Connect Biopharma reported a net loss of $10.3 million for the first quarter of 2025, an increase from the $8.7 million net loss reported for the same period in 2024. Research and development expenses decreased to $6.6 million in Q1 2025 from $8.7 million in Q1 2024, primarily due to decreased rademikibart development costs.
General and administrative expenses increased to $4.8 million in Q1 2025 from $4.0 million in Q1 2024, mainly driven by higher professional fees associated with the company's U.S.-centric strategic shift and increased personnel costs. Other income, net, decreased to $1.2 million in Q1 2025 from $4.0 million in Q1 2024.
As of March 31, 2025, the company held $84.0 million in cash, cash equivalents, and short-term investments. Net cash used in operating activities increased to $10.0 million for Q1 2025, compared to $0.6 million for the same period in 2024. Management projects existing cash will fund operations into 2027.
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