nect Biopharma (CNTB) - 2025 Q2 - Quarterly Results

Financial Performance - Connect Biopharma reported a net loss of $12.9 million, or $0.23 per share, for the three months ended June 30, 2025, compared to a net income of $14.8 million, or $0.27 per share, for the same period in 2024[7]. - License and collaboration revenues for the three months ended June 30, 2025, were $48,000, a significant decrease from $24.1 million for the same period in 2024[7]. - Total operating expenses for the three months ended June 30, 2025, were $13.5 million, compared to $10.5 million for the same period in 2024[7]. Research and Development - Research and development expenses increased to $8.8 million for the three months ended June 30, 2025, compared to $5.3 million for the same period in 2024, primarily due to costs associated with the Phase 2 clinical trials[7]. - The company is currently recruiting participants for the Phase 2 Seabreeze STAT studies, with topline data expected in the first half of 2026[3]. Cash and Investments - Cash, cash equivalents, and short-term investments were $71.8 million as of June 30, 2025, expected to fund operations into 2027[7]. - Cash, cash equivalents, and short-term investments decreased from $93.708 billion to $71.768 billion, a decline of approximately 23.3%[18]. Assets and Equity - Total assets decreased from $101.284 billion to $82.725 billion, representing a reduction of about 18.4%[18]. - Total shareholders' equity decreased from $92.166 billion to $71.342 billion, a decline of approximately 22.6%[18]. Corporate Developments - Connect Biopharma's exclusive licensee in China, Simcere, submitted a new drug application for rademikibart for atopic dermatitis to the NMPA, with potential milestone payments up to $110 million[5]. - The company plans to terminate its ADR program and directly list ordinary shares on Nasdaq to enhance institutional visibility and reduce fees[5]. - The company appointed Jim Schoeneck to the Board of Directors, bringing expertise in product development and commercialization[7]. General and Administrative Expenses - General and administrative expenses for the three months ended June 30, 2025, were $4.7 million, a decrease from $5.1 million for the same period in 2024[7].