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Crescent Biopharma, Inc.

Crescent Biopharma, Inc., a biotechnology company, researches and develops cancer therapy candidates in the United States. Its pipeline includes CR-001, which is in Phase 3 clinical trial, a proprietary anti-PD-1/anti-VEGF bispecific antibody to treat solid tumors; and CR-002, and CR-003. The company has a strategic partnership with Sichuan Kelun-Biotech Biopharmaceutical Co., Ltd. for the development and commercialization of oncology therapeutics. The company was formerly known as GlycoMimetics, Inc. The company was founded in 2024 and is headquartered in Waltham, Massachusetts.

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Biotech & Genomic Medicine▲

Crescent Biopharma reports $143.7 million public offering and pipeline progress

Crescent Biopharma completed a $143.7 million public offering extending its expected cash runway into the second half of 2028. The company is advancing its clinical pipeline, with enrollment progressing in the global ASCEND Phase 1/2 trial of CR-001, a PD-1 x VEGF bispecific antibody, across multiple solid tumor types. A Phase 2 trial combining CR-001 with sacituzumab tirumotecan in non-small cell lung cancer is underway in China under a collaboration with Kelun-Biotech. A Phase 1/2 trial of CR-003, an ITGB6-targeted ADC, is ongoing in China, and a global Phase 1/2 trial of CR-002, a PD-L1-targeted ADC, is on track to begin in the second half of 2026. Multiple key clinical data readouts are anticipated starting in the first quarter of 2027, including proof-of-concept data for CR-001 and CR-003. Second quarter 2026 financial results showed a net loss of $24.8 million, with research and development expenses of $19.4 million and cash of $171.6 million as of June 30, 2026, or $305.1 million on a pro forma basis including the offering proceeds.
CBIO ▲6990.HK
Biotech & Genomic Medicine
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Crescent Biopharma grants inducement options on 52,500 shares to two new employees

Crescent Biopharma announced that its independent Compensation Committee approved the grant of options to purchase an aggregate of 52,500 ordinary shares to two non-executive employees as equity inducement awards. The options were approved on July 22, 2026, and were material to each employee's acceptance of employment with Crescent, in accordance with Nasdaq Listing Rule 5635(c)(4). The options carry a 10-year term and an exercise price of $15.83, the closing price of Crescent's ordinary shares on Nasdaq on July 22, 2026. Vesting occurs as to one-fourth of the shares on the first anniversary of the employee's start date, with the remainder vesting monthly over the following three years, subject to continuous service.
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Biotech & Genomic Medicine▼2

Crescent Biopharma prices $125 million public offering of shares and pre-funded warrants

Crescent Biopharma has priced an underwritten public offering expected to generate gross proceeds of approximately $125 million. The offering consists of 8.09 million shares priced at $14.50 per share and pre-funded warrants to purchase up to 0.526 million shares at $14.499 per warrant. Underwriters have a 30-day option to buy up to an additional 1.29 million shares at the offering price. The transaction is expected to close on July 16, 2026, with Jefferies, TD Cowen, Guggenheim Securities and Cantor acting as joint book-running managers. Crescent Biopharma is a clinical-stage biotechnology company whose pipeline includes a PD-1 x VEGF bispecific antibody and novel antibody-drug conjugates, and as of March 31, 2026, it held cash and cash equivalents of $189.2 million, which was anticipated to fund operations into 2028.
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Biotech & Genomic Medicine
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