CNTB

MKT CAP:$142M

Connect Biopharma Holdings Limited

Market Cap

$142M

Healthcare·Biotechnology·🇨🇳 China·NASDAQ

Healthcare·Biotechnology·🇨🇳·NASDAQ

Stock Price

$2.52+$0.00 (+0.00%)

Apr 23, 2026

Company Details

Connect Biopharma Holdings Limited, a clinical-stage biopharmaceutical company, focuses on the discovery and development of immune modulators for the treatment of serious autoimmune diseases and inflammation. The company's lead product cand...

CEO

Barry D. Quart

IPO Date

Mar 19, 2021

Website

www.connectbiopharm.com

Key Metrics TTM

Revenue

$48.0K

— YoY

Net Income

-$132M

EPS (Diluted)

-$2.34

Free Cash Flow

-$108M

Revenue / Share

$0.00

Gross Margin

-2053.0%

Operating Margin

-290628.0%

Net Margin

-274564.2%

FCF Margin

-225128.6%

P/S

2955.6x

P/E

—

Earnings Reports

FY 2025

Mar 31, 2026

$64.0K-99.8%EPS -$1.00

Q2 2025

Aug 13, 2025

$48.0KEPS -$0.23

FY 2024

Mar 31, 2025

$26MEPS -$0.28

Q4 2023

Apr 16, 2024

$0EPS -$0.52

Q2 2023

Jun 29, 2023

$0EPS -$0.56

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 20	$0	$0	-$9.0K
Q4 20	$0	$0	-$19.6K
Q2 21	$0	-$221.4K	-$41M
Q4 21	$0	-$412.1K	-$58M
Q4 22	$0	-$527.3K	-$54M
Q2 23	$0	-$506.1K	-$35M
Q4 23	$0	$0	-$37M
Q2 25	$48.0K	$48.0K	-$13M

Valuation

Quarter	P/S	P/E
Q2 20	—	—
Q4 20	—	—
Q2 21	—	—
Q4 21	—	—
Q4 22	—	—
Q2 23	—	—
Q4 23	—	—
Q2 25	1126.8x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 20	-$7.5K	-$7.5K
Q4 20	-$17.5K	-$19.7K
Q2 21	-$39M	-$46M
Q4 21	-$46M	-$46M
Q4 22	-$44M	-$47M
Q2 23	-$31M	-$31M
Q4 23	-$17M	-$17M
Q2 25	-$13M	-$13M

Capital Expenditures

Quarter	CapEx
Q2 20	$48
Q4 20	$2.2K
Q2 21	$7M
Q4 21	$315.6K
Q4 22	$2M
Q2 23	$285.7K
Q4 23	$8.3K
Q2 25	$303.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 22	—	+604731.1%
Q2 23	—	+177267.6%
Q4 23	—	-10.1%
Q2 25	—	-76.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 20	$225	—
Q4 20	$3.6K	—
Q2 21	$1.5K	—
Q4 21	$2.9K	—
Q4 22	$1.4K	—
Q2 23	$1.1K	—
Q4 23	$3M	—
Q2 25	$951.0K	1981.3%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q2 20	$8.4K	$1.0K	—
Q4 20	$14.1K	$6.2K	$4
Q2 21	$34M	$3.7K	$7M
Q4 21	$47M	$5.6K	$11M
Q4 22	$45M	$5.2K	$9M
Q2 23	$27M	$3.9K	$8M
Q4 23	$26M	$8M	—
Q2 25	$9M	$5M	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 18	$61M	$371.0K	$62M
Q2 19	$53M	$2M	$55M
Q4 19	$45M	$4M	$49M
Q4 20	$24M	$306.4K	$24M
Q2 21	$48M	$0	$48M
Q4 21	$42M	$0	$42M
Q2 22	$21M	$7M	$28M
Q4 22	$12M	$11M	$22M
Q2 23	$11M	$7M	$18M
Q4 23	$106M	$13M	$118M
Q2 24	$110M	$0	$110M
Q4 24	$78M	$15M	$94M
Q2 25	$41M	$31M	$72M
Q4 25	$38M	$6M	$44M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 20	55M	—	—
Q4 20	55M	0.0%	—
Q2 21	47M	-14.5%	—
Q4 21	54M	+14.5%	—
Q4 22	55M	+2.4%	+0.3%
Q2 23	55M	+0.1%	+0.3%
Q4 23	55M	+0.0%	+17.3%
Q2 25	55M	+0.8%	+3.3%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 20	—	—
Q4 20	—	—
Q2 21	—	—
Q4 21	$0	108
Q4 22	$0	100
Q2 23	$0	100
Q4 23	$0	81
Q2 25	$774	62

Revenue / Employee