Connect Biopharma Holdings Limited
CNTBHealthcare|Biotechnology|US
$0.73
-0.00 (-0.41%)
DCF Value
$0.65
Tangible Book / Share
$0.43
Cash / Share
$0.50
Financials
Financial Snapshot
Market Cap
$45.9M
Enterprise Value
$19.5M
Revenue (TTM)
$3.7M
Net Income (TTM)
-$73.6M
Cash & Investments
$31.5M
Net Cash
$30.9M
Free Cash Flow (TTM)
-$60.7M
Operating CF (TTM)
-$60.1M
Debt/Equity
0.02
Cash Runway & Burn Rate
Cash on Hand
$31.5M
Quarterly Burn
$15.0M
Monthly Burn
$5.0M
Est. Runway
~2.1 quarters
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $7.0M | $24.0M | $267.7M | $152.4M | $118.3M | $93.7M | $44.3M | $31.5M | |
| Operating Cash Flow | -$13.1M | -$25.6M | -$85.6M | -$99.3M | -$47.9M | -$23.6M | -$51.2M | -$60.1M | |
| Free Cash Flow | -$13.2M | -$28.0M | -$93.0M | -$103.6M | -$48.2M | -$24.4M | -$51.6M | -$60.7M | |
| Capital Expenditure | -$155.5K | -$2.3M | -$7.5M | -$4.3M | -$294.0K | -$750.0K | -$434.0K | -$615.1K | |
| Financing Cash Flow | -$57.5K | $140.7M | $206.7M | -$91.3K | -$246.0K | $227.0K | $1.1M | $20.1M |
R&D Spending
R&D (TTM)
$42.6M
R&D Intensity
1155.7%
R&D Growth vs Prior
+12.6%
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $26.0M | $64.0K | $3.7M | |
| R&D Expense | $15.4M | $23.1M | $80.5M | $96.6M | $53.0M | $29.3M | $37.8M | $42.6M | |
| R&D % of Revenue | — | — | — | — | — | 112.4% | 59059.4% | 1155.7% | |
| SG&A | $1.4M | $7.3M | $19.0M | $20.8M | $16.1M | $19.2M | $20.3M | $17.1M |
Income Statement
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $26.0M | $64.0K | $3.7M | |
| Cost of Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Gross Profit | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $26.0M | $64.0K | $3.7M | |
| R&D | $15.4M | $23.1M | $80.5M | $96.6M | $53.0M | $29.3M | $37.8M | $42.6M | |
| SG&A | $1.4M | $7.3M | $19.0M | $20.8M | $16.1M | $19.2M | $20.3M | $17.1M | |
| Operating Income | -$16.0M | -$30.3M | -$98.1M | -$119.3M | -$69.1M | -$22.5M | -$58.1M | -$75.8M | |
| Interest Expense | $7.7K | $6.4K | $6.9K | $21.0K | $0.00 | $0.00 | $0.00 | $0.00 | |
| Pretax Income | -$24.5M | -$119.4M | -$202.0M | -$117.8M | -$62.0M | -$15.4M | -$55.3M | -$73.3M | |
| Net Income | -$24.5M | -$119.4M | -$202.3M | -$118.1M | -$62.1M | -$15.6M | -$55.5M | -$73.6M | |
| EPS (Diluted) | -3.02 | -14.45 | -25.00 | -14.50 | -1.08 | -0.28 | -1.00 | -1.53 | |
| EBITDA | -$24.8M | -$118.2M | -$201.4M | -$116.7M | -$61.3M | -$14.7M | -$54.6M | -$73.1M | |
| Shares Out. (M) | 55.82 | 53.94 | 52.27 | 55.04 | 55.07 | 55.21 | 55.66 | 62.88 |
Balance Sheet
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $6.4M | $23.7M | $267.7M | $79.0M | $105.7M | $78.2M | $38.3M | $27.0M | |
| Short-Term Investments | $635.1K | $306.4K | $0.00 | $73.4M | $12.6M | $15.5M | $6.0M | $4.5M | |
| Total Current Assets | $7.5M | $24.8M | $275.1M | $155.8M | $122.6M | $97.0M | $50.9M | $38.6M | |
| Total Assets | $7.7M | $25.4M | $291.1M | $174.0M | $127.4M | $101.3M | $56.1M | $43.5M | |
| Total Current Liabilities | $568.1K | $890.9K | $18.0M | $15.6M | $25.3M | $8.5M | $13.6M | $16.3M | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Liabilities | $13.9M | $49.5M | $18.8M | $16.5M | $25.9M | $9.1M | $14.1M | $16.6M | |
| Stockholders' Equity | -$6.2M | -$24.0M | $272.3M | $157.5M | $101.5M | $92.2M | $42.0M | $26.9M | |
| Retained Earnings | -$6.1M | -$25.1M | -$361.8M | -$479.8M | -$329.7M | -$345.4M | -$400.8M | -$437.5M |
Cash Flow Statement
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$13.1M | -$25.6M | -$85.6M | -$99.3M | -$47.9M | -$23.6M | -$51.2M | -$60.1M | |
| Capital Expenditure | -$155.5K | -$2.3M | -$7.5M | -$4.3M | -$294.0K | -$750.0K | -$434.0K | -$615.1K | |
| Free Cash Flow | -$13.2M | -$28.0M | -$93.0M | -$103.6M | -$48.2M | -$24.4M | -$51.6M | -$60.7M | |
| Investing Cash Flow | -$484.7K | $449.2K | -$5.3M | -$83.4M | $75.2M | -$3.5M | $9.8M | $1.9M | |
| Financing Cash Flow | -$57.5K | $140.7M | $206.7M | -$91.3K | -$246.0K | $227.0K | $1.1M | $20.1M | |
