Connect Biopharma Conference Call Summary Company Overview - **Company**: Connect Biopharma (NasdaqGM:CNTB) - **Focus**: Development of Rademikibart, an IL-4 receptor alpha monoclonal antibody for asthma, COPD, and atopic dermatitis Key Updates on Rademikibart Clinical Development - **Rademikibart** is designed for treating acute exacerbations of asthma and COPD, with a focus on rapid onset of action and improved efficacy compared to existing treatments like dupilumab [4][25] - Preliminary results from an IV clinical pharmacology study show significant improvements in FEV1 (Forced Expiratory Volume in 1 second) within 15-30 minutes, with increases of 200-400 mL observed [20][24] - The drug demonstrates a faster onset of action, with significant improvements noted as early as 15 minutes post-administration [18][21] Mechanism of Action - Rademikibart shows a unique binding orientation and greater internalization compared to dupilumab, leading to a reduction in eosinophils, which is contrary to the increase seen with dupilumab [5][42] - The drug enhances the efficacy of beta-agonists, improving bronchodilation, which is not observed with other biologics [10][77] Safety Profile - The IV administration of Rademikibart has shown a clean safety profile with no significant adverse events reported in the small study [25][26] Market Opportunity - There are over 1 million emergency department visits for asthma and 1.3 million for COPD patients due to acute exacerbations, indicating a significant unmet need in the market [12] - Current biologics are not approved for acute exacerbations, presenting a unique opportunity for Rademikibart to fill this gap [25] Financial Outlook - Connect Biopharma has cash equivalents of $55 million, expected to cover operations into the second half of 2027 [44] - A worldwide peak sales forecast of approximately $5 billion for both acute and chronic indications in asthma and COPD has been projected [32] Upcoming Milestones - Results from two phase II acute asthma and COPD studies are anticipated mid-year [44] - A pending New Drug Application in China for atopic dermatitis is expected to be approved between mid-year and the end of the year [44] Atopic Dermatitis Data - In a study sponsored by Simcere Pharmaceutical, Rademikibart showed an 87.1% response rate at 52 weeks and a 96.6% response rate for EASI-75, indicating strong efficacy [35][36] - The drug has a significantly lower rate of conjunctivitis compared to dupilumab, enhancing its safety profile [37] Conclusion - Connect Biopharma is positioned to leverage the unique properties of Rademikibart to address significant unmet needs in the treatment of asthma, COPD, and atopic dermatitis, with promising clinical data and a strong market opportunity ahead [43][44]

Core Insights - Rademikibart demonstrated rapid and durable efficacy results across all key endpoints through 52 weeks, achieving near-maximal responses in approximately 90% of patients [1][2] - The safety profile of Rademikibart was comparable to placebo, with low rates of conjunctivitis, a common side effect associated with similar treatments [2][3] - The results were presented at the 2026 American Academy of Dermatology Annual Meeting, highlighting the potential of Rademikibart as a best-in-class treatment for atopic dermatitis [1][2] Study Results - The Phase 3 study was a double-blind, placebo-controlled trial involving 259 patients with moderate-to-severe atopic dermatitis, randomized to receive Rademikibart or placebo [3] - At Week 52, 96.6% of patients achieved a ≥75% reduction in the Eczema Area and Severity Index (EASI-75), 87.1% achieved a score of 0 or 1 on the Investigator's Global Assessment (IGA 0/1), and 85.3% achieved a ≥90% reduction in EASI (EASI-90) [3] - Rademikibart was well tolerated, with no significant drug-related safety issues observed in over 1,500 participants across various studies [3] Company Overview - Connect Biopharma is a clinical-stage biopharmaceutical company focused on transforming care for inflammatory diseases, particularly asthma and COPD [7] - The company is advancing Rademikibart, a next-generation monoclonal antibody targeting IL-4Rα, and is conducting global clinical studies for its efficacy in treating acute exacerbations of asthma and COPD [7] - Connect Biopharma has an exclusive licensing agreement with Simcere Pharmaceutical for Rademikibart in Greater China, with potential milestone payments up to approximately $110 million and tiered royalties on net sales [7]

