Company: CNTB
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001835268-25-000058
Chunk: 33

Company: Connect Biopharma Holdings Ltd
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 1
Chunk 33
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, Net

For the three and nine months ended September 30, 2025, other income, net was $0.5 million and $2.3 million, respectively, compared to $1.0 million and $6.2 million, respectively, for the same periods 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.

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.

23

Liquidity and Capital Resources

As of September 30, 2025, we had cash, cash equivalents and short-term investments of $54.8 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 and nine months ended September 30, 2025 was $17.2 million, or $0.31 per share, and $40.4 million, or $0.73 per share, respectively, compared to $12.9 million, or $0.23 per share, and $6.7 million, or $0.12 per share, respectively, for the same periods in 2024.

Our net cash used in operating activities for the nine months ended September 30, 2025 was $40.0 million, compared to $21.3 million for the same period in 2024. The increase in net cash used in operating activities was primarily due to an increase in net loss of $33.6 million, partially offset by net changes in our operating assets and liabilities of $18.1 million.

Our net cash used in investing activities for the nine months ended September 30, 2025 was $1.2 million, compared to net cash provided by investing activities of $12.3 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 $0.8 million for the nine months ended September 30, 2025, compared to net maturities of $12.8 million for the nine months ended September 30, 2024.

Our