Crescent Biopharma (CBIO)
Market Price (4/15/2026): $19.52 | Market Cap: $594.3 MilSector: Health Care | Industry: Biotechnology
Crescent Biopharma (CBIO)
Market Price (4/15/2026): $19.52Market Cap: $594.3 MilSector: Health CareIndustry: Biotechnology
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -36% Megatrend and thematic driversMegatrends include Precision Medicine, and Biotechnology & Genomics. Themes include Biopharmaceutical R&D, Targeted Therapies, Show more. | Trading close to highsDist 52W High is 0.0%, Dist 3Y High is 0.0% Weak multi-year price returns2Y Excs Rtn is -10%, 3Y Excs Rtn is -46% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -156 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -1435% Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 73% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -30% Key risksCBIO key risks include [1] its heavy reliance on the success of its lead drug candidate, Show more. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -36% |
| Megatrend and thematic driversMegatrends include Precision Medicine, and Biotechnology & Genomics. Themes include Biopharmaceutical R&D, Targeted Therapies, Show more. |
| Trading close to highsDist 52W High is 0.0%, Dist 3Y High is 0.0% |
| Weak multi-year price returns2Y Excs Rtn is -10%, 3Y Excs Rtn is -46% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -156 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -1435% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 73% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -30% |
| Key risksCBIO key risks include [1] its heavy reliance on the success of its lead drug candidate, Show more. |
Qualitative Assessment
AI Analysis | Feedback
1. Significant advancements in Crescent Biopharma's oncology pipeline since late 2025 have driven investor optimism.
The company received IND clearances from the U.S. FDA for CR-001 (PD-1 x VEGF bispecific antibody) and from China's NMPA CDE for CR-003 (ITGB6-targeted ADC). This progress was further highlighted by the dosing of the first patient in the global ASCEND Phase 1/2 clinical trial for CR-001 on February 18, 2026, with Crescent Biopharma anticipating the initiation of four clinical trials across its portfolio in 2026.
2. A strengthened financial position provided a robust operational runway.
Crescent Biopharma announced on February 26, 2026, that it concluded 2025 with $213.2 million in cash and cash equivalents, significantly bolstered by a $185 million private placement completed in December 2025. This capital infusion is projected to fund the company's operations into 2028, substantially de-risking its ambitious clinical development programs.
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Stock Movement Drivers
Fundamental Drivers
The 64.6% change in CBIO stock from 12/31/2025 to 4/14/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 12312025 | 4142026 | Change |
|---|---|---|---|
| Stock Price ($) | 11.86 | 19.52 | 64.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | � | 11 | 0.0% |
| P/S Multiple | � | 54.8 | 0.0% |
| Shares Outstanding (Mil) | 17 | 30 | -45.7% |
| Cumulative Contribution | 0.0% |
Market Drivers
12/31/2025 to 4/14/2026| Return | Correlation | |
|---|---|---|
| CBIO | 64.6% | |
| Market (SPY) | -5.4% | -4.6% |
| Sector (XLV) | -3.9% | 11.1% |
Fundamental Drivers
The 64.2% change in CBIO stock from 9/30/2025 to 4/14/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 9302025 | 4142026 | Change |
|---|---|---|---|
| Stock Price ($) | 11.89 | 19.52 | 64.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | � | 11 | 0.0% |
| P/S Multiple | � | 54.8 | 0.0% |
| Shares Outstanding (Mil) | 4 | 30 | -87.3% |
| Cumulative Contribution | 0.0% |
Market Drivers
9/30/2025 to 4/14/2026| Return | Correlation | |
|---|---|---|
| CBIO | 64.2% | |
| Market (SPY) | -2.9% | 4.6% |
| Sector (XLV) | 7.4% | 10.8% |
Fundamental Drivers
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Market Drivers
3/31/2025 to 4/14/2026| Return | Correlation | |
|---|---|---|
| CBIO | ||
| Market (SPY) | 16.3% | 8.6% |
| Sector (XLV) | 3.3% | 18.6% |
Fundamental Drivers
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Market Drivers
3/31/2023 to 4/14/2026| Return | Correlation | |
|---|---|---|
| CBIO | ||
| Market (SPY) | 63.3% | 8.6% |
| Sector (XLV) | 20.4% | 18.6% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| CBIO Return | - | - | - | - | -25% | 53% | 15% |
| Peers Return | 17% | 27% | -12% | 115% | 11% | 10% | 244% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -0% | 81% |
Monthly Win Rates [3] | |||||||
| CBIO Win Rate | - | - | - | - | 57% | 50% | |
| Peers Win Rate | 57% | 45% | 42% | 47% | 48% | 60% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| CBIO Max Drawdown | - | - | - | - | -35% | -25% | |
| Peers Max Drawdown | -15% | -28% | -28% | -14% | -18% | -6% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: SMMT, MRK, PFE, GILD, REGN.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 4/14/2026 (YTD)
How Low Can It Go
CBIO has limited trading history. Below is the Health Care sector ETF (XLV) in its place.
