Quarterly ResultMay 12, 2026, 09:07 AM
Connect Biopharma Q1 Net Loss $(19.4)M; R&D Expense Doubles
AI Summary
Connect Biopharma Holdings Ltd reported a significant increase in net loss for the first quarter of 2026, reaching $(19.4) million, primarily driven by a more than doubling of research and development expenses. Despite the increased loss, the company's cash and cash equivalents improved to $46.0 million, bolstered by $18.6 million in net proceeds from a private placement completed in March 2026. The company also recognized $169 thousand in license and collaboration revenues during the quarter.
Key Highlights
- Net loss for Q1 2026 increased to $(19.4) million from $(10.3) million in Q1 2025.
- Research and development expense more than doubled to $15.0 million in Q1 2026 from $6.6 million in Q1 2025.
- Cash and cash equivalents stood at $46.0 million as of March 31, 2026, up from $38.3 million at December 31, 2025.
- The company completed a private placement in March 2026, generating $18.6 million in net proceeds.
- License and collaboration revenues were $169 thousand for Q1 2026, compared to $0 in Q1 2025.
- Basic and diluted net loss per ordinary share was $(0.34) for Q1 2026, up from $(0.19) for Q1 2025.
- Net cash used in operating activities increased to $(16.0) million in Q1 2026 from $(10.0) million in Q1 2025.