6-K
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 6-K

 

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of September 2022

Commission File Number: 001-40212

 

 

Connect Biopharma Holdings Limited

(Translation of registrant’s name into English)

 

 

12265 El Camino Real, Suite 350

San Diego, CA 92130

(Address of principal executive office)

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐

 

 

 

 

 

 

 

 


 

Table of Contents

 

INFORMATION CONTAINED WITHIN THIS REPORT ON FORM 6-K

i

INDEX TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

26

EXHIBITS

35

SIGNATURES

36

 

 

 

 


 

INFORMATION CONTAINED IN THIS REPORT ON FORM 6-K

 

On September 13, 2022, Connect Biopharma Holdings Limited (the “Company”) reported the Company’s financial results for the six-month period ended June 30, 2022. This report on Form 6-K shall be deemed to be incorporated by reference into the registration statements on Form F-3 (Registration No. 333-264340) and Form S-8 (Registration Nos. 333-254524 and 333-266006) of the Company and to be a part thereof from the date on which this report is furnished, to the extent not superseded by documents or reports subsequently filed or furnished.

 

Notwithstanding the foregoing, the information set forth in the attached Exhibit 99.1 shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or under the Securities Exchange Act of 1934, whether made before or after the date hereof, except as expressly provided by specific reference in such a filing. The furnishing of the attached exhibits is not an admission as to the materiality of any information therein. The information contained in the exhibits may comprise summary information that is intended to be considered in the context of more complete information included in the Company’s filings with the Securities and Exchange Commission (the “SEC”) and other public announcements that the Company has made and may make, by press release or otherwise, from time to time. The Company undertakes no duty or obligation to update or revise the information contained in this report, although it may do so from time to time as its management believes is appropriate. Any such updating may be made through the filing or furnishing of other reports or documents with the SEC, through press releases, by updating its website or through other public disclosures.

 

 

i


 

CONNECT BIOPHARMA HOLDINGS LIMITED

INDEX TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS


 

 

Page

 

 

 

 

 

 

 

Unaudited Interim Condensed Consolidated Statements of Loss for the six months ended June 30, 2021 and 2022

2

 

Unaudited Interim Condensed Consolidated Statements of Comprehensive Loss for the six months ended June 30, 2021 and 2022

3

 

Unaudited Interim Condensed Consolidated Balance Sheets as of December 31, 2021 and June 30, 2022

4

 

Unaudited Interim Condensed Consolidated Statements of Changes in Shareholders’ (Deficit)/Equity for the six months ended June 30, 2021 and 2022

5

 

Unaudited Interim Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2021 and 2022

7

 

Notes to Unaudited Interim Condensed Consolidated Financial Statements

8

 

 

 

 

 

 

1


 

CONNECT BIOPHARMA HOLDINGS LIMITED

Unaudited Interim Condensed Consolidated Statements of Loss

 

 

 

 

For Six Months Ended June 30,

 

 

 

Notes

 

2021

 

 

2022

 

 

2022

 

 

 

 

 

RMB’000

 

 

RMB’000

 

 

USD’000

 

 

 

 

 

 

 

 

 

 

 

Note 2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development expenses

5

 

 

(217,806

)

 

 

(340,775

)

 

 

(50,776

)

 

Administrative expenses

5

 

 

(47,965

)

 

 

(71,830

)

 

 

(10,703

)

 

Other income

7

 

 

5,041

 

 

 

1,584

 

 

 

236

 

 

Other (losses)/gains - net

8

 

 

(7,640

)

 

 

9,241

 

 

 

1,378

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating loss

 

 

 

(268,370

)

 

 

(401,780

)

 

 

(59,865

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Finance income

 

 

 

180

 

 

 

1,294

 

 

 

193

 

 

Finance cost

 

 

 

(22

)

 

 

(58

)

 

 

(9

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Finance income - net

 

 

 

158

 

 

 

1,236

 

 

 

184

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair value loss of financial instruments with preferred rights

