CNTB · Connect Biopharma Holdings Ltd
Connect Biopharma Holdings Limited operates as a clinical-stage biopharmaceutical company in the United States. It develops rademikibart, a human monoclonal IgG4 antibody directed against IL-4Ra in two Phase 2 trials for the treatment of acute exacerbations of asthma and chronic obstructive pulmonary disease (COPD). The company was founded in 2012 and is headquartered in San Diego, California.
Cap structure and valuation
| Cap structure | |
|---|---|
| SP | $2.41 |
| SO | 63.0M |
| Options | 15.2M |
| Warrants | 0.0M |
| FD SO | 78.1M |
| MC | $188.3M |
| Cash | $46.0M |
| Total debt | — |
| EV | $142.3M |
| TTM Multiples | |
|---|---|
| EV / Revenue | 610.6x |
| EV / EBITDA | — |
| MC / Net Income | — |
| EV / FCF | — |
| MC / FCF | — |
| Ownership & coverage | |
|---|---|
| Institutional | 55.6% |
| Insiders | 31.8% |
| # Institutions | 47 |
| Analysts | 8 |
| Consensus | Strong Buy |
| Avg target | $7.12 |
| Short % float | 3.0% |
| Days to cover | 2.98 |
MC = SP × FD SO. EV = MC + Debt − Cash. SP = previous yfinance close. Balance-sheet figures as of 2026-04-30. Multiples use TTM (sum of last 4 quarters); shown as "—" when the denominator is zero or negative, or when fewer than four quarters are reported — a partial sum is not a trailing twelve months. Ownership & coverage per Yahoo Finance as of 2026-07-13 — institutional % is 13F-based, so it can lag a quarter and exceed 100% on share-count timing. Short interest per FINRA bi-monthly reporting, as of 2026-06-29; the float denominator can be unreliable on tiny floats.
Financial statements
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Total Revenue | 0.17 | 0.00 | 0.02 | 0.05 |
| Revenue YoY % | — | (100.0%) | (98.7%) | (99.8%) |
| SG&A | 4.75 | 4.24 | 6.58 | 4.70 |
| R&D | 15.03 | 11.28 | 11.11 | 8.77 |
| Operating Income | (19.61) | (15.53) | (17.68) | (13.42) |
| Operating Income YoY % | (71.3%) | (61.4%) | (27.7%) | (198.4%) |
| Operating Margin % | (11601.8%) | — | (110481.2%) | (27966.7%) |
| EBITDA | (19.44) | (15.35) | (17.50) | (13.25) |
| EBITDA Margin % | (11504.7%) | — | (109362.5%) | (27610.4%) |
| Other Income / (Expense) | — | — | 0.54 | 0.58 |
| Pretax Income | (19.35) | (15.08) | (17.14) | (12.84) |
| Tax Provision | 0.05 | 0.03 | 0.06 | 0.06 |
| Net Income | (19.40) | (15.11) | (17.20) | (12.90) |
| Net Margin % | (11478.1%) | — | (107500.0%) | (26872.9%) |
| Diluted EPS | -$0.34 | -$0.27 | -$0.31 | -$0.23 |
| Basic EPS | -$0.34 | -$0.27 | -$0.31 | -$0.23 |
| Diluted Avg Shares | 56.5 | — | 55.7 | 55.5 |
| Basic Avg Shares | 56.5 | — | 55.7 | 55.5 |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | |
|---|---|---|---|---|
| Total Revenue | 0.23 | 0.06 | 26.03 | 0.00 |
| Revenue YoY % | 264.1% | (99.8%) | — | — |
| SG&A | 20.27 | 20.34 | 19.23 | 16.05 |
