Connect Biopharma Holdings Ltd income statement

In fiscal 2025, Connect Biopharma Holdings Ltd reported revenue of $64,000, down 99.8% on the year before, operating income of −$58.1m (a -90740.6% margin) and net income of −$55.5m, or −$1.00 per diluted share. Every line below comes from the company's 10-K and 10-Q filings; column headings link to the filing.

Income statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Connect Biopharma Holdings Ltd: income statement, annual
Fiscal year	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMJun 2026
Revenue	0	26	0	3
Research and development	53	29	38	54
General and administrative	16	19	20	20
Operating income	−69	−22	−58	−70
Income before tax	−62	−15	−55	−69
Income tax	0	0	0	0
Net income	−62	−16	−55	−69
Diluted EPS	−$1.13	−$0.28	−$1.00	−$1.19
Diluted shares (average)	55m	55m	56m	58m
EBITDA	−68	−22	−57	−70

US$ millions unless shown otherwise. Fiscal quarters.

Connect Biopharma Holdings Ltd: income statement, quarterly
Quarter	2024 Q3Sept 2024	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026
Revenue	1	1	0	0	0	0	0	3
Research and development	9	6	7	9	11	11	15	16
General and administrative	6	4	5	5	7	4	5	4
Operating income	−14	−10	−11	−13	−18	−16	−20	−18
Income before tax	−13	−9	−10	−13	−17	−15	−19	−17
Income tax	0	0	0	0	0	0	0	0
Net income	−13	−9	−10	−13	−17	−15	−19	−17
Diluted EPS	−$0.23	−$0.16	−$0.19	−$0.23	−$0.31	−$0.27	−$0.34	−$0.27
EBITDA	−14	−9	−11	−13	−17	−15	−19	−17

EBITDA is operating income plus depreciation and amortisation. EPS and share counts are restated for stock splits. A dash means the company did not report the line for that period; expense lines are shown as reported, so they need not add up to the totals when a company reports other items between them.

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Figures from Connect Biopharma Holdings Ltd's SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Connect Biopharma Holdings Ltd.