Company: CNTB
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001835268-25-000035
Chunk: 11

Company: Connect Biopharma Holdings Ltd
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 11
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 available-for-sale investments— — — 9 — — 9 Foreign currency translation adjustments— — — (234)— — (234)Balance, March 31, 202455,013$10 $433,718 $(1,233)$(180)$(338,420)$93,895 

See accompanying notes.

6

CONNECT BIOPHARMA HOLDINGS LIMITED

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(in thousands)

Three Months Ended March 31,20252024Operating activities:Net loss$(10,272)$(8,693)Adjustments to reconcile net loss to net cash used in operating activities:Share-based compensation expense942 1,316 Depreciation and amortization173 164 Accretion of discounts on available-for-sale investments(249)(89)Loss on disposal of property and equipment34 — Change in operating assets and liabilities:Accounts receivable, net781 — Prepaid expenses and other assets(1,288)1,209 Other non-current assets(9)(1)Accounts payable475 (1,840)Accrued liabilities(564)725 Contract liabilities— 6,625 Operating lease liabilities23 (2)Other non-current liabilities(5)(5)Net cash used in operating activities(9,959)(591)Investing activities:Purchases of short-term investments(22,562)— Proceeds from maturities and sales of short-term investments2,000 9,250 Purchases of property and equipment(81)— Proceeds from sale of property and equipment2 — Net cash (used in) provided by investing activities(20,641)9,250 Financing activities:Proceeds from exercise of stock options2 — Net cash provided by financing activities2 — Effect of exchange rate changes on cash and cash equivalents75 (221)Net (decrease) increase  in cash and cash equivalents(30,523)8,438 Cash and cash equivalents at beginning of year78,232 105,663 Cash and cash equivalents at end of year$47,709 $114,101 

See accompanying notes.

7

CONNECT BIOPHARMA HOLDINGS LIMITED

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1. Organization and Business

Connect Biopharma Holdings Limited