Crescent Biopharma, Inc.

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.