Symbols / CNTB $2.60 +0.78% Connect Biopharma Holdings Limited

Healthcare • Biotechnology • United States • NGM
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About

Connect Biopharma Holdings Limited, a clinical-stage biopharmaceutical company, engages in the development of therapies for the treatment of inflammatory diseases in the United States. The company's lead product candidate is rademikibart (formerly CBP-201), an antibody designed to target interleukin-4 receptor alpha, which is in Phase 3 studies for the treatment of inflammatory diseases such as atopic dermatitis and asthma. Connect Biopharma Holdings Limited was founded in 2012 and is headquartered in San Diego, California.

Fundamentals
Scroll to Statements
Market Cap 146.96M Enterprise Value 103.30M Income -55.48M Sales 64.00K Book/sh 0.74 Cash/sh 0.79
Dividend Yield — Payout 0.00% Employees 64 IPO — P/E — Forward P/E -3.48
PEG — P/S 2296.18 P/B 3.49 P/C — EV/EBITDA -1.80 EV/Sales 1614.12
Quick Ratio 3.27 Current Ratio 3.74 Debt/Eq 1.64 LT Debt/Eq — EPS (ttm) -1.00 EPS next Y -0.75
EPS Growth — Revenue Growth -100.00% Earnings 2026-03-31 ROA -46.13% ROE -82.72% ROIC —
Gross Margin 100.00% Oper. Margin -907.41% Profit Margin 0.00% Shs Outstand 56.52M Shs Float 12.03M Short Float 1.58%
Short Ratio 2.19 Short Interest — 52W High 3.82 52W Low 0.65 Beta — Avg Volume 240.92K
Volume 216.37K Target Price $7.90 Recom Strong_buy Prev Close $2.58 Price $2.60 Change 0.78%
Valuation Models

Price estimates from analyst targets and simple models.

1. Analyst consensus
$7.90
Mean price target
2. Current target
$2.60
Latest analyst target
3. DCF / Fair value
$-9.76
Simplified: (Free Cash Flow ÷ Shares) × 18 (P/FCF multiple). Not a …
Ratings
Current target
$2.60
Low
$6.00
High
$10.00
Mean
$7.90

