Connect Biopharma Holdings Limited · NASDAQ:CNTB
Connect Biopharma — Corporate Update (September 2026)
54 slides from Connect Biopharma's corporate update, Sep 30, 2026
Slide 1: Corporate Update
Corporate Update September 30, 2026
Slide 2: Forward-Looking Statements
Forward-Looking Statements 2 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, statemen
Slide 3: Update on Phase 2 Acute Exacerbation Studies
Update on Phase 2 Acute Exacerbation Studies 3 Seabreeze STAT COPD • Through 4 weeks rademikibart significantly reduced: • Treatment Failure by 81% (p=0.0122) • New moderate to severe exacerbations by 85% (p=0.030) • ED and hospital admissions for exacerbations by 100% (0.014) • Clinically meaningfu
Slide 4: CBP-201-207 Rademikibart Add-on Treatment of an Acute COPD Exacerbation
CBP-201-207 Rademikibart Add-on Treatment of an Acute COPD Exacerbation Preliminary Results (Seabreeze STAT COPD) CONFIDENTIAL
Slide 5: Phase 2 Clinical Trial of Rademikibart for Treatment of Acute COPD Exacerbations
Phase 2 Clinical Trial of Rademikibart for Treatment of Acute COPD 5 Exacerbations SOC + Rademikibart 600mg SC (n=78) R 4-week assessment period 4-week follow-up period SOC + Placebo SC (n=81) STAT COPD STUDY DESIGN 1:1 Day 0 Assessment of Primary endpoint Week 8 Single SC dose Treatment Failure Tre
Slide 6: Phase 2 Seabreeze STAT COPD Study Participant Disposition
Phase 2 Seabreeze STAT COPD Study 6 Participant Disposition SCREENED 325 SCREEN FAILED 166 Reasons (participants may have >1) Did Not Meet Eligibility Criteria 99 (59.6%) No Exacerbation During Screening 63 (38.0%) Participant Withdrew Consent 9 (5.4%) Physician Decision 2 (1.2%) RANDOMIZED Lost to
Slide 7: Phase 2 Seabreeze STAT COPD Demographics and Baseline Characteristics
Phase 2 Seabreeze STAT COPD 7 Demographics and Baseline Characteristics Placebo Rademikibart (N=81) (N=78) n (%) n (%) Age (years): Mean (SD); Min, Max 66.6 (7.94); 45, 80 64.9 (9.26); 40, 80 Sex: Male 52 (64.2%) 45 (57.7%) Female 29 (35.8%) 33 (42.3%) Ethnicity: Not Hispanic 68 (84.0%) 70 (89.7%) R
Slide 8: 81% Reduction in TxF with Rademikibart & 100% Reduction in Hospital/ED Returns
81% Reduction in TxF with Rademikibart & 100% Reduction in Hospital/ED 8 Returns in One Month after Randomization in Seabreeze STAT COPD Study Placebo Rademikibart P-value (n=81) (n=78) (Preliminary) Treatment Failure Rate* 11 (13.6%) 2 (2.6%) 81% reduction p=0.0122 Death 0 0 Admission or readmissio
Slide 9: Time to Treatment Failure in Seabreeze STAT COPD
Time to Treatment Failure in Seabreeze STAT COPD 9 Time to Treatment Failure Through Week 4 Visit* 1.00 Probability of not experiencing a treatment failure 0.80 Time to the first new COPD exacerbation in the 4 weeks after randomization could not be calculated. 0.60 0 7 14 21 28 Days following IP adm
Slide 10: Rate of New Exacerbations Also Lower in Seabreeze STAT COPD Study
Rate of New Exacerbations Also Lower in Seabreeze STAT COPD Study 10 Placebo Rademikibart P-value (n=81) (n=78) Rate of new exacerbations through 1 (1.3%) Week 4 visit 7 (8.6%) 0.0301 85% reduction Note: Study 207 was powered based on Treatment Failure primary endpoint and not secondary endpoints. R
