---
schema_version: "secwatch.filing_event.v1"
accession: "0001628280-25-036846"
form_type: "8-K"
ticker: "CBIO"
cik: "0001253689"
company_name: "CRESCENT BIOPHARMA, INC."
filed_at: "2025-07-31T23:59:59+00:00"
generated_at: "2026-05-17T22:10:48.123648+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Crescent Biopharma Q2 net loss $21.8M; merger & $200M financing closed

## Summary
- Net loss $21.8M ($4.93/share) for Q2 2025; R&D $12.1M, G&A $8.9M.
- Cash $152.6M as of June 30, 2025, expected to fund operations through 2027.
- Completed merger with GlycoMimetics and closed $200M private financing.
- IND for CR-001 (PD-1 x VEGF bispecific) on track for Q4 2025; proof-of-concept data H2 2026.
- Adopted Executive Severance Plan with change-in-control benefits for executives.

## SEC filing metadata
- accession: 0001628280-25-036846
- form_type: 8-K
- ticker: CBIO
- cik: 0001253689
- company_name: CRESCENT BIOPHARMA, INC.
- filed_at: 2025-07-31T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.85
- confidence: high
- sec_items: 2.02, 5.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1253689/000162828025036846/0001628280-25-036846-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1253689/000162828025036846/cbio-20250729.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001628280-25-036846
- JSON: https://secwatch.observer/filing/0001628280-25-036846.json
- Plain text: https://secwatch.observer/filing/0001628280-25-036846.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.