CRESCENT BIOPHARMA, INC.
CBIO evidence brief
What we can confirm
- BioSniper Score:
- 5.5 / 10
- Market Cap:
- $726.2M
- Lead Asset:
- cr-002 (Phase 1/Phase 2)
What it means
What to watch
Prepared research question
What matters most for CBIO—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · CBIO
Crescent Biopharma (CBIO) is a clinical-stage biotechnology company developing a PD-1 x VEGF bispecific antibody (CR-001) and a portfolio of antibody-drug conjugates (ADCs) for oncology, with no product revenue and a cash runway into H2 2028.
Key risk: No revenue, ongoing losses
BioSniper Score
Based on 4 of 6 signals
Market Cap
$726.2M
Cash Runway
—
Lead Asset
cr-002 (Phase 1/Phase 2)
Next Catalyst
—
Financial data as of Jun 30, 2026.
Tracking 2 pipeline candidates · 1 clinical trial for CRESCENT BIOPHARMA, INC..
Crescent Biopharma (CBIO) is a clinical-stage biotechnology company developing a PD-1 x VEGF bispecific antibody (CR-001) and a portfolio of antibody-drug conjugates (ADCs) for oncology, with no product revenue and a cash runway into H2 2028.
- Cash and equivalents of $171.6M as of 2026-06-30, with a reported cash runway to H2 2028 [sec] [news].
- No revenue from product sales to date; net loss of $24.8M for the period ended 2026-06-30 [sec].
- Lead program CR-001 (PD-1 x VEGF bispecific) initiated a global Phase 1/2 trial in February 2026; Phase 1/2 data expected Q1 2027 [sec_mda] [news].
- CR-002 (PD-L1-targeted ADC) received FDA IND clearance in October 2026; Phase 1/2 APOLLO trial on track to start Q4 2026 with initial data expected H2 2027 [news].
- CR-003 (ITGB6-directed ADC, partnered with Sichuan Kelun-Biotech) initiated a Phase 1/2 trial in China in Q1 2026 [sec_mda].
What works
- Cash position of $171.6M as of 2026-06-30 provides a runway into H2 2028, supporting multiple clinical programs without near-term financing pressure [sec] [news].
- CR-001 is designed as a potential replacement for pembrolizumab (Keytruda), the best-selling oncology drug, targeting a large market opportunity [sec_mda].
- Pipeline includes two ADCs (CR-002, CR-003) with distinct mechanisms, diversifying risk and offering combination potential with CR-001 [sec_mda] [pipeline].
- CR-002 IND clearance and planned global Phase 1/2 trial demonstrate regulatory progress and expansion into novel ADC space [news].
What to weigh
- No revenue from product sales to date and a history of losses, with a net loss of $24.8M for the period ended 2026-06-30 [sec].
- CR-001 is in early Phase 1/2 with data not expected until Q1 2027, meaning clinical proof-of-concept is still uncertain [news].
- CR-002 faces a competitive landscape with 11 competitors in Phase 2 for similar PD-L1-targeted ADCs, including AbbVie and I-Mab [pipeline].
- The company acknowledges a need for substantial additional capital, which may not be available on acceptable terms and could dilute shareholders [sec].
From the filings
Quoted directly from source documents.
Cash runway to H2 2028
“$305M cash runway to H2 2028”
News · September 25, 2026
CR-001 Phase 1/2 trial initiated
“We initiated a global Phase 1/2 trial of CR-001 in February 2026”
SEC filings · February 26, 2026
Catalyst timeline
- 2026-02-17 · CR-001 Phase 1/2 trial start — Global Phase 1/2 trial initiated for CR-001 in adult participants with solid tumors; data expected Q1 2027.
Risks & what to watch (4)›
Key risks
- No revenue, ongoing losses — Zero product revenue and net loss of $24.8M as of 2026-06-30; history of losses and expectation of continued losses [sec].
- Early-stage pipeline uncertainty — All programs are in Phase 1/2; no clinical data yet for lead asset CR-001 until Q1 2027 [news].
- ADC competitive pressure — CR-002 faces 11 competitors in Phase 2 for PD-L1-targeted ADCs, including large pharma [pipeline].
- Future capital needs — Company states need for substantial additional capital, which may not be available on acceptable terms [sec].
What to watch
- CR-001 Phase 1/2 clinical data expected Q1 2027 [news].
- Initiation of CR-002 Phase 1/2 APOLLO trial in Q4 2026 and initial data in H2 2027 [news].
- CR-003 Phase 1/2 progress in China through partner Kelun [sec_mda].
- Cash burn rate and any future financing events given $171.6M cash as of 2026-06-30 [sec].
Sources: Catalysts · News · Pipeline · SEC filings · SEC MD&A · Generated October 13, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 4 of 6 signals · derived from public data
Cash runway data unavailable
D/E 0.12
Lead: Phase 1/Phase 2
2 candidates
No upcoming catalysts tracked
1 buy · 7 sells (180d)
Pipeline
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
60
Total value held
$455.4M
| Holder | Shares | Value |
|---|---|---|
| fmr llc | 4,133,514 | $75.9M |
| bvf inc/il | 2,748,763 | $50.5M |
| fairmount funds management llc | 2,747,866 | $50.5M |
| venrock adviser, llc | 2,133,576 | $39.2M |
| fcpm iii services b.v. | 1,677,852 | $30.8M |
| balyasny asset management l.p. | 1,510,033 | $27.7M |
| vestal point capital, lp | 1,500,000 | $27.6M |
| opaleye management inc. | 1,312,615 | $24.1M |
| tang capital management llc | 1,160,000 | $21.3M |
| vanguard capital management llc | 801,395 | $14.7M |
Showing top 10 of 60 institutional holders of CRESCENT BIOPHARMA, INC.. Open the full 13F history after sign-in.
Short Interest
as of May 20, 2026- % of float
- 19.8%
- Days to cover
- 9.0
- Shares short
- 2,395,086
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
CBIO short interestGovernance
Frequently asked questions
What is the AI investment thesis for CRESCENT BIOPHARMA, INC.?
Crescent Biopharma (CBIO) is a clinical-stage biotechnology company developing a PD-1 x VEGF bispecific antibody (CR-001) and a portfolio of antibody-drug conjugates (ADCs) for oncology, with no product revenue and a cash runway into H2 2028.
What is CRESCENT BIOPHARMA, INC.'s lead drug candidate?
CRESCENT BIOPHARMA, INC.'s most advanced tracked candidate is cr-002 (Phase 1/Phase 2) for Solid tumors.
Who is the CEO of CRESCENT BIOPHARMA, INC.?
Mr. Joshua T. Brumm is the chief executive officer of CRESCENT BIOPHARMA, INC. (CBIO).
Where is CRESCENT BIOPHARMA, INC. headquartered?
CRESCENT BIOPHARMA, INC. (CBIO) is headquartered in Waltham, MA, United States.
What therapeutic areas does CRESCENT BIOPHARMA, INC. focus on?
CRESCENT BIOPHARMA, INC. develops therapies across Oncology.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.