0001835268-26-000020 | 10-Q | XBRL Viewer | Connect Biopharma Holdings LTD

Basis of Presentation and Significant Accounting Policies

3 Months Ended

Mar. 31, 2026

Basis of Presentation and Significant Accounting Policies

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the U.S. (“U.S. GAAP”) for interim financial information and the applicable rules and regulations of the SEC for interim reporting. Accordingly, since they are interim statements, they do not include all of the information and disclosures required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair statement have been included. Operating results for the three months ended March 31, 2026 are not necessarily indicative of the results that may be expected for other quarters or the year ending December 31, 2026. The condensed consolidated balance sheet as of December 31, 2025 has been derived from the audited financial statements as of that date. These unaudited condensed consolidated financial statements and the notes thereto should be read in conjunction with the audited financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2025, which was filed with the SEC on March 31, 2026 (“2025 Annual Report”).

Principles of Consolidation

The accompanying condensed consolidated financial statements include the accounts of the Company and its direct and indirect subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The following are the Company’s subsidiaries:

Directly Held

•Connect Biopharma HongKong Limited (“Connect HK”)

Indirectly Held

•Connect Biopharm LLC

•Connect Biopharma Australia PTY LTD

•Suzhou Connect Biopharma Co., Ltd. (“Connect SZ”)

•Connect Biopharma (Beijing) Co., Ltd.

•Connect Biopharma (Shanghai) Co., Ltd.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and disclosures made in the accompanying notes to the financial statements. Our significant accounting policies that involve significant judgment and estimates include revenue recognition, investments, accrued research and development expenses, income taxes and share-based compensation. Actual results could differ materially from those estimates.

Fair Value of Financial Instruments

A company may elect to use fair value to measure financial instruments. If the use of fair value is elected, any upfront costs and fees related to the item such as debt issuance costs must be recognized in earnings and cannot be deferred. The fair value election is irrevocable and generally made on an instrument-by-instrument basis, even if a company has similar instruments that it elects not to measure based on fair value. Unrealized gains and losses on existing items for which fair value has been elected are reported as a cumulative adjustment to beginning retained earnings and any changes in fair value are recognized in earnings. We have elected to not apply the fair value option to our financial assets and liabilities.

Cash and cash equivalents, receivables, prepaid expenses, other assets, accounts payable and accrued expenses, are carried at cost, which is considered to be representative of their respective fair values because of the short-term maturity of these instruments. Available-for-sale investment securities are carried at fair value.

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurements & Disclosures, establishes a fair value hierarchy which prioritizes the inputs used in measuring fair value as follows:

•Level 1—Observable inputs such as quoted prices in active markets for identical assets or liabilities.

•Level 2—Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

•Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

Accounts Receivable, Net

Accounts receivable are recorded at the invoice amount, net of an allowance for credit losses. The allowance for credit losses reflects accounts receivable balances that are believed to be uncollectible. In estimating the allowance for credit losses, we consider: (1) our historical experience with collections and write-offs; (2) the credit quality of our customers and any recent or anticipated changes thereto; (3) the outstanding balances and past due amounts from our customers; and (4) reasonable and supportable forecast of economic conditions expected to exist throughout the contractual term of the receivable.

As of March 31, 2026 and December 31, 2025, we determined that an allowance for credit losses was not required. For the three months ended March 31, 2026 and 2025, we did not have any material write-offs of accounts receivable balances.

Net Loss per Share

Basic net loss per share is calculated by dividing the net loss by the weighted-average number of ordinary shares outstanding for the period. Diluted net loss per share is computed by dividing the net loss by the weighted-average number of ordinary shares and ordinary share equivalents outstanding for the period determined using the treasury share method. For purposes of this calculation, stock options and employee share purchase rights are considered to be ordinary share equivalents and are included in the calculation of diluted net loss per share only when their effect is dilutive.

Because we incurred a net loss for the three months ended March 31, 2026 and 2025, the following ordinary share equivalents were not included in the computation of net loss per share because their effect would be anti-dilutive (in thousands):


	March 31,
	2026	2025
Stock options outstanding	15,168	13,319
Employee stock purchase plan rights	600	486
	15,768	13,805

Significant Accounting Policies

A complete description of our significant accounting policies are disclosed in Note 3 in the 2025 Annual Report.

Recent Accounting Pronouncements

Adopted

In September 2025, the FASB issued Accounting Standards Update (“ASU”) No. 2025-05, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets (“ASU 2025-05”). ASU 2025-05 provides all entities with a practical expedient when estimating expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under ASC Topic 606, Revenue Recognition (“Topic 606”). Under ASU 2025-05, an entity is required to disclose whether it has elected to use the practical expedient. An entity that makes the accounting policy election is required to disclose the date through which subsequent cash collection are evaluated. ASU 2025-05 is effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. On January 1, 2026, we adopted the provisions of ASU 2025-05 on a prospective basis and elected to apply the practical expedient for current accounts receivables and contract assets arising from transactions under Topic 606. The adoption of ASU 2025-05 did not have a material impact on our results of operations, financial condition or related disclosures.

Not Yet Adopted

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40) (“ASU 2024-03”). ASU 2024-03 requires that public business entities disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods. The prescribed categories include purchases of inventory, employee compensation, depreciation, intangible asset amortization, and depletion. ASU 2024-03 may be applied either prospectively or retrospectively and is effective for annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027, with early adoption permitted. We are currently evaluating the impact of ASU 2024-03 on our disclosures.

In December 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities (“ASU 2025-10”). ASU 2025-10 establishes the accounting for government grants received by business entities, including guidance for (1) a grant related to an asset and (2) a grant related to income. The provisions of ASU 2025-10 can be applied on either a modified prospective or modified retrospective approach. The amendments in ASU 2025-10 are effective for annual reporting periods beginning after December 15, 2028, and interim reporting periods within those annual periods. Early adoption is permitted in both interim and annual reporting periods in which financial statements have not yet been issued or made available for issuance. We are currently evaluating the impact of ASU 2025-10 on our condensed consolidated financial statements and related disclosures.

Liquidity and Going Concern	3 Months Ended
Liquidity and Going Concern	Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Liquidity and Going Concern	Liquidity and Going Concern As of March 31, 2026, the Company had cash and cash equivalents of $46.0 million. Based on its current operating plan and projections, management believes that the Company’s cash and cash equivalents will be sufficient to meet the Company’s 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 U.S. Securities and Exchange Commission (the “SEC”).

Leases

3 Months Ended

Mar. 31, 2026

Leases [Abstract]

Leases

We have an operating lease for 6,942 square feet of office space for our corporate headquarters in San Diego, California, with a lease term that expires on January 31, 2028. In the first quarter of 2025, we recognized an initial right-of-use (“ROU”) lease asset of $0.9 million and a lease liability of $0.9 million related to this space in San Diego, California.

We also have an operating lease for 25,476 square feet of laboratory and office space in Taicang, China. In March 2026, we amended the lease to extend the term for one year until April 30, 2027. In the first quarter of 2026, we recognized an ROU lease asset of $0.1 million and a lease liability of $0.1 million related to the lease amendment.

As of March 31, 2026 and December 31, 2025, the weighted average remaining lease term was 1.7 years and 2.0 years, respectively, and the weighted average discount rate used to determine the operating lease liability was 7.7% and 8.1%, respectively.

During the three months ended March 31, 2026 and 2025, we recognized $106,000 and $125,000, respectively, of operating lease expense and we paid $109,000 and $76,000, respectively, for our operating leases.

