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Connect Biopharma, headquartered in San Diego, California, is a clinical-stage biopharmaceutical company dedicated to transforming care for asthma and chronic obstructive pulmonary disease ( COPD ). The Company is advancing rademikibart, a next-generation, potentially best-in-class antibody designed to target interleukin-4-receptor alpha ( IL-4R ).
The business is unprofitable at the operating level (-90740.63% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 99.8% YoY. Margins deteriorated 90654.4pp alongside, both lines moving the wrong way.
ROIC dropped from -18.26% to -67.96%, capital efficiency is deteriorating. Negative free cash flow of -$52M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$233K
▼ -99.8% YoY
Net Income (TTM)
-$65M
▼ -255.0% YoY
Op. Margin
-28426.61%
▼ -90654.4pp YoY
ROIC
-97.64%
▼ -49.7pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$58M
▼ -112.0% YoY
Op. Cash Flow (TTM)
-$57M
▼ -116.9% YoY
Net Debt
-$45M
Net Cash Position
Cash & Equiv.
$46M
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