CBIO Crescent Biopharma, Inc.
Financings ·
Crescent agreed to sell 13,795,685 ordinary shares at $13.41 for about $185.0 million. Two license deals with Kelun-Biotech require Crescent to pay $80.0 million within 30 days of signing, while Kelun-Biotech pays it $20.0 million in the same period.
Crescent Biopharma completed its merger with GlycoMimetics, and the combined company began trading as CBIO on June 16, 2025. The $200 million financing includes $37.5 million of converted notes. GlycoMimetics's own 2024 10-K had raised going-concern doubt.
Crescent Biopharma said on February 24, 2025 that it still expects its reverse merger with GlycoMimetics to close in the second quarter of 2025. The merger filing says the deal depends on a financing transaction and on GlycoMimetics stockholder approval.
Crescent Biopharma, Inc. is a clinical-stage biotechnology company focused on cancer. Its lead asset, CR-001, is a PD-1 x VEGF bispecific antibody that the company says has potential to replace pembrolizumab, marketed by Merck as Keytruda, as a foundational immuno-oncology backbone. A global Phase 1/2 trial of CR-001, called the ASCEND trial, was initiated in February 2026, and the company has also started a Phase 1/2 trial in NSCLC and other solid tumors. Its second strategy is a portfolio of antibody drug conjugates. CR-002 is a PD-L1-directed ADC with a topoisomerase toxin, and a Phase 1/2 trial is planned for the second half of 2026. CR-003, an ITGB6-directed ADC, was acquired through a partnership with Sichuan Kelun-Biotech, which also holds exclusive rights to CR-001 in Greater China. A Phase 1/2 trial of CR-003 is anticipated in China in the first quarter of 2026. The company plans to combine CR-001 with its ADCs, and it notes that the CR-003 asset previously was a preclinical ADC under an agreement with Paragon Therapeutics.
| Product or program | What it is | Stage |
|---|---|---|
| CR-001 | PD-1 x VEGF bispecific antibody for solid tumors, as monotherapy or in combination | Phase 1/2 (ASCEND trial initiated February 2026) |
| CR-002 | PD-L1-directed antibody drug conjugate with a topoisomerase toxin | Phase 1/2 planned for second half of 2026 |
| CR-003 (SKB105) | ITGB6-directed antibody drug conjugate licensed from Sichuan Kelun-Biotech | Phase 1/2 anticipated in China, first quarter of 2026 |
| Line | FY2025 | FY2024 |
|---|---|---|
| Research and development | $138.1 million | $14.3 million |
| Net income (loss) | -$153.9 million | -$37.9 million |
| Cash from operations | -$71.5 million | -$31.1 million |
| Cash and equivalents | $213.2 million | $34.8 million |
Our latest story on this, dated Feb 27, 2025: "Crescent still expects GlycoMimetics reverse merger to close in second quarter of 2025". The story links the filing or release it is based on. Read the story.
Our latest story on this, dated Jun 18, 2025: "GlycoMimetics (now Crescent Biopharma) completes merger and $200 million private financing". The story links the filing or release it is based on. Read the story.
Our latest story on this, dated Dec 4, 2025: "Crescent Biopharma agrees to $185 million private placement and Kelun-Biotech license deals". The story links the filing or release it is based on. Read the story.
Crescent Biopharma, Inc. trades under the ticker CBIO on NASDAQ.
Crescent Biopharma, Inc. is listed on NASDAQ.
The SEC Central Index Key (CIK) for Crescent Biopharma, Inc. is 1253689. Its filings are on SEC EDGAR.
37,143,940 shares as of 2026-07-27, per the cover page of its 10-Q filed 2026-07-30.
Our directory records Crescent Biopharma, Inc. under United States.
Our directory classifies Crescent Biopharma, Inc. as: Biotechnology. This is a directory classification, not a description of the pipeline.
The ISIN recorded for Crescent Biopharma, Inc. is KYG2545C1042.
aibio.space lists Crescent Biopharma, Inc. among 2,820 public biotech companies and publishes its news here as stories appear.
SEC records list its state or country of incorporation as E9.
Crescent Biopharma, Inc. is a clinical-stage biotechnology company focused on cancer. Its lead asset, CR-001, is a PD-1 x VEGF bispecific antibody that the company says has potential to replace pembrolizumab, marketed by Merck as Keytruda, as a foundational immuno-oncology backbone.
CR-001: PD-1 x VEGF bispecific antibody for solid tumors, as monotherapy or in combination Stage: Phase 1/2 (ASCEND trial initiated February 2026).
CR-002: PD-L1-directed antibody drug conjugate with a topoisomerase toxin Stage: Phase 1/2 planned for second half of 2026.
Reported a financing. SEC Form 424B5. Source
Set up an at-the-market program to sell shares over time. SEC Form S-3. Source
Filed a registration statement for a share offering. SEC Form S-1. Source
Reported a financing. SEC Form 8-K (Items 1.01,3.02,7.01,8.01,9.01). Source
Reported a change of independent auditor. SEC Form 8-K (Items 1.01,2.01,2.02,3.03,4.01,5.01,5.02,5.03,5.05,5.06,7.01,9.01). Source
Reported a shareholder vote on a reverse stock split or more authorized shares. SEC Form 8-K (Items 5.07,7.01,8.01,9.01). Source
Reported a merger or acquisition agreement. SEC Form 425. Source
Reported the end of a material agreement. SEC Form 8-K (Items 1.02,5.02). Source
Reported a notice from its stock exchange about continued listing requirements. SEC Form 8-K (Items 3.01). Source
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