secwatch.observer — SEC 8-K summary
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Issuer:     CRESCENT BIOPHARMA, INC. (CBIO)
CIK:        0001253689
Form:       8-K
Filed at:   2026-02-26T23:59:59+00:00
Accession:  0001628280-26-011988
Event type: earnings
Sentiment:  negative
Materiality: 0.70
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1253689/000162828026011988/0001628280-26-011988-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1253689/000162828026011988/cbio-20260226.htm
  HTML page:      https://secwatch.observer/filing/0001628280-26-011988

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