| Event | XLV | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -16.1% | -25.4% |
| % Gain to Breakeven | 19.1% | 34.1% |
| Time to Breakeven | 599 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -28.8% | -33.9% |
| % Gain to Breakeven | 40.4% | 51.3% |
| Time to Breakeven | 116 days | 148 days |
| 2018 Correction | ||
| % Loss | -15.8% | -19.8% |
| % Gain to Breakeven | 18.8% | 24.7% |
| Time to Breakeven | 326 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -40.6% | -56.8% |
| % Gain to Breakeven | 68.3% | 131.3% |
| Time to Breakeven | 1,100 days | 1,480 days |
Compare to SMMT, MRK, PFE, GILD, REGN
In The Past
SPDR Select Sector Fund's stock fell -16.1% during the 2022 Inflation Shock from a high on 4/8/2022. A -16.1% loss requires a 19.1% gain to breakeven.
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About Crescent Biopharma (CBIO)
AI Analysis | Feedback
Here are a few analogies for GlycoMimetics, Inc. (CBIO):
- It's like a clinical-stage version of a major biotech firm such as Amgen or Gilead, focused on developing new types of drugs for cancers like leukemia.
- Think of it as a specialized drug developer, akin to an early-stage Genentech, but focused on unique 'sugar-mimicking' drugs to combat challenging blood cancers.
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Key Risks to the Business of Crescent Biopharma (symbol: CBIO)
- Clinical Trial Failure and Regulatory Approval Risk: Crescent Biopharma, as described in the background, is a clinical-stage biotechnology company with its key drug candidates, such as uproleselan, GMI-1359, GMI-1687, and galectin-3 antagonists, still in various stages of development. Uproleselan is in a Phase 3 trial for acute myeloid leukemia (AML). The failure of these clinical trials, especially the late-stage trial for uproleselan, or the inability to secure regulatory approval for any of its drug candidates, poses a significant risk to the company's future commercial viability.
- Reliance on a Limited Pipeline: The company's value is substantially concentrated in a small number of experimental drug candidates, with uproleselan being the most advanced. Should one or more of these programs fail to achieve successful clinical outcomes or regulatory approval, particularly uproleselan, it would have a disproportionately large and negative impact on the company's business prospects and financial performance.
- Dependence on Collaborative Agreements: The company relies on its cooperative research and development agreement with the National Cancer Institute and a collaboration and license agreement with Apollomics (Hong Kong) Limited for the development and commercialization of uproleselan and GMI-1687. The success and continuation of these partnerships are crucial for advancing these key assets. Any issues or termination of these agreements could hinder the development and potential commercialization of its drug candidates.
