---
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"
generated_at: "2026-05-15T23:25:22.664319+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: earnings
- sentiment: negative
- materiality_score: 0.7
- confidence: high
- sec_items: 2.02, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001628280-26-011988
- JSON: https://secwatch.observer/filing/0001628280-26-011988.json
- Plain text: https://secwatch.observer/filing/0001628280-26-011988.txt

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