Monitor upcoming clinical trial initiations and data readouts starting in Q1 2027, which could significantly impact valuation. The $185 million funding provides runway but future dilution risk remains if additional capital is needed.
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Executive Summary
Crescent Biopharma reported its first revenue of $10.8 million from a $20 million upfront payment from Kelun-Biotech, while incurring a net loss of $153.9 million for 2025 due to $80 million in upfront payments and increased R&D spending. The company secured $185 million in funding, extending its cash runway into 2028, and advanced its lead drug CR-001 into global clinical trials.
Key Financial Metrics
Key Facts
- Generated $10.8 million in revenue from a $20 million upfront payment from Kelun-Biotech for CR-001 license
- Incurred $153.9 million net loss for 2025, primarily due to $80 million upfront payment to Kelun-Biotech for CR-003 license and increased R&D expenses
- Completed $185 million private placement, extending cash runway into 2028
- Advanced lead drug CR-001 into global Phase 1/2 ASCEND trial for advanced solid tumors
- Planned initiation of three additional clinical trials in 2026, including first combination trial with CR-001
Financial Impact
$153.9 million net loss driven by $80 million upfront payment and $138.1 million R&D expenses
Risk Factors
- High cash burn rate with $138.1 million R&D expenses in 2025
- Dependence on successful clinical trial outcomes for CR-001 and other pipeline candidates
- Future capital needs could lead to shareholder dilution
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-011988 |
| Document: cbio-20260226.htm | 0001628280-26-011988 |
| Document: 0001628280-26-011988-index-headers.html | 0001628280-26-011988 |
| Document: 0001628280-26-011988-index.html | 0001628280-26-011988 |
| Document: 0001628280-26-011988.txt | 0001628280-26-011988 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 15, 2026 12d ago | 8-K | $11.84 | awaiting T+60 | — | $13.27 (+12.08%) |
Oct 15, 2026 12d ago | Press Release | $11.84 | awaiting T+60 | — | $13.27 (+12.08%) |
Oct 5, 2026 22d ago | Press Release | $13.94 | awaiting T+60 | — | $13.27 (−4.81%) |
Sep 18, 2026 5w ago | Insider Cluster | $16.25 | awaiting T+60 | — | $13.27 (−18.34%) |
Jul 30, 2026 12w ago | 8-K | $15.02 $12.82 | ▼ −14.65% | ▼ −17.11% | $13.27 (−11.65%) |
Jul 20, 2026 14w ago | Insider Buy | $16.64 $12.91 | ▼ −22.42% | ▼ −26.39% | $13.27 (−20.25%) |
Jul 15, 2026 14w ago | 8-K / 424B5 | $15.11 $14.91 | ▲ +1.32% | ▲ +5.03% | $13.27 (+12.18%) |
Jul 14, 2026 15w ago | Press Release | $15.67 $14.12 | ▲ +9.89% | ▲ +12.42% | $13.27 (+15.32%) |
Jul 14, 2026 15w ago | 424B5 | $15.67 $14.12 | ▲ +9.89% | ▲ +12.42% | $13.27 (+15.32%) |
Jul 13, 2026 15w ago | EFFECT | $15.69 $13.57 | ▼ −13.51% | ▼ −17.51% | $13.27 (−15.42%) |
US Market Status
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