ROA)?
Connect Biopharma Holdings Limited (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 Limited's P/E ratio?
Connect Biopharma Holdings Limited (CNTB) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (FY2025). The market capitalization is $54.8M as of Oct 10, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Connect Biopharma Holdings Limited's price-to-sales ratio?
Connect Biopharma Holdings Limited (CNTB) trades at 856x sales, its market capitalization divided by revenue of $64K revenue, FY2025. The market capitalization is $54.8M as of Oct 10, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
How does Connect Biopharma Holdings Limited's liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Connect Biopharma Holdings Limited (CNTB) held $44.3M in cash, cash equivalents and investments, and reported an operating cash outflow of $51.2M over that year. Dividing the one by the other, the reported balance equals about 10 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
What is Connect Biopharma Holdings Limited's Altman Z-Score?
Connect Biopharma Holdings Limited (CNTB) has an Altman Z-Score of -10.29, 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 Limited's Piotroski F-Score?
Connect Biopharma Holdings Limited (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 Limited's earnings high quality?
Connect Biopharma Holdings Limited (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.