8-K
filed December 4, 2025, 6:59 PM ET
ticker CBIO
CIK 0001253689
other material
confidence high
sentiment positive
materiality 0.85
Crescent Biopharma partners with Kelun-Biotech on CR-001/SKB105, raises $185M
CRESCENT BIOPHARMA, INC.
- Licenses CR-001 to Kelun-Biotech for Greater China; receives $20M upfront and up to $30M milestones.
- In-licenses SKB105 (ADC) from Kelun for ex-China markets; pays $80M upfront and up to $1.25B milestones.
- Private placement of ~$185M at $13.41/share, led by Jefferies and others; closing expected Dec 8, 2025.
- Cash runway extended into 2028; Phase 1/2 monotherapy trials for CR-001 and SKB105 expected Q1 2026.
- Pipeline milestones set through 2027; combination trials of CR-001 with ADCs planned.
Key facts
Extracted from this filing and checked against the source text.
Equity Issuances
SEC 8-K Item 3.02/3.03
confidence 0.9
CRESCENT BIOPHARMA, INC. issued pre-funded warrants to purchase shares of Ordinary Shares of warrant to certain institutional and other accredited investors for $13.409 per underlying Pre-Funded Warrant Share.
- Security
- warrant
- Shares
- pre-funded warrants to purchase shares of Ordinary Shares
- Purchaser
- certain institutional and other accredited investors
- Consideration
- $13.409 per underlying Pre-Funded Warrant Share
Exact text from the filing
pre-funded warrants (the “Pre-Funded Warrants”) to purchase shares of Ordinary Shares (the “Pre-Funded Warrant Shares”), at a purchase price per underlying Pre-Funded Warrant Share of $13.409
View on SEC.gov
Equity Issuances
SEC 8-K Item 3.02/3.03
confidence 0.9
CRESCENT BIOPHARMA, INC. issued 13,795,685 ordinary shares of common stock to certain institutional and other accredited investors for $13.41 per share.
- Security
- common stock
- Shares
- 13,795,685 ordinary shares
- Purchaser
- certain institutional and other accredited investors
- Consideration
- $13.41 per share
Exact text from the filing
Pursuant to the Purchase Agreement, the Purchasers agreed to purchase an aggregate of 13,795,685 ordinary shares with a par value of US$0.001 per share of the Company (the “Ordinary Shares”), at a purchase price per share of $13.41
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
CRESCENT BIOPHARMA, INC. entered into CR-001 License Agreement with Sichuan Kelun-Biotech Biopharmaceutical Co., Ltd. (effective 2025-12-02).
- Action
- entry
- Agreement
- license
- Counterparty
- Sichuan Kelun-Biotech Biopharmaceutical Co., Ltd.
- Effective
- 2025-12-02
Exact text from the filing
On December 2, 2025, Crescent OpCo and Kelun-Biotech entered into a License Agreement (the "CR-001 License Agreement") under which Crescent OpCo granted Kelun-Biotech an exclusive, royalty-bearing license to research, develop, manufacture and commercialize CR-001, Crescent’s proprietary bispecific antibody directed to VEGF and PD-1, in greater China (including mainland China, Hong Kong, Macau and Taiwan) (collectively, the “SKB Territory”).
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
CRESCENT BIOPHARMA, INC. entered into Securities Purchase Agreement with certain institutional and other accredited investors valued at approximately $185.0 million (effective 2025-12-04).
- Action
- entry
- Agreement
- equity purchase
- Counterparty
- certain institutional and other accredited investors
- Value
- approximately $185.0 million
- Effective
- 2025-12-04
Exact text from the filing
On December 4, 2025, the Company entered into a Securities Purchase Agreement (the “Purchase Agreement”) for a private placement (the “Private Placement”) with certain institutional and other accredited investors (each, a “Purchaser” and collectively, the “Purchasers”). The closing of the Private Placement (the “Closing”) is expected to occur on December 8, 2025, subject to the satisfaction of customary closing conditions. Pursuant to the Purchase Agreement, the Purchasers agreed to purchase an aggregate of 13,795,685 ordinary shares with a par value of US$0.001 per share of the Company (the “Ordinary Shares”), at a purchase price per share of $13.41 (or, for certain investors in lieu of Ordinary Shares, pre-funded warrants (the “Pre-Funded Warrants”) to purchase shares of Ordinary Shares (the “Pre-Funded Warrant Shares”), at a purchase price per underlying Pre-Funded Warrant Share of $13.409, which represents the per share purchase price of the Ordinary Shares less the $0.001 per shar
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
CRESCENT BIOPHARMA, INC. entered into SKB105 License Agreement with Sichuan Kelun-Biotech Biopharmaceutical Co., Ltd. (effective 2025-12-02).
- Action
- entry
- Agreement
- collaboration
- Counterparty
- Sichuan Kelun-Biotech Biopharmaceutical Co., Ltd.
- Effective
- 2025-12-02
Exact text from the filing
On December 2, 2025 (the “Effective Date”), Crescent OpCo and Kelun-Biotech entered into a License and Collaboration Agreement (the “SKB105 License Agreement”), under which Kelun-Biotech granted Crescent OpCo an exclusive license to research, develop, manufacture and commercialize SKB105, Kelun-Biotech’s proprietary integrin beta-6-directed antibody-drug conjugate, in all territories outside the SKB Territory.
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
CRESCENT BIOPHARMA, INC. amended Amendment No. 1 to License Agreement with Paragon Therapeutics, Inc. (effective 2025-12-02).
- Action
- amendment
- Agreement
- license
- Counterparty
- Paragon Therapeutics, Inc.
- Effective
- 2025-12-02
Exact text from the filing
On December 2, 2025, Crescent OpCo entered into Amendment No. 1 (the “Amendment”) to the License Agreement, dated April 28, 2025, by and between Crescent OpCo and Paragon Therapeutics, Inc., a Delaware corporation (the “Paragon License”), relating to CR-001.
View on SEC.gov
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