Slide 11: Key Secondary Endpoint – Post-Bronchodilator FEV1 on Day 28
Key Secondary Endpoint – Post-Bronchodilator FEV1 on Day 7 Not Significant 11 Preliminary Topline Results for Seabreeze STAT COPD Change from Baseline in Post-Bronchodilator FEV1* Δ70 mL 160 p=0.1607 Change from Baseline in Post-BD FEV1 (mL) 140 Δ0 mL p - NS 120 100 Δ-10 mL p - NS 80 Δ20 mL 60 p - N
Slide 12: Significant Decrease in Rescue Inhaler Use in Seabreeze STAT COPD
Significant Decrease in Rescue Inhaler Use Starting Week 2 in Seabreeze STAT 12 COPD - Preliminary Topline Results Average Daily Puffs of Rescue Inhaler 0.3 Average Daily Puffs of Rescue Inhaler p = 0.245 0.25 p=0.016 p=0.015 p=0.029 p=0.035 p=0.018 0.2 p=0.024 p=0.061 0.15 0.1 0.05 0 Rademikibart (
Slide 13: EXACT PRO Total Score and Individual Symptom Scores Lower at All Timepoints
EXACT PRO Total Score and Individual Symptom Scores Lower at All 13 Timepoints in Seabreeze STAT COPD Study Placebo Rademikibart P-value EXACT PRO Total Score (n=81) (n=78) Week 1 Mean (SD) 38.01 (10.885) 34.88 (11.428) LSMD -4.18 (1.947) 0.0334 Week 2 Mean (SD) 33.84 (12.318) 29.82 (12.859) LSMD -5
Slide 14: Phase 2 Seabreeze STAT COPD Study Adverse Event Summary
Phase 2 Seabreeze STAT COPD Study 14 Adverse Event Summary Placebo Rademikibart (N=81) (N=78) n (%) n (%) Any TEAE 21 (25.9%) 11 (14.1%) SAE 7 (8.6%) 2 (2.6%) TEAEs possibly related to IP 1 (1.2%) 0 TEAEs ≥Grade 3 7 (8.6%) 1 (1.3%) AESIs 0 0 TEAEs of DILI 0 0 TEAEs leading to IP discontinuation 0 0
Slide 15: Phase 2 Seabreeze STAT COPD Study Adverse Event Details
Phase 2 Seabreeze STAT COPD Study 15 Adverse Event Details Placebo Rademikibart (N=81) (N=78) COPD (n=6; exacerbation) ✓ SAE Death of unknown cause** ✓ SAE Atrial fibrillation* (n=1) ✓ Grade ≥3 TEAE (n=1; Day 37) ✓ Grade ≥3 TEAE Pneumonia (n=1) Injection site reaction (n=1) ✓ Possibly related TEAE C
Slide 16: 2025 US National Claims Data: Distribution of Emergency Visits for COPD with Costs
2025 US National Claims Data Patients Aged 40 and Over Distribution of Emergency Visits for COPD with Costs Acute COPD exacerbation Not type 2–high · 1,863,632 · 53.9% not carried forward 50% of the 90-day downstream spend lands in the first month. 3,457,573 ER visits/yr Type 2–high 1,593,941 46.1%
Slide 17: Seabreeze STAT COPD Study Topline Results - Conclusions
Seabreeze STAT COPD Study Topline Results - Conclusions 17 • Through 4 weeks rademikibart significantly reduced: • Treatment Failure (TxF) by 81% (p=0.0122) • New moderate to severe exacerbations by 85% (p=0.030) • ED and hospital admissions for exacerbations by 100% (0.014) • Clinically meaningful
Slide 18: CBP-201-206 Rademikibart Add-on Treatment of an Acute Asthma Exacerbation
CBP-201-206 Rademikibart Add-on Treatment of an Acute Asthma Exacerbation Preliminary Results (Seabreeze STAT Asthma)
Slide 19: Phase 2 Clinical Trial of Rademikibart for Treatment of Acute Asthma Exacerbations
Phase 2 Clinical Trial of Rademikibart for Treatment of Acute Asthma 19 Exacerbations SOC + Rademikibart 600mg SC (n=79) R 4-week assessment period 4-week follow-up period SOC + Placebo SC (n=81) STAT Asthma STUDY DESIGN 1:1 Day 0 Assessment of Primary endpoint Week 8 Single SC dose Treatment Failur
