nect Biopharma (CNTB) - 2025 Q1 - Quarterly Results

Financial Performance - For the three months ended March 31, 2025, Connect Biopharma reported a net loss of $10.3 million, or$0.19 per share, compared to a net loss of $8.7 million, or$0.16 per share, for the same period in 2024[7]. - Total operating expenses for the three months ended March 31, 2025, were $11.4 million, compared to$12.6 million for the same period in 2024[14]. Cash and Investments - Cash, cash equivalents, and short-term investments were $84.0 million as of March 31, 2025, expected to fund operations into 2027[7]. - Total assets as of March 31, 2025, were$92.7 million, down from $101.3 million as of December 31, 2024[16]. Research and Development - Research and Development expense decreased to$6.6 million for the three months ended March 31, 2025, from $8.7 million in the same period in 2024, a reduction of$2.1 million[7]. - Connect Biopharma initiated Phase 2 Seabreeze STAT studies for rademikibart as an adjunct treatment for acute exacerbations in asthma and COPD, with topline data expected in 1H 2026[5]. - Rademikibart demonstrated a mean difference from placebo in forced expiratory volume of +420 mL in patients with eosinophilic-driven asthma after 24 weeks, one of the largest increases reported for a biologic[7]. - The company completed a positive Type C meeting with the FDA, aligning on the Phase 2 Seabreeze study protocols[7]. - Four posters were accepted for presentation at the ATS 2025 International Conference, supporting the development of rademikibart for patients with moderate-to-severe asthma or COPD[7]. General and Administrative Expenses - General and Administrative expense increased to $4.8 million for the three months ended March 31, 2025, compared to$4.0 million for the same period in 2024, an increase of $0.8 million[7].