Crescent Biopharma (CBIO) Q4 2025 earnings summary

Executive summary

• Strategic partnership with Kelun-Biotech expands pipeline and accelerates combination strategy for oncology therapeutics.

• Initiated ASCEND Phase 1/2 global clinical trial for CR-001 in advanced solid tumors; three more trials planned for 2026.

• Completed $185 million private placement, extending cash runway into 2028.

Financial highlights

• Cash and cash equivalents totaled $213.2 million as of December 31, 2025.

• Revenue for 2025 was $10.8 million, up from zero in 2024, driven by a $20 million upfront payment from Kelun-Biotech.

• R&D expenses rose to $138.1 million for 2025, reflecting increased development activity and an $80 million upfront payment to Kelun-Biotech.

• G&A expenses increased to $25.4 million for 2025, mainly due to personnel and public company costs.

• Net loss for 2025 was $153.9 million, or $12.81 per share, compared to $17.9 million in 2024.

Outlook and guidance

• Multiple clinical data readouts expected beginning in Q1 2027.

• Cash position anticipated to fund operations into 2028.

• IND submission for CR-002 planned for mid-2026; Phase 1/2 trials for CR-002 and CR-003 expected to start in 2026.