Annual future minimum lease payments as of March 31, 2026 are as follows (in thousands):


2026 (remainder of year)	$	331
2027	379
2028	30
Thereafter	—
Total future minimum lease payments	740
Less: amount representing interest	(47)
Total lease liabilities	$	693

Equity Incentive Plans (Tables)

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Schedule of Stock Option Plan Activity

The following table summarizes all stock option plan activity for the three months ended March 31, 2026:


	Outstanding Options
	Number of Options	Weighted-Average Exercise Price
Outstanding at December 31, 2025	15,190,575	$	2.14
Granted	263,800	$	2.50
Exercised	(131,505)	$	1.04
Cancelled	(155,233)	$	8.73
Outstanding at March 31, 2026	15,167,637	$	2.08

Schedule of Share-Based Compensation Expense

The following table summarizes share-based compensation expense related to share-based payment awards granted pursuant to all of our equity compensation arrangements (in thousands):


	Three Months Ended March 31,
	2026		2025
Research and development	$	277	$	331
General and administrative	922		611
Total share-based compensation expense	$	1,199	$	942

Schedule of Fair Value of Each Grant Using Weighted-Average Assumptions

The following are the weighted-average assumptions for stock options:


	Three Months Ended March 31,
	2026		2025
Risk-free interest rate	3.6	%	4.4	%
Dividend yield	0.0	%	0.0	%
Volatility	107.0	%	109.6	%
Expected life (years)	5.6		6.1

Fair Value Measurements - Schedule of Cash, Cash Equivalents and Short-Term Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total	$ 35,527	$ 35,961
U.S. treasury bills
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Short term investments		3,997
U.S. government agency obligations
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Short term investments		3,001
U.S. corporate debt securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Short term investments		1,001
U.S. commercial paper
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Short term investments	15,923	10,973
Foreign commercial paper
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Short term investments		8,458
Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total	19,604	12,528
Quoted Prices in Active Markets for Identical Assets (Level 1) \| U.S. treasury bills
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Short term investments		3,997
Quoted Prices in Active Markets for Identical Assets (Level 1) \| U.S. government agency obligations
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Short term investments		0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| U.S. corporate debt securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Short term investments		0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| U.S. commercial paper
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Short term investments	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Foreign commercial paper
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Short term investments		0
Significant Other Observable Inputs (Level 2)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total	15,923	23,433
Significant Other Observable Inputs (Level 2) \| U.S. treasury bills
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Short term investments		0
Significant Other Observable Inputs (Level 2) \| U.S. government agency obligations
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Short term investments		3,001
Significant Other Observable Inputs (Level 2) \| U.S. corporate debt securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Short term investments		1,001
Significant Other Observable Inputs (Level 2) \| U.S. commercial paper
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Short term investments	15,923	10,973
Significant Other Observable Inputs (Level 2) \| Foreign commercial paper
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Short term investments		8,458
Significant Unobservable Inputs (Level 3)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total	0	0
Significant Unobservable Inputs (Level 3) \| U.S. treasury bills
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Short term investments		0
Significant Unobservable Inputs (Level 3) \| U.S. government agency obligations
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Short term investments		0
Significant Unobservable Inputs (Level 3) \| U.S. corporate debt securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Short term investments		0
Significant Unobservable Inputs (Level 3) \| U.S. commercial paper
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Short term investments	0	0
Significant Unobservable Inputs (Level 3) \| Foreign commercial paper
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Short term investments		0
Money market funds
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash, cash equivalents	19,604	8,531
Money market funds \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash, cash equivalents	19,604	8,531
Money market funds \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash, cash equivalents	0	0
Money market funds \| Significant Unobservable Inputs (Level 3)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash, cash equivalents	$ 0	$ 0

Equity Incentive Plans - Schedule of Fair Value of Each Grant Using Weighted-Average Assumptions (Details) - Stock Options	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Risk-free interest rate	3.60%	4.40%
Dividend yield	0.00%	0.00%
Volatility	107.00%	109.60%
Expected life (years)	5 years 7 months 6 days	6 years 1 month 6 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Balance Sheet Details - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued clinical, manufacturing and professional expense	$ 10,685	$ 8,086
Accrued compensation and benefits	1,424	2,914
Other accrued expenses	224	160
Total accrued liabilities	$ 12,333	$ 11,160

Equity Incentive Plans - Schedule of Stock Option Plan Activity (Details)	3 Months Ended
	Mar. 31, 2026 $ / shares shares
Number of Options
Outstanding, beginning (in shares) \| shares	15,190,575
Granted (in shares) \| shares	263,800
Exercised (in shares) \| shares	(131,505)
Cancelled (in shares) \| shares	(155,233)
Outstanding, ending (in shares) \| shares	15,167,637
Weighted-Average Exercise Price
Outstanding, beginning (in dollars per share) \| $ / shares	$ 2.14
Granted (in dollars per share) \| $ / shares	2.50
Exercised (in dollars per share) \| $ / shares	1.04
Cancelled (in dollars per share) \| $ / shares	8.73
Outstanding, ending (in dollars per share) \| $ / shares	$ 2.08

Leases - Additional Information (Details) $ in Thousands	3 Months Ended
Leases - Additional Information (Details) $ in Thousands	Mar. 31, 2026 USD ($) ft²	Mar. 31, 2025 USD ($)	Dec. 31, 2025 USD ($)
Lessee, Lease, Description [Line Items]
Right-of-use lease assets, net	$ 653		$ 647
Current lease liabilities	$ 406		$ 322
Weighted average remaining lease term	1 year 8 months 12 days		2 years
Weighted average discount rate	7.70%		8.10%
Operating lease, expense	$ 106	$ 125
Payments for operating leases	$ 109	76
California
Lessee, Lease, Description [Line Items]
Right-of-use lease assets, net		900
Current lease liabilities		$ 900
California \| Lease Expiring in January 2028
Lessee, Lease, Description [Line Items]
Area of real estate property (in sq ft) \| ft²	6,942
China
Lessee, Lease, Description [Line Items]
Area of real estate property (in sq ft) \| ft²	25,476
Right-of-use lease assets, net	$ 100
Current lease liabilities	$ 100
Lessee, operating lease, renewal term	1 year

License and Collaboration Agreement (Details)	3 Months Ended		12 Months Ended
License and Collaboration Agreement (Details)	Mar. 31, 2026 USD ($) performanceObligation	Mar. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2025 USD ($)	Nov. 21, 2023 USD ($)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of performance obligations \| performanceObligation	4
License and collaboration revenues	$ 169,000	$ 0
Simcere Pharmaceutical Company Limited
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Contract liabilities	200,000			$ 200,000
Transaction price					$ 25,000,000.0
Contract assets related to the license agreement	0			0
Simcere Pharmaceutical Company Limited \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-11-22
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Term of agreement					12 years
Simcere Pharmaceutical Company Limited \| License and Collaboration
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Contract liabilities					$ 21,000,000
Aggregate amount of milestone payments	110,000,000				123,000,000
Milestone payments received			$ 5,000,000
Milestone amount that lapsed				$ 8,000,000
Transaction price					23,800,000
Simcere Pharmaceutical Company Limited \| Clinical Trial Reports
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Contract liabilities					4,000,000
License and collaboration revenues	$ 169,000	$ 0
Simcere Pharmaceutical Company Limited \| Current Manufacturing Process
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Transaction price					100,000
Simcere Pharmaceutical Company Limited \| New Manufacturing Process
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Transaction price					200,000
Simcere Pharmaceutical Company Limited \| Service
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Transaction price					$ 900,000

Fair Value Measurements

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurements

The Company measures cash, cash equivalents and short-term investments at fair value on a recurring basis. The fair values of such assets were as follows (in thousands):


	Fair Value Measurements at Reporting Date Using
	Balance at March 31, 2026		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Money market funds	$	19,604	$	19,604	$	—	$	—
U.S. commercial paper	15,923		—		15,923		—
Total	$	35,527	$	19,604	$	15,923	$	—


	Fair Value Measurements at Reporting Date Using
	Balance at December 31, 2025		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Money market funds	$	8,531	$	8,531	$	—	$	—
U.S. treasury bills	3,997		3,997		—		—
U.S. government agency obligations	3,001		—		3,001		—
U.S. corporate debt securities	1,001		—		1,001		—
U.S. commercial paper	10,973		—		10,973		—
Foreign commercial paper	8,458		—		8,458		—
Total	$	35,961	$	12,528	$	23,433	$	—

We have not transferred any investment securities between the three levels of the fair value hierarchy.