Slide 20: Phase 2 Seabreeze STAT Asthma Study Participant Disposition
Phase 2 Seabreeze STAT Asthma Study 20 Participant Disposition SCREENED 323 SCREEN FAILED 163 Reasons (participants may have >1) No Exacerbation During Screening 86 (52.8%) Did Not Meet Eligibility Criteria 77 (47.2%) Physician Decision 14 (8.6%) Participant Withdrew Consent 11 (6.7%) RANDOMIZED Los
Slide 21: Phase 2 Seabreeze STAT Asthma Demographics and Baseline Characteristics
Phase 2 Seabreeze STAT Asthma 21 Demographics and Baseline Characteristics Placebo Rademikibart (N=81) (N=79) n (%) n (%) Age (years): Mean (SD); Min, Max 57.1 (12.86); 13, 74 53.0 (13.01); 23, 73 Sex: Female 45 (55.6%) 53 (67.1%) Male 36 (44.4%) 26 (32.9%) Ethnicity: Not Hispanic 69 (85.2%) 71 (89.
Slide 22: 66% Reduction in TxF with Rademikibart in Seabreeze STAT Asthma Study
Treatment Failure (TxF) Rate in Trial Lower than Projected 66% Reduction in TxF with Rademikibart in Seabreeze STAT Asthma Study - 22 50% Greater Than Projected Placebo Rademikibart P-value (n=81) (n=79) 2 (2.5%) Treatment Failure Rate 6 (7.4%) 0.153 66% reduction* Death 0 0 Admission or readmission
Slide 23: Number of New Exacerbations Also Lower in Seabreeze STAT Asthma Study
Number of New Exacerbations Also Lower in Seabreeze STAT Asthma 23 Study Placebo Rademikibart P-value (n=81) (n=79) Number of new exacerbations through 2 (2.5%) Week 4 visit 5 (6.2%) N/A 60% reduction Due to the low number or exacerbations, the other secondary endpoints of rate of new asthma exacerb
Slide 24: Patient Reported Outcomes Improved at Week 4 in Seabreeze STAT Asthma Study
Patient Reported Outcomes Improved at Week 4 in Seabreeze STAT 24 Asthma Study Placebo Rademikibart P-value Patient Reported Outcome (n=81) (n=79) Daily Activities Affected Score at Week 4 Mean (SD) 0.83 (0.735) 0.57 (0.725) LSMD -0.26 (0.123) 0.0365 ACQ-5 Score at Week 4 Mean (SD) 1.15 (0.827) 0.88
Slide 25: Time to Treatment Failure in Seabreeze STAT Asthma Study
Time to Treatment Failure in Seabreeze STAT Asthma Study 25 Time to Treatment Failure Through Day 28 1.00 Probability of not experiencing a treatment failure 0.80 Placebo 81 81 78 75 73 Rademikibart 79 79 78 77 76 0.60 0 7 14 21 28 Days following IP administration Placebo (n=81) Rademikibart (n=79)
Slide 26: Key Secondary Endpoint – Significant Increase in Post-Bronchodilator FEV1 on Day 7
Key Secondary Endpoint – Significant Increase in Post-Bronchodilator FEV1 on Day 7 (Week 4 also Significant Change from Baseline vs Placebo) 26 Seabreeze STAT Asthma Study - Preliminary Topline Results Change from Baseline in Post-Bronchodilator FEV1* 300 Change from Baseline in Post-BD FEV1 (mL) Δ1
Slide 27: Phase 2 Seabreeze STAT Asthma Study Adverse Event Summary
Phase 2 Seabreeze STAT Asthma Study 27 Adverse Event Summary Placebo Rademikibart (N=81) (N=79) n (%) n (%) Any TEAE 16 (19.8%) 13 (16.5%) SAE 3 (3.7%) 1 (1.3%) TEAEs possibly related to IP 1 (1.2%) 2 (2.5%) TEAEs ≥Grade 3 2 (2.5%) 2 (2.5%) AESIs 0 1 (1.3%) TEAEs of DILI 0 0 TEAEs leading to IP disc
Slide 28: Phase 2 Seabreeze STAT Asthma Study Adverse Event Details
