Connect Biopharma 2025 Q3 Earnings Net Loss Widens by 33.6% as Revenue Plummets 98.7%

Connect Biopharma (CNTB) reported a dramatic decline in financial performance for Q3 2025, with revenue collapsing and losses widening. The company’s guidance emphasized clinical progress and regulatory milestones but did not provide explicit revenue targets.

Connect Biopharma (CNTB) reported its fiscal 2025 Q3 earnings on Nov 12th, 2025. The results revealed a severe revenue contraction and expanded losses, driven by reduced license and collaboration income. While the company highlighted strategic initiatives in respiratory disease research, it acknowledged the financial challenges ahead.

Revenue

License and collaboration revenue accounted for the entirety of the company’s $16,000 in total revenue for Q3 2025, a stark 98.7% decline from $1.22 million in the prior-year period. The prior year’s figure included an upfront license fee and milestone payments, while the current quarter’s revenue solely covered clinical material cost reimbursements.

Earnings/Net Income

Connect Biopharma’s losses deepened to $0.31 per share in Q3 2025 from $0.23 per share in 2024, with the net loss widening to $-17.20 million (33.6% increase) from $-12.88 million. The GAAP EPS and net loss reflect a significant deterioration in financial performance.

Price Action

The stock edged up 2.55% during the latest trading day but faced broader downward pressure, declining 4.45% for the week and 11.54% month-to-date. The mixed near-term price action underscores investor uncertainty amid the company’s sharp financial underperformance and reliance on future clinical milestones.

CEO Commentary

Barry Quart emphasized progress in positioning the company for success through the activation of Phase 2 Seabreeze STAT studies for rademikibart in asthma and COPD exacerbations, alongside strengthening the U.S. presence. He highlighted ongoing recruitment efforts in both trials, with topline data expected in 1H26, and noted collaboration with Simcere in China, where the NDA for atopic dermatitis was submitted in July 2025. Quart expressed optimism about the drug’s potential, citing positive data from the ERS 2025 presentation and the $110 million milestone and royalty opportunities under the Simcere license.

Guidance

The company expects to deliver topline data from both Phase 2 Seabreeze STAT studies (asthma and COPD) in 1H26, with $54.8 million in cash, cash equivalents, and short-term investments as of September 30, 2025, projected to fund operations into 2027. It anticipates milestone payments up to $110 million and royalties on net sales in Greater China under the Simcere license. The NMPA acceptance of the AD NDA in July 2025 is viewed as a key regulatory milestone.

Additional News

Connect Biopharma advanced its partnership with Simcere Pharmaceutical Co., Ltd., securing an exclusive license to develop and commercialize rademikibart in Greater China. In February 2025, the company relocated its corporate headquarters to San Diego, California, as part of a strategy to strengthen its U.S. presence. Additionally, the company presented data at the European Respiratory Society Congress 2025, demonstrating significant improvements in lung function and asthma control with rademikibart.

(text2img/)