Summary by Moomoo AI
Connect Biopharma Holdings Limited reported financial results for the first half of 2024, with a net income of $7.6 million compared to a net loss of $30.5 million for the same period in 2023. Revenue for the six months ended June 30, 2024, totaled $24.1 million, primarily from the license and collaboration agreement with Simcere Pharmaceutical Co., Ltd. Research and development expenses decreased by $13.3 million due to fewer clinical trials and lower personnel costs. Administrative expenses slightly increased due to severance costs associated with employee transitions. The company's cash and cash equivalents stood at $110.2 million as of June 30, 2024. Connect Biopharma is focusing on transforming into a U.S.-centric company and significantly reducing its presence in China. The company's lead product candidate, rademikibart, is being evaluated for future clinical development strategy, and Simcere has initiated Phase 3 trials in China for moderate-to-severe atopic dermatitis and asthma.
