Company: CNTB
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001835268-25-000035
Chunk: 70

Company: Connect Biopharma Holdings Ltd
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 2
Chunk 70
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 of $9.3 million for the same period in 2024. The decrease in cash provided by investing activities was primarily due to net purchases of short-term investments of $20.6 million for the three months ended March 31, 2025, compared to net maturities of $9.3 million for the three months ended March 31, 2024.

Our net cash provided by financing activities for the three months ended March 31, 2025 was $2,000, which consisted of proceeds from stock option exercises. There was no comparable activity during the three months ended March 31, 2024.

Historically, we have financed our operations, including technology and product research and development, primarily through sales of our ordinary shares and ADSs, including our IPO that we completed on March 23, 2021 for total cash consideration of $219.9 million before underwriting discounts and commissions, and, through up-front payments, research funding and milestone payments under collaborative arrangements.

Material Cash Requirements

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.

In addition, as of March 31, 2025, we had a lease for 3,628 square feet of office space in San Diego, California, with a lease term that expired on April 30, 2025. We also have a lease for 25,476 square feet of laboratory and office space in Taicang, China, with a lease term that expires on April 30, 2026. As of March 31, 2025, we had total operating lease obligations of $1.1 million, with $0.3 million due during the remainder of fiscal year 2025 and $0.8 million due within the following two to three years.

At March 31, 2025, our short-term purchase obligations mainly consisted of non-cancellable commitments under agreements with third-party manufacturers in the ordinary course of business. We plan to