---
schema_version: "secwatch.filing_event.v1"
accession: "0001835268-25-000057"
form_type: "8-K"
ticker: "CNTB"
cik: "0001835268"
company_name: "Connect Biopharma Holdings Ltd"
filed_at: "2025-11-12T23:59:59+00:00"
generated_at: "2026-05-16T21:29:59.827965+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001835268-25-000057
- form_type: 8-K
- ticker: CNTB
- cik: 0001835268
- company_name: Connect Biopharma Holdings Ltd
- filed_at: 2025-11-12T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1835268/000183526825000057/0001835268-25-000057-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1835268/000183526825000057/cntb-20251112.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001835268-25-000057
- JSON: https://secwatch.observer/filing/0001835268-25-000057.json
- Plain text: https://secwatch.observer/filing/0001835268-25-000057.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.