Connect Biopharma Completes Termination of its American Depositary Receipt Program and Directly Lists its Ordinary Shares on Nasdaq

Rhea-AI Summary

Connect Biopharma (Nasdaq: CNTB), a clinical-stage biopharmaceutical company, has completed the termination of its ADR program and transitioned to directly listing its ordinary shares on the Nasdaq Global Market. The company's ADRs were mandatorily cancelled and exchanged for ordinary shares at a one-for-one ratio on September 2, 2025.

Under the leadership of CEO Barry Quart, Connect Biopharma is positioning itself as a U.S.-centric company, focusing on developing treatments for asthma and COPD. The company is currently executing Phase 2 Seabreeze STAT studies for its drug candidate rademikibart, aiming to strengthen its relationship with U.S. investors and enhance shareholder value.

Positive

• Strategic transition to U.S.-centric operations through direct Nasdaq listing
• Simplified share structure through one-for-one conversion of ADRs to ordinary shares
• Potential for increased U.S. institutional investor access

Negative

• Mandatory cancellation of ADRs may cause short-term trading disruption
• Additional regulatory compliance requirements as a direct Nasdaq-listed company

SAN DIEGO, Sept. 03, 2025 (GLOBE NEWSWIRE) -- Connect Biopharma Holdings Limited (Nasdaq: CNTB) (“Connect Biopharma” or the “Company”), a clinical-stage biopharmaceutical company focused on transforming care for the treatment of inflammatory diseases, today announced that it has completed the termination of the Deposit Agreement dated March 18, 2021, as amended, among the Company, Deutsche Bank Trust Company Americas, and the holders and beneficial owners of American Depositary Shares evidenced by American Depositary Receipts (“ADRs”) issued thereunder (the “Deposit Agreement”), and that the Company’s ordinary shares are now directly listed on the Nasdaq Global Market (“Nasdaq”).

The ADR program and the Deposit Agreement terminated on September 2, 2025. At such time, the Company’s ADRs were mandatorily cancelled and exchanged for ordinary shares at a one-for-one ratio. The Company’s ordinary shares commence trading directly on Nasdaq today under the Company’s existing symbol “CNTB”.   

“Directly listing our ordinary shares on Nasdaq represents our continued evolution into a U.S.-centric company,” said Barry Quart, Pharm.D., CEO and Director of Connect Biopharma. “We believe our work over the last 12 months has positioned Connect both operationally and clinically to deliver on the promise of a best-in-class treatment for asthma and COPD patients. As we look ahead, we are focused on executing our Phase 2 Seabreeze STAT studies for rademikibart, and we believe this transition will enable us to drive greater institutional access with U.S. investors as we aim to build long-term shareholder value.”

About Rademikibart

Rademikibart is a fully human monoclonal antibody targeting interleukin-4 receptor alpha (IL-4Rα), a common subunit of interleukin-4 receptor (IL-4) and interleukin-13 receptor (IL-13). We believe that by binding with IL-4Rα, rademikibart can block the functions of IL-4 and IL-13 effectively, thereby blocking the T helper 2 (Th2) inflammatory pathway to achieving the goal of treating Th2 related inflammatory diseases such as atopic dermatitis and asthma.

About Connect Biopharma

Connect Biopharma is a clinical-stage biopharmaceutical company dedicated to transforming care for asthma and COPD. Headquartered in San Diego, California, the Company is advancing rademikibart, a next-generation, potentially best-in-class antibody designed to target IL-4Rα. The Company is currently conducting global clinical studies of rademikibart for the treatment of acute exacerbations of asthma and COPD, areas with significant unmet need. Connect also has an exclusive license and collaboration agreement for rademikibart with Simcere in China.

