# Connect Biopharma Holdings Ltd. (CNTB)

**Exchange:** NASDAQ  
**Sector:** Healthcare  
**Market cap:** $117M  
**Price:** $2.10 (+0.96%)

> Connect Biopharma Holdings Ltd. is a global clinical-stage biopharmaceutical company focused on developing innovative therapies for T cell-driven inflammatory diseases. Headquartered in San Diego, California with operations in the United States and China, the company builds a pipeline of proprietary small molecules and antibodies using functional T cell assays to identify and validate therapeutic targets. Its lead product candidate, rademikibart, is an antibody targeting interleukin-4 receptor alpha currently in Phase 3 clinical development for atopic dermatitis and asthma. The company's second product candidate, icanbelimod, is an oral small molecule modulator of Sphingosine 1-Phosphate Receptor 1 in Phase 2 development for ulcerative colitis and Crohn's disease. Connect Biopharma aims to improve treatment outcomes for patients with chronic inflammatory conditions by leveraging advanced immunological research and targeted drug development strategies.

## Income Statement (Annual, USD)

| Fiscal Year | Revenue | Gross Profit | Operating Income | Net Income | EPS (dil.) |
| --- | --- | --- | --- | --- | --- |
| 2025 | $64,000 | — | -$58M | -$55M | — |
| 2024 | $26M | — | -$22M | -$16M | — |
| 2023 | — | — | -$69M | -$62M | — |

## Balance Sheet (Annual, USD)

| Fiscal Year | Total Assets | Total Liabilities | Equity | Cash | Long-term Debt |
| --- | --- | --- | --- | --- | --- |
| 2025 | $56M | $14M | $42M | $38M | — |
| 2024 | $101M | $9M | $92M | $78M | — |
| 2023 | $127M | $26M | $101M | $106M | — |

## Cash Flow (Annual, USD)

| Fiscal Year | Operating Cash Flow | CapEx | Free Cash Flow |
| --- | --- | --- | --- |
| 2025 | -$51M | $434,000 | -$52M |
| 2024 | -$24M | $750,000 | -$24M |
| 2023 | -$48M | $81,000 | -$48M |

Source: [CompaniesByCap](https://companiesbycap.com/company/CNTB)