Company: CNTB
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001835268-25-000014
Chunk: 280

Company: Connect Biopharma Holdings Ltd
Filing Date: 2025-03-31
Form: 10-K
Item: Item 8
Chunk 280
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 Company’s total consolidated net loss for the years ended December 31, 2024 and 2023:Years Ended December 31,20242023License and collaboration revenues$26,033 $— Less:Research and development expense29,256 53,002 General and administrative expense19,229 16,054 Other income, net(7,047)(7,070)Income tax expense223 120 Segment net loss(15,628)(62,106)Reconciliation of loss:     Adjustments and reconciling items— — Consolidated net loss$(15,628)$(62,106)The Company’s long-lived tangible assets, as well as the Company’s ROU lease assets recognized on the Consolidated Balance Sheets for the years ended December 31, 2024 and 2023 were located as follows: $0.1 million and $0.3 million, respectively, in the U.S. and $4.1 million and $4.4 million, respectively, in the PRC.

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13.Subsequent Event

In February 2025, we relocated our corporate headquarters to a new location in San Diego, California. This operating lease for the new corporate headquarters is for 6,942 square feet of office space and expires on January 31, 2028. We have agreed to pay a basic annual rent for the additional office space that increases incrementally over the term of the lease from $0.3 million for the first 12 months of the lease (inclusive of certain rent abatements) to $0.4 million for the last 12 months of the lease, and such other amounts as set forth in the lease.

14.    Condensed Financial Information of Parent

Certain foreign subsidiaries of the Company have restrictions on their ability to transfer certain of their net assets to the Company either in the form of dividends, loans, or advances. The Company performed a test on the restricted net assets of combined subsidiaries in accordance with SEC Regulation S-X Rule 4-08 (e) and concluded that it was applicable for the Company to disclose the financial statements of the parent company. The condensed parent company only financial statements have been derived from the Company’s consolidated financial statements and should be read in conjunction with the consolidated financial statements and notes thereto.Condensed Balance Sheet(in thousands)December 31,20242023ASSETSCash and cash equivalents$47,065 $79,253 Short-term