Full Press Release Details
Connect Biopharma Reports Full Year 2021 Financial Results
and Provides Business Update
- Global Phase 3 Trial of CBP-201 in
Moderate-to-Severe Atopic Dermatitis Expected to Commence in H2 2022 -
- Topline Phase 2 CBP-307 Results in Moderate-to-Severe
Ulcerative Colitis (UC) Expected to Be Reported in H1 2022 -
- Cash Balance of RMB 1,706.9 million (USD 267.7 million) at
SAN DIEGO, CA and TAICANG, SUZHOU, China March 31, 2022 Connect Biopharma
Holdings Limited (Nasdaq: CNTB) ( Connect Biopharma or the Company ), a global, clinical-stage biopharmaceutical company dedicated to improving the lives of patients with inflammatory diseases through the development of
therapies derived from T cell-driven research, today announced financial results for the full year ended December 31, 2021 and recent corporate highlights.
During the past year, we advanced the clinical development of our lead assets CBP-201 and CBP-307, each having potentially differentiated product profiles for atopic dermatitis, asthma, chronic rhinosinusitis with nasal polyps, and ulcerative colitis, diseases with large patient populations with
significant unmet need, said Zheng Wei, PhD, Co-founder and CEO of Connect Biopharma. Our data from the global Phase 2b trial of CBP-201 in patients with atopic dermatitis gives us confidence in
the potential that CBP-201 could have a highly competitive efficacy and safety profile with low incidence of conjunctivitis, and the convenience of dosing every four weeks. In the coming 12 months, we have a
number of key milestones anticipated for CBP-201, including initiating our global Phase 3 program in atopic dermatitis and completing enrollment in both our pivotal trial in atopic dermatitis in China, and in
our Phase 2 trial in asthma. We also look forward to reporting topline results from our Phase 2 trial of CBP-307 in patients with
moderate-to-severe ulcerative colitis in the first half of 2022.
Second Half 2021 and Recent Operating Highlights
Anticipated 2022 Milestones
Full Year 2021 Financial Results
About Connect Biopharma
Connect Biopharma is a global, clinical-stage biopharmaceutical company dedicated to improving the lives of patients with inflammatory diseases through the
development of therapies derived from T cell-driven research. It is building a rich pipeline of internally-designed, wholly-owned, small molecules and antibodies using functional cellular assays with T cells to screen and discover potent product
candidates against validated immune targets. Its lead product candidate, CBP-201, is an antibody designed to target interleukin-4 receptor alpha (IL-4R ) in development for the treatment of AD, asthma and CRSwNP. The Company s second most advanced product candidate, CBP-307, is a modulator of a T-cell receptor known as sphingosine 1-phosphate receptor 1 (S1P1) in development for the treatment of UC and CD. Clinical development has begun for its third product
candidate, CBP-174, a peripherally acting antagonist of histamine receptor 3, for the treatment of pruritus associated with AD.
For additional information, please visit 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, 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 statements regarding the size or design of ongoing clinical trials, the timing of initiation, completed enrollment, and dosing of such trials, and the timing of clinical data readouts from such trials and whether such data
will validate the Company s approach in developing potential therapies. 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 results 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 ).
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.