As of March 31, 2026, cash equivalents included $15.9 million of available-for-sale securities with contractual maturities of three months or less. As of December 31, 2025, cash equivalents included $21.4 million of available-for-sale securities with contractual maturities of three months or less and short-term investments included $6.0 million of available-for-sale securities with contractual maturities of three months to one year. The money market funds as of March 31, 2026 and December 31, 2025 are included in cash and cash equivalents on the unaudited condensed consolidated balance sheets.

The Company’s cash equivalents and short-term investment securities are classified within the fair value hierarchy as defined by authoritative guidance. The Company’s investment securities classified as Level 1 are valued using quoted market prices. The Company obtains the fair value of its Level 2 financial instruments from third-party pricing services. The pricing services utilize industry standard valuation models whereby all significant inputs, including benchmark yields, reported trades, broker/dealer quotes, issuer spreads, bids, offers, or other market-related data, are observable. The Company validates the prices provided by the third-party pricing services by reviewing their pricing methods and matrices and obtaining market values from other pricing sources. After completing the validation procedures, the Company did not adjust or override any fair value measurements provided by these pricing services as of March 31, 2026 or December 31, 2025. The Company does not have any investments classified as Level 3.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
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-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Balance Sheet Details - Schedule of Available-for-Sale Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	$ 15,928	$ 27,431
Gross Unrealized Gains	0	3
Gross Unrealized Losses	(5)	(4)
Estimated Fair Value	15,923	27,430
U.S. treasury bills
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost		3,995
Gross Unrealized Gains		2
Gross Unrealized Losses		0
Estimated Fair Value		3,997
U.S. government agency obligations
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost		3,002
Gross Unrealized Gains		0
Gross Unrealized Losses		(1)
Estimated Fair Value		3,001
U.S. corporate debt securities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost		1,000
Gross Unrealized Gains		1
Gross Unrealized Losses		0
Estimated Fair Value		1,001
U.S. commercial paper
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	15,928	10,974
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(5)	(1)
Estimated Fair Value	$ 15,923	10,973
Foreign commercial paper
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost		8,460
Gross Unrealized Gains		0
Gross Unrealized Losses		(2)
Estimated Fair Value		$ 8,458

Equity Incentive Plans - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Equity [Abstract]
Number of consecutive days (in days)	30 days
Granted (in shares)	7,877
Granted (in dollars per share)	$ 2.62
Total unrecognized compensation cost related to non-vested, stock-based payment awards	$ 12.6
Total unrecognized compensation cost, expect to recognize over weighted average period (in years)	2 years 9 months 18 days
Weighted-average fair value of options granted (in dollars per share)	$ 2.03	$ 0.81

Segment Reporting - Schedule of Reconciliation of Segment Net Loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting Information [Line Items]
License and collaboration revenues	$ 169	$ 0
Research and development expense	(15,030)	(6,633)
General and administrative expense	(4,746)	(4,814)
Other income, net	257	1,229
Income tax expense	(48)	(54)
Net loss	(19,398)	(10,272)
Reconciliation of loss:
Net loss	(19,398)	(10,272)
Treatment of Respiratory Diseases Segment
Segment Reporting Information [Line Items]
Net loss	(19,398)	(10,272)
Reconciliation of loss:
Net loss	(19,398)	(10,272)
Operating Segment \| Treatment of Respiratory Diseases Segment
Segment Reporting Information [Line Items]
License and collaboration revenues	169	0
Research and development expense	(15,030)	(6,633)
General and administrative expense	(4,746)	(4,814)
Other income, net	257	1,229
Income tax expense	(48)	(54)
Net loss	(19,398)	(10,272)
Reconciliation of loss:
Net loss	(19,398)	(10,272)
Adjustments and reconciling items \| Treatment of Respiratory Diseases Segment
Segment Reporting Information [Line Items]
Net loss	0	0
Reconciliation of loss:
Net loss	$ 0	$ 0

Basis of Presentation and Significant Accounting Policies (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	15,768	13,805
Stock options outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	15,168	13,319
Employee stock purchase plan rights
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	600	486

Leases (Tables)

3 Months Ended

Mar. 31, 2026

Leases [Abstract]

Schedule of Future Minimum Lease Payments

Annual future minimum lease payments as of March 31, 2026 are as follows (in thousands):


2026 (remainder of year)	$	331
2027	379
2028	30
Thereafter	—
Total future minimum lease payments	740
Less: amount representing interest	(47)
Total lease liabilities	$	693

Shareholders’ Equity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	1 Months Ended	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Class of Stock [Line Items]
Sale of stock shares issued (in shares)	6,130
Sale of stock, price per share (in dollars per share)	$ 3.25	$ 3.25
Proceeds from private placement	$ 18,600	$ 17,485	$ 0
Gross proceeds	20,200
Other expenses	1,600
Statutory reserve	14,900	$ 14,900		$ 15,700
Panacea Venture
Class of Stock [Line Items]
Gross proceeds	$ 4,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479857/480-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/exampleRef
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-Section 50
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-Publisher FASB
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Reference 6: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483014/272-10-45-3

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482987/272-10-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(d))
-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
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-Subparagraph (c)
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2026
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes For the three months ended March 31, 2026 and 2025, we recorded income tax expense of $48,000 and $54,000, respectively. Our effective tax rate for the three months ended March 31, 2026 and 2025 was (0.2)% and (0.5)%, respectively. The effective tax rate in both periods was primarily driven by the full valuation allowance maintained against the Company’s deferred tax assets. For the three months ended March 31, 2026, the Company’s provision for income taxes was based on its worldwide estimated annualized effective tax rate, except for (1) jurisdictions for which a loss is expected for the year and no benefit can be realized for those losses, (2) jurisdictions for which forecasted pre-tax income or loss cannot be estimated, and (3) the tax effect of discrete items occurring during the period. The tax for jurisdictions for which a forecast cannot be estimated is based on actual taxes and tax reserves for the quarter. Under the provisions of ASC 740, Income Taxes, the determination of the Company’s ability to recognize its deferred tax assets requires an assessment of both negative and positive evidence. The evidence evaluated by the Company included operating results during the most recent three-year period and future projections, with more weight given to historical results than expectations of future profitability, which are inherently uncertain. Certain entities’ net losses in recent periods represented sufficient negative evidence to require a valuation allowance against its net deferred tax assets. Due to the uncertainties surrounding our ability to generate future taxable income and consequently realize such deferred tax assets, a full valuation allowance has been established. This valuation allowance will be evaluated periodically and could be reversed partially or totally if business results sufficiently improve to support realization of deferred tax assets. As of March 31, 2026, unrecognized tax benefits were $1.3 million, of which none would affect the effective tax rate, if recognized. It is the Company’s policy to classify accrued interest and penalties to unrecognized tax benefits in the provision for income taxes. There were no accrued interest or penalties as of March 31, 2026 or December 31, 2025. During the three months ended March 31, 2026, there were no material changes to the disclosures regarding uncertain tax positions included in our 2025 Annual Report.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Income Taxes (Details) - USD ($)	3 Months Ended
Income Taxes (Details) - USD ($)	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Income Tax Disclosure [Abstract]
Income tax expense	$ 48,000	$ 54,000
Effective tax rate	(0.20%)	(0.50%)
Unrecognized tax benefits	$ 1,300,000
Unrecognized tax benefits that would impact effective tax rate	0
Accrued interest or penalties	$ 0		$ 0

