Connect Biopharma Holdings Ltd key statistics and ratios

In fiscal 2025, Connect Biopharma Holdings Ltd had return on equity of -82.7%, an operating margin of -90740.6%, debt equal to 0.0% of equity and a current ratio of 3.74. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Connect Biopharma Holdings Ltd: financial ratios, annual
Fiscal year	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMJun 2026
Operating margin	—	−86.2%	<−999%	<−999%
Net margin	—	−60.0%	<−999%	<−999%
Free-cash-flow margin	—	−93.6%	<−999%	<−999%
Return on equity	−61.2%	−16.1%	−82.7%	—
Return on assets	−48.8%	−13.7%	−70.5%	−138.6%
Asset turnover	—	0.23	0.00	0.06
Current ratio	4.85	11.46	3.74	2.37
Debt to equity	0.0%	0.0%	0.0%	0.0%
R&D as % of revenue	—	112.4%	>999%	>999%
Capital spending as % of revenue	—	2.9%	678.1%	1.7%

US$ thousands unless shown otherwise. Fiscal quarters.

Connect Biopharma Holdings Ltd: financial ratios, 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
Operating margin	<−999%	<−999%	—	<−999%	<−999%	—	<−999%	−636.0%
Net margin	<−999%	<−999%	—	<−999%	<−999%	—	<−999%	−624.4%
Free-cash-flow margin	<−999%	−377.1%	—	<−999%	<−999%	—	<−999%	−575.2%
Current ratio	—	11.46	10.25	7.24	5.48	3.74	3.23	2.37
R&D as % of revenue	739.0%	893.4%	—	>999%	>999%	—	>999%	587.9%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

2 of 2 checks passed · June 30, 2026

What it owns · $43m

Short-term assets $39mLonger-term assets $5m

What it owes, and who funded it · $43m

Short-term liabilities $16mLonger-term liabilities $0mShareholders' equity $27m

Short-term assets cover short-term liabilities $39m of assets due within a year against $16m of liabilities due within a year.
Short-term assets cover long-term liabilities $39m short-term assets against $310,000 of longer-dated liabilities.
More cash than debt Cash or debt not separately reported. Not assessable.
Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Connect Biopharma Holdings Ltd's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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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.