Company: CNTB
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001835268-25-000052
Chunk: 14

Company: Connect Biopharma Holdings Ltd
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 1
Chunk 14
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 months or less and short-term investments included $15.5 million of available-for-sale securities with contractual maturities of three months to one year. The money market funds as of June 30, 2025 and December 31, 2024 are included in cash and cash equivalents on the unaudited condensed consolidated balance sheets.

12

The Company’s cash equivalents and short-term investment securities are classified within the fair value hierarchy as defined by authoritative guidance. The Company’s investment securities classified as Level 1 are valued using quoted market prices. The Company obtains the fair value of its Level 2 financial instruments from third-party pricing services. The pricing services utilize industry standard valuation models whereby all significant inputs, including benchmark yields, reported trades, broker/dealer quotes, issuer spreads, bids, offers, or other market-related data, are observable. The Company validates the prices provided by the third-party pricing services by reviewing their pricing methods and matrices and obtaining market values from other pricing sources. After completing the validation procedures, the Company did not adjust or override any fair value measurements provided by these pricing services as of June 30, 2025 or December 31, 2024. The Company does not have any investments classified as Level 3.

4. Balance Sheet Details

Available-for-Sale InvestmentsThe following is a summary of our available-for-sale investments (in thousands):June 30, 2025Amortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair ValueU.S. treasury bills$9,930 $— $(2)$9,928 U.S. government agency obligations8,918 — (1)8,917 U.S. corporate debt securities3,382 — — 3,382 U.S. commercial paper6,932 — (2)6,930 Foreign commercial paper1,980 — (1)1,979 Total$31,142 $— $(6)$31,136 December 31, 2024Amortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair ValueU.S. treasury bills$5,934 $2 $— $5,936 U.S. government agency obligations8,326 — (1)8,325 U.S. corporate debt securities1,387 — — 1,387 U.S. commercial paper1,831 — — 1,831 Foreign