Logo

CBIO

Crescent Biopharma, Inc.

CBIO

Crescent Biopharma, Inc. • NASDAQ
$15.05 ▼ -0.20% (-0.03)
Market Cap $209.08 M
52w High $37.00
52w Low $9.81
Dividend Yield 0%
P/E 0
Volume 9.61K
Outstanding Shares 13.89M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 $25.885M ▲ $-24.607M ▼ 0% $-1.266K ▼ $-24.579M ▼
Q2-2025 $0 $21.03M ▲ $-21.79M ▼ 0% $-0.56 ▼ $-20.717M ▼
Q1-2025 $0 $2.399M ▼ $-2.344M ▲ 0% $-0.036 ▲ $-2.399M ▲
Q4-2024 $0 $7.333M ▼ $-7.223M ▲ 0% $-0.11 ▲ $-5.314M ▲
Q3-2024 $0 $11.234M $-9.824M 0% $-0.15 $-5.713M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $133.265M ▼ $138.269M ▼ $21.628M ▲ $116.641M ▼
Q2-2025 $152.645M ▲ $157.433M ▲ $18.179M ▲ $139.254M ▲
Q1-2025 $5.614M ▼ $5.992M ▼ $2.617M ▼ $3.375M ▼
Q4-2024 $10.72M ▼ $11.091M ▼ $5.778M ▲ $5.314M ▼
Q3-2024 $14.392M $15.698M $4.322M $11.376M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-24.607M ▼ $-17.525M ▲ $-586K ▼ $-1.268M ▼ $-19.38M ▼ $-18.111M ▲
Q2-2025 $-21.79M ▼ $-22.161M ▼ $-140K ▼ $145.392M ▲ $147.031M ▲ $-22.301M ▼
Q1-2025 $-2.344M ▲ $-5.106M ▼ $0 ▼ $0 $-5.106M ▼ $-5.106M ▼
Q4-2024 $-37.879M ▼ $-3.701M ▼ $30K ▲ $0 ▲ $-3.671M ▲ $-3.701M ▼
Q3-2024 $-2.631M $19.402M $9.972K $-5.398K $-22.386M $19.412M

Revenue by Products

Product Q2-2025
Reportable Segment
Reportable Segment
 $0 ▲

Five-Year Company Overview

Income Statement

Income Statement Crescent Biopharma is a classic early‑stage biotech story: essentially no revenue yet, with the income statement driven almost entirely by research and corporate overhead. The company has reported recurring losses every year, but the size of those losses has been slowly shrinking, suggesting some discipline on spending or a very lean cost structure. Earnings per share remain negative, though the per‑share loss has been trending somewhat better in the most recent years. Overall, this is still a pre-commercial profile where value is tied to pipeline progress rather than current profitability.

Balance Sheet

Balance Sheet The balance sheet is very small and quite thin. Assets are modest and largely made up of cash, and that cash balance has been gradually drifting down over time. Equity recently slipped into slightly negative territory, which means obligations now slightly exceed assets. A bit of debt has appeared where previously there was none, adding another claim on the company’s limited resources. Altogether, the financial cushion looks narrow, and the company appears highly dependent on future capital raises or partnerships to support its plans.

Cash Flow

Cash Flow Cash flow mirrors the income statement: steady cash outflows from operations and no meaningful cash inflows from the business itself. The cash burn is relatively small in absolute terms but persistent, with no offset from product sales or large partnership payments. There is virtually no spending on physical assets, underscoring how asset‑light and R&D‑centric the model is. With a modest cash base, the current burn suggests a limited runway unless additional financing is secured, especially as clinical activities ramp up.

Competitive Edge

Competitive Edge Crescent is trying to carve out a place in a very crowded and high‑stakes area: cancer immunotherapy and antibody‑drug conjugates. Its lead drug is a “fast follower” of a bispecific antibody that has already shown strong clinical data elsewhere, which may reduce scientific risk and shorten the learning curve. The planned combinations of this antibody with in‑house ADCs could, if successful, create a differentiated treatment approach. However, the company is small and early, competing against much larger, well‑funded pharma players targeting the same pathways. Its edge rests on execution speed, smart trial design, and its ability to turn a de‑risked concept into compelling clinical data before rivals close off the opportunity.

Innovation and R&D

Innovation and R&D The heart of Crescent’s story is its innovation engine. The lead candidate, a bispecific antibody hitting PD‑1 and VEGF, is engineered to have “cooperative binding,” aiming to focus activity in the tumor and boost effectiveness versus standard immunotherapy. Behind that, the company is building an ADC platform using potent topoisomerase inhibitor payloads and modern linker technology designed to be both stable in the bloodstream and highly active in tumors. The strategic vision is to combine the bispecific with these ADCs for synergistic anti‑cancer effects. All of this is still pre‑commercial and largely pre‑ or early‑clinical, so the scientific promise is high but so is the development risk, and R&D spending will likely need to climb as programs enter and advance through trials.

Summary

Crescent Biopharma is an ultra‑early, science‑driven oncology company with a lean but fragile financial base. The business currently has no revenue and runs consistent, though relatively small, losses funded by a shrinking pool of cash and some new debt, with equity now slightly negative. Its prospects are tied almost entirely to the success of its bispecific antibody and ADC pipeline, and to its ability to move quickly as a “fast follower” in a highly competitive field. If the upcoming regulatory filings and early clinical data are positive, they could meaningfully change the company’s profile; if not, the combination of limited resources and intense competition will weigh heavily. Overall, this is a high‑uncertainty situation typical of micro‑cap biotech: financially constrained today, with future outcomes dominated by scientific and clinical milestones rather than current financial performance.

NEWS

November 17, 2025 · 4:15 PM UTC

Crescent Biopharma Announces Grants of Inducement Awards

Read more

November 6, 2025 · 7:30 AM UTC

Crescent Biopharma Reports Third Quarter 2025 Financial Results and Recent Business Highlights

Read more

November 5, 2025 · 7:30 AM UTC

Crescent Biopharma to Present at November Investor Conferences

Read more

November 4, 2025 · 9:05 AM UTC

Crescent Biopharma to Present Preclinical Data for CR-001, a PD-1 x VEGF Bispecific Antibody, at the Society for Immunotherapy of Cancer's (SITC) 40th Annual Meeting

Read more