CRESCENT BIOPHARMA, INC.
Business
Crescent Biopharma, Inc. is a clinical-stage biopharmaceutical company developing oncology therapies, including CR-001, a PD-1 x VEGF bispecific antibody, and antibody-drug conjugates targeting PD-L1 and integrin beta-6. The company advances CR-001 as an immuno-oncology backbone and builds a portfolio of ADC candidates for combination therapies. Development is supported through partnerships with Paragon Therapeutics for antibody and ADC discovery, and Sichuan Kelun-Biotech for CR-003 licensing and Greater China rights.
Summary from 10-K filed 2026-02-26
Financials
Consolidated Statement of Income
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| License revenue | 11 | — | — | — | — | |
| Research and development | 138 | 14 | 20 | 28 | 47 | |
| General and administrative | 25 | 18 | 19 | 19 | 17 | |
| Total operating expenses | 163 | 40 | 39 | 47 | 65 | |
| Loss from operations | −153 | −40 | −39 | −47 | −63 | |
| Interest income | 3 | — | — | — | — | |
| Interest expense | −2 | — | — | — | — | |
| Loss before provision for income taxes | −152 | — | — | — | — | |
| Provision for income taxes | −2 | — | — | — | — | |
| Net loss and comprehensive loss | −154 | — | — | — | — | |
| Net loss and comprehensive loss | −154 | — | — | — | — | |
| Net loss per share attributable to ordinary shareholders, basic (in dollars per share) | −12.81 | — | — | — | — | |
| Net loss per share attributable to ordinary shareholders, diluted (in dollars per share) | −12.81 | — | — | — | — | |
| Net loss per share attributable to Series A non-voting convertible preferred shareholders, basic (in dollars per share) | −12,818 | — | — | — | — | |
| Net loss per share attributable to Series A non-voting convertible preferred shareholders, diluted (in dollars per share) | −12,818 | — | — | — | — | |
| Weighted-average ordinary shares outstanding used in computing net loss per share to ordinary shareholders, basic (in shares) | 10 | — | — | — | — | |
| Weighted-average ordinary shares outstanding used in computing net loss per share to ordinary shareholders, diluted (in shares) | 10 | — | — | — | — | |
| Weighted-average Series A non-voting convertible preferred shares outstanding used in computing net loss per share to Series A non-voting convertible preferred shareholders, basic (in shares) | 1,599 | — | — | — | — | |
| Weighted-average Series A non-voting convertible preferred shares outstanding used in computing net loss per share to Series A non-voting convertible preferred shareholders, diluted (in shares) | 1,599 | — | — | — | — |
Consolidated Balance Sheet
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2024 2024-09-30 | FY 2023 2023-12-31 | FY 2022 2022-12-31 |
|---|---|---|---|---|---|---|
| Cash and cash equivalents | 213 | 35 | — | 42 | 48 | |
| Accounts receivable, net | 18 | 0 | — | — | — | |
| Prepaid expenses and other current assets | 5 | 38,000 | — | 2 | 3 | |
| Total current assets | 237 | 35 | — | 44 | 51 | |
| Property and equipment, net | 846,000 | 0 | — | — | 242,390 | |
| Operating lease right-of-use assets | 2 | 0 | — | 767,828 | 751,174 | |
| Restricted cash | 107,000 | 0 | — | — | — | |
| Other assets | 1 | 813,000 | — | — | — | |
| Total assets | 240 | 36 | — | 45 | 52 | |
| Deposit liability | 5 | 0 | — | — | — | |
| Deferred revenue | 4 | 0 | — | — | — | |
| Operating lease liability, current | 400,000 | 0 | — | 741,558 | 918,555 | |
| Warrant liability, related party | 0 | 61,000 | — | — | — | |
| Total current liabilities | 36 | 10 | — | 7 | 9 | |
| Operating lease liability, noncurrent | 1 | 0 | — | 66,844 | — | |
| Notes payable, noncurrent | 0 | 37 | — | — | — | |
| Total liabilities | 37 | 47 | — | 7 | 9 | |
| Commitments and contingencies (Note 13) | — | — | — | — | — | |
| Ordinary shares, $0.001 par value; [x] shares and 40,000,000 shares authorized as of December 31, 2025 and December 31, 2024, respectively; [x] and [x] shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively | 28,000 | 1,000 | — | 64,394 | 54,378 | |
| Additional paid-in capital | 371 | 2 | — | 495 | 462 | |
