Crescent Biopharma Reports Fiscal Year 2025 Results and Strategic Advances

**Crescent Biopharma, Inc. Reports Fiscal Year 2025 Results, Highlights Strategic Advances**

Crescent Biopharma, Inc., a clinical-stage biotechnology company, announced its financial results for the fiscal year ended December 31, 2025. The company reported license revenue of $10.8 million, stemming from its agreement with Sichuan Kelun-Biotech Biopharmaceutical Co., Ltd. (Kelun) related to CR-001. However, the company also reported a net loss of $153.9 million for the year, compared to a net loss of $17.9 million for the period from September 19, 2024 (inception) through December 31, 2024. Research and development expenses totaled $138.1 million, a significant increase from $14.0 million in the prior period, primarily driven by licensing fees for CR-003 and ongoing development costs for CR-001 and CR-002. General and administrative expenses also rose to $25.4 million from $3.2 million, reflecting increased personnel costs and professional fees associated with operating as a public company.

The company's strategic focus remains on advancing its oncology pipeline, particularly CR-001, a PD-1 x VEGF bispecific antibody, and its antibody-drug conjugate (ADC) programs, CR-002 and CR-003. A global Phase 1/2 trial of CR-001, known as the ASCEND trial, was initiated in February 2026. The company anticipates initiating monotherapy clinical trials for CR-002 and CR-003 in 2026, along with the first ADC combination trial with CR-001. A key partnership was established with Kelun, granting Crescent exclusive rights to SKB105 (CR-003), an integrin beta-6-directed ADC, outside of Greater China. In return, Kelun received exclusive rights to CR-001 in Greater China.

Key operational developments included the initiation of the ASCEND trial for CR-001, designed to enroll up to 290 patients with various solid tumors across multiple regions. The company anticipates reporting proof-of-concept clinical data from the ASCEND trial in the first quarter of 2027. The company also highlighted the differentiated properties of CR-002, emphasizing its efficient internalization into cancer cells and stable chemical linkage to its topoisomerase inhibitor payload. A Phase 1/2 trial of CR-002 is planned for the second half of 2026. For CR-003, a Phase 1/2 trial is anticipated to be initiated in China in the first quarter of 2027, followed by a CR-001 and CR-003 combination trial in early 2027.

As of December 31, 2025, Crescent Biopharma reported cash and cash equivalents of $213.2 million. The company believes its current cash reserves will be sufficient to fund operations for at least the next twelve months. The company's strategy involves obtaining clinical proof-of-concept data for CR-001, developing CR-001 across multiple indications, advancing its ADC programs into clinical development, and developing CR-001 as a backbone therapy in combination with ADCs. The company also intends to expand its portfolio of product candidates through internal development and external collaborations.