diff --git a/CHANGELOG.md b/CHANGELOG.md
index d700d4c26..f6aa12e08 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -2,6 +2,21 @@
 
 <!-- insert new changelog below this comment -->
 
+## [0.12.4] - 2026-07-02
+
+### Changed
+
+- feat(cli): add `py` script type & Python interpreter resolution (#3278) (#3285)
+- fix: resolve GitHub release asset API URL for private repo bundle downloads (#3136)
+- [extension] Add Analytics extension to community catalog (#3296)
+- fix: interpolate multi-expression templates instead of returning None (#3208) (#3228)
+- feat(cli): honor SPECIFY_INIT_DIR in the specify CLI project resolver (#3186)
+- fix(extensions): resolve core-command dirs via _assets helpers (#3274) (#3287)
+- fix: fall back to feature dir basename for empty CURRENT_BRANCH (#3026) (#3229)
+- feat(bug-fix): add label-driven bug-fix agentic workflow (#3258)
+- feat(workflows): add label-driven bug-test workflow (#3239) (#3257)
+- chore: release 0.12.3, begin 0.12.4.dev0 development (#3295)
+
 ## [0.12.3] - 2026-07-01
 
 ### Changed
diff --git a/pyproject.toml b/pyproject.toml
index 2f26d76ea..fa27c228e 100644
--- a/pyproject.toml
+++ b/pyproject.toml
@@ -1,6 +1,6 @@
 [project]
 name = "specify-cli"
-version = "0.12.4.dev0"
+version = "0.12.5.dev0"
 description = "Specify CLI, part of GitHub Spec Kit. A tool to bootstrap your projects for Spec-Driven Development (SDD)."
 readme = "README.md"
 requires-python = ">=3.11"