CRESCENT BIOPHARMA, INC.
CBIO evidence brief
What we can confirm
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, Inc. (CBIO) is a clinical-stage biotechnology company focused on developing immuno-oncology and antibody-drug conjugate (ADC) combination therapies, with no approved products or revenue to date.
Key risk: No approved products or revenue
BioSniper Score
Based on 6 of 6 signals
Market Cap
$659.4M
Cash Runway
26.8 moLead Asset
cr-002 (Phase 1/Phase 2)
Next Catalyst
Phase2_Topline · Mar 31, 2027Financial data as of Jun 30, 2026.
Tracking 2 pipeline candidates · 1 clinical trial · 1 catalyst for CRESCENT BIOPHARMA, INC..
Crescent Biopharma, Inc. (CBIO) is a clinical-stage biotechnology company focused on developing immuno-oncology and antibody-drug conjugate (ADC) combination therapies, with no approved products or revenue to date.
- Cash and equivalents of $171.7M as of 2026-06-30 [sec].
- Net loss of $24.8M for the period ending 2026-06-30 [sec].
- Shareholders' equity of $139.3M as of 2026-06-30 [sec].
- Pipeline includes candidates CR-001, CR-002, and CR-003, with Phase 1/2 trials initiated or planned [sec · filed 2025-12-04].
- Phase 2 topline data readout for CR-001 expected in Q1 2027 [catalyst].
What works
- Cash position of $171.7M as of 2026-06-30 provides a runway to fund operations for at least twelve months from the latest annual report [sec · as of 2026-02-26].
- Strategic partnerships with Kelun-Biotech and Paragon Therapeutics support pipeline expansion in immuno-oncology and ADC combinations [sec · filed 2025-12-04].
- Multiple clinical data readouts anticipated beginning in Q1 2027, offering potential proof-of-concept milestones [catalyst].
What to weigh
- No approved products or product revenue to date; the company has a history of losses and expects continued losses [sec · filed 2026-04-21].
- Substantial additional capital will be needed to fund research, development, and potential commercialization; lack of committed external financing poses liquidity risk [sec_mda · as of 2026-02-26].
- Clinical-stage development is highly uncertain; success depends on timely enrollment, positive trial results, and regulatory approvals [sec_mda · as of 2025-07-31].
From the filings
Quoted directly from source documents.
No product revenue to date
“We do not have any products approved for sale and have not generated any revenue from product sales.”
SEC MD&A · February 26, 2026
Need for additional financing
“We will need to secure additional financing in the future to fund additional research and development and before a commercial drug can be produced, marketed, and sold.”
SEC MD&A · February 26, 2026
Catalyst timeline
- 2027-03-31 · Phase2_Topline · cr-001 — Phase 2 Readout: cr-001 — Expected Phase 2 topline data readout for CR-001, providing initial proof-of-concept clinical data.
Risks & what to watch (4)›
Key risks
- No approved products or revenue — The company has no products approved for sale and has not generated any product revenue, relying solely on financing [sec_mda · as of 2026-02-26].
- Need for substantial additional capital — Future development and commercialization require additional financing, which may not be available on acceptable terms [sec · filed 2026-04-21].
- Clinical development uncertainty — Success depends on timely enrollment, positive trial results, and regulatory approvals, all of which are uncertain [sec_mda · as of 2025-07-31].
- History of losses and going concern risk — The company has a history of losses and expects continued losses; past filings noted substantial doubt about going concern [sec_mda · as of 2024-05-09].
What to watch
- Phase 2 topline data readout for CR-001 expected in Q1 2027 [catalyst].
- Initiation and enrollment of Phase 1/2 trials for CR-001, CR-002, and CR-003 [sec · filed 2025-12-04].
- Future financing events or partnership announcements to extend cash runway [sec_mda · as of 2026-02-26].
- Any regulatory updates or IND filings for pipeline candidates [sec_mda · as of 2025-07-31].
Sources: Catalysts · SEC filings · SEC MD&A · Generated August 26, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 6 of 6 signals · derived from public data
26.8 months
D/E 0.12
Lead: Phase 1/Phase 2
2 candidates
1 upcoming, next in ~213d
1 buy · 7 sells (180d)
Runway
Catalysts
Pipeline
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
56
Total value held
$334.0M
| Holder | Shares | Value |
|---|---|---|
| fmr llc | 4,133,514 | $75.9M |
| bvf inc/il | 2,748,763 | $50.5M |
| fcpm iii services b.v. | 1,677,852 | $30.8M |
| vanguard capital management llc | 1,602,790 | $29.4M |
| balyasny asset management l.p. | 1,510,033 | $27.7M |
| tang capital management llc | 1,160,000 | $21.3M |
| logos global management lp | 482,500 | $8.9M |
| deep track capital, lp | 453,686 | $8.3M |
| perceptive advisors llc | 413,884 | $7.6M |
| rtw investments, lp | 372,856 | $6.8M |
Showing top 10 of 56 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, Inc. (CBIO) is a clinical-stage biotechnology company focused on developing immuno-oncology and antibody-drug conjugate (ADC) combination therapies, with no approved products or revenue to date.
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.
What is CRESCENT BIOPHARMA, INC.'s next catalyst?
CRESCENT BIOPHARMA, INC.'s next tracked catalyst is a Phase2_Topline event — "Phase 2 Readout: cr-001" — expected March 31, 2027.
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.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.