Connect Biopharma (CNTB) Q4 2025 earnings summary

Executive summary

• Positive topline data released from Phase 1 IV rademikibart study in asthma and COPD, showing rapid and sustained FEV1 improvement.

• Phase 3 rademikibart study in moderate-to-severe atopic dermatitis demonstrated rapid, durable efficacy and favorable safety profile.

• Ongoing recruitment for Phase 2 Seabreeze STAT studies in acute asthma and COPD, with topline data expected mid-2026.

• $20.2 million equity financing completed, extending cash runway into the second half of 2027.

Financial highlights

• Cash, cash equivalents, and short-term investments totaled $44.3 million as of December 31, 2025.

• License and collaboration revenues were $64,000 for 2025, down from $26.0 million in 2024.

• Research and development expenses rose to $37.8 million in 2025 from $29.3 million in 2024, driven by rademikibart development.

• General and administrative expenses increased to $20.3 million in 2025 from $19.2 million in 2024.

• Net loss for 2025 was $55.5 million, or ($1.00) per share, compared to $15.6 million, or ($0.28) per share, in 2024.

Outlook and guidance

• Cash position, including proceeds from the private placement, expected to fund operations into the second half of 2027.

• Topline data from Phase 2 Seabreeze STAT asthma and COPD studies anticipated mid-2026.