Clinical Trial Failure Risk: The success of Connect Biopharma's product candidates, including CBP-201 and CBP-307, is not guaranteed in ongoing or future clinical trials, and any negative results could significantly impede development and devalue the company.

Regulatory Approval Uncertainty: Obtaining necessary regulatory approvals from health authorities like the FDA or NMPA is a complex, lengthy, and uncertain process, and there is no guarantee that Connect Biopharma's drug candidates will receive marketing authorization.

Significant Capital Requirements: Connect Biopharma is a clinical-stage company operating at a loss and will require substantial additional financing to fund its operations and complete drug development, potentially leading to further shareholder dilution through future equity offerings.