Latest analyst rating changes

Date Action Analyst Rating Change Price Target
2026-04-01 reit BTIG Buy → Buy $10
2026-03-31 reit BTIG Buy → Buy $10
2025-12-01 init Lake Street — → Buy $9
2025-11-13 reit BTIG Buy → Buy $10
2025-10-31 init BTIG — → Buy $10
2025-08-13 reit HC Wainwright & Co. Buy → Buy $7
2025-04-01 reit HC Wainwright & Co. Buy → Buy $8
2025-03-31 reit HC Wainwright & Co. Buy → Buy $8
2024-09-06 reit HC Wainwright & Co. Buy → Buy $8
2024-06-13 reit HC Wainwright & Co. Buy → Buy $8
2024-04-17 main HC Wainwright & Co. Buy → Buy $8
2024-03-04 init HC Wainwright & Co. — → Buy $7
2023-09-13 reit Cantor Fitzgerald Overweight → Overweight $5
2023-02-08 main SVB Leerink — → Outperform $7
2022-06-02 init Cantor Fitzgerald — → Overweight $5
2022-05-05 down Piper Sandler Overweight → Neutral $2
2022-05-04 main SVB Leerink — → Outperform $9
2022-01-06 main SVB Leerink — → Outperform $22
2021-04-13 init Jefferies — → Buy $27
2021-04-13 init SVB Leerink — → Outperform $32
News
RSS: Latest CNTB news
Insider Transactions
Filed Date Insider Relationship Transaction Shares Price Value SEC
2026-03-31 HUANG JAMES Z Director — 1,160,000 $2.62 $3,039,200
2026-03-31 LIU JEAN I Director — 5,061 $0.00 $0
2026-03-31 XANTHOPOULOS KLEANTHIS G Director — 2,816 $0.00 $0
Financials
Statement View
Amounts in millions (2 decimals, no suffix) • EPS per share (2 decimals) • Trend = period evolution • YoY Growth = previous period %
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Total Revenue
0.06
-99.75%
26.03
0.00
0.00
Operating Revenue
0.06
-99.75%
26.03
0.00
0.00
Operating Expense
58.14
+19.91%
48.48
-29.79%
69.06
-40.73%
116.51
Research And Development
37.80
+29.20%
29.26
-44.80%
53.00
-45.15%
96.63
Selling General And Administration
20.34
+5.78%
19.23
+19.78%
16.05
-22.84%
20.81
General And Administrative Expense
20.34
+5.78%
19.23
+19.78%
16.05
-22.84%
20.81
Other Gand A
20.34
+5.78%
19.23
+19.78%
16.05
-22.84%
20.81
Other Operating Expenses
—
—
-1.58
-70.08%
-0.93
Total Expenses
58.14
+19.91%
48.48
-29.79%
69.06
-40.73%
116.51
Operating Income
-58.07
-158.66%
-22.45
+67.49%
-69.06
+40.73%
-116.51
Total Operating Income As Reported
-58.07
-158.66%
-22.45
+67.49%
-69.06
+42.12%
-119.32
EBITDA
-57.37
-163.26%
-21.79
+68.11%
-68.34
+41.46%
-116.74
Normalized EBITDA
-57.37
-163.26%
-21.79
+68.11%
-68.34
+39.94%
-113.78
Reconciled Depreciation
0.70
+6.67%
0.66
-8.33%
0.72
-30.16%
1.03
EBIT
-58.07
-158.66%
-22.45
+67.49%
-69.06
+41.36%
-117.77
Total Unusual Items
—
—
2.88
+197.16%
-2.96
Total Unusual Items Excluding Goodwill
—
—
2.88
+197.16%
-2.96
Special Income Charges
—
—
0.00
+100.00%
-4.70
Impairment Of Capital Assets
—
—
0.00
-100.00%
4.70
Net Income
-55.48
-255.00%
-15.63
+74.84%
-62.11
+47.41%
-118.09
Pretax Income
-55.28
-258.86%
-15.40
+75.15%
-61.99
+47.38%
-117.79
Net Non Operating Interest Income Expense
2.27
-49.07%
4.45
-14.74%
5.22
+242.94%
1.52
Interest Expense Non Operating
—
—
0.02
+9.52%
0.02
Net Interest Income
2.27
-49.07%
4.45
-14.74%
5.22
+242.94%
1.52
Interest Expense
—
—
0.02
+9.52%
0.02
Interest Income Non Operating
2.27
-49.07%
4.45
-14.74%
5.22
+238.28%
1.54
Interest Income
2.27
-49.07%
4.45
-14.74%
5.22
+238.28%
1.54
Other Income Expense
0.52
-79.84%
2.59
+40.44%
