Crescent Biopharma Reports Second Quarter 2025 Financial Results听and Recent Business Highlights
Crescent Biopharma (NASDAQ:CBIO) reported Q2 2025 financial results and significant corporate developments. The company completed a merger with GlycoMimetics and secured a $200 million private financing. Under new leadership, including CEO Joshua Brumm, Crescent is advancing its cancer therapeutics pipeline.
The company's lead program, CR-001, a PD-1 x VEGF bispecific antibody, is progressing toward IND submission in Q4 2025, with proof-of-concept data expected in H2 2026. Two additional ADC programs, CR-002 and CR-003, are in development. Financial results show a cash position of $152.6 million, expected to fund operations through 2027, with a quarterly net loss of $21.8 million.
Crescent Biopharma (NASDAQ:CBIO) ha comunicato i risultati finanziari del secondo trimestre 2025 e importanti sviluppi aziendali. La societ脿 ha completato una fusione con GlycoMimetics e ha ottenuto un finanziamento privato di 200 milioni di dollari. Sotto la nuova guida, con il CEO Joshua Brumm, Crescent sta portando avanti il suo portafoglio di terapie oncologiche.
Il programma principale, CR-001, un anticorpo bispecifico PD-1 x VEGF, sta avanzando verso la presentazione dell鈥橧ND nel quarto trimestre 2025, con dati di proof-of-concept attesi nella seconda met脿 del 2026. Sono in sviluppo anche due programmi ADC aggiuntivi, CR-002 e CR-003. I risultati finanziari mostrano una posizione di cassa di 152,6 milioni di dollari, sufficiente a finanziare le operazioni fino al 2027, con una perdita netta trimestrale di 21,8 milioni di dollari.
Crescent Biopharma (NASDAQ:CBIO) inform贸 los resultados financieros del segundo trimestre de 2025 y desarrollos corporativos importantes. La compa帽铆a complet贸 una fusi贸n con GlycoMimetics y asegur贸 un financiamiento privado de 200 millones de d贸lares. Bajo la nueva direcci贸n, con el CEO Joshua Brumm, Crescent est谩 avanzando en su cartera de terapias contra el c谩ncer.
El programa principal, CR-001, un anticuerpo bispec铆fico PD-1 x VEGF, avanza hacia la presentaci贸n del IND en el cuarto trimestre de 2025, con datos de prueba de concepto esperados en la segunda mitad de 2026. Dos programas adicionales de ADC, CR-002 y CR-003, est谩n en desarrollo. Los resultados financieros muestran una posici贸n de efectivo de 152,6 millones de d贸lares, que se espera financie las operaciones hasta 2027, con una p茅rdida neta trimestral de 21,8 millones de d贸lares.
Crescent Biopharma (NASDAQ:CBIO)電� 2025雲� 2攵勱赴 鞛 鞁れ爜瓿� 欤检殧 旮办梾 氚滌爠 靷暛鞚� 氤搓碃頄堨姷雼堧嫟. 須岇偓電� GlycoMimetics鞕�鞚� 頃╇硲鞚� 鞕勲頃橁碃 2鞏� 雼煬 攴滊鞚� 靷 鞛愱笀 臁半嫭鞚� 頇曤炒頄堨姷雼堧嫟. CEO Joshua Brumm 霌� 靸堧鞖� 毽崝鞁� 鞎勲灅 Crescent電� 鞎� 旃橂鞝� 韺岇澊頂勲澕鞚胳潉 歆勳爠鞁滍偆瓿� 鞛堨姷雼堧嫟.
須岇偓鞚� 欤检殧 頂勲攴鸽灗鞚� CR-001鞚� PD-1 x VEGF 鞚挫韸轨澊 頃泊搿�, 2025雲� 4攵勱赴鞐� IND 鞝滌稖鞚� 氇╉憸搿� 頃橁碃 鞛堨溂氅�, 2026雲� 頃橂皹旮办棎 臧滊厫 歃濍獏 雿办澊韯瓣皜 鞓堨儊霅╇媹雼�. 於旉皜搿� 霊� 臧滌潣 ADC 頂勲攴鸽灗鞚� CR-002鞕� CR-003霃� 臧滊皽 欷戩瀰雼堧嫟. 鞛 瓴瓣臣電� 1鞏� 5,260毵� 雼煬鞚� 順勱笀 氤挫湢瓿�毳� 氤挫棳欤茧┌, 2027雲勱箤歆� 鞖挫榿 鞛愱笀鞚� 歆�鞗愴暊 瓴冹溂搿� 鞓堨儊霅橂┌ 攵勱赴 靾滌啇鞁れ潃 2,180毵� 雼煬鞛呺媹雼�.
