What is Connect Biopharma Holdings Ltd's earnings per share (EPS)?

Connect Biopharma Holdings Ltd (CNTB) reported diluted earnings per share of $-1.00 for fiscal year 2025. This represents a -257.1% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Connect Biopharma Holdings Ltd Financials

CNTB

Source SEC Filings (10-K/10-Q) Data as of Mar 31, 2026 Currency USD FYE December

This page shows Connect Biopharma Holdings Ltd (CNTB) financial statements, including the 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).

Rhea AI CNTB FY2025 2026-05-12

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 $38.3M sat well above current liabilities of $13.6M, so near-term bills were covered even as operations consumed cash. That combination describes liquidity without self-funding: the company can cover near-term obligations, but internal cash generation remains negative.

Across FY2023-FY2025, annual operating cash burn stayed in a fairly tight band between -$23.6M and -$51.2M, which suggests spending is driven more by development cadence than by sales volume. With liabilities only $14.1M at FY2025 year-end, financing pressure comes more from sustaining research and corporate overhead than from debt service.

Financial Health Signals

Financial health score pending refresh

We are recalculating Connect Biopharma Holdings Ltd's peer-relative financial health score against the latest fiscal year. It will appear here once the refresh completes. The signals and metrics below are current.

Altman Z-Score Distress

-6.68

Connect Biopharma Holdings Ltd scores -6.68, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($139.8M) 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.

Piotroski F-Score Partial

1/7

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.

Earnings Quality Low Quality

0.92x

For every $1 of reported earnings, Connect Biopharma Holdings Ltd generates $0.92 in operating cash flow (-$51.2M OCF vs -$55.5M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Revenue

$64K

YoY-99.8%

Connect Biopharma Holdings Ltd generated $64K in revenue in fiscal year 2025. This represents a decrease of 99.8% from the prior year.

EBITDA

-$57.4M

YoY-163.3%

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.

Net Income

-$55.5M

YoY-255.0%

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.

EPS (Diluted)

$-1.00

YoY-257.1%

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

Free Cash Flow

-$51.6M

YoY-112.0%

Connect Biopharma Holdings Ltd generated -$51.6M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 112.0% from the prior year.

Cash & Debt

$38.3M

YoY-51.0%

Connect Biopharma Holdings Ltd held $38.3M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

56M

YoY+2.0%

Connect Biopharma Holdings Ltd had 56M shares outstanding in fiscal year 2025. This represents an increase of 2.0% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

-90740.6%

YoY-90654.4pp

Connect Biopharma Holdings Ltd's operating margin was -90740.6% in fiscal year 2025, reflecting core business profitability. This is down 90654.4 percentage points from the prior year.

Net Margin

-86687.5%

YoY-86627.5pp

Connect Biopharma Holdings Ltd's net profit margin was -86687.5% in fiscal year 2025, showing the share of revenue converted to profit. This is down 86627.5 percentage points from the prior year.

Return on Equity

-132.2%

YoY-115.2pp

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.

Capital Allocation

R&D Spending

$37.8M

YoY+29.2%

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.

Share Buybacks

N/A

Capital Expenditures

$434K

YoY-42.1%

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.

CNTB Income Statement

Metric	FY25	FY24	FY23
Revenue	$64K-99.8%	$26.0M	$0
Cost of Revenue	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A
R&D Expenses	$37.8M+29.2%	$29.3M-44.8%	$53.0M
SG&A Expenses	$20.3M+5.8%	$19.2M+19.8%	$16.1M
Operating Income	-$58.1M-158.7%	-$22.5M+67.5%	-$69.1M
Interest Expense	N/A	N/A	N/A
Income Tax	$197K-11.7%	$223K+85.8%	$120K
Net Income	-$55.5M-255.0%	-$15.6M+74.8%	-$62.1M
EPS (Diluted)	$-1.00-257.1%	$-0.28+75.2%	$-1.13

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	$169K	N/A	$16K-66.7%	$48K	$0	N/A	$1.2M-94.9%	$24.1M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$15.0M	N/A	$11.1M+26.6%	$8.8M+32.3%	$6.6M	N/A	$9.0M+68.5%	$5.3M
SG&A Expenses	$4.7M	N/A	$6.6M+40.1%	$4.7M-2.4%	$4.8M	N/A	$6.1M+18.2%	$5.1M
Operating Income	-$19.6M	N/A	-$17.7M-31.7%	-$13.4M-17.3%	-$11.4M	N/A	-$13.8M-201.5%	$13.6M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$48K	N/A	$61K+10.9%	$55K+1.9%	$54K	N/A	$57K+90.0%	$30K
Net Income	-$19.4M	N/A	-$17.2M-33.3%	-$12.9M-25.6%	-$10.3M	N/A	-$12.9M-186.7%	$14.8M
EPS (Diluted)	$-0.34	N/A	$-0.31-34.8%	$-0.23-21.1%	$-0.19	N/A	$-0.23-185.2%	$0.27