1.85
+165.75%
-2.81
Other Non Operating Income Expenses
0.52
-79.84%
2.59
+40.44%
1.85
+1131.33%
0.15
Gain On Sale Of Security
—
—
2.88
+65.32%
1.74
Tax Provision
0.20
-11.66%
0.22
+85.83%
0.12
-59.73%
0.30
Tax Rate For Calcs
0.00
+0.00%
0.00
+0.00%
0.00
+0.00%
0.00
Tax Effect Of Unusual Items
0.00
0.00
0.00
+100.00%
-0.62
Net Income Including Noncontrolling Interests
-55.48
-255.00%
-15.63
+74.84%
-62.11
+47.41%
-118.09
Net Income From Continuing Operation Net Minority Interest
-55.48
-255.00%
-15.63
+74.84%
-62.11
+47.41%
-118.09
Net Income From Continuing And Discontinued Operation
-55.48
-255.00%
-15.63
+74.84%
-62.11
+47.41%
-118.09
Net Income Continuous Operations
-55.48
-255.00%
-15.63
+74.84%
-62.11
+47.41%
-118.09
Normalized Income
-55.48
-255.00%
-15.63
+74.84%
-62.11
+46.35%
-115.75
Net Income Common Stockholders
-55.48
-255.00%
-15.63
+74.84%
-62.11
+47.41%
-118.09
Diluted EPS
-1.00
-257.14%
-0.28
+75.22%
-1.13
+46.23%
-2.10
Basic EPS
-1.00
-257.14%
-0.28
+75.22%
-1.13
+46.23%
-2.10
Basic Average Shares
55.66
+0.81%
55.21
+0.27%
55.07
+0.18%
54.97
Diluted Average Shares
55.66
+0.81%
55.21
+0.27%
55.07
+0.18%
54.97
Diluted NI Availto Com Stockholders
-55.48
-255.00%
-15.63
+74.84%
-62.11
+47.41%
-118.09
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Total Assets
56.08
-44.64%
101.28
-20.48%
127.38
-26.80%
174.01
Current Assets
50.93
-47.47%
96.96
-20.88%
122.55
-21.33%
155.78
Cash Cash Equivalents And Short Term Investments
44.34
-52.68%
93.71
-20.79%
118.30
-22.38%
152.42
Cash And Cash Equivalents
38.34
-50.99%
78.23
-25.96%
105.66
+33.73%
79.01
Cash Equivalents
—
—
78.32
+326.38%
18.37
Cash Financial
—
—
27.69
-54.34%
60.64
Other Short Term Investments
6.00
-61.25%
15.48
+22.44%
12.64
-82.78%
73.41
Receivables
0.16
-84.68%
1.05
+199.43%
0.35
+51.29%
0.23
Accounts Receivable
0.01
-98.35%
0.79
0.00
—
Other Receivables
—
—
0.18
-23.28%
0.23
Accrued Interest Receivable
0.15
-43.51%
0.26
-25.36%
0.35
—
Prepaid Assets
6.40
+258.78%
1.78
-53.63%
3.85
+22.84%
3.13
Other Current Assets
0.03
-93.08%
0.42
+675.93%
0.05
—
Total Non Current Assets
5.15
+19.04%
4.32
-10.35%
4.82
-73.55%
18.23
Net PPE
4.46
+5.15%
4.24
-10.54%
4.74
-11.92%
5.38
Gross PPE
7.75
+12.83%
6.87
+1.45%
6.77
-3.30%
7.00
Accumulated Depreciation
-3.29
-25.23%
-2.63
-29.39%
-2.03
-25.29%
-1.62
Properties
0.00
0.00
0.00
0.00
Buildings And Improvements
—
—
1.19
+197.51%
0.40
Machinery Furniture Equipment
6.24
+6.74%
5.85
+2.94%
5.68
+1565.40%
0.34
Construction In Progress
—
—
0.00
0.00
Other Properties
0.65
+242.33%
0.19
-59.09%
0.46
-91.59%
5.49
Leases
0.86
+3.49%
0.83
+32.59%
0.63
-17.85%
0.76
Goodwill And Other Intangible Assets
0.04
-15.09%
0.05
-14.52%
0.06
-98.04%
3.17
Other Intangible Assets
—
—
0.06
-98.04%
3.17
Investments And Advances
—
—
0.00
-100.00%
9.44
Non Current Accounts Receivable
—
—
0.11
-32.08%
0.16
Non Current Prepaid Assets
—
—
0.00
-100.00%
0.06
Other Non Current Assets
0.65
+1857.58%
0.03
+37.50%
0.02
-29.41%
0.03
Total Liabilities Net Minority Interest
14.10
+54.58%
9.12
-64.77%
25.88
+56.64%
16.52
Current Liabilities
13.61
+60.87%
8.46
-66.54%
25.29
+61.89%
15.62
Payables And Accrued Expenses
10.21
+112.62%
4.80
-50.17%
9.64
-37.58%
15.44
Payables
1.96
+474.27%
0.34