| Accumulated deficit | −172 | −18 | — | −456 | −420 | |
| Total shareholders' equity (deficit) | 203 | −15 | 0 | 38 | 43 | |
| Total liabilities, convertible preferred shares, and shareholders equity (deficit) | 240 | 36 | — | 45 | 52 |
Consolidated Statement of Cash Flows
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Share-based compensation expense | 13 | 5 | 4 | 4 | 6 | |
| Research and development license expense | 80 | — | — | — | — | |
| Depreciation expense | 84,000 | 35,174 | 153,301 | 207,145 | 264,600 | |
| Non-cash interest expense | 2 | — | — | — | — | |
| Non-cash research and development expense related to Paragon option agreement | 0 | — | — | — | — | |
| Non-cash lease expense | 212,000 | 402,649 | 856,238 | 825,011 | 749,039 | |
| Accrued expenses and other current liabilities | 5 | — | — | — | — | |
| Deferred revenue | 4 | — | — | — | — | |
| Deposit liability | 5 | — | — | — | — | |
| Operating lease liability | −37,000 | — | — | — | — | |
| Accounts receivable | −18 | — | — | — | — | |
| Prepaid expenses and other current assets | −5 | 2 | 846,182 | −2 | 704,524 | |
| Other assets | 162,000 | — | — | — | — | |
| Net cash used in operating activities | −72 | −31 | −35 | −46 | −57 | |
| Purchase of research and development license | −72 | — | — | — | — | |
| Purchases of property and equipment | −919,000 | −9,972 | −21,394 | −84,191 | −14,943 | |
| Net cash used in investing activities | −73 | 20,028 | −21,394 | −84,191 | −14,943 | |
| Proceeds from the Pre-Closing Financing, net | 143 | — | — | — | — | |
| Proceeds from the private placement financing, net | 179 | — | — | — | — | |
| Cash acquired in connection with the reverse recapitalization | 1 | — | — | — | — | |
| Proceeds from early exercise of options | 5,000 | — | — | — | — | |
| Proceeds from issuance of common stock | 0 | — | 29 | 4 | 11 | |
| Proceeds from issuance of Series Seed convertible preferred stock | 0 | — | — | — | — | |
| Proceeds from the issuance of notes payable, net of issuance costs | 0 | — | — | — | — | |
| Payment of deferred offering costs | 0 | — | — | — | — | |
| Repurchase of equity awards | −177,000 | — | — | — | — | |
| Net cash provided by financing activities | 323 | 5,398 | 29 | 4 | 11 | |
| Net increase in cash, cash equivalents, and restricted cash | 179 | −31 | −6 | −42 | −47 | |
| Operating lease liability arising from obtaining operating right-of-use asset | 2 | — | — | — | — | |
| Assets acquired in connection with the reverse recapitalization | 2 | — | — | — | — | |
| Other liabilities assumed in connection with the reverse recapitalization | −2 | — | — | — | — | |
| Purchases of property and equipment included in accounts payable and accrued expenses | 11,000 | — | — | — | — | |
| Deferred financing costs included in accounts payable and accrued expenses | 7 | — | — | — | — | |
| Convertible note principal and non-cash accrued interest converted to ordinary shares | 41 | — | — | — | — | |
| Non-cash exchange of Pre-Merger Crescent Series Seed Preferred Stock for Series A Non-Voting Convertible Preferred Shares | 4 | — | — | — | — |
Filings
Material Events
Insiders
Institutional Holders
Frequently asked questions
What is CRESCENT BIOPHARMA, INC.'s CIK number?
CRESCENT BIOPHARMA, INC.'s SEC CIK number is 0001253689 (1253689). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.
Where can I find CRESCENT BIOPHARMA, INC.'s SEC filings?
All of CRESCENT BIOPHARMA, INC.'s EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.
When did CRESCENT BIOPHARMA, INC. last report earnings?
CRESCENT BIOPHARMA, INC. (CBIO) most recently filed an earnings 8-K with the SEC on Jul 14, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001628280-26-048151). This is CRESCENT BIOPHARMA, INC.'s most recent earnings filing of record — not a forecast of its next earnings date.
What is CRESCENT BIOPHARMA, INC.'s most recent earnings 8-K?
CRESCENT BIOPHARMA, INC.'s latest earnings 8-K (Item 2.02) was filed Jul 14, 2026 under accession 0001628280-26-048151. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.
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