Crescent Biopharma (CBIO) Guggenheim Securities Emerging Outlook: Biotech Summit 2026 summary

Strategic focus and portfolio overview

• Advancing a matrix portfolio targeting next-gen IO bispecifics, ADCs, and standard of care combinations in thoracic, GI, GynOnc, and head and neck cancers, aiming at a $100B+ market.

• CR-001 (PD-1 VEGF bispecific) positioned as a potential best-in-class IO backbone, with additional assets CR-002 (PD-L1 Topo ADC) and CR-003 (integrin beta-6 Topo ADC).

• Multi-pronged strategy includes internal pipeline development and external partnerships, notably with Kelun-Biotech.

• Kelun-Biotech partnership enables global and China-specific development, with CR-003 in-licensed outside China and CR-001 rights granted to Kelun in Greater China.

• $185M PIPE financing in December extends cash runway into 2028, supporting at least four clinical trials in 2024 and data readouts starting Q1 2027.

CR-001 development and differentiation

• CR-001 designed to replicate key features of ivonescimab but with improved stability and higher concentration via proprietary engineering.

• Global ASCEND phase 1 trial initiated, with sites in the US, EU, and APAC, and parallel development in China by Kelun.

• Study design includes tumor type-specific backfill cohorts for efficient data generation in prioritized indications.

• Early data in first-line non-small cell lung cancer aims to directly compare with ivonescimab and de-risk later-stage trials.

• Robust data set expected by 2027 to inform registration-enabling studies and partnership opportunities.

ADC portfolio and combination strategy

• ADCs (CR-002 and CR-003) selected for clinical data support, differentiation via antibody, linker, and payload innovation, and fit within the matrix portfolio.

• Each ADC has potential independent value as monotherapy, with comprehensive development across multiple lines and settings.

• Combination studies with CR-001 and ADCs to begin in 2024 (with Kelun) and expand in 2027, leveraging both internal and external assets.

• Strategy allows flexibility for selective or broad partnerships, depending on data and indication.

• Ongoing evaluation of additional ADCs for future portfolio expansion and combination opportunities.