Connect Biopharma Holdings Ltd. reported a net loss of $17.2 million, or $0.31 per share, for the third quarter of 2025, compared to a net loss of $12.9 million, or $0.23 per share, for the same period in 2024. For the nine months ended September 30, 2025, the net loss was $40.4 million, or $0.73 per share, compared to $6.7 million, or $0.12 per share, for the same period in 2024. Cash, cash equivalents and short-term investments totaled $54.8 million as of September 30, 2025, with the company expecting these funds to support operations into 2027. Key business developments included the ongoing recruitment for Phase 2 Seabreeze STAT studies in asthma and COPD, the acceptance of a New Drug Application for rademikibart in atopic dermatitis by China's NMPA, and the termination of the American Depositary Receipt program, with ordinary shares now directly listed on Nasdaq.