SCHEDULE 13G 0001778253 XXXXXXXX LIVE Ordinary Shares, par value $0.000174 per Share 12/31/2025 0001835268 Connect Biopharma Holdings Limited 207523101 3580 Carmel Mountain Road Suite 200 San Diego CA 92130 Rule 13d-1(b) Ikarian Capital, LLC b DE 0 4933086 0 4933086 4933086 N 8.8 IA (1) The figures in Items 6, 8, and 9 represent ordinary shares, par value $0.000174 per share ("Ordinary Shares") of Connect Biopharma Holdings Limited (the "Issuer") held by Ikarian Healthcare Master Fund, L.P., a Cayman Islands exempted limited partnership (the "Fund"), and certain separate managed accounts. See Item 2 for more information. (2) The figures in Items 6, 8, and 9 include 144,600 Ordinary Shares that may be acquired by the Reporting Persons within 60 days upon the exercise of call options to purchase Ordinary Shares. (3) The figure in Item 11 is based upon 55,903,513 Ordinary Shares outstanding as of October 31, 2025, as disclosed in the Issuer's quarterly report on Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission (the "SEC") on November 12, 2025. Neil Shahrestani b X1 0 4933086 0 4933086 4933086 N 8.8 IN HC (1) The figures in Items 6, 8, and 9 represent Ordinary Shares held by the Fund and certain separate managed accounts. See Item 2 for more information. (2) The figures in Items 6, 8, and 9 include 144,600 Ordinary Shares that may be acquired by the Reporting Persons within 60 days upon the exercise of call options to purchase Ordinary Shares. (3) The figure in Item 11 is based upon 55,903,513 Ordinary Shares outstanding as of October 31, 2025, as disclosed in the Issuer's quarterly report on Form 10-Q for the quarterly period ended September 30, 2025, filed with the SEC on November 12, 2025. Connect Biopharma Holdings Limited 3580 Carmel Mountain Road, Suite 200, San Diego, CA 92130 This statement is filed jointly by and on behalf of each of Ikarian Capital, LLC, a Delaware limited liability company ("Ikarian Capital"), and Neil Shahrestani (together referred herein as the "Reporting Persons"). The Fund, and certain separately managed accounts managed by Ikarian Capital (collectively, the "Managed Accounts"), are the record owners of the securities covered by this statement. Ikarian Capital is an investment adviser registered under the Investment Advisers Act of 1940, as amended, and serves as investment manager to the Fund and as sub-adviser to the Managed Accounts, and may be deemed to have beneficial ownership of the securities covered by this statement through the investment discretion it has over the Fund and the Managed Accounts. Ikarian Capital is ultimately controlled, indirectly, by Mr. Shahrestani. Accordingly, Mr. Shahrestani may be deemed to indirectly beneficially own securities beneficially owned by Ikarian Capital. The Fund disclaims beneficial ownership of the shares held by the Managed Accounts. The Managed Accounts disclaim beneficial ownership of the shares held by the Fund. Each Reporting Person declares that neither the filing of this statement nor anything herein shall be construed as an admission that such person is, for the purposes of Section 13(d) or 13(g) of the Act or any other purpose, the beneficial owner of any securities covered by this statement. Each Reporting Person may be deemed to be a member of a group with respect to the issuer or securities of the issuer for the purpose of Section 13(d) or 13(g) of the Act. Each of the Reporting Persons declares that neither the filing of this statement nor anything herein shall be construed as an admission that such person is, for the purpose of Section 13(d) or 13(g) of the Act or any other purpose, (i) acting (or has agreed or is agreeing to act together with any other person) as a partnership, limited partnership, syndicate, or other group for the purpose of acquiring, holding, or disposing of securities of the issuer or otherwise with respect to the issuer or any securities of the issuer or (ii) a member of any group with respect to the issuer or any securities of the issuer. The address of the principal business office of each of the Reporting Persons is c/o Ikarian Capital, LLC, 100 Crescent Court, Suite 1620, Dallas, Texas 75201. See Item 4 on the cover page(s) hereto N IA HC See Item 9 on the cover pages(s) hereto. See Item 11 on the cover page(s) hereto. See Item 5 on the cover page(s) hereto. See Item 6 on the cover page(s) hereto. See Item 7 on the cover page(s) hereto. See Item 8 on the cover page(s) hereto. Y N The information set forth in Item 2(a) is incorporated by reference herein. Y Y Y N By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11. Exhibit 99.1 Joint Filing Agreement (filed herewith). Ikarian Capital, LLC /s/ Neil Shahrestani 02/17/2026 Neil Shahrestani /s/ Neil Shahrestani 02/17/2026