On July 31, 2025 Crescent Biopharma, Inc. ("Crescent" or the "Company") (Nasdaq: CBIO), a biotechnology company dedicated to rapidly advancing the next wave of therapies for cancer patients, reported financial results for the second quarter ended June 30, 2025, and recent business highlights (Press release, Crescent Biopharma, JUL 31, 2025, View Source [SID1234654680]).

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"The second quarter of 2025 was momentous for Crescent. We bolstered our leadership team, completed our merger and began trading on Nasdaq while also closing a substantial financing with a premier group of healthcare investors that will support the advancement of our portfolio of next generation therapeutics for solid tumors to important inflection points," said Joshua Brumm, chief executive officer of Crescent. "Our lead program, CR-001, a PD-1 x VEGF bispecific antibody, is designed to transform the immuno-oncology standard of care, and we are on track to submit an IND by the end of 2025. This would enable dosing the first patients in our global Phase 1 trial in early 2026, with proof-of-concept data expected later that year. In addition, we expect the first of our two ADCs to enter the clinic in mid-2026. We have a tremendous opportunity ahead of us, and we remain focused on rapidly advancing our programs as we work toward delivering the next wave of treatments to those living with cancer."
Recent Business Highlights & Upcoming Milestones

Corporate
•Crescent appointed new leadership bringing experience in oncology drug development, clinical operations and building biotech companies, including Joshua Brumm as chief executive officer and member of the board of directors; Jonathan McNeill, M.D., as president and chief operating officer; Ellie Im, M.D., as chief medical officer; Rick Scalzo, MBA, as chief financial officer; Jan Pinkas, Ph.D., as chief scientific officer; Amy Reilly as chief communications officer; and Tanya Sengupta, MBA, as executive vice president, chief of strategy and operations.
•The Company appointed David Lubner to Crescent’s board of directors.
•Crescent completed its merger with GlycoMimetics, Inc. and began trading on the Nasdaq Capital Market on June 16, 2025, under the ticker symbol "CBIO." The Company also closed a previously announced private financing of $200 million in gross proceeds.

Pipeline
CR-001, a PD-1 x VEGF bispecific antibody
•Crescent’s lead program, CR-001, is a tetravalent PD-1 x VEGF bispecific antibody intentionally designed to replicate the cooperative pharmacology of ivonescimab, which demonstrated superior efficacy compared to the current market leader, pembrolizumab, in a large third-party Phase 3 trial in non-small cell lung cancer.1 Crescent remains on track to submit an Investigational New Drug (IND) application in the fourth quarter of 2025 and expects to report proof-of-concept clinical data from a global Phase 1 trial in patients with solid tumors in the second half of 2026.
CR-002 and CR-003, novel antibody-drug conjugates (ADCs)
•CR-002 and CR-003 are novel ADCs with topoisomerase inhibitor payloads that are being developed as single agents and in combination with CR-001. Crescent expects to submit an IND application for CR-002 in mid-2026.
Second Quarter 2025 Financial Results
Cash position: Cash was $152.6 million as of June 30, 2025, which is anticipated to fund operations through 2027.
Research and development (R&D) expenses: R&D expenses were $12.1 million for the three months ended June 30, 2025.
General and administrative (G&A) expenses: G&A expenses were $8.9 million for the three months ended June 30, 2025.
Net loss: Net loss was $21.8 million, or $4.93 per basic and diluted share, for the three months ended June 30, 2025.