| Issuance of Stock | $0.00 | $0.00 | $220.0M | $18.0K | $44.0K | $227.0K | $1.1M | $3.8M | |
| Repurchase of Stock | $0.00 | $0.00 | -$566.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | -$63.6K | -$82.4K | -$126.0K | -$222.0K | -$290.0K | $0.00 | $0.00 | $290.0K | |
| Stock Based Comp. | $562.2K | $590.6K | $1.4M | $1.0M | $3.3M | $6.7M | $3.7M | $8.3M | |
| Net Change in Cash | -$13.4M | $107.4M | $109.4M | -$168.9M | $27.0M | -$27.4M | -$39.9M | -$49.8M |
Dilution Tracker
Shares Outstanding
63M
5-Year Share Growth
+3.2%
Stock Issuance (TTM)
$3.8M
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 55.82 | 53.94 | 52.27 | 55.04 | 55.07 | 55.21 | 55.66 | 62.88 | |
| Change vs Prior % | — | -3.4% | -3.1% | 5.3% | 0.0% | 0.3% | 0.8% | 13.0% | |
| Stock Issuance | $0.00 | $0.00 | $220.0M | $18.0K | $44.0K | $227.0K | $1.1M | $3.8M | |
| Stock Repurchase | $0.00 | $0.00 | -$566.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $562.2K | $590.6K | $1.4M | $1.0M | $3.3M | $6.7M | $3.7M | $8.3M |
Margins & Profitability
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | — | — | — | — | — | 100.0% | 100.0% | 100.0% | |
| Operating Margin % | — | — | — | — | — | -86.2% | -90740.6% | -2057.6% | |
| Net Margin % | — | — | — | — | — | -60.0% | -86687.5% | -1998.3% | |
| EBITDA Margin % | — | — | — | — | — | -56.6% | -85279.7% | -1984.1% | |
| FCF Margin % | — | — | — | — | — | -93.6% | -80687.5% | -1648.4% | |
| ROE % | 395.5% | 496.7% | -74.3% | -75.0% | -61.2% | -17.0% | -132.2% | -150.5% | |
| ROA % | -316.7% | -469.3% | -69.5% | -67.9% | -48.8% | -15.4% | -98.9% | -119.1% | |
| ROIC % | -223.2% | -123.3% | -35.9% | -75.2% | -67.5% | -24.1% | -135.7% | -191.3% | |
| R&D / Revenue % | — | — | — | — | — | 112.4% | 59059.4% | 1155.7% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -99.8% | |
| Gross Profit | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -99.8% | |
| Operating Income | 0.0% | 0.0% | -89.4% | -223.8% | -21.6% | 42.1% | 67.5% | -158.7% | |
| Net Income | 0.0% | 0.0% | -387.9% | -69.4% | 41.6% | 47.4% | 74.8% | -255.0% | |
| EPS (Diluted) | 0.0% | 0.0% | -378.5% | -73.0% | 42.0% | 92.6% | 74.1% | -257.1% | |
| Operating Cash Flow | 0.0% | 0.0% | -95.6% | -234.2% | -16.0% | 51.7% | 50.7% | -116.9% | |
| Free Cash Flow | 0.0% | 0.0% | -111.0% | -232.8% | -11.3% | 53.4% | 49.5% | -112.0% | |
| R&D Expense | 0.0% | 0.0% | 49.8% | 248.1% | 20.0% | -45.1% | -44.8% | 29.2% | |
| SG&A Expense | 0.0% | 0.0% | 418.8% | 160.1% | 9.4% | -22.8% | 19.8% | 5.8% | |
| Total Assets | 0.0% | -88.8% | 229.3% | 1044.2% | -40.2% | -26.8% | -20.5% | -44.6% | |
| Book Value / Share | 0.0% | 0.0% | -302.1% | 1269.0% | -45.1% | -35.6% | -9.4% | -54.8% | |
| Debt | 0.0% | -100.0% | 17.1% | 483.9% | 244.8% | 7.9% | -61.7% | 287.6% | |
| Diluted Shares | 0.0% | 0.0% | -3.4% | -3.1% | 5.3% | 0.0% | 0.3% | 0.8% |
Valuation
P/E (TTM)At Loss
P/S15.62
P/B1.71
10Y Low / Med / High0.30 / 0.83 / 3.74
EV/EBITDAAt Loss
10Y Low / Med / High0.13 / 0.26 / 0.66
EV/Revenue6.63
P/FCFAt Loss
Intrinsic Value Models (per share)
DCF Value
$0.65
Tangible Book / Share
$0.43
Net Current Assets / Share
$0.35
Graham Net-Net
$0.27
Cash / Share
$0.50
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -6.12 | -1.28 | -0.21 | -0.06 | -1.09 | -4.93 | -2.82 | -0.83 | |
| P/S Ratio | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 2.93 | 2452.52 | 15.62 | |
| P/B Ratio | -166.87 | -41.50 | 0.99 | 0.30 | 0.64 | 0.83 | 3.74 | 1.71 | |
| EV/EBITDA | -41.38 | -8.24 | -0.01 | 0.26 | 0.66 | 0.13 | -2.19 | -0.38 | |
| EV/Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -0.07 | 1864.16 | 6.63 |
Analyst Estimates & Quality
Altman Z-Score
-15.72
Distress
Piotroski F-Score
2
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $8.2M | $15.0M | $13.4M |
| Net Income | -$55.9M | -$50.3M | -$82.9M |
| EPS | $-1.02 | $-0.81 | $-0.81 |
| # Analysts (EPS) | 5 | 5 | 5 |
Revenue Segments
By Product
| Segment | 2024 | 2025 |
|---|---|---|
| License | $24.4M | $110.0M |