Income statement, balance sheet and cash flow statement for the last 5 fiscal years, taken from the XBRL data Connect Biopharma Holdings Ltd files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
0
26
0.06
Research and development
80.5
96.6
53
29.3
37.8
General and administrative
19
20.8
16.1
19.2
20.3
Operating expenses
69.1
48.5
58.1
Operating income
-98.1
-119
-69.1
-22.5
-58.1
Interest expense
0.01
0.02
0.02
Interest income
0.1
1.54
2.71
Other non-operating income
7.07
7.05
2.79
Pre-tax income
-202
-118
-62
-15.4
-55.3
Income tax
0.27
0.3
0.12
0.22
0.2
Net income
-202
-118
-62.1
-15.6
-55.5
EBITDA
-97.5
-118
-68.3
-21.8
-57.4
EPS, basic
-4.06
-2.25
-1.13
-0.28
-1.00
EPS, diluted
-4.06
-2.25
-1.13
-0.28
-1.00
Shares, basic (weighted)
55.1
55.2
55.7
Shares, diluted (weighted)
55.1
55.2
55.7
Balance sheet
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
268
78.9
106
78.2
38.3
Short-term investments
12.6
15.5
6
Receivables
0
0.79
0.01
Other current assets
0.05
0.05
6.57
Total current assets
275
156
123
97
50.9
Property, plant and equipment
9.31
4.98
4.27
4.05
3.81
Lease right-of-use assets
3.58
3.49
0.46
0.19
0.65
Intangible assets
0.06
0.05
0.05
Other non-current assets
0.02
0.03
0.65
Total assets
291
174
127
101
56.1
Accounts payable
2.21
0.34
1.96
Accrued liabilities
9.48
7.8
11.2
Deferred revenue
13.3
0.16
0.17
Total current liabilities
18
15.6
25.3
8.46
13.6
Lease liabilities
0.03
0.25
0.18
0.02
0.37
Other non-current liabilities
0.63
0.11
Total liabilities
18.8
16.5
25.9
9.12
14.1
Total debt
0
0
Paid-in capital
629
629
432
439
444
Retained earnings
-362
-480
-330
-345
-401
Treasury stock
-0.18
-0.18
-0.18
Other comprehensive income
-1.01
-1.67
-1.19
Shareholders' equity
158
101
92.2
42
Total equity
272
157
101
92.2
42
Total liabilities and equity
291
174
127
101
56.1
Shares outstanding
55.1
55.3
56.4
Cash flow statement
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-202
-118
-62.1
-15.6
-55.5
Depreciation and amortization
0.63
1.03
0.72
0.66
0.7
Stock-based compensation
5.4
6.73
3.73
Change in receivables
0
-0.79
0.78
Change in payables
-1.14
-1.87
1.62
Cash from operations
-84.3
-102
-47.7
-23.6
-51.2
Capital expenditures
-3.83
-4.41
-0.08
-0.75
-0.43
Purchases of investments
-31
-15.5
-30.5
Cash from investing
-5.21
-86.2
75
-3.45
9.82
Stock issued
0
0.19
0.88
Share buybacks
-0.57
0
0
Cash from financing
202
-0.09
0.05
0.23
1.09
Exchange rate effect
0.22
-0.86
-0.57
-0.6
0.41
Net change in cash
26.7
-27.4
-39.9
Free cash flow
-88.2
-106
-47.8
-24.4
-51.6
Income taxes paid
0.12
0.11
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $1.08 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Operating margin
-2,384.0%
Operating income / revenue.
EBITDA margin
-2,361.0%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-2,330.0%
Pre-tax income / revenue.
Net margin
-2,336.0%
Net income / revenue.
FCF margin
-2,053.0%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-2,052.0%
Cash from operations / revenue.
Return on equity (ROE)
-256.8%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-158.7%
Net income / average total assets.
R&D / revenue
1,818.0%
Research and development expense / revenue.
Stock-based pay / revenue
145.4%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
1.7%
Capital expenditures / revenue.
D&A / revenue
23.2%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
-99.8%
Revenue vs the same period a year earlier. Only from a positive base.
Book value growth, 1y
-54.5%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
-35.8%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y
-44.6%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-31.4%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Share count change, 1y
0.8%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
2.37x
Current assets / current liabilities.
Quick ratio
2.11x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
1.93x
(Cash + short-term investments) / current liabilities.
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$0.05
Revenue / diluted weighted shares.
FCF per share
-$0.96
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$0.96
Cash from operations / diluted weighted shares.
Book value per share
$0.43
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
23.0x
Market cap / revenue.
P/B
2.53x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
2.54x
Market cap / tangible book value, when positive.
EV/Sales
12.4x
Enterprise value / revenue.
FCF yield
-89.2%
Free cash flow / market cap.
Earnings yield
-101.4%
Net income / market cap (the inverse of P/E).
What was Connect Biopharma Holdings Ltd's revenue in fiscal 2025?
Connect Biopharma Holdings Ltd reported revenue of $64.0K for fiscal 2025, 99.8% lower than the year before.
Was Connect Biopharma Holdings Ltd profitable in fiscal 2025?
No. It reported a net loss of $55.5M.
How much free cash flow did Connect Biopharma Holdings Ltd generate in fiscal 2025?
Cash from operations of $51.2M minus capital expenditures of $434.0K left free cash flow of -$51.6M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.