Crescent Biopharma reports FY2025 net loss $153.9M, revenue $10.8M; cash $213.2M

CRESCENT BIOPHARMA, INC.

Net loss of $92.4M ($4.01 per share) for Q4 2025 vs. $15.2M in prior year; FY net loss $153.9M.
Revenue of $10.8M in 2025 from $20M upfront from Kelun-Biotech license deal; no revenue in 2024.
R&D expenses surged to $138.1M in FY2025 (vs. $14.0M in 2024) driven by CR-003 license payment and pipeline costs.
Cash and equivalents $213.2M at Dec 31, 2025; expected to fund operations into 2028 after $185M private placement.
Strategic partnership with Kelun-Biotech for CR-001 (PD-1 x VEGF) and CR-003 (ITGB6 ADC); ASCEND Ph1/2 trial dosed first patient.

item 2.02 item 9.01

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accession 0001628280-26-011988

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