CNTB Balance Sheet

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
Inventory	N/A	N/A	N/A
Accounts Receivable	$13K-98.4%	$789K	$0
Goodwill	N/A	N/A	N/A
Total Liabilities	$14.1M+54.6%	$9.1M-64.8%	$25.9M
Current Liabilities	$13.6M+60.9%	$8.5M-66.5%	$25.3M
Long-Term Debt	N/A	N/A	N/A
Total Equity	$42.0M-54.5%	$92.2M-9.2%	$101.5M
Retained Earnings	-$400.8M-16.1%	-$345.4M-4.7%	-$329.7M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$60.1M+7.1%	$56.1M-16.8%	$67.4M-18.6%	$82.7M-10.7%	$92.7M-8.5%	$101.3M	N/A	N/A
Current Assets	$55.0M+8.0%	$50.9M-18.6%	$62.6M-19.5%	$77.8M-11.4%	$87.8M-9.5%	$97.0M	N/A	N/A
Cash & Equivalents	$46.0M+20.1%	$38.3M+1.3%	$37.8M-6.9%	$40.6M-14.8%	$47.7M-39.0%	$78.2M-19.5%	$97.2M-11.5%	$109.8M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$0-100.0%	$13K-23.5%	$17K	$0-100.0%	$8K-99.0%	$789K	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$17.4M+23.8%	$14.1M+17.6%	$12.0M+5.3%	$11.4M+16.3%	$9.8M+7.3%	$9.1M	N/A	N/A
Current Liabilities	$17.0M+25.2%	$13.6M+19.1%	$11.4M+6.4%	$10.7M+25.4%	$8.6M+1.2%	$8.5M	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$42.6M+1.5%	$42.0M-24.2%	$55.4M-22.4%	$71.3M-13.9%	$82.9M-10.1%	$92.2M-8.4%	$100.6M-9.3%	$110.9M
Retained Earnings	-$420.2M-4.8%	-$400.8M-3.9%	-$385.7M-4.7%	-$368.5M-3.6%	-$355.6M-3.0%	-$345.4M	N/A	N/A

CNTB Cash Flow Statement

Metric	FY25	FY24	FY23
Operating Cash Flow	-$51.2M-116.9%	-$23.6M+50.5%	-$47.7M
Capital Expenditures	$434K-42.1%	$750K+825.9%	$81K
Free Cash Flow	-$51.6M-112.0%	-$24.4M+49.1%	-$47.8M
Investing Cash Flow	$9.8M+384.5%	-$3.5M-104.6%	$75.0M
Financing Cash Flow	$1.1M+381.5%	$227K+404.4%	$45K
Dividends Paid	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	-$16.0M-42.3%	-$11.3M+35.4%	-$17.4M-38.2%	-$12.6M-26.4%	-$10.0M-329.5%	-$2.3M+82.2%	-$13.0M-69.0%	-$7.7M
Capital Expenditures	$0-100.0%	$16K-52.9%	$34K-88.8%	$303K+274.1%	$81K-74.1%	$313K+112.9%	$147K-49.3%	$290K
Free Cash Flow	-$16.0M-42.1%	-$11.3M+35.4%	-$17.4M-35.3%	-$12.9M-28.4%	-$10.0M-281.5%	-$2.6M+80.0%	-$13.2M-64.7%	-$8.0M
Investing Cash Flow	$6.0M-45.4%	$11.0M-23.4%	$14.3M+179.7%	$5.1M+124.8%	-$20.6M-30.9%	-$15.8M-10623.8%	-$147K-104.6%	$3.2M
Financing Cash Flow	$17.6M+2364.6%	$715K+232.6%	$215K+33.5%	$161K+7950.0%	$2K-98.1%	$106K	$0-100.0%	$121K
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

CNTB Financial Ratios

Metric	FY25	FY24	FY23
Gross Margin	N/A	N/A	N/A
Operating Margin	-90740.6%-90654.4pp	-86.2%	N/A
Net Margin	-86687.5%-86627.5pp	-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	3.74-7.7	11.46+6.6	4.85
Debt-to-Equity	0.34+0.2	0.10-0.2	0.26
FCF Margin	-80687.5%-80593.9pp	-93.6%	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	-11601.8%	N/A	-110481.3%-82514.6pp	-27966.7%	N/A	N/A	-1135.8%-1192.4pp	56.6%
Net Margin	-11478.1%	N/A	-107500.0%-80627.1pp	-26872.9%	N/A	N/A	-1056.3%-1117.8pp	61.6%
Return on Equity	-45.5%	N/A	-31.1%-13.0pp	-18.1%-5.7pp	-12.4%	N/A	-12.8%-26.2pp	13.4%
Return on Assets	-32.3%	N/A	-25.5%-9.9pp	-15.6%-4.5pp	-11.1%	N/A	N/A	N/A
Current Ratio	3.23-0.5	3.74-1.7	5.48-1.8	7.24-3.0	10.25-1.2	11.46	N/A	N/A
Debt-to-Equity	0.41+0.1	0.34+0.1	0.22+0.1	0.16+0.0	0.12+0.0	0.10	N/A	N/A
FCF Margin	-9470.4%	N/A	-109000.0%-82137.5pp	-26862.5%	N/A	N/A	-1079.1%-1046.0pp	-33.1%

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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, with a net profit margin of -86687.5%.

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 operating margin?

Connect Biopharma Holdings Ltd (CNTB) had an operating margin of -90740.6% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Connect Biopharma Holdings Ltd's net profit margin?

Connect Biopharma Holdings Ltd (CNTB) had a net profit margin of -86687.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

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) generated -$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) generated -$51.2M in operating cash flow during fiscal year 2025, representing cash generated from 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.

How many shares does Connect Biopharma Holdings Ltd have outstanding?

Connect Biopharma Holdings Ltd (CNTB) had 56M shares outstanding as of 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 cash runway?

Based on fiscal year 2025 data, Connect Biopharma Holdings Ltd (CNTB) had $38.3M in cash against an annual operating cash burn of $51.2M. This gives an estimated cash runway of approximately 9 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Connect Biopharma Holdings Ltd's Altman Z-Score?

Connect Biopharma Holdings Ltd (CNTB) has an Altman Z-Score of -6.68, 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) has an earnings quality ratio of 0.92x, considered low quality (accrual-driven). 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.