Core Insights - Connect Biopharma is transitioning to a U.S.-centric company, appointing Barry Quart as CEO and David Szekeres as President, while significantly reducing its operations in China [1][2][3] - The company has received positive feedback from the FDA regarding its lead product candidate, rademikibart, for potential Phase 3 trials in asthma and atopic dermatitis [4] - Financial results indicate a revenue of $24.1 million for the first half of 2024, with a net income of $7.6 million, a significant improvement from a net loss of $30.5 million in the same period of 2023 [6][8] Leadership and Management Changes - Barry Quart, Pharm.D., has been appointed as CEO, bringing over 30 years of experience in biotechnology and pharmaceutical leadership [3] - David Szekeres has been appointed as President, contributing his expertise in life sciences [3] - Kleanthis G. Xanthopoulos, Ph.D., was appointed as Chairperson of the Board in June 2024 [3] Clinical Development and Programs - The company is evaluating the future clinical development strategy for rademikibart, considering advancing it into Phase 3 trials [1][4] - Simcere Pharmaceutical Co., Ltd. has initiated Phase 3 trials for rademikibart in China for moderate-to-severe atopic dermatitis and asthma [4] - Positive results from the global Phase 2b trial of rademikibart were presented at the American Thoracic Society 2024 International Conference [4] Financial Performance - Cash, cash equivalents, and short-term investments totaled $110.2 million as of June 30, 2024, down from $118.7 million at the end of 2023 [6][9] - R&D expenses decreased to $13.3 million in the first half of 2024 from $26.6 million in the same period of 2023, primarily due to fewer clinical trials and reduced personnel costs [6][8] - Administrative expenses increased slightly to $8.3 million in the first half of 2024, attributed to severance costs related to workforce reductions [6][8] Corporate Strategy and Transformation - The company has completed a technology transfer for rademikibart's manufacturing process to a U.S.-based contract manufacturer, aiming to reduce manufacturing costs [5] - As part of its transformation, Connect has reduced its workforce in China by approximately 15% over the past year, with further reductions expected [5]

Group 1 - Connect Biopharma Holdings Limited is a U.S.-headquartered global clinical-stage biopharmaceutical company focused on developing therapies for chronic inflammatory diseases through T cell-driven research [1][2] - The company is hosting one-on-one investor meetings at the Leerink Partners Inflammation and Immunology and Metabolism Therapeutics Forum on July 9-10, 2024, in Boston, MA [1] - Connect Biopharma is developing a pipeline of proprietary small molecules and antibodies, with its lead product candidate rademikibart targeting interleukin-4 receptor alpha for atopic dermatitis and asthma [2] Group 2 - The second product candidate, icanbelimod, is a modulator of S1P1 T cell receptors in development for ulcerative colitis [2] - The company's goal is to improve the lives of millions affected by chronic inflammatory diseases worldwide [2]

Company Overview - Connect Biopharma Holdings Limited is a global clinical-stage biopharmaceutical company focused on developing therapies for chronic inflammatory diseases through T cell-driven research [2] - The company aims to improve the lives of millions affected by these diseases by building a pipeline of proprietary small molecules and antibodies [2] Recent Developments - The Board of Directors granted non-qualified stock option awards to the newly-appointed CEO Barry Quart and President David Szekeres, totaling 2,658,734 and 1,772,489 ordinary shares respectively [1] - The options have an exercise price of $1.77 per share, which is the closing price on the grant date, and will vest over four years [1] Product Pipeline - The lead product candidate, rademikibart, targets interleukin-4 receptor alpha (IL-4Rα) and is in development for atopic dermatitis and asthma [2] - The second product candidate, icanbelimod, modulates S1P1 T cell receptors and is being developed for ulcerative colitis [2]

Leadership Changes - Barry Quart, Pharm.D. has been appointed as the new Chief Executive Officer (CEO) of Connect Biopharma, succeeding Zheng Wei, Ph.D., who will remain on the Board of Directors as an advisor [1][3] - David Szekeres has been appointed as President, bringing extensive experience in life sciences [1][5] - Kleanthis G. Xanthopoulos, Ph.D. has been appointed as the Chair of the Board of Directors, succeeding Wubin (Bill) Pan, Ph.D., M.B.A., who will also serve as an advisor during the transition [1][2] Company Vision and Strategy - The company aims to improve the lives of patients with chronic inflammatory diseases through T cell-driven research and innovative therapies [1][7] - The lead product candidate, rademikibart, is designed to target interleukin-4 receptor alpha (IL-4Rα) for the treatment of atopic dermatitis and asthma, establishing Connect as a late-stage company entering its pre-commercial phase [3][7] - The company has a cash runway extending into at least 2026, positioning it well for future growth and shareholder returns [4] Leadership Experience - Barry Quart brings over 30 years of experience in biotechnology and pharmaceuticals, having led multiple companies through late-stage clinical development and regulatory strategy, with nine FDA-approved drugs to his credit [3][4] - David Szekeres has a proven track record in operational, commercial, and corporate development roles, previously serving as Executive Vice President and COO at Heron Therapeutics [5][6]