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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+ Details

Equity Incentive Plans

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Equity Incentive Plans

Equity Compensation Plan Activity

The following table summarizes all stock option plan activity for the three months ended March 31, 2026:


	Outstanding Options
	Number of Options	Weighted-Average Exercise Price
Outstanding at December 31, 2025	15,190,575	$	2.14
Granted	263,800	$	2.50
Exercised	(131,505)	$	1.04
Cancelled	(155,233)	$	8.73
Outstanding at March 31, 2026	15,167,637	$	2.08

In accordance with our Non-Employee Director Compensation Program, certain non-employee directors elected to receive fully vested shares in lieu of all or a portion of their 2026 annual cash board retainers. Accordingly, fully vested ordinary shares were granted to these directors for their service as a director during the first quarter of 2026. The number of shares received in lieu of cash was calculated by dividing the applicable value of the equity by the average closing price of our ordinary shares over the 30 consecutive days immediately preceding March 31, 2026, rounded down to the nearest whole share. On March 31, 2026, we granted certain non-employee directors 7,877 fully vested ordinary shares. The weighted-average grant date fair value of these shares was $2.62.

Share-based Compensation

The following table summarizes share-based compensation expense related to share-based payment awards granted pursuant to all of our equity compensation arrangements (in thousands):


	Three Months Ended March 31,
	2026		2025
Research and development	$	277	$	331
General and administrative	922		611
Total share-based compensation expense	$	1,199	$	942

As of March 31, 2026, there was $12.6 million of total unrecognized compensation cost related to non-vested, share-based payment awards granted under all of our equity compensation plans. Total unrecognized compensation cost will be adjusted for forfeitures. We expect to recognize this compensation cost over a weighted-average period of 2.8 years.

The following are the weighted-average assumptions for stock options:


	Three Months Ended March 31,
	2026		2025
Risk-free interest rate	3.6	%	4.4	%
Dividend yield	0.0	%	0.0	%
Volatility	107.0	%	109.6	%
Expected life (years)	5.6		6.1

The weighted-average fair value of options granted was $2.03 and $0.81 for the three months ended March 31, 2026 and 2025, respectively.

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2026	Apr. 30, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Transition Report	false
Entity File Number	001-40212
Entity Registrant Name	Connect Biopharma Holdings Limited
Entity Incorporation, State or Country Code	E9
Entity Address, Address Line One	3580 Carmel Mountain Road
Entity Address, Address Line Two	Suite 200
Entity Address, City or Town	San Diego
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92130
City Area Code	877
Local Phone Number	245-2787
Title of 12(b) Security	Ordinary Shares, par value $0.000174 per Share
Trading Symbol	CNTB
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		62,963,853
Entity Central Index Key	0001835268
Amendment Flag	false
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2026
Current Fiscal Year End Date	--12-31
Entity Tax Identification Number	00-0000000

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Balance Sheet Details (Tables)

3 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Available-for-Sale Investments

The following is a summary of our available-for-sale investments (in thousands):


	March 31, 2026
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
U.S. commercial paper	$	15,928	$	—	$	(5)	$	15,923
Total	$	15,928	$	—	$	(5)	$	15,923


	December 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
U.S. treasury bills	$	3,995	$	2	$	—	$	3,997
U.S. government agency obligations	3,002		—		(1)		3,001
U.S. corporate debt securities	1,000		1		—		1,001
U.S. commercial paper	10,974		—		(1)		10,973
Foreign commercial paper	8,460		—		(2)		8,458
Total	$	27,431	$	3	$	(4)	$	27,430

Schedule of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consist of the following (in thousands):


	March 31, 2026		December 31, 2025
Prepaid clinical and manufacturing expenses	$	5,523	$	5,825
Subscription receivable	2,669		—
Prepaid insurance	26		329
Prepaid taxes	266		243
Interest receivables	32		148
Other prepaid expenses and current assets	470		29
Total prepaid expenses and other current assets	$	8,986	$	6,574

Schedule of Accrued Liabilities

Accrued liabilities consist of the following (in thousands):


	March 31, 2026		December 31, 2025
Accrued clinical, manufacturing and professional expense	$	10,685	$	8,086
Accrued compensation and benefits	1,424		2,914
Other accrued expenses	224		160
Total accrued liabilities	$	12,333	$	11,160

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

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+ Details

Equity Incentive Plans - Schedule of Share-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total share-based compensation expense	$ 1,199	$ 942
Research and development
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total share-based compensation expense	277	331
General and administrative
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total share-based compensation expense	$ 922	$ 611

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Segment Reporting - Additional Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2026 USD ($) segment	Dec. 31, 2025 USD ($)
Revenues from External Customers and Long-Lived Assets [Line Items]
Number of operating segments \| segment	1
Number of reportable segments \| segment	1
U.S.
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived tangible assets \| $	$ 0.6	$ 0.7
PRC
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived tangible assets \| $	$ 3.7	$ 3.8

