Core Viewpoint - Connect Biopharma Holdings Limited is making significant strides in its clinical and corporate objectives, particularly with its Phase 2 Seabreeze STAT studies for asthma and COPD, and is transitioning to a more U.S.-centric operational model [2][4]. Development Highlights - The Phase 2 Seabreeze STAT studies for asthma and COPD are currently recruiting patients, with topline data expected in the first half of 2026 [5]. - Positive data supporting rademikibart's efficacy and safety were presented at ATS 2025 and EAACI 2025, indicating its potential as a treatment for eosinophilic-driven type 2 asthma and COPD [4][5]. - A new drug application for rademikibart for atopic dermatitis has been submitted to China's NMPA by Simcere, the exclusive licensee in Greater China [4][6]. - The company plans to terminate its ADR program and directly list ordinary shares on Nasdaq to enhance institutional visibility and reduce costs [4][8]. - Jim Schoeneck, an industry veteran, has been appointed to the Board of Directors, bringing expertise in product development and commercialization [4][8]. Financial Results - As of June 30, 2025, the company reported cash, cash equivalents, and short-term investments of $71.8 million, sufficient to fund operations into 2027 [6][18]. - License and collaboration revenues for the three and six months ended June 30, 2025, were $48,000, a significant decrease from $24.1 million in the same periods of 2024 [6][16]. - Research and development expenses increased to $8.8 million for the three months ended June 30, 2025, compared to $5.3 million in 2024, primarily due to costs associated with rademikibart's development [6][16]. - The net loss for the three months ended June 30, 2025, was $12.9 million, or $0.23 per share, compared to a net income of $14.8 million, or $0.27 per share, in the same period of 2024 [6][16].