On March 29, 2026, Connect Biopharma entered a securities purchase agreement for a private placement of 6,130,000 ordinary shares at $3.25 per share (for purchasers not owned/controlled by a company insider), for expected gross proceeds of approximately $20.2 million; closing is expected March 31, 2026, subject to customary conditions. Net proceeds together with existing cash, cash equivalents, and short‑term investments are expected to fund operations into the second half of 2027. A resale registration statement for the new shares will be filed within 45 days after closing and kept effective until all shares are sold or eligible for unrestricted resale under Rule 144; failure to meet filing/effectiveness timelines can trigger liquidated damages of 1.0% per 30 days (capped at 5.0%). Phase 1 (CBP‑201‑105) IV rademikibart: a single 300 mg 2‑minute IV push in asthma and COPD showed rapid FEV1 improvement (many patients 100–>400 mL by 15 minutes; mean ~200–400 mL) maintained through Day 29; no serious or severe AEs and no discontinuations. Part B of the Phase 1 study randomized adult patients with stable asthma (n=12) and COPD (n=10) 4:1 to 300 mg IV rademikibart or placebo; mean baseline FEV1 was 1.9 L (asthma) and 1.55 L (COPD); the majority were current smokers. Two Phase 2 Seabreeze STAT studies in acute exacerbations of asthma and COPD are enrolling, with topline data expected in mid‑2026; Connect plans to meet the FDA to align on a Phase 3 program. Simcere’s Phase 3 RADIANT‑AD 52‑week study (China) in 259 moderate‑to‑severe AD patients showed at Week 52: EASI75 in 96.6%, IGA 0/1 with ≥2‑point reduction in 87.1%, and EASI90 in 85.3%; safety at 16 weeks was comparable to placebo with low conjunctivitis rates. Simcere has a pending NDA for rademikibart in China; under the Greater China license, Connect remains eligible for up to approximately $110 million in future milestones and tiered royalties up to low double‑digit percentages. Leerink Partners LLC and Cantor Fitzgerald & Co. are joint placement agents; the private placement was led by Panacea Venture with participation from other existing and new U.S. healthcare investors. Directors and Section 16 officers entered 45‑day lock‑up agreements effective March 29, 2026.