Company: CNTB
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001835268-25-000035
Chunk: 69

Company: Connect Biopharma Holdings Ltd
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 2
Chunk 69
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6 million, compared to $8.7 million for the same period in 2024. The decrease in research and development expense was primarily due to a decrease in costs related to the development of rademikibart.

General and Administrative Expense

For the three months ended March 31, 2025, general and administrative expense was $4.8 million, compared to $4.0 million for the same period in 2024. The increase in general and administrative expense was primarily due to an increase in professional fees to support our efforts to become more U.S.-centric, as well as an increase in personnel and related costs.

Other Income, Net

For the three months ended March 31, 2025, other income, net was $1.2 million, compared to $4.0 million for the same period in 2024. The decrease in other income, net was primarily due to a decrease in government subsidies and interest income earned on our invested cash balances.

20

Reorganization

See Note 8 to the Condensed Consolidated Financial Statements included in Item I of this Quarterly Report on Form 10-Q for discussion of the Company’s executive officer reorganization plan.

Liquidity and Capital Resources

As of March 31, 2025, we had cash, cash equivalents and short-term investments of $84.0 million. Based on our current operating plan and projections, management believes that the Company’s existing cash, cash equivalents and short-term investments will be sufficient to meet the Company’s anticipated cash requirements for a period of at least one year from the date this Quarterly Report on Form 10-Q is filed with the SEC.

Our net loss for the three months ended March 31, 2025 was $10.3 million, or $0.19 per share, compared to a net loss of $8.7 million, or $0.16 per share, for the same period in 2024.

Our net cash used in operating activities for the three months ended March 31, 2025 was $10.0 million, compared to $0.6 million for the same period in 2024. The increase in net cash used in operating activities was primarily due to net changes in our operating assets and liabilities of $7.3 million and an increase in net loss of $1.6 million.

Our net cash used in investing activities for the three months ended March 31, 2025 was $20.6 million, compared to net cash provided by investing activities