C
CRESCENT BIOPHARMA, INC.
CBIOCIK 0001253689NasdaqNon-AcceleratedSmaller ReportingPharmaceutical PreparationsE9FY ends Dec 31
Period
FY 2025
Revenue
$10.84M
Net Income
$-153.90M
Total Assets
$240.29M
Equity
$203.01M
Shares Out
27.57M
Op. Cash Flow
$-71.50M
Business
CRESCENT BIOPHARMA, INC. is a biotechnology company that historically developed proprietary glycomimetics targeting carbohydrate-mediated disease processes but has ceased active clinical development and is pursuing a strategic merger transaction. Its principal products and programs included selectin-targeting glycomimetics such as uproleselan and GMI-1687, along with related intellectual property and development assets. The company operates through research and development, licensing/collaboration arrangements, intellectual property management and outsourced manufacturing relationships. Its activities have focused on the United States with licensed development and commercialization arrangements in Greater China and reliance on third-party manufacturers and distributors.
Summary from filing dated 2025-02-13
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| 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
As of · In millions, except per-share amounts
| 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
Year Ended · In millions, except per-share amounts
| 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
Filing historySign up free to browse every 10-K, 10-Q, 8-K, and proxy this filer has submitted to the SEC.Sign up free · Upgrade to Pro
Material Events
Material EventsTrack every 8-K filing and material event — AI-summarized, timelined, and alertable.Sign up free · Upgrade to Pro
Insiders
Insider ActivitySee executive buy/sell windows and insider trade activity over rolling 30/90/365-day windows.Sign up free · Upgrade to Pro
Institutional Holders
Institutional HoldersSee which funds hold this stock and track position changes quarter over quarter.Sign up free · Upgrade to Pro