{"url_path":"/sec/cntb/10-q/2026/cover-page","section_key":"cover-page","section_title":"Cover Page","topic":"sec","document":{"doc_type":"10-Q","doc_date":"2026-05-12","source_url":"https://www.sec.gov/Archives/edgar/data/1835268/0001835268-26-000020-index.html","accession_number":"0001835268-26-000020","cik":"0001835268","ticker":"CNTB","issuer_name":"Connect Biopharma Holdings Ltd","edgar_url":"https://www.sec.gov/Archives/edgar/data/1835268/0001835268-26-000020-index.html","primary_entity_key":"0001835268","primary_entity_name":"Connect Biopharma Holdings Ltd"},"word_count":850,"has_tables":true,"body_markdown":"cntb-20260331\n0001835268falseQ12026December 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OF CONTENTS](#i46b71458e1224d37a858ff5acc38daea_7)\n\nUNITED STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWASHINGTON, D.C. 20549\n\n_______________________\n\nFORM 10-Q\n\n_______________________\n\nxQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the quarterly period ended March 31, 2026\n\nor\n\noTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the transition period from _______ to ________\n\nCommission File Number: 001-40212\n\n_______________________\n\nConnect Biopharma Holdings Limited\n\n(Exact name of registrant as specified in its charter)\n\n_______________________\n\nCayman IslandsNot Applicable\n\n(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)\n\n3580 Carmel Mountain Road, Suite 200\n\nSan Diego, California\n92130\n\n(Address of Principal Executive Offices)(Zip Code)\n\n(Registrant’s Telephone Number, Including Area Code): (877) 245-2787\n\n_______________________\n\nSecurities registered pursuant to Section 12(b) of the Act:\n\nTitle of Each\nClassTrading SymbolName of Each Exchange on Which\nRegistered\n\nOrdinary Shares, par value $0.000174 per Share\nCNTBThe Nasdaq Global Market\n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.\n\nLarge accelerated fileroAccelerated filero\n\nNon-accelerated filerxSmaller reporting companyx\n\nEmerging growth companyx\n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).            Yes o     No x\n\nAs of April 30, 2026, there were 62,963,853 ordinary shares of the Company ($0.000174 par value) outstanding.\n\n[TABLE OF CONTENTS](#i46b71458e1224d37a858ff5acc38daea_7)\n\nCONNECT BIOPHARMA HOLDINGS LIMITED\n\nFORM 10-Q FOR THE THREE MONTHS ENDED MARCH 31, 2026\n\nTABLE OF CONTENTS\n\n[PART I.](#i46b71458e1224d37a858ff5acc38daea_13)\n\n[FINANCIAL INFORMATION](#i46b71458e1224d37a858ff5acc38daea_13)\n\nPage\n\n[ITEM 1.](#i46b71458e1224d37a858ff5acc38daea_16)\n\n[Condensed Consolidated Financial Statements (unaudited)](#i46b71458e1224d37a858ff5acc38daea_16)\n\n[4](#i46b71458e1224d37a858ff5acc38daea_19)\n\n[Condensed Consolidated Balance Sheets as of](#i46b71458e1224d37a858ff5acc38daea_19)[March 31, 2026](#i46b71458e1224d37a858ff5acc38daea_19)[and December 31, 202](#i46b71458e1224d37a858ff5acc38daea_19)[5](#i46b71458e1224d37a858ff5acc38daea_19)[(unaudited)](#i46b71458e1224d37a858ff5acc38daea_19)\n\n[4](#i46b71458e1224d37a858ff5acc38daea_19)\n\n[Condensed Consolidated Statements of Operations and Comprehensive Loss for the Three](#i46b71458e1224d37a858ff5acc38daea_22)[Months Ended](#i46b71458e1224d37a858ff5acc38daea_22)[March 31, 2026 and 2025](#i46b71458e1224d37a858ff5acc38daea_22)[(unaudited)](#i46b71458e1224d37a858ff5acc38daea_22)\n\n[5](#i46b71458e1224d37a858ff5acc38daea_22)\n\n[Condensed Consolidated Statements of Shareholders](#i46b71458e1224d37a858ff5acc38daea_25)[’](#i46b71458e1224d37a858ff5acc38daea_25)[Equity for the Three](#i46b71458e1224d37a858ff5acc38daea_25)[Months Ended](#i46b71458e1224d37a858ff5acc38daea_25)[March 31, 202](#i46b71458e1224d37a858ff5acc38daea_25)[6 and 2025](#i46b71458e1224d37a858ff5acc38daea_25)[(unaudited)](#i46b71458e1224d37a858ff5acc38daea_25)\n\n[6](#i46b71458e1224d37a858ff5acc38daea_25)\n\n[Condensed Consolidated Statements of Cash Flows for the](#i46b71458e1224d37a858ff5acc38daea_31)[Three](#i46b71458e1224d37a858ff5acc38daea_31)[Months Ended](#i46b71458e1224d37a858ff5acc38daea_31)[March 31, 2026 and 