---
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"
generated_at: "2026-05-16T14:30:57.098337+00:00"
event_type: "other_material"
sentiment: "positive"
materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Crescent Biopharma partners with Kelun-Biotech on CR-001/SKB105, raises $185M

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: other_material
- sentiment: positive
- materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 3.02, 7.01, 8.01, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001628280-25-055221
- JSON: https://secwatch.observer/filing/0001628280-25-055221.json
- Plain text: https://secwatch.observer/filing/0001628280-25-055221.txt

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