Basis of Presentation and Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2026
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the U.S. (“U.S. GAAP”) for interim financial information and the applicable rules and regulations of the SEC for interim reporting. Accordingly, since they are interim statements, they do not include all of the information and disclosures required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair statement have been included. Operating results for the three months ended March 31, 2026 are not necessarily indicative of the results that may be expected for other quarters or the year ending December 31, 2026. The condensed consolidated balance sheet as of December 31, 2025 has been derived from the audited financial statements as of that date. These unaudited condensed consolidated financial statements and the notes thereto should be read in conjunction with the audited financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2025, which was filed with the SEC on March 31, 2026 (“2025 Annual Report”).
Principles of Consolidation	Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of the Company and its direct and indirect subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The following are the Company’s subsidiaries: Directly Held •Connect Biopharma HongKong Limited (“Connect HK”) Indirectly Held •Connect Biopharm LLC •Connect Biopharma Australia PTY LTD •Suzhou Connect Biopharma Co., Ltd. (“Connect SZ”) •Connect Biopharma (Beijing) Co., Ltd. •Connect Biopharma (Shanghai) Co., Ltd.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and disclosures made in the accompanying notes to the financial statements. Our significant accounting policies that involve significant judgment and estimates include revenue recognition, investments, accrued research and development expenses, income taxes and share-based compensation. Actual results could differ materially from those estimates.
Fair Value of Financial Instruments	Fair Value of Financial Instruments A company may elect to use fair value to measure financial instruments. If the use of fair value is elected, any upfront costs and fees related to the item such as debt issuance costs must be recognized in earnings and cannot be deferred. The fair value election is irrevocable and generally made on an instrument-by-instrument basis, even if a company has similar instruments that it elects not to measure based on fair value. Unrealized gains and losses on existing items for which fair value has been elected are reported as a cumulative adjustment to beginning retained earnings and any changes in fair value are recognized in earnings. We have elected to not apply the fair value option to our financial assets and liabilities. Cash and cash equivalents, receivables, prepaid expenses, other assets, accounts payable and accrued expenses, are carried at cost, which is considered to be representative of their respective fair values because of the short-term maturity of these instruments. Available-for-sale investment securities are carried at fair value. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurements & Disclosures, establishes a fair value hierarchy which prioritizes the inputs used in measuring fair value as follows: •Level 1—Observable inputs such as quoted prices in active markets for identical assets or liabilities. •Level 2—Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. •Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The Company’s cash equivalents and short-term investment securities are classified within the fair value hierarchy as defined by authoritative guidance. The Company’s investment securities classified as Level 1 are valued using quoted market prices. The Company obtains the fair value of its Level 2 financial instruments from third-party pricing services. The pricing services utilize industry standard valuation models whereby all significant inputs, including benchmark yields, reported trades, broker/dealer quotes, issuer spreads, bids, offers, or other market-related data, are observable. The Company validates the prices provided by the third-party pricing services by reviewing their pricing methods and matrices and obtaining market values from other pricing sources.
Accounts Receivable, Net	Accounts Receivable, Net Accounts receivable are recorded at the invoice amount, net of an allowance for credit losses. The allowance for credit losses reflects accounts receivable balances that are believed to be uncollectible. In estimating the allowance for credit losses, we consider: (1) our historical experience with collections and write-offs; (2) the credit quality of our customers and any recent or anticipated changes thereto; (3) the outstanding balances and past due amounts from our customers; and (4) reasonable and supportable forecast of economic conditions expected to exist throughout the contractual term of the receivable.
Net Loss per Share	Net Loss per Share Basic net loss per share is calculated by dividing the net loss by the weighted-average number of ordinary shares outstanding for the period. Diluted net loss per share is computed by dividing the net loss by the weighted-average number of ordinary shares and ordinary share equivalents outstanding for the period determined using the treasury share method. For purposes of this calculation, stock options and employee share purchase rights are considered to be ordinary share equivalents and are included in the calculation of diluted net loss per share only when their effect is dilutive.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Adopted In September 2025, the FASB issued Accounting Standards Update (“ASU”) No. 2025-05, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets (“ASU 2025-05”). ASU 2025-05 provides all entities with a practical expedient when estimating expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under ASC Topic 606, Revenue Recognition (“Topic 606”). Under ASU 2025-05, an entity is required to disclose whether it has elected to use the practical expedient. An entity that makes the accounting policy election is required to disclose the date through which subsequent cash collection are evaluated. ASU 2025-05 is effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. On January 1, 2026, we adopted the provisions of ASU 2025-05 on a prospective basis and elected to apply the practical expedient for current accounts receivables and contract assets arising from transactions under Topic 606. The adoption of ASU 2025-05 did not have a material impact on our results of operations, financial condition or related disclosures. Not Yet Adopted In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40) (“ASU 2024-03”). ASU 2024-03 requires that public business entities disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods. The prescribed categories include purchases of inventory, employee compensation, depreciation, intangible asset amortization, and depletion. ASU 2024-03 may be applied either prospectively or retrospectively and is effective for annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027, with early adoption permitted. We are currently evaluating the impact of ASU 2024-03 on our disclosures. In December 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities (“ASU 2025-10”). ASU 2025-10 establishes the accounting for government grants received by business entities, including guidance for (1) a grant related to an asset and (2) a grant related to income. The provisions of ASU 2025-10 can be applied on either a modified prospective or modified retrospective approach. The amendments in ASU 2025-10 are effective for annual reporting periods beginning after December 15, 2028, and interim reporting periods within those annual periods. Early adoption is permitted in both interim and annual reporting periods in which financial statements have not yet been issued or made available for issuance. We are currently evaluating the impact of ASU 2025-10 on our condensed consolidated financial statements and related disclosures.
Revenue Recognition	Revenue Recognition The Company evaluated the License Agreement which provides Simcere with the right to use the Company’s intellectual property in the Territory. The Company concluded that the License Agreement was subject to Topic 606 because the Company viewed the License Agreement as a contract with a customer as the activities were central to its business operations. As such, the Company assessed the terms of the License Agreement and identified four performance obligations for the license to research, develop, manufacture and commercialize rademikibart in the Territory. The four performance obligations identified include: (i) transfer of the intellectual property and know-how; (ii) transfer of the current manufacturing process; (iii) development and transfer of a new manufacturing process; and (iv) completion of certain rademikibart development services. At inception of each arrangement that includes milestone payments, the Company evaluates where the milestones are considered probable of being reached. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. At the Effective Date, the Company determined the transaction price to be $25 million, which is comprised of (i) a $21 million upfront payment for the grant of license to the Licensee and (ii) $4 million of cost reimbursement upon delivery of certain clinical trial reports. All other milestones are considered to be constrained at the Effective Date because these milestones are not within the control of the Company and therefore these milestones are not included in the transaction price. When an intellectual property license is determined to be a predominant promise in the arrangement, sales-based milestone payments and royalties are recognized at the later of when the associated performance obligation has been satisfied or when the sales occur. For cost reimbursements related to the supply of material for clinical development, the Company recognizes revenue when Simcere obtains control of the goods. For the three months ended March 31, 2026, the Company recognized $169,000 in revenue under the License Agreement related to the upfront license fee. No revenue was recognized for the three months ended March 31, 2025. Allocation of the Transaction Price The transaction price is generally allocated to the identified performance obligations based on the relative stand-alone selling price estimated for each distinct performance obligation. However the Company has allocated certain regulatory and development milestone payments only to certain specific performance obligation(s) where the terms of such payments relate specifically to the Company’s efforts to satisfy the respective performance obligation, and provided that such allocation is consistent with the objective that transaction price is allocated to each performance obligation in order to reflect the consideration to which the Company expects to be entitled to receive in exchange for satisfying those performance obligations. The Company allocated the $25.0 million transaction price based on relative stand-alone selling prices of each performance obligation as $23.8 million for the license, $0.1 million for the transfer of the current manufacturing process, $0.2 million for development and transfer of a new manufacturing process, and $0.9 million for completion of certain rademikibart development services. The Company developed the estimated stand-alone selling price for the license using a discounted cash flows model, which is an income approach. In estimating the stand-alone selling price for each performance obligation, the Company developed assumptions that require judgment and included forecasted revenues, expected development timelines, discount rates, probabilities of technical and regulatory success and costs for manufacturing clinical supplies. The Company utilizes judgment to assess when control of the goods and services transfers to Simcere, to determine whether the performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue. When recognizing revenue over time, the Company evaluates the measure of progress each reporting period and, if necessary, adjusts the progress of performance and related revenue recognition. The Company expects to recognize the transaction price, at a point in time or over the expected performance period of each respective performance obligation. The Company began recognizing revenue from the License Agreement once the Company had substantially completed the transfer of the intellectual property and know-how to Simcere. The revenue associated with the transfer of the intellectual property and know-how and transfer of the current manufacturing process were recognized at a point in time upon successful completion of each obligation during 2024. The Company recognized the revenue associated with the transfer of a new manufacturing process at a point in time upon successful completion of the obligation in the first quarter of 2026. For the performance obligation to complete certain development services, the Company recognized the transaction price over the expected performance period using an input method. To measure the progress of this obligation, the Company used the cost-to-cost basis approach to estimate the percentage of completion as this method provides the most faithful depiction of the Company’s performance in transferring control of the services promised to Simcere and represents the Company’s best estimate of the period of the obligation. The performance obligation related to certain rademikibart development services was completed in 2024. Milestone Payments The Licensor is entitled to development milestones under the License Agreement and certain regulatory milestone payments which are paid upon receipt of regulatory approvals within the Territory. At the end of each reporting period, the Company will re-evaluate the probability of achievement of each milestone and any related constraint, and if necessary, adjust its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect the reported amount of license and collaboration revenues in the period of adjustment. Royalties As the license is deemed to be the predominant item to which sales-based royalties relate, the Company will recognize revenue when the related sales occur.

