Connect Biopharma (CNTB) Q1 2026 earnings summary

Executive summary

• Report covers the quarter ended March 31, 2026, for a clinical-stage biopharmaceutical company focused on asthma, COPD, and atopic dermatitis therapies, with rademikibart as its lead candidate.

• Phase 2 Seabreeze STAT studies for acute exacerbations in asthma and COPD are progressing as planned, with topline data expected mid-2026 following a positive interim DMC review and no safety concerns.

• Positive Phase 1 IV rademikibart data showed rapid and sustained lung function improvement in asthma and COPD patients.

• Phase 3 study in atopic dermatitis in China demonstrated rapid, durable efficacy with near-maximal responses in ~90% of patients.

• Completed a private placement in March 2026, raising $18.6 million in net proceeds.

Financial highlights

• License and collaboration revenue was $0.2 million for Q1 2026, up from zero in the prior year quarter, related to the Simcere agreement.

• Research and development expense rose to $15.0 million from $6.6 million year-over-year, mainly due to increased rademikibart development costs.

• General and administrative expense was stable at $4.7 million.

• Net loss increased to $19.4 million, or ($0.34) per share, from $10.3 million, or ($0.19) per share, year-over-year.

• Cash and cash equivalents totaled $46.0 million as of March 31, 2026.

Outlook and guidance

• Cash and cash equivalents of $46.0 million as of March 31, 2026, are expected to fund operations for at least one year from the filing date, with some guidance suggesting runway into the second half of 2027.

• Management anticipates continued investment in clinical development and ongoing evaluation of capital needs.

• Topline results from both Seabreeze STAT studies are anticipated mid-2026, with plans to meet the FDA for Phase 3 alignment thereafter.