A Study to Investigate the Effect on Lung Function of BDA Formulated With a Next Generation Propellant Compared With an Approved Asthma Treatment (BDA With HFA Propellant) in Participants With Asthma

Inclusion Criteria:

• Participant must be ≥ 18 years of age at the time of signing the ICF.

• Participants who have physician diagnosed asthma as defined by GINA for at least 12months prior to Visit 1.

• Eligible participants are on either a) no daily inhaled maintenance therapy or b)daily inhaled maintenance therapy with low-dose ICS or low-dose ICS-LABA.Participants who are on low-dose ICS maintenance therapy are required to be stableon therapy for a minimum of 3 months prior to Visit 1; participants using low-doseICSLABA maintenance regimens are required to be stable on therapy for a minimum of 6months prior to Visit 1.

• Participants with a pre-bronchodilator FEV1 of ≥ 60% and < 90% predicted normal atVisit 1 or Visit 1a.

• Participants with a pre-dose FEV1 of ≥ 60% and < 90% predicted normal at Visit 2that is within ± 20% of their Visit 1 pre-bronchodilator FEV1.

• Participants who demonstrate bronchodilator responsiveness defined as a > 12% and > 200 mL increase in FEV1 relative to baseline following administration of studyprovided SABA at Visit 1 or Visit 1a.

• Participants able to demonstrate acceptable spirometry performance as defined by theacceptability and repeatability criteria in the ATS/ERS Standardization ofSpirometry 2019 update

• Participants who are willing and, in the opinion of the investigator, able to adjustcurrent asthma therapy, as required by the protocol.

• Participants with a body mass index < 40 kg/m2.

• Females must not be of childbearing potential or, if of childbearing potential,using a form of birth control

Exclusion Criteria:

• Confirmed or suspected diagnosis of COPD or clinically significant non-asthmaairway/lung disease.

• Systemic corticosteroid use (eg, prednisone for 3 or more days or a singledepo-injectable dose of corticosteroids) for any respiratory, immune, orallergy-attributed disease within 6 months prior to Visit 1.

• An upper respiratory infection requiring antibiotic treatment that is not resolvedwithin 7 days prior to Visit 1.

• A lower respiratory infection in the 4 weeks prior to Visit 1.

• Life-threatening asthma defined as any history of significant asthma episode(s)requiring admission to an intensive care unit, positive pressure ventilationassociated with hypercapnia, respiratory arrest, hypoxic seizures, or asthma-relatedsyncopal episode(s) within 5 years of Visit 1.

• Hospitalization due to asthma within 12 months or systemic corticosteroid usage (eg,prednisone for 3 or more days or a single depo-injectable dose of corticosteroids)for asthma within 6 months prior to Visit 1.

• A severe asthma exacerbation during the run-in period

• An ePRO device alert during the run-in period with investigator-confirmed worseningasthma symptoms

• Historical or current evidence of a clinically significant disease including, butnot limited to: cardiovascular (eg, congestive heart failure, known aortic aneurysm,clinically significant cardiac arrhythmia, coronary heart disease), hepatic, renal,hematological, neuropsychological, endocrine (eg, uncontrolled diabetes mellitus,uncontrolled thyroid disorder, Addison's disease, Cushing's syndrome), orgastrointestinal (eg, poorly controlled peptic ulcer, gastroesophageal refluxdisease) disorders. Significant is defined as any disease that, in the opinion ofthe investigator, would put the safety of the participant at risk through studyparticipation or that could affect the efficacy or safety analyses if thedisease/condition exacerbated during the study.

• Unresectable cancer that has not been in complete remission for at least 5 yearsprior to Visit 1

• Hospitalization for psychiatric disorder or attempted suicide within 1 year of Visit

• Known history of drug or alcohol abuse within 12 months of Visit 1 or known abuse atany time during the study.