For more information visit www.connectbiopharma.com.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended (the “Act”). Forward-looking statements are statements that are not of historical fact and include, without limitation, statements regarding our expectation that the termination of the ADR program will facilitate institutional visibility and the strengthening of our investor base; and the likelihood of success of our rapid Phase 2 clinical development program for rademikibart. These statements are based on management’s current expectations of future events only as of the date of this press release and are inherently subject to a number of risks, uncertainties and assumptions, some of which cannot be predicted or quantified and some of which are beyond our control, including, among other things: the ability of our clinical trials to demonstrate safety and efficacy of our product candidates and other positive results; whether we will need expanded or additional trials in order to obtain regulatory approval for our product candidates; our ability to obtain and maintain regulatory approval of our product candidates; existing regulations and regulatory developments in the U.S., the PRC, Europe and other jurisdictions; the ability of our current cash and investments position to support planned operations; our plans and ability to obtain, maintain, protect and enforce our intellectual property rights and our proprietary technologies, including extensions of existing patent terms where available; our continued reliance on third parties to conduct additional clinical trials of our product candidates, and for the manufacture of our product candidates for preclinical studies and clinical trials; and the degree of market acceptance of our product candidates, if approved, by physicians, patients, healthcare payors and others in the medical community.

Words such as “aim,” “anticipate,” “believe,” “could,” “expect,” “feel,” “goal,” “intend,” “look forward to,” “may,” “optimistic,” “plan,” “potential,” “promising,” “will,” and similar expressions are intended to identify forward-looking statements, though not all forward-looking statements necessarily contain these identifying words. The inclusion of forward-looking statements should not be regarded as a representation by Connect Biopharma that any of its expectations, projections or plans will be achieved. Actual results may differ materially due to the risks and uncertainties inherent in our business and other risks described in our filings with the U.S. Securities and Exchange Commission (the “SEC”). Further information regarding these and other risks is included under the heading “Risk Factors” in our annual and periodic reports filed with the SEC. These forward-looking statements should not be taken as forecasts or promises nor should they be taken as implying any indication, assurance or guarantee that the assumptions on which such forward-looking statements have been made are correct or exhaustive or, in the case of the assumptions, fully stated in this presentation. Drug development and commercialization involve a high degree of risk, and only a small number of research and development programs result in commercialization of a product. Results in early-stage clinical trials may not be indicative of full results or results from later stage or larger scale clinical trials and do not ensure regulatory approval. You are cautioned not to place undue reliance on the scientific data presented or any forward-looking statements, which speak only as of the date of such presentation(s) or such statements. Except as required by law, Connect Biopharma undertakes no obligation to publicly update any forward-looking statements, whether because of new information, future events or otherwise. Connect Biopharma claims the protection of the safe harbor for forward-looking statements contained in the Act for all forward-looking statements.

This press release discusses our product candidate, rademikibart, which is under clinical investigation and has not yet been approved for marketing by the U.S. Food and Drug Administration, the National Medical Products Administration, or by any other regulatory agency. No representation is made as to the safety or effectiveness of rademikibart for the uses for which it is being studied. The trademarks included herein are the property of the owners thereof and are used for reference purposes only.

Investor Relations Contact:

Alex Lobo
Precision AQ
Alex.Lobo@precisionaq.com
(212) 698-8802

Media Contact:

Ignacio Guerrero-Ros, Ph.D., or David Schull
Russo Partners, LLC
Ignacio.guerrero-ros@russopartnersllc.com
David.schull@russopartnersllc.com
(858) 717-2310 or (646) 942-5604

FAQ

What changes did Connect Biopharma (CNTB) make to its stock listing in September 2025?

Connect Biopharma terminated its ADR program and transitioned to directly listing its ordinary shares on the Nasdaq Global Market, with ADRs being converted to ordinary shares at a one-for-one ratio.

How does the ADR termination affect Connect Biopharma (CNTB) shareholders?

Shareholders' ADRs were automatically converted to ordinary shares at a one-for-one ratio, with the ordinary shares now trading directly on Nasdaq under the same symbol 'CNTB'.

What is Connect Biopharma's (CNTB) current clinical development focus?

The company is currently conducting Phase 2 Seabreeze STAT studies for their drug candidate rademikibart, targeting treatments for asthma and COPD patients.

Why did Connect Biopharma (CNTB) switch to direct listing on Nasdaq?

The company made this change to position itself as a more U.S.-centric company and to enable greater institutional access with U.S. investors, aiming to build long-term shareholder value.