Phase 2 Seabreeze STAT Asthma Study 28 Adverse Event Details Placebo Rademikibart (N=81) (N=79) Abdominal pain (n=1) ✓ SAE Asthma ✓ SAE (n=1; exacerbation - Day 42) ✓ Grade 3 TEAE Cholangitis (n=1) ✓ SAE Injection site erythema ✓ Grade 3 TEAE Drug hypersensitivity (n=1) ✓ Grade 3 TEAE (n=1; left upp
Slide 29: 2025 US National Claims Data: Distribution of Emergency Visits for Asthma with Costs
2025 US National Claims Data Patients Aged 12 and Over Distribution of Emergency Visits for Asthma with Costs Acute asthma attack Not type 2–high · 565,397 · 26.2% not carried forward 76% of the 90-day spend lands in the first month. 2,158,005 ER visits/yr Type 2–high 1,592,608 73.8% HOW THE VISIT E
Slide 30: Seabreeze STAT Asthma Study Topline Results - Conclusions
Seabreeze STAT Asthma Study Topline Results - Conclusions 30 • Clinically meaningful 66% reduction in Treatment Failure (TxF) observed through Day 28 • Rapid, statistically significant and clinically meaningful increase in post- bronchodilator FEV1 compared to placebo observed at Day 7 • Day 7 FEV1
Slide 31: Rademikibart: A Next Generation Anti-interleukin-4-receptor alpha (IL-4Rα) Antibody
Rademikibart: A Next Generation Anti-interleukin-4 -receptor alpha (IL-4Rα) Antibody
Slide 32: Rademikibart: Next Gen IL-4Rα Blocker Shows Potential For Less Frequent Dosing
Rademikibart: Next Gen IL-4Rα Blocker Shows Potential For Less Frequent Dosing, Greater Sustained Efficacy Data, and Faster Onset 32 Observed in Asthma Trials Rademikibart is a novel, human monoclonal IgG4 antibody directed against IL-4Rα, a common subunit for IL-4 and IL-13 receptors. Blockade of I
Slide 33: Rademikibart Forms a More Stable Complex with the IL-4Rα subunit
Rademikibart Forms a More Stable Complex with the IL-4Rα subunit 33 Rademikibart and Dupilumab Have Different Binding Orientation – Rotation angle between dupilumab and rademikibart bound to IL-4Rα is 59° – Rademikibart forms a more stable receptor complex • Rademikibart binds IL-4Rα across loops 2
Slide 34: Rademikibart Has Demonstrated Efficacy & Safety Across Multiple Indications
Rademikibart Has Demonstrated Efficacy & Safety Across 34 Multiple Indications Connect Biopharma has global development & commercialization rights outside of greater China for rademikibart Rademikibart Discovery/ Pivotal or Status/Anticipated Phase 1 Phase 2 anti-IL-4Rα mAb Indication Preclinical Ph
Slide 35: Robust Data from Completed Global Phase 2b Study in Moderate-to-Severe Asthma Patients
Robust Data from Completed Global Phase 2b Study in 35 Moderate-to-Severe Asthma Patients Efficacy and Safety Study of CBP-201 (rademikibart) in Patients With Moderate to Severe Persistent Asthma (NCT04773678) Rademikibart, 600 mg LD D1 + 150 mg Q2W, n=106 Follow-up 322 patients Age ≥ 18 years old R
Slide 36: Rapidly Improved and Sustained FEV1 Values in Completed Phase 2b Study
Rapidly Improved and Sustained FEV1 Values Observed with 36 Rademikibart Treatment in Completed Phase 2b Study Change in Pre-bronchodilator FEV1 over time in Patients with an Eosinophil Count ≥150 cells/µL at Baseline Rademikibart treatment associated with rapid, significant changes in FEV1 as early
Slide 37: Competitive Landscape of Placebo Adjusted Improvement in Pre-bronchodilator FEV1