Crescent Biopharma (NASDAQ:CBIO) a publi茅 ses r茅sultats financiers du deuxi猫me trimestre 2025 ainsi que des d茅veloppements importants au sein de l鈥檈ntreprise. La soci茅t茅 a finalis茅 une fusion avec GlycoMimetics et obtenu un financement priv茅 de 200 millions de dollars. Sous la nouvelle direction, avec le PDG Joshua Brumm, Crescent fait progresser son pipeline de traitements contre le cancer.
Le programme principal, CR-001, un anticorps bisp茅cifique PD-1 x VEGF, avance vers la soumission de l鈥橧ND au quatri猫me trimestre 2025, avec des donn茅es de preuve de concept attendues au second semestre 2026. Deux autres programmes ADC, CR-002 et CR-003, sont en cours de d茅veloppement. Les r茅sultats financiers indiquent une tr茅sorerie de 152,6 millions de dollars, suffisante pour financer les op茅rations jusqu鈥檈n 2027, avec une perte nette trimestrielle de 21,8 millions de dollars.
Crescent Biopharma (NASDAQ:CBIO) berichtete 眉ber die Finanzergebnisse des zweiten Quartals 2025 und bedeutende Unternehmensentwicklungen. Das Unternehmen schloss eine Fusion mit GlycoMimetics ab und sicherte sich eine Private Finanzierung in H枚he von 200 Millionen US-Dollar. Unter neuer F眉hrung, einschlie脽lich CEO Joshua Brumm, treibt Crescent seine Krebs-Therapiepipeline voran.
Das Hauptprogramm, CR-001, ein PD-1 x VEGF bispezifischer Antik枚rper, befindet sich auf dem Weg zur IND-Einreichung im vierten Quartal 2025, mit Proof-of-Concept-Daten, die f眉r die zweite H盲lfte 2026 erwartet werden. Zwei weitere ADC-Programme, CR-002 und CR-003, sind in Entwicklung. Die Finanzzahlen zeigen eine Barmittelposition von 152,6 Millionen US-Dollar, die voraussichtlich den Betrieb bis 2027 finanzieren wird, mit einem Quartalsnettoverlust von 21,8 Millionen US-Dollar.
- Secured $200 million in private financing
- Strong cash position of $152.6 million, funding operations through 2027
- Completed merger with GlycoMimetics and achieved Nasdaq listing
- CR-001 demonstrated superior efficacy compared to market leader pembrolizumab in third-party Phase 3 trial
- Strengthened leadership team with experienced executives in oncology and biotech
- Quarterly net loss of $21.8 million
- Significant R&D expenses of $12.1 million in Q2
- No revenue generation reported
- Products still in early development stages with no immediate commercialization
Insights
Crescent's merger, $200M financing, and advancing cancer pipeline strengthen its position despite current losses.
Crescent Biopharma's Q2 2025 represents a transformative period for this early-stage oncology company following its merger with GlycoMimetics and substantial
The financial results reveal a net loss of
The company's lead asset, CR-001 (PD-1 x VEGF bispecific antibody), is positioned as potentially superior to pembrolizumab (Keytruda), referencing third-party Phase 3 data for a similar molecule (ivonescimab). This strategic positioning against the world's top-selling cancer drug (
The pipeline timelines indicate disciplined development planning with an IND submission for CR-001 expected in Q4 2025, first patient dosing in early 2026, and proof-of-concept data in H2 2026. The two ADC programs follow with the first IND expected by mid-2026, creating a staggered development approach that balances resource allocation.
Notably, the newly assembled leadership team brings experience from successful biotech companies, with CEO Joshua Brumm likely leveraging his previous experience to guide Crescent through this critical development phase. While the company has promising assets and strong financing, investors should recognize the still-early stage of development with no clinical data yet available to validate these programs.
Completed Merger with GlycoMimetics and Previously Announced
Recent Leadership Appointments Bring Deep Experience in Oncology Drug Development, Clinical Operations and Building Biotechnology Companies
On Track to Submit IND Application for CR-001, a PD-1 x VEGF Bispecific Antibody, in Fourth Quarter of 2025, with Proof-of-Concept Clinical Data Expected in Second Half of 2026
WALTHAM, Mass., July 31, 2025 (GLOBE NEWSWIRE) -- 听(鈥淐rescent鈥� or the 鈥淐ompany鈥�) (Nasdaq: CBIO), a biotechnology company dedicated to rapidly advancing the next wave of therapies for cancer patients, today announced financial results for the second quarter ended June 30, 2025, and recent business highlights.
