Company: CNTB
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001835268-25-000052
Chunk: 12

Company: Connect Biopharma Holdings Ltd
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 1
Chunk 12
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.Three Months Ended June 30,Six Months Ended June 30,2025202420252024Weighted average ordinary shares outstanding:Basic55,498 55,186 55,426 55,145 Effect of potentially dilutive ordinary shares from:Stock options— 507 — 387 Employee stock plan purchase rights— 17 — 17 Diluted55,498 55,710 55,426 55,549 Because we incurred a net loss for the three and six months ended June 30, 2025, the following ordinary share equivalents were not included in the computation of net loss per share because their effect would be anti-dilutive (in thousands):June 30, 2025Stock options outstanding13,898 Employee stock purchase plan rights745 14,643 Significant Accounting PoliciesA complete description of our significant accounting policies are disclosed in the 2024 Annual Report.Recent Accounting PronouncementsAdoptedIn December 2023, FASB issued Accounting Standards Update (“ASU”) No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), to enhance income tax reporting disclosures and require disclosure of specific categories in the tabular rate reconciliation. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. On January 1, 2025, we adopted the provisions of ASU 2023-09 on a prospective basis and the required disclosures will be included in our Annual Report on Form 10-K for the year ending December 31, 2025. The 

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Company does not expect the adoption of ASU 2023-09 to have a material impact on its annual disclosures. ASU 2023-09 did not have an impact on our disclosures included in this Quarterly Report on Form 10-Q.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