Leadership Changes - Barry Quart, Pharm.D. has been appointed as the new Chief Executive Officer (CEO) of Connect Biopharma, succeeding Zheng Wei, Ph.D., who will remain on the Board of Directors as an advisor [1][3] - David Szekeres has been appointed as President, bringing extensive experience in life sciences [1][5] - Kleanthis G. Xanthopoulos, Ph.D. has been appointed as the Chair of the Board of Directors, succeeding Wubin (Bill) Pan, Ph.D., M.B.A., who will also serve as an advisor during the transition [2][3] Company Vision and Strategy - The company aims to improve the lives of patients with chronic inflammatory diseases through T cell-driven research and innovative therapies [1][7] - The lead product candidate, rademikibart, is designed to target interleukin-4 receptor alpha (IL-4Rα) for the treatment of atopic dermatitis and asthma, establishing Connect as a late-stage company entering its pre-commercial phase [3][7] - The company has a cash runway extending into at least 2026, positioning it well for future growth and shareholder returns [4] Leadership Experience - Barry Quart brings over 30 years of experience in biotechnology and pharmaceuticals, having led multiple companies through late-stage clinical development and regulatory strategy, with nine FDA-approved drugs to his credit [3][4] - David Szekeres has a proven track record in operational, commercial, and corporate development roles, previously serving as Executive Vice President and COO at Heron Therapeutics [5][6]

Investment Rating - The report rates Connect Biopharma as a promising investment opportunity in the biopharmaceutical sector, particularly focusing on atopic dermatitis and asthma treatments [2]. Core Insights - Connect Biopharma has established a strong position in the biopharmaceutical industry through its innovative product pipeline and effective commercialization strategies, which have led to stable cash flow and enhanced market competitiveness [9][10]. - The company is well-positioned to capitalize on the growing demand for biologics in the treatment of autoimmune diseases, with a focus on self-immune markets along the Belt and Road Initiative [22][25]. Company Financial Performance - Connect Biopharma achieved a stable cash flow in 2023, with total cash and short-term investments decreasing to $120 million from $160 million in 2022 [10]. - The company's R&D expenditure was $51.9 million in 2023, down from $96.6 million in 2022, reflecting a strategic focus on cost management while maintaining innovation [10][12]. - The asset-liability ratio remains low at 6%-9%, significantly below the industry average of 30%-50%, indicating strong solvency and lower borrowing costs [14]. - The liquidity ratio is maintained above 10%, showcasing the company's robust short-term debt repayment capability [15]. - Revenue quality has improved, with a growth from 48.4% in 2021 to 104.5% in 2023, indicating a sustainable revenue outlook [16]. Business Layout - Connect Biopharma operates with a light asset model, avoiding heavy fixed asset burdens, which allows for a healthy cash flow state [18]. - The company has established a global presence with headquarters in California and a significant operational base in Suzhou, China, enhancing its market reach [19]. Product Pipeline - The core product pipeline includes CBP-201, targeting IL-4Ra for atopic dermatitis and asthma, and CBP-307, targeting S1P1 for ulcerative colitis and Crohn's disease, both showing significant clinical potential [20][21]. - CBP-201 has shown promising results in clinical trials, with plans for NDA submission in Q1 2024 [21][35]. Future Development Strategy - Connect Biopharma aims to enhance its R&D capabilities and expand its market share through strategic partnerships with pharmaceutical companies, focusing on autoimmune diseases [22][25]. - The company is exploring international markets, particularly in Southeast Asia and other Belt and Road countries, to leverage growth opportunities in the biopharmaceutical sector [22][27].

Rademikibart treatment significantly improved lung function at Week 12; improvements were observed as early as Week 1 and sustained through Week 24Significant improvement in patient-reported asthma control occurred early and was sustained through Week 24End of Phase 2 (EoP2) meeting is scheduled with the U.S. Food and Drug Administration (FDA) for Q2 2024 SAN DIEGO, CA and TAICANG, China, May 22, 2024 (GLOBE NEWSWIRE) -- Connect Biopharma Holdings Limited (NASDAQ:CNTB) ("Connect Biopharma" or the "Company") ...

SAN DIEGO, CA and TAICANG, China, May 07, 2024 (GLOBE NEWSWIRE) -- Connect Biopharma Holdings Limited (Nasdaq: CNTB) (“Connect Biopharma” or the “Company”), a global clinical-stage biopharmaceutical company dedicated to improving the lives of patients with chronic inflammatory diseases through the development of therapies derived from T cell-driven research, today announced data from its global Phase 2b trial of rademikibart in patients with moderate-to-severe asthma was accepted as a late-breaking abstract ...

Core Insights - Connect Biopharma announced that data from its global Phase 2b trial of rademikibart for moderate-to-severe asthma has been accepted for presentation at the ATS 2024 International Meeting [1] - The company focuses on developing therapies for chronic inflammatory diseases through T cell-driven research [1][3] Company Overview - Connect Biopharma is a clinical-stage biopharmaceutical company dedicated to improving the lives of patients with chronic inflammatory diseases [3] - The company is developing innovative therapies, including rademikibart, which targets interleukin-4 receptor alpha (IL-4Rα) for treating atopic dermatitis and asthma [3] - Another product candidate, icanbelimod, is in development for ulcerative colitis [3] Presentation Details - The poster presentation titled "Improved Lung Function and Asthma Control Observed with Rademikibart in Patients with Moderate-to-Severe Uncontrolled Asthma" will be presented by Dr. Edward Kerwin [2] - The session is scheduled for May 22, 2024, at the San Diego Convention Center [2]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F o REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR o TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR o SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE A ...