-84.52%
2.21
-84.89%
14.62
Accounts Payable
1.96
+474.27%
0.34
-84.52%
2.21
-81.49%
11.94
Other Payable
—
—
2.35
-12.33%
2.69
Current Accrued Expenses
8.25
+84.89%
4.46
-39.96%
7.43
+810.29%
0.82
Pensionand Other Post Retirement Benefit Plans Current
2.91
-12.81%
3.34
+62.94%
2.05
—
Current Debt And Capital Lease Obligation
0.32
+109.09%
0.15
-45.96%
0.28
+53.23%
0.19
Current Capital Lease Obligation
0.32
+109.09%
0.15
-45.96%
0.28
+53.23%
0.19
Current Deferred Liabilities
0.17
+1.83%
0.16
-98.77%
13.32
0.00
Current Deferred Revenue
0.17
+1.83%
0.16
-98.77%
13.32
0.00
Total Non Current Liabilities Net Minority Interest
0.48
-26.52%
0.66
+12.14%
0.58
-34.78%
0.90
Long Term Debt And Capital Lease Obligation
0.37
+1433.33%
0.02
-86.67%
0.18
-26.53%
0.24
Long Term Capital Lease Obligation
0.37
+1433.33%
0.02
-86.67%
0.18
-26.53%
0.24
Non Current Deferred Liabilities
—
—
0.41
-37.88%
0.65
Non Current Deferred Revenue
—
—
0.41
-37.88%
0.65
Other Non Current Liabilities
0.11
-81.96%
0.63
+56.05%
0.41
—
Stockholders Equity
41.98
-54.45%
92.17
-9.19%
101.50
-35.55%
157.49
Common Stock Equity
41.98
-54.45%
92.17
-9.19%
101.50
-35.55%
157.49
Capital Stock
0.01
+0.00%
0.01
+0.00%
0.01
+0.00%
0.01
Common Stock
0.01
+0.00%
0.01
+0.00%
0.01
+0.00%
0.01
Preferred Stock
0.00
0.00
0.00
—
Share Issued
58.59
+1.26%
57.86
+0.62%
57.51
+0.10%
57.45
Ordinary Shares Number
56.44
+1.97%
55.35
+0.45%
55.10
+0.11%
55.04
Treasury Shares Number
2.15
-14.53%
2.51
+4.49%
2.41
-0.06%
2.41
Additional Paid In Capital
444.18
+1.10%
439.36
+1.61%
432.40
-31.22%
628.66
Retained Earnings
-400.83
-16.06%
-345.36
-4.74%
-329.73
+31.28%
-479.84
Gains Losses Not Affecting Retained Earnings
-1.19
+28.51%
-1.67
-65.28%
-1.01
+86.79%
-7.63
Treasury Stock
0.18
+0.00%
0.18
+0.00%
0.18
+0.00%
0.18
Other Equity Adjustments
-1.19
+28.51%
-1.67
-65.28%
-1.01
+86.79%
-7.63
Total Equity Gross Minority Interest
41.98
-54.45%
92.17
-9.19%
101.50
-35.55%
157.49
Total Capitalization
41.98
-54.45%
92.17
-9.19%
101.50
-35.55%
157.49
Working Capital
37.32
-57.83%
88.50
-9.01%
97.26
-30.61%
140.16
Invested Capital
41.98
-54.45%
92.17
-9.19%
101.50
-35.55%
157.49
Total Debt
0.69
+287.64%
0.18
-61.72%
0.47
+7.89%
0.43
Capital Lease Obligations
0.69
+287.64%
0.18
-61.72%
0.47
+7.89%
0.43
Net Tangible Assets
41.94
-54.47%
92.11
-9.19%
101.44
-34.27%
154.33
Tangible Book Value
41.94
-54.47%
92.11
-9.19%
101.44
-34.27%
154.33
Available For Sale Securities
—
—
—
9.44
Investmentin Financial Assets
—
—
0.00
-100.00%
9.44
Other Equity Interest
—
—
19.73
+19.78%
16.47
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Operating Cash Flow
-51.21
-116.86%
-23.61
+50.54%
-47.74
+52.97%
-101.52
Cash Flow From Continuing Operating Activities
-51.21
-116.86%
-23.61
+50.54%
-47.74
+52.97%
-101.52
Net Income From Continuing Operations
-55.48
-255.00%
-15.63
+74.84%
-62.11
+47.28%
-117.79
Depreciation Amortization Depletion
0.70
+6.67%
0.66
-8.33%
0.72
-30.16%
1.03
Depreciation
—
—
0.98
-4.21%
1.02
Amortization Cash Flow
—
—
0.01
+0.00%
0.01
Depreciation And Amortization
0.70
+6.67%
0.66
-8.33%
0.72
-30.16%
1.03
Amortization Of Intangibles
—
—
0.01
+0.00%
0.01
Other Non Cash Items
—
—
-2.01
-50.79%
-1.33
Stock Based Compensation
3.73
-44.62%
6.73
+24.68%
