Financial Performance - For the three months ended March 31, 2025, research and development expense was $6.6 million, a decrease of 23.4% from $8.7 million in the same period in 2024[103]. - General and administrative expense increased to $4.8 million for the three months ended March 31, 2025, compared to $4.0 million for the same period in 2024, primarily due to increased professional fees and personnel costs[104]. - The net loss for the three months ended March 31, 2025, was $10.3 million, or $0.19 per share, compared to a net loss of $8.7 million, or $0.16 per share, for the same period in 2024[108]. - Cash, cash equivalents, and short-term investments totaled $84.0 million as of March 31, 2025, sufficient to meet anticipated cash requirements for at least one year[107]. - Net cash used in operating activities for the three months ended March 31, 2025, was $10.0 million, significantly higher than $0.6 million for the same period in 2024[109]. - Net cash used in investing activities for the three months ended March 31, 2025, was $20.6 million, compared to net cash provided by investing activities of $9.3 million for the same period in 2024[110]. Clinical Trials and Product Development - The company announced positive data from a Phase 2 trial of rademikibart, indicating its potential as a treatment for asthma with rapid onset of action and significant reductions in exacerbation rates[96]. - The first patient was enrolled in the Phase 2 clinical trial for rademikibart in patients experiencing acute exacerbations of asthma or COPD, with primary endpoints focused on treatment failure over 28 days[98][99]. Corporate Changes and Challenges - The company relocated its corporate headquarters to a new location in San Diego, California, with an operating lease that increases from $0.3 million to $0.4 million over the lease term[113]. - The company faces potential challenges from high inflation rates and economic uncertainty, which may impact operating costs and access to financing[119]. - The company faces challenges in raising capital due to unfavorable global economic and political conditions, which may impact research and development programs[120]. - The company is experiencing stress on working capital resources due to worsening global macroeconomic conditions and wage increases[121]. - Future commercialization efforts may be delayed or reduced if capital cannot be raised on attractive terms[121]. Costs and Strategic Considerations - Costs associated with drug discovery, preclinical development, and clinical trials for product candidates are significant and ongoing[120]. - Regulatory review costs and the expenses related to marketing approvals for successful clinical trials are critical factors for future product launches[120]. - The costs of maintaining and enforcing intellectual property rights are a significant consideration for the company[120]. - The company is focused on the costs of future activities related to product sales, medical affairs, and distribution for approved product candidates[120]. - The company is evaluating third-party manufacturers and suppliers, which adds to the overall manufacturing process development costs[120]. - Ongoing collaborations and the ability to establish new partnerships on favorable terms are essential for the company's growth strategy[120]. - The terms of current and future license agreements and collaborations will impact the company's strategic direction[120].

Financial Performance - For the three months ended March 31, 2025, Connect Biopharma reported a net loss of $10.3 million, or $0.19 per share, compared to a net loss of $8.7 million, or $0.16 per share, for the same period in 2024[7]. - Total operating expenses for the three months ended March 31, 2025, were $11.4 million, compared to $12.6 million for the same period in 2024[14]. Cash and Investments - Cash, cash equivalents, and short-term investments were $84.0 million as of March 31, 2025, expected to fund operations into 2027[7]. - Total assets as of March 31, 2025, were $92.7 million, down from $101.3 million as of December 31, 2024[16]. Research and Development - Research and Development expense decreased to $6.6 million for the three months ended March 31, 2025, from $8.7 million in the same period in 2024, a reduction of $2.1 million[7]. - Connect Biopharma initiated Phase 2 Seabreeze STAT studies for rademikibart as an adjunct treatment for acute exacerbations in asthma and COPD, with topline data expected in 1H 2026[5]. - Rademikibart demonstrated a mean difference from placebo in forced expiratory volume of +420 mL in patients with eosinophilic-driven asthma after 24 weeks, one of the largest increases reported for a biologic[7]. - The company completed a positive Type C meeting with the FDA, aligning on the Phase 2 Seabreeze study protocols[7]. - Four posters were accepted for presentation at the ATS 2025 International Conference, supporting the development of rademikibart for patients with moderate-to-severe asthma or COPD[7]. General and Administrative Expenses - General and Administrative expense increased to $4.8 million for the three months ended March 31, 2025, compared to $4.0 million for the same period in 2024, an increase of $0.8 million[7].

