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Connect Biopharma | 6-K: Report of foreign private issuer (related to financial reporting)

SEC announcement · Apr 16 16:26

CNTB +2.88%

Summary by Moomoo AI

Connect Biopharma Holdings Limited, a global clinical-stage biopharmaceutical company, announced its financial results for the fiscal year ended December 31, 2023, on April 16, 2024. The company reported two positive trial readouts for its lead asset, rademikibart, in moderate-to-severe persistent asthma and atopic dermatitis (AD). Meetings with the FDA are scheduled for Q2 2024 to discuss the trial results and proposed registrational programs. Connect Biopharma also granted Simcere exclusive rights to develop, manufacture, and commercialize rademikibart in Greater China, with Simcere actively engaging with China's CDE for potential NDA filing for AD treatment. The company's cash reserves of $118.7 million are expected to fund operations into at least 2026. Research and development expenses decreased by $44.7 million compared to the previous year, and administrative expenses also saw a reduction. The net loss for the year was $59.5 million, a significant decrease from the $118.1 million net loss in the previous year. Connect Biopharma is focusing on the development of rademikibart and icanbelimod, with the latter showing positive long-term data in a Phase 2 trial for ulcerative colitis. The company is seeking development and commercialization partners for these assets at a global or regional level.

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