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Connect Biopharma Reports Full Year 2023 Financial Results and Provides Business Update

SAN DIEGO, CA and TAICANG, China, April 16, 2024 (GLOBE NEWSWIRE) — Connect Biopharma Holdings Limited (Nasdaq: CNTB) (“Connect Biopharma,” “Connect” 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 reported financial results for the year ended December 31, 2023, and provided a business update.

“2023 marked an achievement-filled year for Connect highlighted by two positive readouts with our lead asset rademikibart from the global Phase 2b trial in asthma and the pivotal trial in China in AD. The clinical data we shared from these two trials demonstrated the potential for fast onset of relief, impressive maintenance effect and strong durable efficacy, even with every 4 weeks dosing, and no significant safety concerns. Taken together, the results further underscore rademikibart’s best-in-biologics potential,” said Zheng Wei, Ph.D., Co-Founder and Chief Executive Officer of Connect Biopharma. “Connect is well positioned for another important year in 2024, as we look forward to the scheduled meetings with the FDA to discuss rademikibart registrational programs in AD and asthma in the second quarter of 2024.”

Full Year 2023 and Recent Highlights

Clinical Programs Highlights

Corporate Development Highlights

Anticipated Upcoming Milestones

2023 Financial Results

 
Connect Biopharma Holdings Ltd.
Condensed Consolidated Statements of Loss
         
    For the Year Ended December 31,
(in USD thousands)   2022   2023
         
Research and development expenses   $ (96,630)     $ (51,913)  
Administrative expenses     (20,806)       (14,515)  
Net impairment losses     (4,698)        
Other income     929       1,580  
Other (losses)/gains – net     1,889       2,774  
Operating loss     (119,316)       (62,074)  
Finance income     1,544       2,714  
Finance cost     (21)       (23)  
Finance income – net     1,523       2,691  
Net loss before income tax     (117,793)       (59,383)  
Income tax expense     (298)       (120)  
Net loss   $ (118,091)     $ (59,503)  
Net loss attributable to        
Owners of the Company   $ (118,091)     $ (59,503)  
         
Net loss per share        
Basic and diluted   $ (2.15)     $ (1.08)  
Connect Biopharma Holdings Ltd.
Selected Consolidated Balance Sheet Data
         
    December 31,
(in USD thousands)   2022   2023
         
Cash, cash equivalents, short-term and long-term investments   $ 161,857     $ 118,653  
Total assets     174,013       125,892  
Total liabilities     16,521       24,849  
Accumulated losses     (479,844)       (539,347)  
Total shareholders’ equity     157,492       101,043  
                 

About Connect Biopharma Holdings Limited

Connect Biopharma is a global, clinical-stage biopharmaceutical company applying its expertise in T cell biology and deep knowledge of the drug discovery industry to develop innovative therapies to treat chronic inflammatory diseases with the goal of improving the lives of millions of those affected around the world. The Company is building a rich pipeline of proprietary small molecules and antibodies, using functional T cell assays, to screen and discover potent product candidates against validated immune targets. The Company’s lead product candidate, rademikibart (formerly known as CBP-201), is an antibody designed to target interleukin-4 receptor alpha (IL-4Rα) in development for the treatment of atopic dermatitis (AD) and asthma. The Company’s second product candidate, icanbelimod (formerly known as CBP-307), is a modulator of S1P1 T cell receptors and is in development for the treatment of ulcerative colitis (UC). For more information, please visit: https://www.connectbiopharm.com/

Forward-Looking Statements

Connect Biopharma cautions that statements included in this press release that are not a description of historical facts are forward-looking statements. Words such as “may”, “could”, “will”, “would”, “should”, “expect”, “plan”, “anticipate”, “believe”, “estimate”, “intend”, “predict”, “seek”, “contemplate”, “look forward”, “potential”, “continue” or “project” or the negative of these terms or other comparable terminology are intended to identify forward-looking statements. These statements include the Company’s plans to advance the development of its product candidates, the timing of achieving any development, regulatory or commercial milestones or reporting data or whether such milestones or data will be achieved or generated, including whether any new drug application will be submitted or accepted and the timing thereof, and the potential of such product candidates, including to achieve any benefit, improvement, differentiation, trend or profile or any product approval or be effective, the Company’s ability to identify and enter into any strategic partnership, whether the Company’s Greater China partnership will meet expectations, and the sufficiency of the Company’s cash and investments to support planned operations. The inclusion of forward-looking statements should not be regarded as a representation by Connect Biopharma that any of its plans will be achieved. Actual data may differ materially from those set forth in this release due to the risks and uncertainties inherent in the Company’s business and other risks described in the Company’s filings with the Securities and Exchange Commission (SEC), including the Company’s Annual Report on Form 20-F filed with the SEC on April 11, 2023, and its other reports. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and Connect Biopharma undertakes no obligation to revise or update this news release to reflect events or circumstances after the date hereof. Further information regarding these and other risks is included in Connect Biopharma’s filings with the SEC which are available from the SEC’s website (www.sec.gov) and on Connect Biopharma’s website (www.connectbiopharm.com) under the heading “Investors.” All forward-looking statements are qualified in their entirety by this cautionary statement. This caution is made under the safe harbor provisions of Section 21E of the Private Securities Litigation Reform Act of 1995.

INVESTOR CONTACT:
Tim McCarthy
LifeSci Advisors
tim@lifesciadvisors.com


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