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Connect Biopharma Holdings cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$15.9M in Q2 2026 · −$60.6M over twelve months

Operating cash flow−$15.9M
Free cash flow−$15.9M

Analysis

In Q2 2026, Connect Biopharma Holdings generated −$15.9M of operating cash flow. That is $3.0M less than in Q2 2025 (−$12.9M).

Over the twelve months to Jun 30, 2026, operating cash flow was −$60.6M; the largest uses were operating cash flow ($60.6M), capital spending ($50K); besides operations, cash came from other investing ($26.9M), other financing ($19.9M); the cash balance fell by $13.6M.

Operating cash flow was −$15.9M against net income of −$17.3M. The largest differences: accrued liabilities +$3.1M, receivables −$2.9M, payables −$2.3M.

Free cash flow

Connect Biopharma Holdings: free cash flow by quarterConnect Biopharma Holdings: free cash flow by quarter−$13.2MQ3 2024−$2.6MQ4 2024−$10.0MQ1 2025−$12.9MQ2 2025−$17.4MQ3 2025−$11.3MQ4 2025−$16.0MQ1 2026−$15.9MQ2 2026
Operating cash flow less capital spending.
Connect Biopharma Holdings: operating cash flow against capital spendingConnect Biopharma Holdings: operating cash flow against capital spendingOperating cash flowCapital spending−$13.0M$147KQ3 2024−$2.3M$313KQ4 2024−$10.0M$81KQ1 2025−$12.6M$303KQ2 2025−$17.4M$34KQ3 2025−$11.2M$16KQ4 2025−$16.0M$0Q1 2026−$15.9M$0Q2 2026
Latest (Q2 2026): Operating cash flow −$15.9M, Capital spending $0.

Capital allocation, year by year

Connect Biopharma Holdings: where the cash came from (up) and went (down), by fiscal yearConnect Biopharma Holdings: where the cash came from (up) and went (down), by fiscal yearOperating cash flowShares issuedAsset salesCapital spendingFY2021: Operating cash flow −$84.3MFY2021: Capital spending −$3.8MFY2021FY2022: Operating cash flow −$102MFY2022: Capital spending −$4.4MFY2022FY2023: Operating cash flow −$47.7MFY2023: Shares issued $1KFY2023: Asset sales $2KFY2023: Capital spending −$294K$3KFY2023FY2024: Operating cash flow −$23.6MFY2024: Shares issued $194KFY2024: Capital spending −$750K$194KFY2024FY2025: Operating cash flow −$51.2MFY2025: Shares issued $875KFY2025: Asset sales $2KFY2025: Capital spending −$434K$877KFY2025
Over these 5 years operating cash flow totalled −$308M; the largest uses were operating cash flow ($308M) and capital spending ($9.7M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$31.5M
Debtnone
Net cash$31.5M
Cash runway6 months

Connect Biopharma Holdings is burning cash: its operations consume cash, a free cash flow of −$60.6M a year at the current rate against $31.5M of cash and investments: a runway of about 6 months before any new financing.

Where the cash came from and went

Connect Biopharma Holdings: sources (+) and uses (−) of cash, Q2 2026Connect Biopharma Holdings: sources (+) and uses (−) of cash, Q2 2026Cash drawn (+) / kept (−)$19.0MOperating cash flow−$15.9MOther investing−$4.5MOther financing$1.3MExchange rates$45K
Connect Biopharma Holdings: sources (+) and uses (−) of cash, TTM to Q2 2026Connect Biopharma Holdings: sources (+) and uses (−) of cash, TTM to Q2 2026Operating cash flow−$60.6MOther investing$26.9MOther financing$19.9MCash drawn (+) / kept (−)$13.6MExchange rates$226KCapital spending−$50K

From profit to cash

Connect Biopharma Holdings: net income to operating cash flow, Q2 2026Connect Biopharma Holdings: net income to operating cash flow, Q2 2026Net income−$17.3MDepreciation & amortization$161KStock-based pay$1.3MReceivables−$2.9MPayables−$2.3MAccrued liabilities$3.1MPrepaid and other assets$2.1MOther liabilities−$4KOperating cash flow−$15.9M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingShares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026−$15.9M——$19.0M−$15.9M
Q1 2026−$16.0M—$137K−$7.7M−$16.0M
Q4 2025−$11.2M−$16K$640K−$500K−$11.3M
Q3 2025−$17.4M−$34K$215K$2.8M−$17.4M
Q2 2025−$12.6M−$303K$36K$7.1M−$12.9M
Q1 2025−$10.0M−$81K$4K$30.5M−$10.0M
Q4 2024−$2.3M−$313K$93K$19.0M−$2.6M
Q3 2024−$13.0M−$147K—$12.6M−$13.2M

Connect Biopharma Holdings: income statement and cash flow

Connect Biopharma Holdings, Q2 2026: revenue $2.8M (58× year over year), operating margin -636.0%. The chart follows the revenue to costs, profit and cash.

Connect Biopharma Holdings: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.