Initiated Phase 2 Seabreeze STAT Asthma and Seabreeze STAT COPD studies evaluating rademikibart as an adjunct treatment for acute exacerbations in Asthma and COPD in May 2025; topline data expected in 1H 2026 Published positive data from its global Phase 2 study supporting potential of rademikibart as a novel biologic treatment for patients with asthma and Type 2 inflammation Strong balance sheet with cash runway into 2027 through key clinical catalysts SAN DIEGO, May 15, 2025 (GLOBE NEWSWIRE) -- Connect Bi ...

– Expect to report topline data from the Seabreeze STAT COPD study in 1H 2026 – SAN DIEGO, May 14, 2025 (GLOBE NEWSWIRE) -- Connect Biopharma Holdings Limited (Nasdaq: CNTB) (Connect Biopharma, Connect or the Company), a clinical-stage biopharmaceutical company focused on transforming acute and chronic care of asthma and chronic obstructive pulmonary disease (COPD), today announced the initiation of its Phase 2 Seabreeze STAT COPD study (NCT06940154) following written agreement on the final study protocol f ...

– FDA aligned on plan to initiate parallel Phase 2 trials of rademikibart in patients with moderate-to-severe asthma or COPD experiencing an acute exacerbation – – Expect to initiate both trials in Q2 2025 – SAN DIEGO, April 01, 2025 (GLOBE NEWSWIRE) -- Connect Biopharma Holdings Limited (NASDAQ:CNTB) (Connect or Connect Biopharma), a clinical-stage biopharmaceutical company focused on transforming acute and chronic care of asthma and chronic obstructive pulmonary disease (COPD), today announced positive fe ...

– Rademikibart demonstrated rapid onset of action with significant improvements in lung function observed at one week and maintained through 24 weeks – – In patients with eosinophilic-driven asthma (≥300 eosinophils/µL) receiving rademikibart for 24 weeks, the mean difference from placebo in forced expiratory volume was +420 mL, amongst the largest increases reported for a biologic – SAN DIEGO, March 31, 2025 (GLOBE NEWSWIRE) -- Connect Biopharma Holdings Limited (Nasdaq: CNTB) (Connect Biopharma), a clinic ...

