Connect Biopharma Q3 net loss $17.2M; cash $54.8M; Seabreeze STAT studies on track for 1H26 topline

Connect Biopharma Holdings Ltd

2025-Q3 EPS reported -$0.73 vs consensus -$1.01 ▲ beat (+28.0%)

Net loss of $17.2M ($0.31 per share) in Q3 2025 vs $12.9M ($0.23) in Q3 2024; 9-month net loss $40.4M ($0.73) vs $6.7M ($0.12).
License revenue dropped to $16K (Q3) and $64K (9M) from $1.2M and $25.3M in prior-year periods due to upfront and milestone recognition in 2024.
R&D expense increased to $11.1M (Q3) from $9.0M, reflecting initiation of Phase 2 Seabreeze STAT asthma/COPD studies.
Simcere NDA for rademikibart in atopic dermatitis accepted by China NMPA; Connect eligible for up to ~$110M in milestones plus tiered royalties.
Phase 2 Seabreeze STAT studies recruiting participants; topline data expected 1H2026. Cash position of $54.8M expected to fund operations into 2027.

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