Competitive Landscape of Placebo Adjusted Improvement 37 from Baseline In Pre-bronchodilator FEV1 Rademikibart exhibited best-in-class potential in lung function improvement FDA % patients Placebo adjusted Placebo adjusted First Approv. N with EOS improvement from improvement from Source MoA Product
Slide 38: Rademikibart Lowers Eosinophils While Dupilumab Increases them in Asthma Patients
Although Both Target IL-4Rα, Rademikibart Observed to Lower 38 Eosinophils While Dupilumab Increases them in Asthma Patients Effect of rademikibart on change from baseline in mean eosinophil counts Effect of dupilumab on change from baseline in mean eosinophil counts (patients with eosinophil counts
Slide 39: Elevated Eosinophils is Not Just a Lab Abnormality with Dupilumab
Elevated Eosinophils is Not Just a Lab Abnormality with Dupilumab 39 All Eosinophilia Primary Terms with >4 Reports by Quarter 80 60 40 20 0 Eosinophilia Related Adverse Events Reported to FDA Safety Database for HYPEREOSINOPHILIC SYNDROME EOSINOPHILIC PNEUMONIA CHRONIC Dupilumab EOSINOPHILIC PNEUMO
Slide 40: MOA Activities
MOA Activities • Differential effects on eosinophils observed in the clinic are likely due to differential binding leading to greater internalization • Human PCLS experiments from two independent labs show consistent β-agonist augmentation with rademikibart compared to little to no benefit with dupi
Slide 41: Rademikibart Observed to Induce Higher Level of IL-4Rα Internalization Compared to Dupilumab
Rademikibart Observed to Induce Higher Level of IL-4Rα Internalization 41 Compared to Dupilumab • Rademikibart can efficiently remove Type I IL-4 receptors from eosinophil cell surface, confirmed by Flow Cytometry and IncuCyte (shown to the left) • Rademikibart induced stronger apoptosis of EOL-1 th
Slide 42: IL-4 and IL-13 Receptors are Expressed on HASM Cells and Play Important Roles in Asthma Exacerbations
IL-4 and IL-13 Receptors are Expressed on HASM Cells and Play 42 Important Roles in Asthma Exacerbations In addition to producing contraction of airway smooth muscle and increasing mucus production, IL-13 also shifts the efficacy curve of β-agonists making them less effective Reduced Bronchodilation
Slide 43: IL-4/IL-13 Mediated Hyporesponsiveness to β-Agonists is Not Reversed with Dupilumab
Unlike with Rademikibart, IL-4/IL-13 Mediated Hyporesponsiveness to 43 β-Agonists is Not Reversed with Dupilumab Contrary to rademikibart, and consistent with HASM cell experiments, β2 agonist response is not augmented with dupilumab Veh 150 IL-13+IL-4 AUC Bronchodilation (%) 400 346 125 Test Ab/IL-
Slide 44: IL-13 Mediated Hyporesponsiveness to β-Agonists Not Reversed with Dupilumab or Benralizumab
Unlike with Rademikibart, IL-13 Mediated Hyporesponsiveness to β-Agonists is Not Significantly Reversed with Either Dupilumab or Benralizumab Formoterol concentration-response curves for bronchodilation in IL-13-challenged PCLS • rademikibart (3 µg/mL) produced the most complete recovery of β-agonis
Slide 45: US Market Research: Acute Treatment Indications Result in Greater Penetration