Product Development and Clinical Trials - Connect Biopharma is advancing rademikibart, a next-generation anti-IL-4Rα antibody, targeting significant unmet needs in asthma and COPD [20]. - In a Phase 2b trial, rademikibart demonstrated a significant improvement in lung function, with a 140 ml (p = 0.005) improvement in FEV for the 150 mg group and 189 ml (p < 0.001) for the 300 mg group at Week 12 [31]. - The trial also showed a 63% average reduction in annual exacerbation rate for COPD patients treated with rademikibart [25]. - Rademikibart has shown a rapid onset of action, with significant improvements observed within 24 hours of administration [25]. - Rademikibart's clinical development program aims to address the unmet needs in acute asthma and COPD, targeting approximately 1 million asthma and 1.3 million COPD patients visiting emergency departments annually [25]. - Rademikibart met both primary and key secondary endpoints, showing significant improvements in skin clearance, disease severity, and itch compared to placebo [40]. - The primary endpoint for the PRC-specific pivotal trial was the percentage of patients achieving IGA 0/1 at Week 16, with key secondary endpoints including EASI-75 [38]. - The company plans to seek accelerated approval for its Product Candidates, which may involve additional clinical trials if initial approvals are not granted [186]. - The company currently has one Product Candidate, rademikibart, in clinical development, with significant investment in its development and preclinical studies [191]. - The company has not yet submitted an NDA or BLA and lacks experience in preparing regulatory filings [199]. - The success of the company's Product Candidates depends on demonstrating safety and efficacy in clinical trials, which may not be achieved [192]. - The company faces risks of regulatory authorities requiring additional studies or denying approval based on clinical trial results [203]. - The FDA and NMPA may withdraw approval if confirmatory trials do not verify clinical benefits [190]. - Clinical trials are time-consuming and expensive, with uncertain outcomes that may delay or prevent product commercialization [162]. - Regulatory approvals are contingent on successful completion of extensive clinical trials, which may face delays or failures [164]. - Clinical trials in foreign countries, such as Ukraine, have been impacted by the Russia-Ukraine war, delaying completion and data collection [165]. - Delays in patient enrollment and potential withdrawal from clinical trials could materially affect the development and approval process of product candidates [170]. - The integrity of clinical trial data may be questioned due to financial relationships with principal investigators, potentially delaying approval processes [167]. - The company is exploring opportunities for its product candidates under fast track designation, breakthrough therapy designation, priority review, and accelerated approval to expedite development and approval processes [83]. Market and Competition - Approximately 23 million adults and 5 million children suffer from asthma in the U.S., with an estimated 262 million affected globally, leading to 455,000 deaths in 2019 [21]. - COPD affects approximately 14.2 million adults in the U.S. and 480 million globally, resulting in an estimated 3.5 million deaths annually [22]. - The company faces intense competition from various sources, including larger pharmaceutical companies with greater resources and established market presence [42]. - The company is focused on T cell modulation activity, which is an unproven approach and may face competition from alternative technologies [194]. Financial Performance and Funding - The company incurred net losses of $15.6 million and $62.1 million for the years ended December 31, 2024 and 2023, respectively, with an accumulated loss of $345.4 million as of December 31, 2024 [146]. - Substantially all losses have resulted from expenses related to research and development programs and general administrative costs [146]. - The company expects to continue incurring significant losses for the foreseeable future as it conducts ongoing and planned preclinical studies and clinical trials [146]. - Substantial additional capital is required to fund product development and commercialization, with existing capital insufficient for regulatory approvals [148]. - Future financing requirements will depend on various factors, including clinical trial costs and regulatory review outcomes [153]. - The company maintains cash and cash equivalents with major financial institutions, with deposits exceeding insured limits, posing potential risks [156]. - The company has an effective shelf registration statement covering the offering of up to $300 million in ADSs, which could lead to substantial dilution for existing shareholders [157]. Regulatory Environment - The company is subject to extensive regulation by the FDA and other authorities, which imposes substantial requirements on drug development and marketing [60]. - The FDA requires an Investigational New Drug (IND) application to be effective before human clinical trials can begin, which automatically becomes effective 30 days after submission unless safety concerns arise [62]. - Clinical trials are divided into three phases, with Phase 1 focusing on safety and dosage, Phase 2 on preliminary efficacy, and Phase 3 on expanded patient populations to establish risk/benefit ratios [71]. - The FDA aims to review standard applications within 10 months and priority reviews within 6 months after filing, with potential extensions for major amendments [74]. - Approval of a New Drug Application (NDA) or Biologics License Application (BLA) may require post-market studies to monitor safety and effectiveness [77]. - The FDA offers expedited development programs, such as the fast track designation, for product candidates addressing serious conditions and unmet medical needs [78]. - The company must ensure compliance with Good Manufacturing Practices (cGMP) before the FDA approves any application [75]. - The FDA may condition approval on the implementation of Risk Evaluation and Mitigation Strategies (REMS) to manage known risks associated with a product [77]. - The company must submit an initial pediatric study plan within 60 days after an end-of-Phase 2 meeting for products with new active ingredients or indications [73]. - The FDA's goal for priority review designation is to take action on marketing applications within six months of the 60-day filing date, compared to ten months under standard review [81]. - Orphan drug designation can be granted for drugs intended to treat rare diseases affecting fewer than 200,000 individuals in the U.S., providing potential benefits such as tax credits and a waiver of application user fees [84][86]. - Products with orphan drug designation that receive FDA approval are entitled to seven years of orphan drug exclusivity, preventing approval of similar products for the same condition [85]. - The FDA may withdraw approval if compliance with regulatory requirements is not maintained, which could lead to product recalls or fines [89]. - The company must comply with extensive FDA regulations post-approval, including record-keeping and reporting of adverse experiences [88]. - The Biologics Price Competition and Innovation Act allows for an abbreviated approval pathway for biosimilars, which can reduce the time and cost for market entry [96]. - The approval process for clinical trials and product marketing varies significantly across foreign jurisdictions, and there is no assurance that FDA approval will lead to similar approvals abroad [99]. - The company is subject to various healthcare regulations, including the federal Anti-Kickback Statute, which prohibits inducements for referrals or purchases related to federal healthcare programs [101]. - The ACA increased the minimum Medicaid rebates for brand name drugs from 15.1% to 23.1% [115]. - The Inflation Reduction Act of 2022 imposes inflation rebates on drug manufacturers if prices increase faster than inflation, starting in 2023 [119]. - The IRA will cap annual out-of-pocket spending for Medicare Part D beneficiaries at $2,000 starting in 2025 [119]. - The U.S. government and state legislatures are implementing cost-containment programs, including price controls and restrictions on coverage [110]. - The EU allows member states to control prices of medicinal products and restrict reimbursement options [111]. - The HTA Regulation adopted in December 2021 aims to provide a transparent framework for health technology assessments in the EU [114]. - The Physician Payments Sunshine Act requires manufacturers to report payments and transfers of value to healthcare providers [106]. - The company is subject to the Foreign Corrupt Practices Act, which prohibits bribery of foreign officials [121]. - Compliance with various state and federal data privacy laws, such as the California Consumer Privacy Act, is required [122]. - The company is not a HIPAA covered entity but could face penalties for unauthorized access to protected health information [123]. Operational Challenges - The company does not own manufacturing facilities and relies on third-party contract manufacturers for production [46]. - The company has limited infrastructure and resources, which may impact the timely initiation and completion of clinical trials [191]. - Reliance on third-party clinical investigators and CROs poses risks; failure to meet contractual obligations could harm regulatory approval and commercialization efforts [213][214]. - The company relies on third-party manufacturers for the production of Product Candidates, which increases the risk of supply disruptions and delays in clinical trials [220][221]. - The company is continuously evaluating multiple vendors to ensure a continuous supply of Product Candidates for global studies and trials, but establishing agreements on acceptable terms remains a challenge [221]. - Disruptions at the FDA and NMPA due to government policies and funding shortages could hinder timely product development and approval, negatively impacting business operations [207]. - The FDA postponed most inspections during the COVID-19 pandemic, which could significantly affect the timely review and processing of regulatory submissions [208]. - Proposed revisions to EU legislation on pharmaceuticals could reduce regulatory data protection, potentially allowing faster access for generics and biosimilars in the EU market [212].

