Crescent Biopharma (CBIO) Q3 2025 earnings summary

Executive summary

• Focused on developing novel therapeutics for solid tumors, with lead program CR-001, a bispecific anti-PD-1/anti-VEGF antibody, and additional ADC programs CR-002 and CR-003 in preclinical stages.

• IND submission for CR-001, a PD-1 x VEGF bispecific antibody, is on track for Q4 2025 to support a global Phase 1 trial in early 2026, with initial data expected in H2 2026.

• IND for CR-002, a novel ADC, is expected mid-2026; both CR-002 and CR-003 are being developed as single agents and in combination with CR-001.

• Company formed via reverse recapitalization with GlycoMimetics and redomiciled to the Cayman Islands in June 2025.

Financial highlights

• Net loss of $24.6 million for Q3 2025 and $61.5 million for the nine months ended September 30, 2025.

• Research and development expenses were $20.3 million and general and administrative expenses were $5.5 million for Q3 2025.

• Cash and cash equivalents of $133.3 million as of September 30, 2025, expected to fund operations through 2027.

• Operating expenses for Q3 2025 totaled $25.9 million.

• Shareholders' equity was $116.6 million and liabilities were $21.6 million as of September 30, 2025.

Outlook and guidance

• Existing cash expected to fund operations for at least twelve months from the report date and projected through 2027.

• IND for CR-001 planned for Q4 2025, with Phase 1 trial initiation in Q1 2026 and proof-of-concept data in H2 2026.

• IND for CR-002 anticipated mid-2026.

• Anticipates continued substantial losses as R&D and G&A expenses increase with pipeline advancement and public company operations.