Connect Biopharma Holdings Limited (CNTB) Income Statement
CNTB 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsCNTB revenue and net income
Where CNTB's revenue goes
2025Each bar shows an amount and its share of revenue. CNTB kept −86,687.5% of revenue as net income.
CNTB profit margins
CNTB growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −99.8% | — | — | — |
| Gross profit | −99.8% | — | — | — |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
CNTB quarterly EPS vs estimates
Connect Biopharma beat the analyst EPS estimate in 4 of the last 7 quarters. Next report: November 11, 2026 (estimate $-0.27).
CNTB income statement
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Revenue | $64,000 | $26.0M | $0 |
| Cost of revenue | $0 | $660,000 | $988,000 |
| Gross profit | $64,000 | $26.0M | −$988,000 |
| Research & development | $37.8M | $29.3M | $53.0M |
| Sales, general & admin | $20.3M | $19.2M | $16.1M |
| Total operating expenses | $58.1M | $48.5M | $69.1M |
| Operating income | −$58.1M | −$22.5M | −$69.1M |
| Interest income | $2.3M | $4.5M | $2.7M |
| Interest expense | — | — | $23,000 |
| Income before taxes | −$55.3M | −$15.4M | −$62.0M |
| Income taxes | $197,000 | $223,000 | $120,000 |
| Net income | −$55.5M | −$15.6M | −$62.1M |
| EBITDA | −$54.6M | −$14.7M | −$61.3M |
| EPS (diluted) | −$1.00 | −$1.86 | −$1.13 |
| Gross margin | 100.0% | 100.0% | — |
| Operating margin | −90,740.6% | −86.2% | — |
| Net margin | −86,687.5% | −60.0% | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.9M | $169,000 | $16,000 | $16,000 | $48,000 | $0 | $698,000 | $1.2M | $24.1M | $12.1M | $0 |
| Cost of revenue | $0 | — | $0 | — | $0 | — | $183,528 | — | $476,000 | $481,873 | — |
| Gross profit | $2.9M | — | $16,000 | — | $48,000 | — | $698,000 | — | $24.1M | −$481,873 | — |
| Research & development | $16.3M | $15.0M | $11.3M | $11.1M | $8.8M | $6.6M | $6.2M | $9.0M | $5.3M | $26.4M | $13,259 |
| Sales, general & admin | $4.1M | $4.7M | $4.2M | $6.6M | $4.7M | $4.8M | $4.1M | $6.1M | $5.1M | $8.0M | $3,405 |
| Total operating expenses | $40.1M | $19.8M | $15.5M | $17.7M | $13.5M | $11.4M | $10.3M | $15.1M | $10.5M | $37.0M | $16,617 |
| Operating income | −$37.2M | −$19.6M | −$15.5M | −$17.7M | −$13.4M | −$11.4M | −$9.6M | −$13.8M | $13.6M | −$37.0M | −$16,587 |
| Interest income | $313,000 | $260,000 | $384,000 | $545,000 | $619,000 | $720,000 | $849,000 | $1.1M | $836,000 | $1.2M | — |
| Interest expense | — | — | — | — | — | — | $20,000 | — | $20,000 | $10,388 | — |
| Income before taxes | −$36.6M | −$19.4M | −$15.1M | −$17.1M | −$12.8M | −$10.2M | −$8.8M | −$12.8M | $14.9M | −$31.6M | −$15,198 |
| Income taxes | $108,000 | — | $27,000 | — | $55,000 | — | $106,000 | — | $30,000 | $56,000 | $29 |
| Net income | −$36.7M | −$19.4M | −$15.1M | −$17.2M | −$12.9M | −$10.3M | −$8.9M | −$12.9M | $14.8M | −$31.6M | −$15,227 |
| EBITDA | −$36.9M | −$19.4M | −$14.9M | −$17.5M | −$12.7M | — | −$8.6M | — | $15.1M | −$35.3M | −$16.4M |
| EPS (diluted) | −$0.27 | −$0.27 | −$0.27 | −$0.31 | −$0.23 | −$0.19 | −$0.42 | — | — | — | — |
| Gross margin | 100.0% | — | 100.0% | — | 100.0% | — | 100.0% | — | 100.0% | −4.0% | — |
| Operating margin | −1,267.0% | −11,601.8% | −97,037.5% | −110,481.2% | −27,966.7% | — | −1,378.1% | −1,135.8% | 56.6% | −306.4% | — |
| Net margin | −1,249.0% | −11,478.1% | −94,431.2% | −107,500.0% | −26,872.9% | — | −1,275.9% | −1,056.3% | 61.6% | −262.3% | — |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in CNTB's financial statements (latest annual report filed March 31, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
CNTB financial results
In fiscal year 2025 (ended December 31, 2025), Connect Biopharma reported revenue of $0.1 million, down 99.8% from the year before. It had a net loss of $55.5 million, a net profit margin of −86,687.5%. Diluted earnings per share came to −$1.00.
See the CNTB stock overview for the latest quote and news, or the CNTB chart for price history and technical indicators.
CNTB income statement FAQ
What is Connect Biopharma's annual revenue?
Connect Biopharma reported total revenue of $0.1 million for fiscal year 2025, which ended on December 31, 2025. That was down 99.8% from $26.0 million the previous year.
Is Connect Biopharma profitable?
No. Connect Biopharma reported a net loss of $55.5 million in fiscal 2025, a net profit margin of −86,687.5%; its operating margin was −90,740.6%.
What is Connect Biopharma's gross margin?
Connect Biopharma's gross margin was 100.0% in fiscal 2025: for every $100 of revenue, Connect Biopharma kept $100 after the direct cost of its products and services.
How much does Connect Biopharma spend on research and development?
Connect Biopharma spent $37.8 million on research and development in fiscal 2025, 59,059.4% of revenue.
What are Connect Biopharma's earnings per share?
Connect Biopharma earned $-1.00 per diluted share in fiscal 2025, compared with $-1.86 a year earlier.
When will Connect Biopharma report its next earnings?
Connect Biopharma is expected to report results for the quarter ending September 30, 2026 on November 11, 2026.
When does Connect Biopharma's fiscal year end?
Connect Biopharma's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 31, 2026.