Company: CNTB
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001835268-25-000035
Chunk: 16

Company: Connect Biopharma Holdings Ltd
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 16
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.Not Yet AdoptedIn November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40) (“ASU 2024-03”). ASU 2024-03 requires that public business entities disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods. The prescribed categories include purchases of inventory, employee compensation, depreciation, intangible asset amortization, and depletion. ASU 2024-03 may be applied either prospectively or retrospectively and is effective for annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027, with early adoption permitted. We are currently evaluating the impact on our disclosures.

10

3. Fair Value Measurements

We measure cash, cash equivalents and short-term investments at fair value on a recurring basis. The fair values of such assets were as follows (in thousands):Fair Value Measurements at Reporting Date UsingBalance at March 31, 2025Quoted Prices in Active Markets for Identical Assets(Level 1)Significant Other Observable Inputs (Level 2)Significant Unobservable Inputs (Level 3)Money market funds$11,958 $11,958 $— $— U.S. treasury bills10,864 10,864 — — U.S. government agency obligations12,337 — 12,337 — U.S. corporate debt securities3,380 — 3,380 — U.S. commercial paper7,730 — 7,730 — Foreign commercial paper1,975 — 1,975 — Total$48,244 $22,822 $25,422 $— Fair Value Measurements at Reporting Date UsingBalance at December 31, 2024Quoted Prices in Active Markets for Identical Assets (Level 1)Significant Other Observable Inputs (Level 2)Significant Unobservable Inputs (Level 3)Money market funds$43,090 $43,090 $— $— U.S. treasury bills5,936 5,936 — — U.S. government agency obligations8,325 — 8,325 — U.S. corporate debt securities1,387 — 1,387 — U.S. commercial paper1,831 —