Connect Biopharma Q2 net loss $12.9M; cash $71.8M; ADR program termination planned

Connect Biopharma Holdings Ltd

2025-Q2 EPS reported -$0.42 vs consensus -$0.92 ▲ beat (+54.3%)

Net loss $12.9M ($0.23) vs net income $14.8M ($0.27) in Q2 2024; revenue $48K vs $24.1M.
Cash $71.8M expected to fund operations into 2027; R&D $8.8M up from $5.3M on Phase 2 trials.
Phase 2 Seabreeze STAT asthma/COPD studies recruiting; topline data expected H1 2026.
Simcere submitted NDA in China for rademikibart (AD); Connect eligible for up to $110M milestones.
Plans to terminate ADR program by Sep 2, 2025; ordinary shares to list on Nasdaq under CNTB.

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