{"schema_version":"secwatch.filing_event.v1","accession":"0001628280-25-055221","form_type":"8-K","ticker":"CBIO","cik":"0001253689","company_name":"CRESCENT BIOPHARMA, INC.","filed_at":"2025-12-04T23:59:59+00:00","discovered_at":"2026-05-14T18:02:38.991147+00:00","generated_at":"2026-05-16T14:30:57.098337+00:00","sec_items":["1.01","3.02","7.01","8.01","9.01"],"event_type":"other_material","sentiment":"positive","materiality_score":0.85,"confidence":"high","headline":"Crescent Biopharma partners with Kelun-Biotech on CR-001/SKB105, raises $185M","bullets":["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."],"urls":{"canonical":"https://secwatch.observer/filing/0001628280-25-055221","json":"https://secwatch.observer/filing/0001628280-25-055221.json","markdown":"https://secwatch.observer/filing/0001628280-25-055221.md","text":"https://secwatch.observer/filing/0001628280-25-055221.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1253689/000162828025055221/0001628280-25-055221-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1253689/000162828025055221/cbio-20251202.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-16T14:30:57.098337+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}