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
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+ Details

- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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+ Details

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Fair Value Disclosures [Abstract]
Cash equivalents	$ 15,900	$ 21,400
Short-term investments	$ 0	$ 5,997

License and Collaboration Agreement	3 Months Ended
License and Collaboration Agreement	Mar. 31, 2026
Revenue from Contract with Customer [Abstract]
License and Collaboration Agreement	License and Collaboration Agreement Simcere License Agreement On November 21, 2023 (the “Effective Date”), Connect HK and Connect SZ (“Licensor”) entered into an exclusive license and collaboration agreement (the “License Agreement”) with Simcere Pharmaceutical Co., Ltd. (“Simcere” or “Licensee”), a subsidiary of Simcere Pharmaceutical Group Ltd., to develop and commercialize rademikibart in Greater China. Simcere has been granted exclusive rights to develop, manufacture, and commercialize rademikibart for all indications in Greater China, including mainland China, Hong Kong, Macau, and Taiwan (the “Territory”), while Connect retains rights in all other markets. Under the License Agreement, Connect was required to complete all of rademikibart’s ongoing clinical trials and related analysis in the Territory in atopic dermatitis (“AD”), while the Licensee is responsible for rademikibart’s new drug application for AD in China and will also conduct and be responsible for the costs of all future clinical studies in all additional disease indications for rademikibart in Greater China. As consideration for the rights granted to Simcere under the License Agreement, Simcere paid the Licensor a non-refundable, non-creditable up-front fee of approximately $21 million. Simcere is also required to make milestone payments to the Licensor upon the achievement of certain development, regulatory and commercial milestones (“Milestones”), initially totaling up to $123 million. In 2024, we received approximately $5 million in Milestone payments from Simcere for the achievement of certain development Milestones. In 2025, one time-based Milestone in the amount of approximately $8 million lapsed because it was not achieved by the deadline set forth in the License Agreement. Accordingly, as of March 31, 2026, we are eligible to receive remaining Milestone payments up to an aggregate amount of approximately $110 million. The achievement of these Milestones is dependent upon the timing and success of future development, regulatory and commercial activities to be completed by Simcere. Simcere is also required to make payments for cost reimbursements related to certain development activities, including supply of material for clinical development. The License Agreement additionally provides that Simcere is obligated to pay Licensor royalties at tiered percentage rates up to low double-digit percentages on net sales of the licensed product in the Territory. The term of the License Agreement is coterminous with the period up to which sales-based royalty payments shall be made, which is approximately 12 years after commercialization of the licensed compound. After this period, the license is considered fully paid and Simcere can continue to exploit the rights in the license in the Territory. Revenue Recognition The Company evaluated the License Agreement which provides Simcere with the right to use the Company’s intellectual property in the Territory. The Company concluded that the License Agreement was subject to Topic 606 because the Company viewed the License Agreement as a contract with a customer as the activities were central to its business operations. As such, the Company assessed the terms of the License Agreement and identified four performance obligations for the license to research, develop, manufacture and commercialize rademikibart in the Territory. The four performance obligations identified include: (i) transfer of the intellectual property and know-how; (ii) transfer of the current manufacturing process; (iii) development and transfer of a new manufacturing process; and (iv) completion of certain rademikibart development services. At inception of each arrangement that includes milestone payments, the Company evaluates where the milestones are considered probable of being reached. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. At the Effective Date, the Company determined the transaction price to be $25 million, which is comprised of (i) a $21 million upfront payment for the grant of license to the Licensee and (ii) $4 million of cost reimbursement upon delivery of certain clinical trial reports. All other milestones are considered to be constrained at the Effective Date because these milestones are not within the control of the Company and therefore these milestones are not included in the transaction price. When an intellectual property license is determined to be a predominant promise in the arrangement, sales-based milestone payments and royalties are recognized at the later of when the associated performance obligation has been satisfied or when the sales occur. For cost reimbursements related to the supply of material for clinical development, the Company recognizes revenue when Simcere obtains control of the goods. For the three months ended March 31, 2026, the Company recognized $169,000 in revenue under the License Agreement related to the upfront license fee. No revenue was recognized for the three months ended March 31, 2025. Allocation of the Transaction Price The transaction price is generally allocated to the identified performance obligations based on the relative stand-alone selling price estimated for each distinct performance obligation. However the Company has allocated certain regulatory and development milestone payments only to certain specific performance obligation(s) where the terms of such payments relate specifically to the Company’s efforts to satisfy the respective performance obligation, and provided that such allocation is consistent with the objective that transaction price is allocated to each performance obligation in order to reflect the consideration to which the Company expects to be entitled to receive in exchange for satisfying those performance obligations. The Company allocated the $25.0 million transaction price based on relative stand-alone selling prices of each performance obligation as $23.8 million for the license, $0.1 million for the transfer of the current manufacturing process, $0.2 million for development and transfer of a new manufacturing process, and $0.9 million for completion of certain rademikibart development services. The Company developed the estimated stand-alone selling price for the license using a discounted cash flows model, which is an income approach. In estimating the stand-alone selling price for each performance obligation, the Company developed assumptions that require judgment and included forecasted revenues, expected development timelines, discount rates, probabilities of technical and regulatory success and costs for manufacturing clinical supplies. The Company utilizes judgment to assess when control of the goods and services transfers to Simcere, to determine whether the performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue. When recognizing revenue over time, the Company evaluates the measure of progress each reporting period and, if necessary, adjusts the progress of performance and related revenue recognition. The Company expects to recognize the transaction price, at a point in time or over the expected performance period of each respective performance obligation. The Company began recognizing revenue from the License Agreement once the Company had substantially completed the transfer of the intellectual property and know-how to Simcere. The revenue associated with the transfer of the intellectual property and know-how and transfer of the current manufacturing process were recognized at a point in time upon successful completion of each obligation during 2024. The Company recognized the revenue associated with the transfer of a new manufacturing process at a point in time upon successful completion of the obligation in the first quarter of 2026. For the performance obligation to complete certain development services, the Company recognized the transaction price over the expected performance period using an input method. To measure the progress of this obligation, the Company used the cost-to-cost basis approach to estimate the percentage of completion as this method provides the most faithful depiction of the Company’s performance in transferring control of the services promised to Simcere and represents the Company’s best estimate of the period of the obligation. The performance obligation related to certain rademikibart development services was completed in 2024. Milestone Payments The Licensor is entitled to development milestones under the License Agreement and certain regulatory milestone payments which are paid upon receipt of regulatory approvals within the Territory. At the end of each reporting period, the Company will re-evaluate the probability of achievement of each milestone and any related constraint, and if necessary, adjust its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect the reported amount of license and collaboration revenues in the period of adjustment. Royalties As the license is deemed to be the predominant item to which sales-based royalties relate, the Company will recognize revenue when the related sales occur. Contract Assets and Liabilities As of March 31, 2026, the Company had no contract assets or liabilities related to the License Agreement. As of December 31, 2025, the Company had no contract assets and $0.2 million in contract liabilities related to the upfront fee received under the License Agreement. During the three months ended March 31, 2026, the remaining $0.2 million of the contract liability was recognized as revenue, which was included in the contract liability balance at the beginning of the year.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Topic 606
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
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-Topic 606
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-Section 50
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-Topic 606
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-Topic 606
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-Section 50
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 606
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-URI https://asc.fasb.org/606/tableOfContent

