Crescent Biopharma, Inc.

What they do

Crescent Biopharma is focused on developing CR-001 (also known as SKB118), a tetravalent bispecific antibody designed to bind PD-1 and VEGF, which it believes has the potential to replace pembrolizumab (Keytruda) as an immuno-oncology backbone. The company is also building a portfolio of antibody drug conjugates (ADCs), including CR-002 (a PD-L1-targeted ADC) and CR-003 (an ITGB6-targeted ADC). It has no approved products and has not generated any product revenue.

Revenue drivers

• CR-001 (PD-1 x VEGF bispecific antibody) — Clinical-stage product candidate with no current revenue; potential future revenue depends on successful development and commercialization.
• CR-002 (PD-L1-targeted ADC) — Preclinical/clinical-stage candidate, IND preparation ongoing; no revenue currently.
• CR-003 (ITGB6-targeted ADC) — Phase 1/2 trial ongoing in China; no revenue currently.

Recent performance

For the second quarter ended June 30, 2026, the company reported zero revenue and held $171.6 million in cash and equivalents. Full-year 2025 revenue was $10.8 million, with net income of $153,942 and operating cash flow of -$71.5 million. The company has incurred net losses in most years, including -$46.7 million in 2022 and -$63.4 million in 2021. Recent quarterly revenues were $1.0 million in Q1 2026 and $0 in Q2 2026.

Strategy

Crescent is executing on two strategies: developing CR-001 to potentially replace Keytruda as a foundational immuno-oncology therapy, and building a portfolio of best-in-class ADCs. The company intends to combine CR-001 with ADC therapies to create synergistic combinations. It has a strategic collaboration with Kelun-Biotech, granting exclusive rights to CR-001 in Greater China, and is advancing multiple clinical trials. The company completed a $143.7 million public offering in July 2026, extending its cash runway into the second half of 2028.

Risks

• Clinical-stage risk — No products approved; CR-001 has no clinical data in cancer patients, and the ASCEND trial may not produce comparable results to ivonescimab.
• Capital requirements — The company expects to incur significant losses and will need substantial additional capital; funding may not be available on acceptable terms.
• Dependence on collaboration — A key component of the strategy relies on the Kelun-Biotech collaboration, which may not yield expected results or revenue.
• Competition — Faces intense competition from established checkpoint inhibitors like Keytruda and other bispecific antibodies (e.g., ivonescimab).

Outlook

Management expects proof-of-concept data from the ASCEND trial in Q1 2027, initial data from CR-001 with chemotherapy by mid-2027, and initial data from the CR-001 + sac-TMT Phase 2 trial in mid-2027. CR-002 global Phase 1/2 trial is on track to initiate in the second half of 2026. The company believes its cash runway extends into the second half of 2028, beyond key catalysts.