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 2023

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, USA

(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

24

EXHIBITS

32

SIGNATURES

33

 

 

 

 


 

 

 

 


 

INFORMATION CONTAINED IN THIS REPORT ON FORM 6-K

 

On September 12, 2023, Connect Biopharma Holdings Limited (the “Company”) reported the Company’s financial results for the six-month period ended June 30, 2023. 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333-266006) of the Company and to be a part thereof from the date on which this report is furnished, to the extent not superseded by documents or reports subsequently filed or furnished.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, 2022 and 2023

2

 

Unaudited Interim Condensed Consolidated Statements of Comprehensive Loss for the six months ended June 30, 2022 and 2023

3

 

Unaudited Interim Condensed Consolidated Balance Sheets as of December 31, 2022 and June 30, 2023

4

 

Unaudited Interim Condensed Consolidated Statements of Changes in Shareholders’ Equity for the six months ended June 30, 2022 and 2023

5

 

Unaudited Interim Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2022 and 2023

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

 

2022

 

 

2023

 

 

2023

 

 

 

 

 

RMB’000

 

 

RMB’000

 

 

USD’000

 

 

 

 

 

 

 

 

 

 

 

Note 2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development expenses

5

 

 

(340,775

)

 

 

(185,283

)

 

 

(25,642

)

 

Administrative expenses

5

 

 

(71,830

)

 

 

(56,222

)

 

 

(7,781

)

 

Other income

7

 

 

1,584

 

 

 

10,061

 

 

 

1,392

 

 

Other gains - net

8

 

 

9,241

 

 

 

8,168

 

 

 

1,130

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating loss

 

 

 

(401,780

)

 

 

(223,276

)

 

 

(30,901

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Finance income

9

 

 

1,294

 

 

 

11,837

 

 

 

1,638

 

 

Finance cost

9

 

 

(58

)

 

 

(72

)

 

 

(10

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Finance income - net

 

 

 

1,236

 

 

 

11,765

 

 

 

1,628

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss before income tax

 

 

 

(400,544

)

 

 

(211,511

)

 

 

(29,273

)

 

Income tax expense

10

 

 

(737

)

 

 

(449

)

 

 

(62

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

 

 

(401,281

)

 

 

(211,960

)

 

 

(29,335

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss attributable to:

 

 

 

 

 

 

 

 

 

 

 

Owners of the Company

 

 

 

(401,281

)

 

 

(211,960

)

 

 

(29,335

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss per share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RMB

 

 

RMB

 

 

USD

 

 

Basic and diluted

11

 

 

(7.3

)

 

 

(3.9

)

 

 

(0.5

)

 

 

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,

 

 

 

Notes

 

2022

 

 

2023

 

 

2023

 

 

 

 

RMB’000

 

 

RMB’000

 

 

USD’000

 

 

 

 

 

 

 

 

 

 

 

Note 2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

 

 

(401,281

)

 

 

(211,960

)

 

 

(29,335

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income/(loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Items that may be reclassified to profit or loss

 

 

 

 

 

 

 

 

 

 

 

Exchange differences on translation of foreign operations

 

 

 

(74,273

)

 

 

(84,408

)

 

 

(11,681

)

 

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

14

 

 

(1,311

)

 

 

1,533

 

 

 

212

 

 

Items that will not be reclassified to profit or loss

 

 

 

 

 

 

 

 

 

 

 

Exchange differences on translation of foreign operations

 

 

 

142,630

 

 

 

111,460

 

 

 

15,425

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income/(loss), net of tax

 

 

 

67,046

 

 

 

28,585

 

 

 

3,956

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total comprehensive loss

 

 

 

(334,235

)

 

 

(183,375

)

 

 

(25,379

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Total comprehensive loss attributable to:

 

 

 

 

 

 

 

 

 

 

 

Owners of the Company

 

 

 

(334,235

)

 

 

(183,375

)

 

 

(25,379

)

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

2022

 

 

2023

 

 

2023

 

 

 

 

 

 

RMB’000

 

 

RMB’000

 

 

USD’000

 

 

 

 

 

 

 

 

 

 

 

 

Note 2

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

Non-current assets

 

 

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment

 

12

 

 

34,659

 

 

 

32,683

 

 

 

4,523

 

 

Right-of-use assets

 

13

 

 

24,337

 

 

 

4,206

 

 

 

582

 

 

Intangible assets

 

 

 

 

499

 

 

 

468

 

 

 

65

 

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

Financial assets at fair value through other comprehensive income

 

3, 14

 

 

65,744

 

 

 

-

 

 

 

-

 

 

Other non-current assets

 

15

 

 

1,754

 

 

 

5,329

 

 

 

737

 

 

Total non-current assets

 

 

 

 

126,993

 

 

 

42,686

 

 

 

5,907

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

17

 

 

550,274

 

 

 

589,689

 

 

 

81,609

 

 

Other receivable and prepayments

 

16

 

 

23,413

 

 

 

