secwatch.observer — SEC 8-K summary
======================================

Issuer:     CRESCENT BIOPHARMA, INC. (CBIO)
CIK:        0001253689
Form:       8-K
Filed at:   2025-12-04T23:59:59+00:00
Accession:  0001628280-25-055221
Event type: other_material
Sentiment:  positive
Materiality: 0.85
Item codes: 1.01, 3.02, 7.01, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1253689/000162828025055221/0001628280-25-055221-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1253689/000162828025055221/cbio-20251202.htm
  HTML page:      https://secwatch.observer/filing/0001628280-25-055221

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer