Connect Biopharma Holdings Ltd
For the period ended Jun 30, 2026. Filed Aug 12, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Aug 12, 2026
CNTB$0.73-0.4%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-05-12.
0001835268-26-000020
ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-12.
0001835268-26-000028
ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 53 previous paragraphs and 53 current paragraphs.
37 unchanged; 13 reworded; 3 added; 3 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 1 previous and 1 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (3)
Current report
The Company completed enrollment of the Phase 2 Seabreeze STAT asthma and COPD studies evaluating the safety and efficacy of rademikibart as an adjunct treatment for acute exacerbations. Topline data from both studies are expected in September 2026, which should help determine a potential Phase 3 endpoint and sample size requirements. Following topline results, the Company plans to meet with the FDA to gain alignment on a Phase 3 program.
Current report
In August 2026, the Company initiated the Phase 2 Seabreeze STAT IV study, an open-label, single-arm trial to evaluate intravenous (IV) rademikibart as an add-on treatment for an acute exacerbation in 40 participants with asthma or COPD with type 2 inflammation who require an urgent healthcare visit as in the Phase 2 Seabreeze STAT asthma and COPD studies. The Seabreeze STAT IV study is being conducted at a number of the same clinical sites that completed the Seabreeze STAT asthma and COPD studies and is designed to bridge from 600 mg subcutaneous to 300 mg IV push administration for treating acute exacerbations.
Current report
For the three and six months ended June 30, 2026, general and administrative expense was $4.1 million and $8.8 million, respectively, compared to $4.7 million and $9.5 million, respectively, for the same periods in 2025. The decrease in general and administrative expense was primarily due to a decrease in professional fees, as the prior year periods included one-time professional fees to support our efforts to become more U.S.-centric, partially offset by an increase in non-cash, share-based compensation expense.
Removed paragraphs (3)
Previous report
On March 31, 2026, the Company completed its previously announced private placement with gross proceeds of $20.2 million and estimated net proceeds of $18.6 million.
Previous report
In April 2026, the Company announced that the independent data monitoring committee overseeing its Phase 2 Seabreeze STAT asthma and COPD studies reviewed the pre-specified interim analysis of efficacy data with no recommendation for change in the sample size and confirmed that is has no safety concerns based on a regular review of safety data.
Previous report
For the three months ended March 31, 2026 and 2025, general and administrative expense was comparable at $4.7 million and $4.8 million, respectively.
Reworded paragraphs (13)
Previous wording
This Quarterly Report on Form 10-Q, including the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Exchange Act. All statements other than statements of historical facts contained in this Quarterly Report on Form 10-Q, including statements regarding our strategy, future events, future financial condition, revenues or performance, future operations, financing needs, business trends, research and development, potential of, and expectations for, our pipeline and technology platforms, the timing, potential of and expectations for planned clinical trials and preclinical studies, the timing and likelihood of regulatory filings and approvals for our product candidates, our ability to commercialize our product candidates, the potential benefits of collaborations, projected costs, prospects, plans, goals, objectives of management, expected market size and growth for our potential products, the timing of availability of clinical data, program updates and data disclosures, and our plans for rademikibart, are forward-looking statements. These statements may be identified by the use of words such as “aim,” “anticipate,” “assume,” “believe,” “commitments,” “contemplate,” “continue,” “could,” “design,” “due,” “estimate,” “expect,” “goal,” “intend,” “may,” “might”, “objective,” “plan,” “positioned,” “potential,” “predict,” “seek,” “should,” “target,” “will,” “would” and other similar expressions that are predictions of or indicate future events and future trends, or the negative of these terms or other comparable terminology. The forward-looking statements in this Quarterly Report are only predictions. We have based these forward-looking statements largely on our current assumptions, expectations and projections about future events and financial trends that we believe may affect our financial condition, operating results, business strategy, short-term and long-term business operations and objectives. These forward-looking statements speak only as of the date of this Quarterly Report on Form 10-Q and are subject to a number of substantial known and unknown risks, uncertainties and assumptions, including those described in Part I, “Item 1A. Risk Factors” of our 2025 Annual Report, Part II, “Item 1A, “Risk Factors” of this Quarterly Report on Form 10-Q and our other filings with the SEC. The events and circumstances reflected in our forward-looking statements may not be achieved or occur and actual results or outcomes, or the timing of such results or outcomes, could differ materially from those expressed or implied in the forward-looking statements. Given these risks, uncertainties and other important factors, you should not place undue reliance on these forward-looking statements. Except as required by applicable law, we do not plan…
Excerpt shortened here; the source contains the full paragraph.
Current wording
This Quarterly Report on Form 10-Q, including the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Exchange Act. All statements other than statements of historical facts contained in this Quarterly Report on Form 10-Q, including statements regarding our strategy, future events, future financial condition, revenues or performance, future operations, financing needs, business trends, research and development, potential of, and expectations for, our pipeline and technology platforms, the timing, potential of and expectations for planned clinical trials and preclinical studies, including enrollment, expected results, data and related costs, the timing, outcome and content of our potential discussions or meetings with the FDA and other regulatory authorities, the timing and likelihood of regulatory filings and approvals for our product candidates, our ability to commercialize our product candidates, the potential benefits of collaborations, projected costs, prospects, plans, goals, objectives of management, expected market size and growth for our potential products, the timing of availability of clinical data, program updates and data disclosures, and our plans for rademikibart, are forward-looking statements. These statements may be identified by the use of words such as “aim,” “anticipate,” “assume,” “believe,” “commitments,” “contemplate,” “continue,” “could,” “design,” “due,” “estimate,” “expect,” “future,” “goal,” “intend,” “may,” “might”, “objective,” “plan,” “positioned,” “potential,” “predict,” “seek,” “should,” “target,” “will,” “would” and other similar expressions that are predictions of or indicate future events and future trends, or the negative of these terms or other comparable terminology. The forward-looking statements in this Quarterly Report are only predictions. We have based these forward-looking statements largely on our current assumptions, expectations and projections about future events and financial trends that we believe may affect our financial condition, operating results, business strategy, short-term and long-term business operations and objectives. These forward-looking statements speak only as of the date of this Quarterly Report on Form 10-Q and are subject to a number of substantial known and unknown risks, uncertainties and assumptions, including those described in Part I, “Item 1A. Risk Factors” of our 2025 Annual Report, Part II, “Item 1A Risk Factors” of this Quarterly Report on Form 10-Q and our other filings with the SEC. The events and circumstances reflected in our forward-looking statements may not be achieved or occur and actual results or outcomes, or the timing of such results or outcomes, could differ materially from those expressed or implied in the forward-looking stateme…
Excerpt shortened here; the source contains the full paragraph.
Previous wording
The following is a summary of significant developments affecting our business that have occurred since the filing of our 2025 Annual Report. For a more comprehensive discussion of our product candidate, rademikibart, see our 2025 Annual Report.
Current wording
The following is a summary of significant developments affecting our business that have occurred since the filing of our Quarterly Report on Form 10-Q for the three months ended March 31, 2026, filed with the SEC on May 12, 2026 (“Q1 2026 Form 10-Q”). For additional information or for a more comprehensive discussion of our product candidate, rademikibart, see our 2025 Annual Report and Q1 2026 Form 10-Q.
Previous wording
During the three months ended March 31, 2026, there have been no material changes to our critical accounting estimates and judgments, as described within Item 7 of our 2025 Annual Report.
Current wording
During the three and six months ended June 30, 2026, there have been no material changes to our critical accounting estimates and judgments, as described within Item 7 of our 2025 Annual Report.
Previous wording
Comparison of the Three Months Ended March 31, 2026 and 2025
Current wording
Comparison of the Three and Six Months Ended June 30, 2026 and 2025
Previous wording
License and collaboration revenues for the three months ended March 31, 2026 were $0.2 million, and were related to the upfront license fee under the Simcere License Agreement. There were no license and collaboration revenues for the three months ended March 31, 2025.
Current wording
License and collaboration revenues for the three and six months ended June 30, 2026 were $2.8 million and $2.9 million, respectively, and were primarily related to the achievement of a regulatory-based Milestone net of development cost sharing under the Simcere License Agreement. License and collaboration revenues for the three and six months ended June 30, 2025 were $48,000, and were related to cost reimbursements for clinical materials.
Previous wording
For the three months ended March 31, 2026, research and development expense was $15.0 million, compared to $6.6 million for the same period in 2025. The increase in research and development expense was primarily due to an increase in costs related to the development of rademikibart. During the second quarter of 2025, we initiated two rademikibart Phase 2 clinical trials in patients experiencing an acute exacerbation of asthma or COPD.
Current wording
For the three and six months ended June 30, 2026, research and development expense was $16.3 million and $31.3 million, respectively, compared to $8.8 million and $15.4 million, respectively, for the same periods in 2025. The increase in research and development expense was primarily due to an increase in costs related to the development of rademikibart. During the second quarter of 2025, we initiated two rademikibart Phase 2 clinical trials in patients experiencing an acute exacerbation of asthma or COPD.
Previous wording
For the three months ended March 31, 2026, other income, net was $0.3 million, compared to $1.2 million for the same period in 2025. The decrease in other income, net was primarily due to a decrease in government subsidies and interest income earned on our invested cash balances.
Current wording
For the three and six months ended June 30, 2026, other income, net was $0.4 million and $0.6 million, respectively, compared to $0.6 million and $1.8 million, respectively, for the same periods in 2025. The decrease in other income, net was primarily due to a decrease in interest income earned on our invested cash balances and government subsidies.
Previous wording
Our net cash used in operating activities for the three months ended March 31, 2026 was $16.0 million, compared to $10.0 million for the same period in 2025. The increase in net cash used in operating activities was primarily due to an increase in net loss of $9.1 million, partially offset by net changes in our operating assets and liabilities of $2.6 million.
Current wording
Our net cash used in operating activities for the six months ended June 30, 2026 was $31.9 million, compared to $22.6 million for the same period in 2025. The increase in net cash used in operating activities was primarily due to an increase in net loss of $13.5 million, partially offset by net changes in our operating assets and liabilities of $3.1 million and an increase in non-cash expenses of $1.0 million primarily related to non-cash, share-based compensation expense and accretion of discounts on short-term investments.
Previous wording
Our net cash provided by investing activities for the three months ended March 31, 2026 was $6.0 million, compared to net cash used in investing activities of $20.6 million for the same period in 2025. The increase in cash provided by investing activities was primarily due to net maturities of short-term investments of $6.0 million for the three months ended March 31, 2026, compared to net purchases of short-term investments of $20.6 million for the three months ended March 31, 2025.
Current wording
Our net cash provided by investing activities for the six months ended June 30, 2026 was $1.5 million, compared to net cash used in investing activities of $15.5 million for the same period in 2025. The increase in cash provided by investing activities was primarily due to net maturities of short-term investments of $1.5 million for the six months ended June 30, 2026, compared to net purchases of short-term investments of $15.1 million for the six months ended June 30, 2025.
Previous wording
Our net cash provided by financing activities for the three months ended March 31, 2026 was $17.6 million, compared to $2,000 for the same period in 2025. The increase in net cash provided by financing activities was primarily due to the Private Placement which closed in March 2026.
Current wording
Our net cash provided by financing activities for the six months ended June 30, 2026 was $18.9 million, compared to $0.2 million for the same period in 2025. The increase in net cash provided by financing activities was primarily due to the Private Placement which closed in March 2026.
Previous wording
As of March 31, 2026, we had cash and cash equivalents of $46.0 million. Based on our current operating plan and projections, management believes that our existing cash and cash equivalents will be sufficient to meet our anticipated cash requirements for a period of at least one year from the date this Quarterly Report on Form 10-Q is filed with the SEC.
Current wording
The Company has incurred significant net losses since its inception and expects to incur net losses for the foreseeable future. The Company expects to finance its cash needs through equity offerings, debt financings, collaborations, monetization transactions, government contracts, other strategic transactions, or any combination thereof. As of June 30, 2026, we had cash, cash equivalents and short-term investments of $31.5 million. Based on our current operating plan and projections, management believes that our existing cash, cash equivalents and short-term investments will be sufficient to meet our anticipated cash requirements for a period of at least one year from the date this Quarterly Report on Form 10-Q is filed with the SEC.
Previous wording
In March 2026, we entered into a securities purchase agreement with a select group of accredited investors to sell 6,130,000 shares of our ordinary shares in a private placement (“Private Placement”). The estimated net proceeds from the Private Placement were $18.6 million (gross proceeds of $20.2 million, net of $1.6 million in estimated placement agent fees and other offering expenses). The Private Placement closed on March 31, 2026.
Current wording
In March 2026, we entered into a securities purchase agreement with a select group of accredited investors to sell 6,130,000 shares of our ordinary shares in a private placement (“Private Placement”). The net proceeds from the Private Placement were $18.6 million (gross proceeds of $20.2 million, net of $1.6 million in placement agent fees and other offering expenses). The Private Placement closed on March 31, 2026.
Previous wording
In addition, we have a lease for 25,476 square feet of laboratory and office space in Taicang, China, with a lease term that expires on April 30, 2027. As of March 31, 2026, we had total operating lease obligations of $0.7 million, with $0.3 million due during the remainder of fiscal year 2026 and $0.4 million due within the following two to three years.
Current wording
In addition, we have a lease for 25,476 square feet of laboratory and office space in Taicang, China, with a lease term that expires on April 30, 2027. As of June 30, 2026, we had total operating lease obligations of $0.6 million, with $0.2 million due during the remainder of fiscal year 2026 and $0.4 million due within the following two to three years.