鈥淭he second quarter of 2025 was momentous for Crescent. We bolstered our leadership team, completed our merger and began trading on Nasdaq while also closing a substantial financing with a premier group of healthcare investors that will support the advancement of our portfolio of next generation therapeutics for solid tumors to important inflection points,鈥� said Joshua Brumm, chief executive officer of Crescent. 鈥淥ur lead program, CR-001, a PD-1 x VEGF bispecific antibody, is designed to transform the immuno-oncology standard of care, and we are on track to submit an IND by the end of 2025. This would enable dosing the first patients in our global Phase 1 trial in early 2026, with proof-of-concept data expected later that year. In addition, we expect the first of our two ADCs to enter the clinic in mid-2026. We have a tremendous opportunity ahead of us, and we remain focused on rapidly advancing our programs as we work toward delivering the next wave of treatments to those living with cancer.鈥�
Recent Business Highlights & Upcoming Milestones
Corporate
- Crescent appointed new leadership bringing experience in oncology drug development, clinical operations and building biotech companies, including Joshua Brumm as chief executive officer and member of the board of directors; Jonathan McNeill, M.D., as president and chief operating officer; Ellie Im, M.D., as chief medical officer; Rick Scalzo, MBA, as chief financial officer; Jan Pinkas, Ph.D., as chief scientific officer; Amy Reilly as chief communications officer; and Tanya Sengupta, MBA, as executive vice president, chief of strategy and operations.
- The Company appointed David Lubner to Crescent鈥檚 board of directors.
- Crescent completed its merger with GlycoMimetics, Inc. and began trading on the Nasdaq Capital Market on June 16, 2025, under the ticker symbol 鈥淐BIO.鈥� The Company also closed a previously announced private financing of
$200 million in gross proceeds.
Pipeline
CR-001, a PD-1 x VEGF bispecific antibody
- Crescent鈥檚 lead program, CR-001, is a tetravalent PD-1 x VEGF bispecific antibody intentionally designed to replicate the cooperative pharmacology of ivonescimab, which demonstrated superior efficacy compared to the current market leader, pembrolizumab, in a large third-party Phase 3 trial in non-small cell lung cancer.1 Crescent remains on track to submit an Investigational New Drug (IND) application in the fourth quarter of 2025 and expects to report proof-of-concept clinical data from a global Phase 1 trial in patients with solid tumors in the second half of 2026.
CR-002 and CR-003, novel antibody-drug conjugates (ADCs)
- CR-002 and CR-003 are novel ADCs with topoisomerase inhibitor payloads that are being developed as single agents and in combination with CR-001. Crescent expects to submit an IND application for CR-002 in mid-2026.
Second Quarter 2025 Financial Results
Cash position:听Cash was
Research and development (R&D) expenses:听R&D expenses were
General and administrative (G&A) expenses:听G&A expenses were
Net loss:听Net loss was
About Crescent Biopharma
Crescent Biopharma鈥檚 vision is to build a world leading oncology company bringing the next wave of therapies for cancer patients. The Company鈥檚 pipeline includes its lead program, a PD-1 x VEGF bispecific antibody, as well as novel antibody-drug conjugates. By leveraging multiple modalities and established targets, Crescent aims to rapidly advance potentially transformative therapies either as single agents or as part of combination regimens to treat a range of solid tumors. For more information, visit听 and follow the Company on听听补苍诲听.
Forward-Looking Statements
Certain statements in this press release, other than purely historical information, may constitute 鈥渇orward-looking statements鈥� within the meaning of the federal securities laws, including for purposes of the 鈥渟afe harbor鈥� provisions under the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, express or implied statements relating to Crescent鈥檚 expectations, hopes, beliefs, intentions or strategies regarding the future of its pipeline and business including, without limitation, Crescent鈥檚 ability to achieve the expected benefits or opportunities with respect to CR-001, CR-002 and CR-003, including the expected timelines of regulatory filings for CR-001 and CR-002 and initial clinical data for CR-001, the potential for CR-001 to replicate the cooperative pharmacology of ivonescimab in clinical trials, the potential for CR-002 and CR-003 to act as single agents and in combination with CR-001, the anticipated benefits of the management and board of directors changes, and Crescent鈥檚 anticipated cash runway. The words 鈥渙pportunity,鈥� 鈥減otential,鈥� 鈥渕ilestones,鈥� 鈥減ipeline,鈥� 鈥渃an,鈥� 鈥済oal,鈥� 鈥渟trategy,鈥� 鈥渢arget,鈥� 鈥渁nticipate,鈥� 鈥渁chieve,鈥� 鈥渂elieve,鈥� 鈥渃ontemplate,鈥� 鈥渃ontinue,鈥� 鈥渃ould,鈥� 鈥渆stimate,鈥� 鈥渆xpect,鈥� 鈥渋ntends,鈥� 鈥渕ay,鈥� 鈥減lan,鈥� 鈥減ossible,鈥� 鈥減roject,鈥� 鈥渟hould,鈥� 鈥渨ill,鈥� 鈥渨ould鈥� and similar expressions (including the negatives of these terms or variations of them) may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements are based on current expectations and beliefs concerning future developments and their potential effects. There can be no assurance that future developments affecting Crescent will be those that have been anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond Crescent鈥檚 control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, risks related to those uncertainties and factors more fully described in Crescent鈥檚 most recent filings with the听Securities and Exchange Commission (including its Quarterly Report on Form 10-Q and registration statement on Form S-4, most recently amended on May 12, 2025 and declared effective by the SEC on May 14, 2025), as well as risk factors associated with companies, such as Crescent, that operate in the biopharma industry. Should one or more of these risks or uncertainties materialize, or should any of Crescent鈥檚 assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements in this press release, which speak only as of the date they are made and are qualified in their entirety by reference to the cautionary statements herein. Crescent does not undertake or accept any duty to release publicly any updates or revisions to any forward-looking statements. This press release does not purport to summarize all of the conditions, risks and other attributes of an investment in Crescent.
