CRESCENT BIOPHARMA, INC. CBIO
We were incorporated under the laws of the State of Delaware in 2003. Our company, formerly known as GlycoMimetics, Inc., is a biotechnology company that is the result of a reverse recapitalization transaction with a private company named Crescent Biopharma, Inc. ("Pre-Merger Crescent"). Prior to the reverse recapitalization transaction, Pre-Merger Crescent was established and incorporated under the laws of the state of Delaware on September 19, 2024. On June 16, 2025, in connection with the reverse recapitalization transaction with Pre-Merger Crescent, we changed our jurisdiction of incorporation from the state of Delaware to the Cayman Islands pursuant to a plan of conversion.
We are a clinical-stage biotechnology company focused on delivering the next wave of transformative therapies to bring a brighter future for people living with cancer. We have a bold vision to build the next leading biotechnology oncology company. We are executing across two distinct strategies to build our portfolio to achieve this vision. First, we are developing CR-001, which we refer to as a PD-1 x VEGF bispecific antibody because it is designed to bind both the PD-1 immune checkpoint ("PD-1") and Vascular Endothelial Growth Factor ("VEGF"), which has potential to replace pembrolizumab, marketed by Merck as Keytruda®, as the foundational immuno-oncology backbone; second, we are building a robust portfolio of potentially best-in-class antibody drug conjugates ("ADCs"). Importantly, as we execute on these two strategies, we intend to combine CR-001 and ADC therapies to create what we believe will be best-in-class synergistic combinations to transform care for multiple types of cancer. We initiated a global Phase 1/2 trial of CR-001 (the "ASCEND trial") in February 2026 and we anticipate initiation of CR-002 and CR-003 monotherapy clinical trials in 2026 as well as the first ADC combination trial with CR-001.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $10.8M | — | $10.0K | $75.0K | $1.2M | $10.2M | — | — | — | $18.5K |
| R&D | $138.1M | $14.3M | $20.1M | $28.4M | $47.5M | $44.9M | $47.0M | $40.1M | $24.1M | $23.3M |
| SG&A | $25.4M | $18.2M | $19.2M | $19.1M | $17.1M | $16.7M | $14.4M | $11.4M | $9.8M | $8.7M |
| Total operating expenses | $163.5M | $40.0M | $39.3M | $47.5M | $64.6M | $61.7M | $61.4M | $51.5M | $33.9M | $31.9M |
| Operating income | -$152.6M | -$40.0M | -$39.3M | -$47.4M | -$63.4M | -$51.5M | -$61.4M | -$51.5M | -$33.9M | -$31.9M |
| Interest expense | $2.2M | — | — | — | — | — | — | — | — | — |
| Pre-tax income | -$151.9M | — | — | — | — | — | — | — | — | — |
| Income tax | $2.0M | — | — | — | — | — | — | — | — | — |
| Net income | $153.9K | $37.9K | $36.9K | -$46.7M | -$63.4M | -$51.0M | -$57.9M | -$48.3M | -$33.3M | -$31.8M |
| EPS, basic | — | -0.59 | -0.58 | -0.89 | -1.23 | -1.12 | -1.34 | — | — | — |
| EPS, diluted | — | -0.59 | -0.58 | -0.89 | -1.23 | -1.12 | -1.34 | -1.18 | -1.13 | -1.50 |
| Shares, diluted (wtd. avg.) | — | 64.5M | 63.3M | 52.5M | 51.5M | 45.7M | 43.3M | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $213.2M | $34.8M | $41.8M | $47.9M | $90.3M | $137.0M | $158.2M | $209.9M | $123.9M | $40.0M |
| Receivables | $18.0M | $0 | — | — | — | — | — | — | — | — |
| Total current assets | $236.7M | $34.8M | $43.8M | $50.7M | $90.8M | $138.3M | $162.5M | $212.3M | $127.2M | $40.5M |
| Property, plant and equipment | $846.0K | $0 | — | $242.4K | $368.8K | $620.7K | $822.9K | $957.2K | $1.1M | $1.1M |
| Total assets | $240.3M | $35.6M | $45.3M | $51.8M | $94.3M | $142.8M | $168.0M | $214.8M | $128.6M | $42.4M |
| Accounts payable | — | $329.3K | $868.1K | $970.2K | $2.1M | $2.1M | $1.4M | $2.7M | $2.6M | $1.6M |
| Total current liabilities | $36.1M | $9.6M | $6.8M | $8.9M | $11.8M | $12.4M | $11.0M | $8.8M | $8.2M | $6.3M |
| Total liabilities | $37.3M | $47.1M | $6.9M | $8.9M | $12.7M | $14.6M | $13.8M | $9.4M | $8.9M | $7.1M |
| Retained earnings | -$171.8M | -$17.9M | -$456.5M | -$419.6M | -$372.9M | -$309.5M | -$258.4M | -$200.6M | -$152.3M | -$119.0M |
| Total equity | $203.0M | $0 | $38.4M | $42.9M | $81.6M | $128.2M | $154.2M | $205.5M | $119.7M | $35.3M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$71.5M | -$31.1M | -$34.9M | -$46.5M | -$57.5M | -$39.2M | -$52.0M | -$43.3M | -$29.8M | -$29.7M |
| Depreciation and amortisation | $84.0K | $35.2K | $153.3K | $207.1K | $264.6K | $270.8K | $279.2K | $275.1K | $263.5K | $190.5K |
| Stock-based compensation | $13.3M | $4.7M | $3.5M | $3.9M | $6.1M | $6.9M | $6.2M | $4.6M | $3.8M | $3.0M |
| Capital expenditure | $919.0K | $10.0K | $21.4K | $84.2K | $14.9K | $68.5K | $144.9K | $125.6K | $294.1K | $704.2K |
| Investing cash flow | -$72.9M | $20.0K | -$21.4K | -$84.2K | -$14.9K | -$68.5K | -$144.9K | -$125.6K | -$294.1K | -$704.2K |
| Financing cash flow | $323.0M | $5.4K | $28.8M | $4.2M | $10.7M | $18.1M | $412.9K | $129.4M | $113.9M | $23.7M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001628280-26-026282.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $18.5K | — | — | — | $10.2M | $1.2M | $75.0K | $10.0K | — | $10.8M |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Net income | -$31.8M | -$33.3M | -$48.3M | -$57.9M | -$51.0M | -$63.4M | -$46.7M | $36.9K | $37.9K | $153.9K |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Results announced Item 2.02
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Results announced Item 2.02
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Results announced Item 2.02
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Other event Item 8.01
- Results announced Item 2.02
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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