Financial Performance - Connect Biopharma reported a net loss of $59.5 million for the year ended December 31, 2023, a significant decrease from a net loss of $118.1 million in 2022, representing a 49.7% reduction [14]. - Research and development expenses decreased to $51.9 million in 2023 from $96.6 million in 2022, a reduction of 46.3% primarily due to fewer clinical trials and lower personnel costs [13]. - Cash, cash equivalents, and short-term investments totaled $118.7 million as of December 31, 2023, down from $161.9 million in 2022, with a decrease of $43.2 million attributed to clinical program advancements [12]. - Total assets decreased to $125.9 million in 2023 from $174.0 million in 2022, while total liabilities increased to $24.8 million from $16.5 million [17]. - Administrative expenses were reduced to $14.5 million in 2023 from $20.8 million in 2022, a decrease of 30.5% due to lower professional fees and share-based compensation [13]. Clinical Trials and Programs - The rademikibart program demonstrated significant improvements in lung function in asthma patients, with results showing early improvement as soon as Week 1 and sustained effects through Week 24 [3]. - In the China pivotal trial for atopic dermatitis, approximately 90% of patients on a four-week dosing regimen maintained clinical response through Week 52 [4]. - Connect Biopharma has scheduled two meetings with the FDA in Q2 2024 to discuss registrational programs for rademikibart in atopic dermatitis and asthma [11]. - The company anticipates receiving updates from Simcere regarding the NDA filing for rademikibart in Q2 2024 [11]. Partnerships and Agreements - The company signed an exclusive licensing agreement with Simcere, receiving an upfront payment of ¥150 million ($21 million) and potential milestone payments of up to ¥875 million ($120 million) [10].
nect Biopharma (CNTB) - 2023 Q4 - Annual Report