2025](#i46b71458e1224d37a858ff5acc38daea_31)[(unaudited)](#i46b71458e1224d37a858ff5acc38daea_31)\n\n[8](#i46b71458e1224d37a858ff5acc38daea_31)\n\n[Notes to Unaudited Condensed Consolidated Financial Statements](#i46b71458e1224d37a858ff5acc38daea_34)\n\n[9](#i46b71458e1224d37a858ff5acc38daea_34)\n\n[ITEM 2.](#i46b71458e1224d37a858ff5acc38daea_76)\n\n[Management’s Discussion and Analysis of Financial Condition and Results of Operations](#i46b71458e1224d37a858ff5acc38daea_76)\n\n[20](#i46b71458e1224d37a858ff5acc38daea_76)\n\n[ITEM 3.](#i46b71458e1224d37a858ff5acc38daea_91)\n\n[Quantitative and Qualitative Disclosures](#i46b71458e1224d37a858ff5acc38daea_91)[A](#i46b71458e1224d37a858ff5acc38daea_91)[bout Market Risk](#i46b71458e1224d37a858ff5acc38daea_91)\n\n[24](#i46b71458e1224d37a858ff5acc38daea_91)\n\n[ITEM 4.](#i46b71458e1224d37a858ff5acc38daea_94)\n\n[Controls and Procedures](#i46b71458e1224d37a858ff5acc38daea_94)\n\n[24](#i46b71458e1224d37a858ff5acc38daea_94)\n\n[PART II.](#i46b71458e1224d37a858ff5acc38daea_97)\n\n[OTHER INFORMATION](#i46b71458e1224d37a858ff5acc38daea_97)\n\n[ITEM 1.](#i46b71458e1224d37a858ff5acc38daea_100)\n\n[Legal Proceedings](#i46b71458e1224d37a858ff5acc38daea_100)\n\n[24](#i46b71458e1224d37a858ff5acc38daea_100)\n\n[ITEM 1A.](#i46b71458e1224d37a858ff5acc38daea_103)\n\n[Risk Factors](#i46b71458e1224d37a858ff5acc38daea_103)\n\n[24](#i46b71458e1224d37a858ff5acc38daea_103)\n\n[ITEM 2.](#i46b71458e1224d37a858ff5acc38daea_76)\n\n[Unregistered Sales of Equity Securities and Use of Proceeds](#i46b71458e1224d37a858ff5acc38daea_106)\n\n[24](#i46b71458e1224d37a858ff5acc38daea_106)\n\n[ITEM 3.](#i46b71458e1224d37a858ff5acc38daea_91)\n\n[Defaults](#i46b71458e1224d37a858ff5acc38daea_109)[U](#i46b71458e1224d37a858ff5acc38daea_109)[pon Senior Securities](#i46b71458e1224d37a858ff5acc38daea_109)\n\n[25](#i46b71458e1224d37a858ff5acc38daea_109)\n\n[ITEM 4.](#i46b71458e1224d37a858ff5acc38daea_94)\n\n[Mine Safety Disclosures](#i46b71458e1224d37a858ff5acc38daea_112)\n\n[25](#i46b71458e1224d37a858ff5acc38daea_112)\n\n[ITEM 5.](#i46b71458e1224d37a858ff5acc38daea_115)\n\n[Other Information](#i46b71458e1224d37a858ff5acc38daea_115)\n\n[25](#i46b71458e1224d37a858ff5acc38daea_115)\n\n[ITEM 6.](#i46b71458e1224d37a858ff5acc38daea_118)\n\n[Exhibits](#i46b71458e1224d37a858ff5acc38daea_118)\n\n[26](#i46b71458e1224d37a858ff5acc38daea_118)\n\n[SIGNATURES](#i46b71458e1224d37a858ff5acc38daea_121)\n\n[27](#i46b71458e1224d37a858ff5acc38daea_121)\n\n[TABLE OF CONTENTS](#i46b71458e1224d37a858ff5acc38daea_7)\n\nEXPLANATORY NOTE\n\nConnect Biopharma Holdings Limited (the “Company”), an exempted company incorporated under the laws of the Cayman Islands, qualifies as a “foreign private issuer,” as defined in Rule 3b-4 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) in the United States (the “U.S.”). The Company has voluntarily elected to file annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K with the U.S. Securities and Exchange Commission instead of filing on the reporting forms available to foreign private issuers.\n\nAlthough the Company has voluntarily elected to file annual, periodic and current reports on U.S. domestic issuer forms, the Company intends to maintain its status as a foreign private issuer. Accordingly, as a foreign private issuer, the Company remains exempt from the U.S. federal proxy rules pursuant to Section 14 of the Exchange Act and Regulations 14A and 14C thereunder, and Regulation FD. On December 18, 2025, as part of the National Defense Authorization Act for Fiscal Year 2026, the Holding Foreign Insiders Accountable Act (the “HFIAA”) was signed into law. The HFIAA amended Section 16(a) of the Exchange Act to require directors and officers of foreign private issuers, but not its principal shareholders, to comply with the insider reporting requirements set forth in Section 16(a) of the Exchange Act, beginning March 18, 2026. The Company’s officers, directors, and principal shareholders are not subject to the short-swing profit recovery provisions contained in Section 16(b) of the Exchange Act.\n\n3\n\n[TABLE OF CONTENTS](#i46b71458e1224d37a858ff5acc38daea_7)\n\nPART I—FINANCIAL INFORMATION"}