| R&D | 46.20 | 37.80 | 29.26 | 53.00 |
| Operating Income | (66.23) | (58.07) | (22.45) | (69.06) |
| Operating Income YoY % | (14.1%) | (158.7%) | 67.5% | — |
| Operating Margin % | (28426.6%) | (90740.6%) | (86.2%) | — |
| EBITDA | (65.54) | (57.37) | (21.79) | (68.34) |
| EBITDA Margin % | (28128.3%) | (89640.6%) | (83.7%) | — |
| Other Income / (Expense) | 1.82 | 2.79 | 7.05 | 7.07 |
| Pretax Income | (64.42) | (55.28) | (15.40) | (61.99) |
| Tax Provision | 0.19 | 0.20 | 0.22 | 0.12 |
| Net Income | (64.61) | (55.48) | (15.63) | (62.11) |
| Net Margin % | (27727.9%) | (86687.5%) | (60.0%) | — |
| Diluted EPS | -$1.15 | -$1.00 | -$0.28 | -$1.13 |
| Basic EPS | -$1.15 | -$1.00 | -$0.28 | -$1.13 |
| Diluted Avg Shares | 56.5 | 55.7 | 55.2 | 55.1 |
| Basic Avg Shares | 56.5 | 55.7 | 55.2 | 55.1 |
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Cash & Equivalents | 46.03 | 38.34 | 37.84 | 40.63 |
| Short-term Investments | 0.00 | 6.00 | 16.94 | 31.14 |
| Receivables | 0.00 | 0.01 | 0.02 | 0.00 |
| Other Current Assets | 8.99 | 6.57 | 7.80 | 5.99 |
| Total Current Assets | 55.02 | 50.93 | 62.60 | 77.76 |
| Net PPE | 3.70 | 3.81 | 3.94 | 4.05 |
| Operating Lease ROU | 0.65 | 0.65 | 0.74 | 0.82 |
| Intangible Assets | 0.04 | 0.04 | 0.05 | 0.05 |
| Other Assets | 0.65 | 0.65 | — | — |
| Total Assets | 60.07 | 56.08 | 67.36 | 82.72 |
| Accounts Payable | 4.31 | 1.96 | 1.99 | 2.29 |
| Current Lease Liabilities | 0.41 | 0.32 | 0.34 | 0.35 |
| Other Current Liabilities | 12.33 | 11.33 | 9.10 | 8.10 |
| Total Current Liabilities | 17.05 | 13.61 | 11.43 | 10.74 |
| Long-term Lease Liabilities | 0.29 | 0.37 | 0.45 | 0.52 |
| Total Liabilities | 17.44 | 14.10 | 11.99 | 11.38 |
| Retained Earnings | (420.23) | (400.83) | (385.73) | (368.53) |
| Total Equity | 42.62 | 41.98 | 55.37 | 71.34 |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | |
|---|---|---|---|---|
| Cash & Equivalents | 46.03 | 38.34 | 78.23 | 105.66 |
| Short-term Investments | 0.00 | 6.00 | 15.48 | 12.64 |
| Receivables | 0.00 | 0.01 | 0.79 | 0.00 |
| Other Current Assets | 8.99 | 6.57 | 2.46 | 4.25 |
| Total Current Assets | 55.02 | 50.93 | 96.96 | 122.55 |
| Net PPE | 3.70 | 3.81 | 4.05 | 4.27 |
| Operating Lease ROU | 0.65 | 0.65 | 0.19 | 0.46 |
| Intangible Assets | 0.04 | 0.04 | 0.05 | 0.06 |
| Other Assets | 0.65 | 0.65 | — | — |
| Total Assets | 60.07 | 56.08 | 101.28 | 127.38 |
| Accounts Payable | 4.31 | 1.96 | 0.34 | 2.21 |
| Current Lease Liabilities | 0.41 | 0.32 | 0.15 | 0.28 |
| Other Current Liabilities | 12.33 | 11.33 | 7.97 | 22.80 |
| Total Current Liabilities | 17.05 | 13.61 | 8.46 | 25.29 |
| Long-term Lease Liabilities | 0.29 | 0.37 | 0.02 | 0.18 |
| Other Liabilities | — | — | 0.63 | — |
| Total Liabilities | 17.44 | 14.10 | 9.12 | 25.88 |
| Retained Earnings | (420.23) | (400.83) | (345.36) | (329.73) |
