Connect Biopharma disclosed its third‑quarter 2025 results, reporting a net loss of $11.1 million for the three‑month period ended September 30, 2025, compared with a $1.2 million loss in the same quarter of 2024. Revenue for the quarter was $16,000, a steep decline from $1.2 million in Q3 2024, reflecting the company’s shift from milestone‑heavy licensing income to minimal cost‑reimbursement revenue as it focuses on advancing its clinical pipeline.
The company’s cash, cash equivalents, and short‑term investments stood at $54.8 million as of September 30, 2025, down from $84 million reported in the prior year’s release. The lower balance is largely attributable to the $26.5 million in research and development expenses for the nine‑month period, up from $23.0 million in 2024, driven by the initiation of Phase 2 Seabreeze STAT studies in May 2025. The company’s operating cash flow remains positive, and the current cash runway is projected to support operations through 2027.
Connect Biopharma continues to advance its flagship product, rademikibart. Recruitment for the Phase 2 Seabreeze STAT studies is ongoing, with topline data expected in the first half of 2026. In July 2025, the company’s Greater China licensee, Simcere, received acceptance of the rademikibart NDA for atopic dermatitis from China’s National Medical Products Administration, expanding the drug’s regulatory pathway. The company also completed the termination of its American Depositary Receipt program on September 2, 2025, and its ordinary shares are now directly listed on the Nasdaq Global Market under the symbol “CNTB.”
CEO Barry Quart highlighted the significance of the ERS 2025 presentation, stating, “These data continue to expand our data package for rademikibart and reinforce its potential to deliver best‑in‑class efficacy for patients with moderate to severe asthma and COPD.” He added that the company expects to report topline data from both Seabreeze STAT studies in the first half of 2026, underscoring confidence in the clinical trajectory. Quart also noted the Nasdaq listing as a strategic move to “evolve into a U.S.‑centric company,” aiming to improve investor relations and operational efficiency.
The earnings report underscores the company’s typical loss‑making profile for a clinical‑stage biopharma, but the cash balance and ongoing clinical progress provide a runway to advance rademikibart toward regulatory approval. The sharp revenue decline is a consequence of the company’s transition from milestone‑based licensing to a focus on clinical development, while the increased R&D spend reflects investment in the next‑phase studies. Overall, the results signal continued commitment to the rademikibart program and a strategic shift toward a more U.S.‑centric corporate structure.
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