Connect Biopharma Holdings Limited
Consolidated Statements of Loss (Unaudited)
| Year Ended December 31, | ||||||||||||
| 2020 | 2021 | 2021 | ||||||||||
| RMB 000 | RMB 000 | USD 000 (1) | ||||||||||
| Research and development expenses | (150,932 | ) | (518,021 | ) | (81,249 | ) | ||||||
| Administrative expenses | (47,720 | ) | (122,445 | ) | (19,205 | ) | ||||||
| Other income | 6,989 | 18,996 | 2,979 | |||||||||
| Other gains/(losses) net | (6,100 | ) | (9,966 | ) | (1,563 | ) | ||||||
| Operating loss | (197,763 | ) | (631,436 | ) | (99,038 | ) | ||||||
| Finance income | 717 | 622 | 98 | |||||||||
| Finance cost | (2,893 | ) | (44 | ) | (7 | ) | ||||||
| Finance income/(cost) net | (2,176 | ) | 578 | 91 | ||||||||
| Fair value loss of financial instruments with preferred rights | (579,286 | ) | (674,269 | ) | (105,756 | ) | ||||||
| Loss before income tax | (779,225 | ) | (1,305,127 | ) | (204,703 | ) | ||||||
| Income tax expense | (1,697 | ) | (266 | ) | ||||||||
| Net loss | (779,225 | ) | (1,306,824 | ) | (204,969 | ) | ||||||
| RMB | RMB | USD | ||||||||||
| Loss per share | ||||||||||||
| Basic and diluted | (45.6 | ) | (25.0 | ) | (3.9 | ) |
Connect Biopharma Holdings Limited
Condensed Consolidated Balance Sheets (Unaudited)
| As of December 31, | ||||||||||||
| 2020 | 2021 | 2021 | ||||||||||
| RMB 000 | RMB 000 | USD 000 (1) | ||||||||||
| ASSETS | ||||||||||||
| Non-current assets | ||||||||||||
| Property, plant and equipment | 6,939 | 59,337 | 9,307 | |||||||||
| Right-of-use assets | 929 | 22,821 | 3,579 | |||||||||
| Other non-current assets | 19,860 | 18,806 | 2,950 | |||||||||
| Intangible assets | 342 | 560 | 88 | |||||||||
| Total non-current assets | 28,070 | 101,524 | 15,924 | |||||||||
| Current assets | ||||||||||||
| Other receivable and prepayments | 33,655 | 47,255 | 7,412 | |||||||||
| Financial assets at fair value through profit or loss | 13,068 | |||||||||||
| Cash and cash equivalents | 1,010,076 | 1,706,880 | 267,716 | |||||||||
| Total current assets | 1,056,799 | 1,754,135 | 275,128 | |||||||||
| Total assets | 1,084,869 | 1,855,659 | 291,052 | |||||||||
| LIABILITIES | ||||||||||||
| Non-current liabilities | ||||||||||||
| Lease liabilities | 309 | 163 | 26 | |||||||||
| Financial instruments with preferred rights | 2,071,508 | |||||||||||
| Deferred income | 5,000 | 784 | ||||||||||
| Total non-current liabilities | 2,071,817 | 5,163 | 810 | |||||||||
| Current liabilities | ||||||||||||
| Trade payables | 24,638 | 81,195 | 12,735 | |||||||||
| Other payables and accruals | 12,755 | 32,840 | 5,152 | |||||||||
| Lease liabilities | 604 | 630 | 98 | |||||||||
| Total current liabilities | 37,997 | 114,665 | 17,985 | |||||||||
| Total liabilities | 2,109,814 | 119,828 | 18,795 | |||||||||
| Net (liabilities)/assets | (1,024,945 | ) | 1,735,831 | 272,257 | ||||||||
| SHAREHOLDERS (DEFICIT)/EQUITY | ||||||||||||
| Share capital | 24 | 66 | 10 | |||||||||
| Share premium | 41,466 | 4,094,434 | 642,194 | |||||||||
| Treasury shares | (3 | ) | (1,164 | ) | (183 | ) | ||||||
| Share-based compensation reserves | 6,602 | 61,904 | 9,709 | |||||||||
| Other reserves | (1,693 | ) | (41,244 | ) | (6,469 | ) | ||||||
| Accumulated losses | (1,071,341 | ) | (2,378,165 | ) | (373,004 | ) | ||||||
| Total shareholders (deficit)/equity | (1,024,945 | ) | 1,735,831 | 272,257 | ||||||||
| Total liabilities and shareholders (deficit)/equity | 1,084,869 | 1,855,659 | 291,052 |
T: +1-(212) 867-1768
+1-(646) 871-8482 or +1-(917) 497-2867