Connect Biopharma Conference Call Summary Company Overview - Connect Biopharma is developing a next-generation IL-4 receptor alpha monoclonal antibody, referred to as a next-generation DUPIXENT, targeting atopic dermatitis and asthma [3][4] Core Insights and Arguments Product Development and Efficacy - The product has shown rapid onset of effect in chronic asthma studies, with significant improvements in FEV1 (lung function) observed in less than 24 hours [3] - Current treatments for acute exacerbations of asthma and COPD have not changed in over 30 years, relying on bronchodilators and prednisone, which only provide temporary stabilization [4] - Connect Biopharma is conducting studies to evaluate the efficacy of their drug, Rademikibart, in treating acute exacerbations in asthma and COPD patients, with top-line results expected mid-year [5][6] Unique Mechanism of Action - The drug binds differently to the IL-4 receptor compared to DUPIXENT, leading to a different safety and efficacy profile, including a modest decline in eosinophils, which is beneficial for targeted patients [7][8] - The drug enhances the effectiveness of beta-agonists, which are standard rescue medications for asthma and COPD, unlike DUPIXENT [9] Market Opportunity - There is a significant market opportunity in the acute treatment of asthma and COPD, with approximately 1 million asthma and 1.3 million COPD patients visiting emergency departments annually in the U.S. [19] - No new drugs have been developed for acute treatment in over 50 years, creating a "white space" for Connect Biopharma to dominate this market [19][22] Clinical Trial Design - The company is using a similar approach to the ABRA study for trial design, focusing on treatment failure as a primary endpoint, with an anticipated 50% failure rate for standard care [28] - Enrollment strategies include both acute care settings and pre-enrollment through pulmonologists to identify high-risk patients [30][33] Financial and Strategic Considerations - Payers are willing to reimburse biologics in the ER setting, with a price range of $600-$700 per dose, significantly lower than DUPIXENT's $3,800 per month [35][36] - The acute indication is expected to drive chronic utilization, with 75% of clinicians wanting to continue treatment with the same drug after acute administration [38] Partnership and Future Prospects - Connect Biopharma has a partnership with Simcere in China, with significant milestones and tiered royalties expected from their ongoing studies in atopic dermatitis and asthma [42][43] - The approval of the drug in China could provide substantial non-dilutive capital and support for further development in Western markets [44] Additional Insights - The company anticipates that the Phase III studies from China will provide supportive data for regulatory approval in Western markets, potentially reducing development costs and risks [44]

Corporate Presentation March 2026 Forward-Looking Statements This presentation contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, as amended (the "Act"). Forward-looking statements are statements that are not of historical fact and include, without limitation, statements regarding future events, our future financial condition, results of operations, business strategy and plans, prospective products (as well as their potential to achieve a differ ...

Rademikibart Clinical Development and Market Opportunity - Rademikibart shows the largest improvement in FEV observed with a biologic in asthma patients, with a 312 mL increase at 1-week and 420 mL at 24-weeks in patients with baseline eosinophils ≥300 cell/µL[9] - Market research indicates that acute exacerbation indications in asthma and COPD differentiate rademikibart from dupilumab and other biologics, potentially leading to greater chronic use[7, 9] - Projected worldwide peak sales for rademikibart with acute and chronic indications are >$3 billion for asthma and >$2 billion for COPD[7, 9, 25] - Connect has initiated parallel Phase 2 studies in asthma and COPD patients experiencing acute exacerbations, with data expected in 1H2026 and cash runway into 2027[7, 9, 11, 74] Rademikibart Differentiation and Efficacy - Rademikibart is a next-generation anti-IL-4Rα antibody with potential for less frequent dosing, greater sustained efficacy data, and faster onset observed in asthma trials[6, 27] - Home daily lung function data demonstrated 73% of FEV1 improvement seen on Day 7 was observed by Day 1, with 113% by Day 2[41, 42] - In a Phase 2b study, rademikibart significantly improved lung function at Week 12, with enhanced efficacy over placebo in high eosinophil patients (baseline ≥150 cells/µL)[47, 48] - Analysis of COPD-like patients from the global Phase 2b asthma study showed FEV1 change from baseline of 285 mL with Rademikibart 150 mg and 694 mL with Rademikibart 300 mg in all EOS levels[53] Financial Position and Exclusivity - The company has cash, cash equivalents, and short-term investments of $83995000 as of March 31, 2025, expected to support planned operations into 2027[74, 75] - Rademikibart exclusivity extends through at least 2040, supporting substantial growth and value creation[9, 67, 68]