Company: CNTB
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001835268-25-000014
Chunk: 250

Company: Connect Biopharma Holdings Ltd
Filing Date: 2025-03-31
Form: 10-K
Item: Item 8
Chunk 250
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 internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion. 

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ CBIZ CPAs P.C.

CBIZ CPAs P.C.

We have served as the Company’s auditor since 2024.

New York, NY  

March 31, 2025

109

CONNECT BIOPHARMA HOLDINGS LIMITED

CONSOLIDATED BALANCE SHEETS

(In thousands, except par value and share amounts)

December 31,20242023ASSETSCurrent assets:Cash and cash equivalents$78,232 $105,663 Short-term investments15,476 12,640 Accounts receivable, net789 — Prepaid expenses and other current assets2,464 4,250 Total current assets96,961 122,553 Property and equipment, net4,048 4,274 Right-of-use lease assets, net189 462 Intangible assets, net53 62 Other assets33 24 Total assets$101,284 $127,375 LIABILITIES AND SHAREHOLDERS' EQUITYCurrent liabilities:Accounts payable$342 $2,209 Accrued liabilities7,802 9,479 Contract liabilities164 13,320 Current lease liabilities154 285 Total current liabilities8,462 25,293 Non-current lease liabilities24 180 Other non-current liabilities632 405 Total liabilities9,118 25,878 Commitments and contingencies (see Note 6)Shareholders' equity:Preferred shares, $0.000174 par value: 40,000,000 shares authorized; no shares issued or outstanding at December 31, 2024 and 2023— — Ordinary shares, $0.000174 par value; 400,000,000 shares