| Crescent Biopharma, Inc. Condensed Consolidated Statement of Operations (in thousands, except share and per share data) (Unaudited) | ||||||||
| 听 | ||||||||
| 听 | Three Months Ended June 30, 2025 | 听 | Six Months Ended June 30, 2025 | 听 | ||||
| Operating expenses | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Research and development | $ | 12,081 | 听 | 听 | $ | 22,708 | 听 | 听 |
| General and administrative | 听 | 8,949 | 听 | 听 | 听 | 12,547 | 听 | 听 |
| Total operating expenses | 听 | 21,030 | 听 | 听 | 听 | 35,255 | 听 | 听 |
| Loss from operations | 听 | (21,030 | ) | 听 | 听 | (35,255 | ) | 听 |
| Other expense | 听 | (760 | ) | 听 | 听 | (1,683 | ) | 听 |
| Net loss and comprehensive loss | $ | (21,790 | ) | 听 | $ | (36,938 | ) | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Net loss per share attributable to ordinary shareholders, basic and diluted | $ | (4.93 | ) | 听 | $ | (14.11 | ) | 听 |
| Net loss per share attributable to Series A non-voting convertible preferred shareholders, basic and diluted | $ | (4,930.97 | ) | 听 | $ | (14,104.9 | ) | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Weighted-average ordinary shares outstanding used in computing net loss per share to ordinary shareholders, basic and diluted | 听 | 3,856,925 | 听 | 听 | 听 | 2,331,339 | 听 | 听 |
| Weighted-average ordinary shares outstanding used in computing net loss per share to Series A non-voting convertible preferred shareholders, basic and diluted | 听 | 565 | 听 | 听 | 听 | 286 | 听 | 听 |
| 听 | ||||||||
| Summary Balance Sheet Data (in thousands) (Unaudited) | |||||||
| 听 | |||||||
| 听 | June 30, 2025 | 听 | December 31, 2024 | 听 | |||
| Assets | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Cash | $ | 152,645 | 听 | $ | 34,766 | 听 | 听 |
| Other assets | 听 | 4,788 | 听 | 听 | 851 | 听 | 听 |
| Total Assets | $ | 157,433 | 听 | $ | 35,617 | 听 | 听 |
| Liabilities and Shareholders' Equity (Deficit) | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Liabilities | $ | 18,179 | 听 | $ | 47,096 | 听 | 听 |
| Shareholders' equity (deficit) and convertible preferred shares | 听 | 139,254 | 听 | 听 | (11,479 | ) | 听 |
| Total liabilities and shareholders' equity (deficit) | $ | 157,433 | 听 | $ | 35,617 | 听 | 听 |
| 听 | |||||||
Reference:
1. Xiong, Anwen et al. Ivonescimab versus pembrolizumab for PD-L1-positive non-small cell lung cancer (HARMONi-2): a randomised, double-blind, phase 3 study in China. The Lancet, 2025; 405(10481): 839-849.
Contact
Amy Reilly
Chief Communications Officer
617-465-0586
FAQ
What were Crescent Biopharma's (CBIO) Q2 2025 financial results?
When will Crescent Biopharma's CR-001 enter clinical trials?
How much funding did Crescent Biopharma raise in their private financing?
Who is the new CEO of Crescent Biopharma?
What is CR-001 and how does it compare to existing treatments?