US Market Research: Obtaining Acute Treatment Indications Results 45 in Significantly Greater Penetration into Asthma and COPD Markets • U.S. Clinicians believed the acute indication was a clear differentiator between rademikibart and other biologics Clinician Perspectives approved for patients with
Slide 46: Rademikibart Expected Utilization in Asthma and COPD
Rademikibart Expected Utilization in Asthma and COPD 46 Clinicians considered Rademikibart to be differentiated from other biologics by the dual indication ASTHMA COPD NAÏVE Prior Biologic NAÏVE Prior Biologic (of those who progress on SOC) Treatment (of those who progress on SOC) Treatment ACUTE 40
Slide 47: Rademikibart Monotherapy in Atopic Dermatitis: RADIANT-AD Phase III Trial
Rademikibart monotherapy in adult and adolescent patients with moderate-to-severe atopic dermatitis (AD): A 1-year, phase III, randomized, double-blinded, placebo-controlled trial (RADIANT-AD) Title: 79594 – AAD Late-Breaking Research Session March 28 Study conducted by Simcere Pharmaceuticals in Ch
Slide 48: RADIANT-AD Study Design
RADIANT-AD Study Design • Design: a randomized, double-blind, placebo-controlled, phase 3 study at 57 study centers in China (NCT06477835) • Eligible patients: ≥ 12 years old moderate-to-severe atopic dermatitis (AD) patients with EASI ≥ 16, IGA score ≥ 3 (5-point scale [0-4]), ≥ 10% BSA involvement
Slide 49: Rademikibart Demonstrates Best-in-Class Potential with Improved Safety
Rademikibart Demonstrates Best-in-Class Potential with Improved Safety 49 Results Comparison to Zumilokibart 52-Weeks Results 100.0% 96.6% Rademikibart1 90.0% 88.0% 87.1% 85.3% Zumilokibart2 Percent of Patients 80.0% 75.0% 72.0% 70.0% 60.0% 50.0% 40.0% 30.0% 20.20% 20.0% 10.0% 6.40% 0.0% EASI-75 EAS
Slide 50: Potential Differences Between Rademikibart and Dupilumab
Potential Differences Between Rademikibart and Dupilumab Rademikibart has • In asthma and COPD: – Differential binding to the receptor resulting in enhanced internalization of drug-receptor complex – Demonstrated reductions in eosinophils during chronic dosing vs. significant increases observed with
Slide 51: Rademikibart Exclusivity Timeline
Rademikibart Exclusivity Timeline 51 Exclusive global development & commercialization rights (outside of greater China) supportive of substantial growth and value creation Biologic Exclusivity Expiry 20404 FDA Approval Family 1 (COM)1 PTE Cap 20283 Expiry June 2037 Expiry 20425 PTE ap Expiry 20425 2
Slide 52: Financial Summary
Financial Summary Cash, cash equivalents and short-term investments of $31.5 million as of June 30, 2026. Based on our current 52 operating plan and projections, we expect cash and investments to fund operations for at least one year from August 12, 2026 (expected filing date of our Q2 2026 Form 10-
Slide 53: Rademikibart is Potentially Differentiated from Dupilumab in Asthma, COPD and Atopic Dermatitis
Rademikibart is Potentially Differentiated from Dupilumab in 53 Asthma, COPD and Atopic Dermatitis • Rademikibart SC administration produced rapid increases in FEV1 as early as one day in asthma study which was sustained for 24-weeks • Rapid onset of effect consistent with preclinical data that rade
Slide 54: NASDAQ: CNTB
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