Company: CNTB
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001835268-25-000058
Chunk: 32

Company: Connect Biopharma Holdings Ltd
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 1
Chunk 32
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 rights to develop, manufacture, and commercialize rademikibart for all indications in Greater China, including mainland China, Hong Kong, Macau, and Taiwan.

License and collaboration revenues for both the three and nine months ended September 30, 2025 were $16,000 and $64,000, respectively, for cost reimbursements for clinical materials. License and collaboration revenues for the three and nine months ended September 30, 2024 were $1.2 million and $25.3 million, respectively, for the upfront license fee, achievement of certain development milestones and cost reimbursements.

Research and Development Expense

Research and development expense consisted of the following (in thousands):

Three Months Ended September 30,Nine Months Ended September 30,2025202420252024Rademikibart-related costs$8,068 $5,168 $17,476 $12,264 Other development related costs3 435 84 879 Personnel costs and other expenses2,781 2,534 8,114 7,444 Share-based compensation expense258 872 842 2,433 Total research and development expense$11,110 $9,009 $26,516 $23,020 

For the three and nine months ended September 30, 2025, research and development expense was $11.1 million and $26.5 million, respectively, compared to $9.0 million and $23.0 million, respectively, for the same periods in 2024. The increase in research and development expense was primarily due to an increase in costs related to the development of rademikibart. During the second quarter of 2025, we initiated two rademikibart Phase 2 clinical trials in patients experiencing an acute exacerbation of asthma or COPD. This increase was partially offset by a decrease in non-cash, share-based compensation expenses.

General and Administrative Expense

For the three and nine months ended September 30, 2025, general and administrative expense was $6.6 million and $16.1 million, respectively, compared to $6.1 million and $15.1 million, respectively, for the same periods in 2024. The increase in general and administrative expense was primarily due to an increase in professional fees to support our efforts to become more U.S.-centric. This increase was partially offset by a decrease in non-cash, share-based compensation expense.

Other Income