Exhibit 99.1 Connect Biopharma Reports 2024 Full-Year Financial Results and Provides Business Update Strengthened leadership team with key appointments, including Barry Quart, Pharm.D. as CEO, and David Szekeres as President, bringing deep clinical, regulatory, operational and strategic expertise Unveiled rapid clinical development program for rademikibart initially targeting acute care in asthma and COPD; expect to initiate parallel Phase 2 trials in 2Q 2025 with data expected in 2H 2026 Strong balance she ...

Strengthened leadership team with key appointments, including Barry Quart, Pharm.D. as CEO, and David Szekeres as President, bringing deep clinical, regulatory, operational and strategic expertise Unveiled rapid clinical development program for rademikibart initially targeting acute care in asthma and COPD; expect to initiate parallel Phase 2 trials in 2Q 2025 with data expected in 2H 2026 Strong balance sheet with cash runway into 2027 and through key clinical catalysts SAN DIEGO, March 31, 2025 (GLOBE NEW ...

Core Viewpoint - Connect Biopharma Holdings Limited has received a notification from Nasdaq regarding non-compliance with the minimum bid price requirement for its American Depositary Shares (ADSs), which have been trading below $1.00 for the last 30 consecutive business days [1][2]. Compliance and Listing Status - The company has been granted an initial compliance period of 180 calendar days, until September 22, 2025, to regain compliance by having its ADSs close at or above $1.00 for at least ten consecutive business days [2]. - The Nasdaq letter does not have an immediate effect on the trading of the company's ADSs, which will continue to trade under the symbol "CNTB" [2]. - If compliance is not regained by the deadline, the company may be eligible for an additional 180-day compliance period, contingent upon transferring to the Nasdaq Capital Market and meeting other listing requirements [3]. Company Overview and Product Development - Connect Biopharma is focused on developing treatments for asthma and chronic obstructive pulmonary disease (COPD), with its lead product candidate being rademikibart, an anti-interleukin-4-receptor alpha (IL-4Rα) antibody [4]. - Rademikibart has shown promising results in a Phase 2 trial for asthma, demonstrating significant efficacy and safety, including rapid improvements in forced expiratory volume [4].