47,741

 

 

 

6,607

 

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

Financial assets at fair value through other comprehensive income

 

3, 14

 

 

511,250

 

 

 

360,979

 

 

 

49,957

 

 

Total current assets

 

 

 

 

1,084,937

 

 

 

998,409

 

 

 

138,173

 

 

Total assets

 

 

 

 

1,211,930

 

 

 

1,041,095

 

 

 

144,080

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

 

Non-current liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Lease liabilities

 

13

 

 

1,704

 

 

 

2,331

 

 

 

323

 

 

Deferred income

 

 

 

 

4,539

 

 

 

1,173

 

 

 

162

 

 

Total non-current liabilities

 

 

 

 

6,243

 

 

 

3,504

 

 

 

485

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Lease liabilities

 

13

 

 

1,294

 

 

 

1,963

 

 

 

272

 

 

Trade payables

 

 

 

 

83,138

 

 

 

83,242

 

 

 

11,520

 

 

Other payables and accruals

 

20

 

 

24,385

 

 

 

22,672

 

 

 

3,138

 

 

Total current liabilities

 

 

 

 

108,817

 

 

 

107,877

 

 

 

14,930

 

 

Total liabilities

 

 

 

 

115,060

 

 

 

111,381

 

 

 

15,415

 

 

Net assets

 

 

 

 

1,096,870

 

 

 

929,714

 

 

 

128,665

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

Share capital

 

18

 

 

66

 

 

 

66

 

 

 

9

 

 

Share premium

 

18

 

 

4,094,566

 

 

 

4,094,719

 

 

 

566,680

 

 

Treasury shares

 

 

 

 

(1,164

)

 

 

(1,164

)

 

 

(161

)

 

Share-based compensation reserve

 

 

 

 

107,502

 

 

 

123,568

 

 

 

17,101

 

 

Other reserves

 

 

 

 

71,120

 

 

 

99,705

 

 

 

13,798

 

 

Accumulated losses

 

 

 

 

(3,175,220

)

 

 

(3,387,180

)

 

 

(468,762

)

 

Total shareholders’ equity

 

 

 

 

1,096,870

 

 

 

929,714

 

 

 

128,665

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities and shareholders’ equity

 

 

 

 

1,211,930

 

 

 

1,041,095

 

 

 

144,080

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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’ Equity

 

 

 

Notes

 

Share capital

 

 

Share premium

 

 

Treasury shares

 

 

Share-based compensation reserves

 

 

Other reserves

 

 

Accumulated losses

 

 

Total shareholders’ equity

 

 

 

 

 

 

RMB’000

 

 

RMB’000

 

 

RMB’000

 

 

RMB’000

 

 

RMB’000

 

 

RMB’000

 

 

RMB’000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2021

 

 

 

 

66

 

 

 

4,094,434

 

 

 

(1,164

)

 

 

61,904

 

 

 

(41,244

)

 

 

(2,378,165

)

 

 

1,735,831

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive loss for the six months ended June 30, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss for the six months ended June 30, 2022

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(401,281

)

 

 

(401,281

)

 

Unrealized losses from investments

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(1,311

)

 

 

-

 

 

 

(1,311

)

 

Exchange differences

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

68,357

 

 

 

-

 

 

 

68,357

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

67,046

 

 

 

(401,281

)

 

 

(334,235

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Transactions with owners

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares surrendered and cancelled

 

22

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

Share-based compensation

 

19

 

 

-

 

 

 

-

 

 

 

-

 

 

 

27,894

 

 

 

-

 

 

 

-

 

 

 

27,894

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

27,894

 

 

 

-

 

 

 

-

 

 

 

27,894

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at June 30, 2022

 

 

 

 

66

 

 

 

4,094,434

 

 

 

(1,164

)

 

 

89,798

 

 

 

25,802

 

 

 

(2,779,446

)

 

 

1,429,490

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

5


 

CONNECT BIOPHARMA HOLDINGS LIMITED

Unaudited Interim Condensed Consolidated Statements of Changes in Shareholders’ Equity

 

 

 

Notes

 

Share capital

 

 

Share premium

 

 

Treasury shares

 

 

Share-based compensation reserves

 

 

Other reserves

 

 

Accumulated losses

 

 

Total shareholders’ equity

 

 

 

 

 

 

RMB’000

 

 

RMB’000

 

 

RMB’000

 

 

RMB’000

 

 

RMB’000

 

 

RMB’000

 

 

RMB’000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2022

 

 

 

 

66

 

 

 

4,094,566

 

 

 

(1,164

)

 

 

107,502

 

 

 

71,120

 

 

 

(3,175,220

)

 

 

1,096,870

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive loss for the six months ended June 30, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss for the six months ended June 30, 2023

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(211,960

)

 

 

(211,960

)

 

Unrealized gains from investments

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,533

 

 

 

-

 

 

 

1,533

 

 

Exchange differences

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

27,052

 

 

 

-

 

 

 

27,052

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-