5.40
-21.88%
6.91
Asset Impairment Charge
0.00
-100.00%
0.23
0.00
-100.00%
4.70
Operating Gains Losses
0.04
+311.11%
0.01
-91.09%
0.10
+106.77%
-1.49
Gain Loss On Investment Securities
—
—
-0.00
+95.45%
-0.02
Unrealized Gain Loss On Investment Securities
—
—
0.00
0.00
Net Foreign Currency Exchange Gain Loss
—
—
-0.37
+75.02%
-1.47
Gain Loss On Sale Of PPE
0.04
+311.11%
0.01
-91.18%
0.10
0.00
Change In Working Capital
0.58
+103.74%
-15.49
-257.24%
9.85
+52.52%
6.46
Change In Receivables
0.78
+198.35%
-0.79
0.00
-100.00%
4.05
Changes In Account Receivables
0.78
+198.35%
-0.79
0.00
—
Change In Prepaid Assets
-4.11
-330.12%
1.79
-51.65%
3.69
—
Change In Payables And Accrued Expense
4.98
+240.52%
-3.54
+50.87%
-7.21
-2396.19%
-0.29
Change In Accrued Expense
3.36
+300.24%
-1.68
+72.41%
-6.08
—
Change In Payable
1.62
+186.88%
-1.87
-64.35%
-1.14
-293.08%
-0.29
Change In Account Payable
1.62
+186.88%
-1.87
-64.35%
-1.14
-46.39%
-0.78
Change In Other Working Capital
-0.55
+95.84%
-13.17
-197.17%
13.55
—
Change In Other Current Assets
—
—
0.12
-95.55%
2.70
Change In Other Current Liabilities
-0.52
-328.19%
0.23
+224.73%
-0.18
—
Investing Cash Flow
9.82
+384.50%
-3.45
-104.60%
74.98
+186.94%
-86.24
Cash Flow From Continuing Investing Activities
9.82
+384.50%
-3.45
-104.60%
74.98
+186.94%
-86.24
Net PPE Purchase And Sale
-0.43
+42.40%
-0.75
-126.21%
2.86
+164.97%
-4.41
Purchase Of PPE
-0.43
+42.13%
-0.75
-825.93%
-0.08
+98.16%
-4.41
Sale Of PPE
0.00
0.00
-100.00%
2.94
0.00
Capital Expenditure
-0.43
+42.13%
-0.75
-825.93%
-0.08
+98.16%
-4.41
Net Investment Purchase And Sale
10.25
+479.49%
-2.70
-103.75%
72.12
+188.12%
-81.84
Purchase Of Investment
-30.47
-97.20%
-15.45
+50.20%
-31.03
+73.27%
-116.06
Sale Of Investment
40.72
+219.37%
12.75
-87.64%
103.14
+201.36%
34.23
Net Intangibles Purchase And Sale
—
—
0.00
0.00
Purchase Of Intangibles
—
—
0.00
0.00
Net Other Investing Changes
—
—
-0.08
—
Financing Cash Flow
1.09
+381.50%
0.23
+404.44%
0.04
+152.94%
-0.09
Cash Flow From Continuing Financing Activities
1.09
+381.50%
0.23
+404.44%
0.04
+152.94%
-0.09
Net Issuance Payments Of Debt
—
—
-0.29
-30.63%
-0.22
Repayment Of Debt
—
—
-0.29
-30.63%
-0.22
Long Term Debt Payments
—
—
-0.29
-30.63%
-0.22
Net Long Term Debt Issuance
—
—
-0.29
-30.63%
-0.22
Net Common Stock Issuance
—
—
0.04
+144.44%
0.02
Common Stock Payments
—
—
0.00
0.00
Repurchase Of Capital Stock
—
—
0.00
0.00
Proceeds From Stock Option Exercised
1.09
+381.50%
0.23
+404.44%
0.04
-62.18%
0.12
Net Other Financing Charges
—
—
—
—
Changes In Cash
-40.30
-50.15%
-26.84
-198.36%
27.28
+114.52%
-187.85
Effect Of Exchange Rate Changes
0.41
+168.57%
-0.59
-4.75%
-0.57
+33.80%
-0.86
Beginning Cash Position
78.23
-25.96%
105.66
+33.84%
78.95
-70.51%
267.72
End Cash Position
38.34
-50.99%
78.23
-25.96%
105.66
+33.73%
79.01
Free Cash Flow
-51.64
-111.97%
-24.36
+49.06%
-47.82
+54.85%
-105.92
Income Tax Paid Supplemental Data
0.29
+163.06%
0.11
-7.50%
0.12
-74.03%
0.46
Amortization Of Securities
-0.77
-528.46%
-0.12
+92.78%
-1.70
—
Common Stock Issuance
—
—
0.04
+144.44%
0.02
Issuance Of Capital Stock
—
—
0.04
+144.44%
0.02
SEC Filings

Recent 10-K, 10-Q, 8-K, and Form 4 (insider) filings.

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