+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 46,034	$ 38,345
Short-term investments	0	5,997
Accounts receivable, net	0	13
Prepaid expenses and other current assets	8,986	6,574
Total current assets	55,020	50,929
Property and equipment, net	3,704	3,808
Right-of-use lease assets, net	653	647
Intangible assets, net	43	45
Other assets	646	646
Total assets	60,066	56,075
Current liabilities:
Accounts payable	4,306	1,964
Accrued liabilities	12,333	11,160
Contract liabilities	0	167
Current lease liabilities	406	322
Total current liabilities	17,045	13,613
Non-current lease liabilities	287	368
Other non-current liabilities	111	114
Total liabilities	17,443	14,095
Commitments and contingencies (see Note 7)
Shareholders' equity:
Ordinary shares, $0.000174 par value; 400,000,000 shares authorized; 62,711,690 and 56,442,308 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively	11	10
Additional paid-in capital	464,088	444,176
Accumulated other comprehensive loss	(1,063)	(1,191)
Treasury shares	(180)	(180)
Accumulated deficit	(420,233)	(400,835)
Total shareholders' equity	42,623	41,980
Total liabilities and shareholders' equity	$ 60,066	$ 56,075

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Income Statement [Abstract]
License and collaboration revenues	$ 169	$ 0
Operating expenses:
Research and development expense	15,030	6,633
General and administrative expense	4,746	4,814
Total operating expenses	19,776	11,447
Loss from operations	(19,607)	(11,447)
Other income, net:
Interest income	260	720
Other income (expense)	(3)	509
Total other income, net	257	1,229
Net loss before income tax	(19,350)	(10,218)
Income tax expense	48	54
Net loss	(19,398)	(10,272)
Other comprehensive loss:
Foreign currency translation adjustments	132	62
Unrealized losses on available-for-sale investments	(4)	(1)
Comprehensive loss	$ (19,270)	$ (10,211)
Basic net loss per ordinary share (in dollars per share)	$ (0.34)	$ (0.19)
Diluted net loss per ordinary share (in dollars per share)	$ (0.34)	$ (0.19)
Weighted-average ordinary shares outstanding, basic (in shares)	56,545	55,352
Weighted-average ordinary shares outstanding, diluted (in shares)	56,545	55,352
Revenue from contract with customer, product and service, extensible enumeration	License [Member]	License [Member]

Shareholders’ Equity	3 Months Ended
Shareholders’ Equity	Mar. 31, 2026
Equity [Abstract]
Shareholders’ Equity	Shareholders’ Equity Private Placement In March 2026, the Company entered into a securities purchase agreement with a select group of institutional accredited investors to sell 6,130,000 shares of its ordinary shares in a private placement at a price of $3.25 per share with respect to any purchaser that is not owned or controlled by an individual who is an officer, director, employee or consultant of the Company (“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. The Private Placement was led by the Company’s largest current investor, Panacea Venture, which purchased ordinary shares in the Private Placement totaling $4.0 million. James Huang, a member of our Board, is the sole owner of Panacea Innovation Limited, which is the sole owner of Panacea Venture. Statutory Reserves In accordance with the People’s Republic of China (“PRC”) regulations and the articles of association of the companies registered in the PRC, companies are required to set aside 10% of their net profit for the year, offsetting any prior year losses, to the statutory surplus reserve fund as determined under the relevant PRC accounting standards. When the balance of such reserve reaches 50% of the entity’s registered capital, any further appropriation is optional. As of March 31, 2026, we have not made any profit appropriations to the reserve fund, as all of our subsidiaries in the PRC were in an accumulated loss position. Under PRC laws and regulations, there are restrictions on the Company’s PRC subsidiaries with respect to transferring certain of their net assets to the Company either in the form of dividends, loans, or advances. As of March 31, 2026 and December 31, 2025, restricted net assets including paid-in capital and statutory reserve funds of the Company’s PRC subsidiaries was $14.9 million and $15.7 million, respectively.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Proceedings From time to time, the Company may be a party to litigation or subject to claims in the ordinary course of business. Regardless of the outcome, litigation can have an adverse impact on the Company because of defense and settlement costs, diversion of management resources and other factors. The Company was not a party to any material litigation and did not have contingency reserves established for any liabilities as of March 31, 2026 or December 31, 2025.

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Schedule of Cash, Cash Equivalents and Short-Term Investments

The fair values of such assets were as follows (in thousands):


	Fair Value Measurements at Reporting Date Using
	Balance at March 31, 2026		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Money market funds	$	19,604	$	19,604	$	—	$	—
U.S. commercial paper	15,923		—		15,923		—
Total	$	35,527	$	19,604	$	15,923	$	—


	Fair Value Measurements at Reporting Date Using
	Balance at December 31, 2025		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Money market funds	$	8,531	$	8,531	$	—	$	—
U.S. treasury bills	3,997		3,997		—		—
U.S. government agency obligations	3,001		—		3,001		—
U.S. corporate debt securities	1,001		—		1,001		—
U.S. commercial paper	10,973		—		10,973		—
Foreign commercial paper	8,458		—		8,458		—
Total	$	35,961	$	12,528	$	23,433	$	—

Leases - Schedule of Future Minimum Lease Payments (Details) $ in Thousands	Mar. 31, 2026 USD ($)
Leases [Abstract]
2026 (remainder of year)	$ 331
2027	379
2028	30
Thereafter	0
Total future minimum lease payments	740
Less: amount representing interest	(47)
Total lease liabilities	$ 693

Balance Sheet Details - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Prepaid clinical and manufacturing expenses	$ 5,523	$ 5,825
Subscription receivable	2,669	0
Prepaid insurance	26	329
Prepaid taxes	266	243
Interest receivables	32	148
Other prepaid expenses and current assets	470	29
Total prepaid expenses and other current assets	$ 8,986	$ 6,574

Balance Sheet Details

3 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Balance Sheet Details

Available-for-Sale Investments

The following is a summary of our available-for-sale investments (in thousands):


	March 31, 2026
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
U.S. commercial paper	$	15,928	$	—	$	(5)	$	15,923
Total	$	15,928	$	—	$	(5)	$	15,923


	December 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
U.S. treasury bills	$	3,995	$	2	$	—	$	3,997
U.S. government agency obligations	3,002		—		(1)		3,001
U.S. corporate debt securities	1,000		1		—		1,001
U.S. commercial paper	10,974		—		(1)		10,973
Foreign commercial paper	8,460		—		(2)		8,458
Total	$	27,431	$	3	$	(4)	$	27,430

At each reporting date, the Company performs an evaluation of impairment to determine if any unrealized losses are the result of credit losses. Impairment is assessed at the individual security level. Factors considered in determining whether a loss resulted from a credit loss or other factors include the Company’s intent and ability to hold the investment until the recovery of its amortized cost basis, the extent to which the fair value is less than the amortized cost basis, the length of time and extent to which fair value has been less than the cost basis, the financial condition of the issuer, any historical failure of the issuer to make scheduled interest or principal payments, any changes to the rating of the security by a rating agency, any adverse legal or regulatory events affecting the issuer or issuer’s industry, and any significant deterioration in economic conditions.

The Company does not intend to sell the investment in unrealized loss position and it is unlikely that the Company will be required to sell the investment before the recovery of its amortized cost basis. Based on its evaluation, the Company determined its credit losses related to its available-for-sale securities were immaterial at March 31, 2026 and December 31, 2025.

The amortized cost of debt securities is adjusted for amortization of premiums and accretion of discounts to maturity. The Company regularly monitors and evaluates the realizable value of its available-for-sale investment securities. The Company did not recognize any impairment losses for the three months ended March 31, 2026 or 2025.

Unrealized gains and losses associated with the Company’s investments are reported in accumulated other comprehensive loss. For the three months ended March 31, 2026 and 2025, the Company recorded $4,000 and $1,000, respectively, in net unrealized losses associated with its available-for-sale investments.

Realized gains and losses associated with its investments, if any, are reported in the statements of operations and comprehensive loss. The Company did not recognize any realized gains or losses during the three months ended March 31, 2026 or 2025.

