{"schema_version":"secwatch.filing_event.v1","accession":"0001628280-26-011988","form_type":"8-K","ticker":"CBIO","cik":"0001253689","company_name":"CRESCENT BIOPHARMA, INC.","filed_at":"2026-02-26T23:59:59+00:00","discovered_at":"2026-05-14T18:02:34.674266+00:00","generated_at":"2026-05-15T23:25:22.664319+00:00","sec_items":["2.02","9.01"],"event_type":"earnings","sentiment":"negative","materiality_score":0.7,"confidence":"high","headline":"Crescent Biopharma reports FY2025 net loss $153.9M, revenue $10.8M; cash $213.2M","bullets":["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."],"urls":{"canonical":"https://secwatch.observer/filing/0001628280-26-011988","json":"https://secwatch.observer/filing/0001628280-26-011988.json","markdown":"https://secwatch.observer/filing/0001628280-26-011988.md","text":"https://secwatch.observer/filing/0001628280-26-011988.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1253689/000162828026011988/0001628280-26-011988-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1253689/000162828026011988/cbio-20260226.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-15T23:25:22.664319+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"}