20

 

 

(674,269

)

 

-

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss before income tax

 

 

 

(942,481

)

 

 

(400,544

)

 

 

(59,681

)

 

Income tax expense

9

 

-

 

 

 

(737

)

 

 

(110

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss

 

 

 

(942,481

)

 

 

(401,281

)

 

 

(59,791

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss attributable to:

 

 

 

 

 

 

 

 

 

 

 

    Owners of the Company

 

 

 

(942,481

)

 

 

(401,281

)

 

 

(59,791

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss per share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RMB

 

 

RMB

 

 

USD

 

 

Basic and diluted

10

 

 

(20.1

)

 

 

(7.3

)

 

 

(1.1

)

 

 

The accompanying notes are an integral part of these interim condensed consolidated financial statements.

 

2


 


 

 

CONNECT BIOPHARMA HOLDINGS LIMITED

Unaudited Interim Condensed Consolidated Statements of Comprehensive Loss

 

 

 

 

For Six Months Ended June 30,

 

 

 

 

 

2021

 

 

2022

 

 

2022

 

 

 

Notes

 

RMB’000

 

 

RMB’000

 

 

USD’000

 

 

 

 

 

 

 

 

 

 

 

Note 2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss

 

 

 

(942,481

)

 

 

(401,281

)

 

 

(59,791

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive (loss)/income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Items that may be reclassified to profit or loss

 

 

 

 

 

 

 

 

 

 

 

     Exchange differences on translation of foreign operations

 

 

 

5,523

 

 

 

(74,273

)

 

 

(11,067

)

 

     Changes in the fair value of debt instruments at fair value through other comprehensive income

13

 

-

 

 

 

(1,311

)

 

 

(195

)

 

Items that will not be reclassified to profit or loss

 

 

 

 

 

 

 

 

 

 

 

     Exchange differences on translation of foreign operations

 

 

 

(21,846

)

 

 

142,630

 

 

 

21,252

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive (loss)/income, net of tax

 

 

 

(16,323

)

 

 

67,046

 

 

 

9,990

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total comprehensive loss

 

 

 

(958,804

)

 

 

(334,235

)

 

 

(49,801

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Total comprehensive loss attributable to:

 

 

 

 

 

 

 

 

 

 

 

    Owners of the Company

 

 

 

(958,804

)

 

 

(334,235

)

 

 

(49,801

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these interim condensed consolidated financial statements.

 

3


 

CONNECT BIOPHARMA HOLDINGS LIMITED

Unaudited Interim Condensed Consolidated Balance Sheets

 

 

 

 

 

December 31,

 

 

June 30,

 

 

June 30,

 

 

 

 

Notes

 

2021

 

 

2022

 

 

2022

 

 

 

 

 

 

RMB’000

 

 

RMB’000

 

 

USD’000

 

 

 

 

 

 

 

 

 

 

 

 

Note 2

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

Non-current assets

 

 

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment

 

11

 

 

59,337

 

 

 

66,700

 

 

 

9,938

 

 

Right-of-use assets

 

12

 

 

22,821

 

 

 

25,354

 

 

 

3,778

 

 

Intangible assets

 

 

 

 

560

 

 

 

529

 

 

 

79

 

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

Financial assets at fair value through other comprehensive income

 

3, 13

 

 

-

 

 

 

149,681

 

 

 

22,303

 

 

Other non-current assets

 

14

 

 

18,806

 

 

 

5,606

 

 

 

835

 

 

Total non-current assets

 

 

 

 

101,524

 

 

 

247,870

 

 

 

36,933

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

16

 

 

1,706,880

 

 

 

948,765

 

 

 

141,366

 

 

Other receivable and prepayments

 

15

 

 

47,255

 

 

 

47,832

 

 

 

7,127

 

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

Financial assets at fair value through other comprehensive income

 

3, 13

 

-

 

 

 

330,673

 

 

 

49,270

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total current assets

 

 

 

 

1,754,135

 

 

 

1,327,270

 

 

 

197,763

 

 

Total assets

 

 

 

 

1,855,659

 

 

 

1,575,140

 

 

 

234,696

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

 

Non-current liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Lease liabilities

 

12

 

 

163

 

 

 

2,248

 

 

 

335

 

 

Deferred income

 

 

 

 

5,000

 

 

 

4,816

 

 

 

718

 

 

Total non-current liabilities

 

 

 

 

5,163

 

 

 

7,064

 

 

 

1,053

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Lease liabilities

 

12

 

 

630

 

 

 

1,518

 

 

 

226

 

 

Trade payables

 

 

 

 

81,195

 

 

 

101,627

 

 

 

15,142

 

 

Other payables and accruals

 

19

 

 

32,840

 

 

 

35,441

 

 

 

5,281

 

 

Total current liabilities

 

 

 

 

114,665

 

 

 

138,586

 

 

 

20,649

 

 

Total liabilities

 

 

 

 

119,828

 

 

 

145,650

 

 

 

21,702

 

 

Net assets

 

 

 

 

1,735,831

 

 

 

1,429,490

 

 

 

212,994

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

Share capital

 

17

 

 

66

 

 

 

66

 

 

 

10

 

 

Share premium

 

17

 

 

4,094,434

 

 

 

4,094,434

 

 

 

610,072

 

 

Treasury shares

 

 

 

 

(1,164

)

 

 

(1,164

)

 

 

(173

)

 

Share-based compensation reserve

 

 

 

 

61,904

 

 

 

89,798

 

 

 

13,380

 

 

Other reserves

 

 

 

 

(41,244

)

 

 

25,802

 

 

 

3,843

 

 

Accumulated losses

 

 

 

 

(2,378,165

)

 

 

(2,779,446

)

 

 

(414,138

)

 

Total shareholders’ equity

 

 

 

 

1,735,831

 

 

 

1,429,490

 

 

 

212,994

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities and shareholders’ equity

 

 

 

 

1,855,659

 

 

 

1,575,140

 

 

 

234,696

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these interim condensed consolidated financial statements.

4


 

CONNECT BIOPHARMA HOLDINGS LIMITED

Unaudited Interim Condensed Consolidated Statements of Changes in Shareholders’ (Deficit)/Equity

 

 

 

Notes

 

Share capital

 

 

Share premium

 

 

Treasury shares

 

 

Share-based compensation reserves

 

 

Other reserves

 

 

Accumulated losses

 

 

Total shareholders’ (deficit)/equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RMB’000

 

 

RMB’000

 

 

RMB’000

 

 

RMB’000

 

 

RMB’000

 

 

RMB’000

 

 

RMB’000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2020

 

 

 

 

24

 

 

 

41,466

 

 

 

(3

)

 

 

6,602

 

 

 

(1,693

)

 

 

(1,071,341

)

 

 

(1,024,945

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive loss for the six months ended June 30, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss for the six months ended June 30, 2021

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(942,481

)

 

 

(942,481

)

 

Exchange differences

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(16,323

)

 

 

-

 

 

 

(16,323

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(16,323

)

 

 

(942,481

)

 

 

(958,804

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Transactions with owners

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of ordinary shares-net of issuance costs

 

 

 

 

14

 

 

 

1,305,818

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,305,832

 

 

Conversion from preferred shares to ordinary shares

 

 

 

 

28

 

 

 

2,743,597

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

2,743,625

 

 

Repurchase of ordinary shares

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(2,513

)

 

 

-

 

 

 

(2,513

)

 

Issuance of shares to co-founders

 

18

 

 

-

 

 

 

1,417

 

 

 

-

 

 

 

(1,417

)

 

 

-

 

 

 

-

 

 

 

-

 

 

Share-based compensation

 

18

 

 

-

 

 

 

-

 

 

 

-

 

 

 

19,423

 

 

 

-

 

 

 

-

 

 

 

19,423