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consist of the following (in thousands):


	March 31, 2026		December 31, 2025
Prepaid clinical and manufacturing expenses	$	5,523	$	5,825
Subscription receivable	2,669		—
Prepaid insurance	26		329
Prepaid taxes	266		243
Interest receivables	32		148
Other prepaid expenses and current assets	470		29
Total prepaid expenses and other current assets	$	8,986	$	6,574

On April 1, 2026, the Company received the funds related to the outstanding subscription receivable.

Accrued Liabilities

Accrued liabilities consist of the following (in thousands):


	March 31, 2026		December 31, 2025
Accrued clinical, manufacturing and professional expense	$	10,685	$	8,086
Accrued compensation and benefits	1,424		2,914
Other accrued expenses	224		160
Total accrued liabilities	$	12,333	$	11,160

Organization and Business	3 Months Ended
Organization and Business	Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Business	Organization and Business Connect Biopharma Holdings Limited (“Connect,” “Connect Biopharma,” the “Company,” “we,” “us,” “our” and similar terms refer to Connect Biopharma Holdings Limited, together with its subsidiaries), headquartered in San Diego, California, is a clinical-stage biopharmaceutical company dedicated to transforming care for asthma and chronic obstructive pulmonary disease (“COPD”). The Company is advancing rademikibart, a next-generation, potentially best-in-class antibody designed to target interleukin-4-receptor alpha (“IL-4Rα”). Connect Biopharma was incorporated in November 2015 in the Cayman Islands as an exempted company with limited liability. The Company completed its initial public offering in March 2021, and its ordinary shares, par value $0.000174 per share (“Ordinary Shares”), are listed on the Nasdaq Global Market under the symbol “CNTB”.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Operating activities:
Net loss	$ (19,398)	$ (10,272)
Adjustments to reconcile net loss to net cash used in operating activities:
Share-based compensation expense	1,199	942
Depreciation and amortization	164	173
Accretion of discounts on available-for-sale investments	(7)	(249)
Loss on disposal of property and equipment	0	34
Change in operating assets and liabilities:
Accounts receivable, net	13	781
Prepaid expenses and other current assets	257	(1,288)
Other non-current assets	2	(9)
Accounts payable	2,342	475
Accrued liabilities	(404)	(564)
Contract liabilities	(167)	0
Operating lease liabilities	(3)	23
Other non-current liabilities	(3)	(5)
Net cash used in operating activities	(16,005)	(9,959)
Investing activities:
Purchases of short-term investments	0	(22,562)
Proceeds from maturities and sales of short-term investments	6,000	2,000
Purchases of property and equipment	0	(81)
Proceeds from sale of property and equipment	0	2
Net cash provided by (used in) investing activities	6,000	(20,641)
Financing activities:
Proceeds from private placement	17,485	0
Proceeds from issuances of ordinary shares under the Stock Incentive Plan	137	2
Net cash provided by financing activities	17,622	2
Effect of exchange rate changes on cash and cash equivalents	72	75
Net increase (decrease) in cash and cash equivalents	7,689	(30,523)
Cash and cash equivalents at beginning of year	38,345	78,232
Cash and cash equivalents at end of year	46,034	47,709
Non-cash financing activities:
Subscription receivable	2,669	0
Private placement issuance costs, accrued but not paid	$ 1,577	$ 0

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Ordinary shares, par value (in dollars per share)	$ 0.000174	$ 0.000174
Ordinary shares, shares authorized (in shares)	400,000,000	400,000,000
Ordinary shares, shares issued (in shares)	62,711,690	56,442,308
Ordinary shares, shares outstanding (in shares)	62,711,690	56,442,308

Liquidity and Going Concern (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents	$ 46,034	$ 38,345

Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Schedule of Reconciliation of Segment Net Loss

The following table provides significant segment expenses, other segment items, reported segment net loss and a reconciliation of segment net loss to the Company’s total consolidated net loss for the three months ended March 31, 2026 and 2025 (in thousands):


	Three Months Ended March 31,
	2026		2025
License and collaboration revenues	$	169	$	—
Research and development expense	(15,030)		(6,633)
General and administrative expense	(4,746)		(4,814)
Other income, net	257		1,229
Income tax expense	(48)		(54)
Segment net loss	(19,398)		(10,272)
Reconciliation of loss:
Adjustments and reconciling items	—		—
Consolidated net loss	$	(19,398)	$	(10,272)

Segment Reporting

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Segment Reporting

The Company operates in one operating segment: treatment of respiratory diseases. Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the Chief Operating Decision-Maker (the “CODM”), our Chief Executive Officer, in making decisions regarding resource allocation and assessing performance. The CODM utilizes the Company’s consolidated financial forecast, which includes product development roadmaps, as a key input to resource allocation. The CODM makes decisions on resource allocation, assesses performance of the business, and monitors budget versus actual results using our operating expenses, cash burn and cash runway.


	Three Months Ended March 31,
	2026		2025
License and collaboration revenues	$	169	$	—
Research and development expense	(15,030)		(6,633)
General and administrative expense	(4,746)		(4,814)
Other income, net	257		1,229
Income tax expense	(48)		(54)
Segment net loss	(19,398)		(10,272)
Reconciliation of loss:
Adjustments and reconciling items	—		—
Consolidated net loss	$	(19,398)	$	(10,272)

The Company’s long-lived tangible assets, as well as the Company’s ROU lease assets recognized on the condensed consolidated balance sheets as of March 31, 2026 and December 31, 2025 were located as follows: $0.6 million and $0.7 million, respectively, in the U.S. and $3.7 million and $3.8 million, respectively, in the PRC.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/280/tableOfContent

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

+ Details

Organization and Business (Details) - $ / shares	Mar. 31, 2026	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Ordinary shares, par value (in dollars per share)	$ 0.000174	$ 0.000174

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY - USD ($) $ in Thousands	Total	Ordinary Shares	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Treasury Shares	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2024		55,349,000
Beginning balance at Dec. 31, 2024	$ 92,166	$ 10	$ 439,357	$ (1,666)	$ (180)	$ (345,355)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of ordinary shares under the Stock Incentive Plan (in shares)		3,000
Issuance of ordinary shares under the Stock Incentive Plan	2		2
Share-based compensation expense	942		942
Net loss	(10,272)					(10,272)
Net unrealized losses on available-for-sale investments	(1)			(1)
Foreign currency translation adjustments	62			62
Ending balance (in shares) at Mar. 31, 2025		55,352,000
Ending balance at Mar. 31, 2025	$ 82,899	$ 10	440,301	(1,605)	(180)	(355,627)
Beginning balance (in shares) at Dec. 31, 2025	56,442,308	56,442,000
Beginning balance at Dec. 31, 2025	$ 41,980	$ 10	444,176	(1,191)	(180)	(400,835)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of ordinary shares in a private placement, net of issuance costs (in shares)		6,130,000
Issuance of ordinary shares in a private placement, net of issuance costs	18,577	$ 1	18,576
Issuance of ordinary shares under the Stock Incentive Plan (in shares)		140,000
Issuance of ordinary shares under the Stock Incentive Plan	137		137
Share-based compensation expense	1,199		1,199
Net loss	(19,398)					(19,398)
Net unrealized losses on available-for-sale investments	(4)			(4)
Foreign currency translation adjustments	$ 132			132
Ending balance (in shares) at Mar. 31, 2026	62,711,690	62,712,000
Ending balance at Mar. 31, 2026	$ 42,623	$ 11	$ 464,088	$ (1,063)	$ (180)	$ (420,233)

Balance Sheet Details - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Available-for-sale, unrealized loss	$ 4	$ 1
Realized gain (loss)	$ 0	$ 0

Basis of Presentation and Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Schedule of Anti-dilutive Shares Not Included in the Computation of Net Loss Per Share


	March 31,
	2026	2025
Stock options outstanding	15,168	13,319
Employee stock purchase plan rights	600	486
	15,768	13,805