Crescent Biopharma Q1 net loss $23.3M; cash $189.2M funds ops into 2028

CRESCENT BIOPHARMA, INC.

Net loss $23.3M ($0.70/sh) vs $15.1M ($19.63/sh) in Q1 2025; revenue $1.0M from Kelun-Biotech license.
R&D expenses $17.9M (up 69% YoY) on CR-001/CR-002 development; G&A $7.9M (up 119% YoY).
Cash $189.2M as of March 31, 2026; expected to fund operations into 2028.
CR-001 ASCEND trial enrollment ongoing; proof-of-concept data expected Q1 2027.
CR-002 IND submission on track for mid-2026; clinic entry H2 2026.

item 2.02 item 9.01

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