| Total Equity | 42.62 | 41.98 | 92.17 | 101.50 |
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Net Income | (19.40) | (15.11) | (17.20) | (12.90) |
| D&A | 0.16 | 0.18 | 0.18 | 0.17 |
| Stock-Based Comp | 1.20 | 0.92 | 0.92 | 0.95 |
| Δ Working Cap & Other | 2.03 | 2.76 | (1.30) | (0.81) |
| Operating Cash Flow | (16.00) | (11.25) | (17.41) | (12.59) |
| CapEx | 0.00 | (0.02) | (0.03) | (0.30) |
| Other Investing | 6.00 | 11.00 | 14.38 | 5.43 |
| Investing Cash Flow | 6.00 | 10.98 | 14.35 | 5.13 |
| Stock Issuance | 0.14 | — | — | — |
| Other Financing | 17.48 | 0.71 | — | — |
| Financing Cash Flow | 17.62 | 0.71 | 0.21 | 0.16 |
| Effect of FX on Cash | 0.07 | 0.05 | 0.06 | 0.22 |
| Free Cash Flow | (16.00) | (11.27) | (17.44) | (12.89) |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | |
|---|---|---|---|---|
| Net Income | (64.61) | (55.48) | (15.63) | (62.11) |
| D&A | 0.69 | 0.70 | 0.66 | 0.72 |
| Stock-Based Comp | 3.98 | 3.73 | 6.73 | 5.40 |
| Δ Working Cap & Other | 2.68 | (0.16) | (15.37) | 8.25 |
| Operating Cash Flow | (57.25) | (51.21) | (23.61) | (47.74) |
| CapEx | (0.35) | (0.43) | (0.75) | (0.08) |
| Other Investing | 36.81 | 10.25 | (2.70) | 75.06 |
| Investing Cash Flow | 36.46 | 9.82 | (3.45) | 74.98 |
| Other Financing | 18.71 | 1.09 | — | — |
| Financing Cash Flow | 18.71 | 1.09 | 0.23 | 0.04 |
| Effect of FX on Cash | 0.41 | 0.41 | (0.59) | (0.57) |
| Free Cash Flow | (57.60) | (51.64) | (24.36) | (47.82) |
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Current Ratio | 3.23 | 3.74 | 5.48 | 7.24 |
| Quick Ratio | — | — | — | — |
| Debt / Equity | 0.41 | 0.34 | 0.22 | 0.16 |
| EBITDA Margin % | (11504.7%) | — | (109362.5%) | (27610.4%) |
| Working Capital | 37.98 | 37.32 | 51.17 | 67.02 |
| Net Debt | — | — | — | — |
| ROE % | (45.5%) | (36.0%) | (31.1%) | (18.1%) |
| ROA % | (32.3%) | (26.9%) | (25.5%) | (15.6%) |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | |
|---|---|---|---|---|
| Current Ratio | 3.23 | 3.74 | 11.46 | 4.85 |
| Quick Ratio | — | — | — | — |
| Debt / Equity | 0.41 | 0.34 | 0.10 | 0.25 |
| EBITDA Margin % | (28128.3%) | (89640.6%) | (83.7%) | — |
| Working Capital | 37.98 | 37.32 | 88.50 | 97.26 |
| Net Debt | — | — | — | — |
| ROE % | (151.6%) | (132.2%) | (17.0%) | (61.2%) |
| ROA % | (107.6%) | (98.9%) | (15.4%) | (48.8%) |
Insider activity (last 2 years)
| Date Filed | Reporter | Relationship | Trans. Date | Code | Shares | Price | Total Value |
|---|---|---|---|---|---|---|---|
| 2026-06-02 | Huang James | Director | 2026-05-29 | P | 150,000 | $2.48 | $371,610 |
| 2026-04-02 | Xanthopoulos Kleanthis Gabriel | Director | 2026-03-31 | A | 2,816 | — | $0 |
| 2026-04-02 | LIU JEAN I | Director | 2026-03-31 | A | 5,061 | — | $0 |
| 2026-04-01 | Huang James | Director | 2026-03-31 | P | 1,160,000 | $3.45 | $4,002,000 |