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Crescent Biopharma (symbol: CBIO) focuses on developing novel therapeutics for cancer patients, with its main products including CR-001, a PD-1 x VEGF bispecific antibody for advanced solid tumors, and CR-002 and CR-003, which are antibody-drug conjugates (ADCs) targeting oncology indications. The company was formed following a merger between GlycoMimetics, Inc. and Crescent Biopharma, Inc., with the combined entity now operating as Crescent Biopharma, Inc..
Addressable Markets for Crescent Biopharma's Main Products:
- Solid Tumors (for CR-001, CR-002, and CR-003): The global solid tumors market size was valued at approximately USD 362.21 billion in 2024 and is projected to reach about USD 1,557.42 billion by 2032, demonstrating a Compound Annual Growth Rate (CAGR) of 20.00% from 2025 to 2032. North America dominates this market due to the high prevalence of solid tumors and advancements in treatment.
- Bispecific Antibodies (for CR-001, a PD-1 x VEGF bispecific antibody): The global bispecific antibody market size was valued at around USD 31.17 billion in 2025 and is projected to grow to approximately USD 91.09 billion by 2034, at a CAGR of 12.80% during the forecast period. North America held the largest market share for bispecific antibodies in 2025. Another estimate places the global bispecific antibodies market at USD 8.93 billion in 2025, projected to reach USD 16.81 billion by 2035 with a 7.5% CAGR. PD-1 x VEGF bispecific antibodies are a key area within this market, with potential to challenge established immunotherapies.
- Antibody-Drug Conjugates (ADCs) (for CR-002 and CR-003): The global antibody drug conjugates market size was valued between USD 13.51 billion and USD 16.14 billion in 2025. This market is anticipated to reach a range of approximately USD 32.66 billion to USD 71.55 billion by 2031-2035, growing at a CAGR between 9.23% and 28.88% during the forecast periods. North America is a dominant region in the ADC market.
AI Analysis | Feedback
Crescent Biopharma (CBIO) is focused on advancing a pipeline of oncology therapeutics following its merger with GlycoMimetics, Inc. in June 2025. The company's future revenue growth over the next 2-3 years is expected to be driven by the following factors:
- Commercialization of CR-001: Crescent Biopharma's lead program, CR-001, a PD-1 x VEGF bispecific antibody, is currently in a Phase 1/2 clinical trial (ASCEND trial) for advanced solid tumors. The company anticipates proof-of-concept data for CR-001 in the first quarter of 2027. Successful clinical development and subsequent regulatory approval and launch of CR-001 would be a significant driver of product revenue.
- Milestone Payments and Royalties from Strategic Partnership with Kelun-Biotech for CR-003 (SKB105): Crescent Biopharma has an exclusive strategic partnership with Sichuan Kelun-Biotech Biopharmaceutical Co., Ltd. for the development and commercialization of antibody-drug conjugate (ADC) CR-003 (SKB105) in the U.S. and Europe. This partnership has already contributed to the company's revenue, with Crescent Biopharma reporting $10.8 million in Q4 2025. Further milestone payments associated with the development and regulatory progress of SKB105, along with future royalties from its commercial sales, are expected to be key revenue drivers.
- Advancement and Potential Commercialization of Other Antibody-Drug Conjugates (ADCs): Beyond CR-003, Crescent Biopharma is actively developing other novel ADCs, such as CR-002, as single agents and in combination with CR-001. The successful progression of these candidates through clinical trials and their eventual market introduction could establish new revenue streams for the company.
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Share Issuance
- In connection with its merger with Crescent Biopharma, GlycoMimetics issued approximately 1,430,841,779 shares of common stock, 278,010,526 pre-funded warrants, and 308,384 shares of Series A Preferred Stock as of May 3, 2025, prior to a reverse stock split.
- On June 5, 2025, GlycoMimetics executed a 1-for-100 reverse stock split, reducing its outstanding common stock from approximately 64.5 million shares to 0.6 million shares.
- Following the merger and reverse stock split in June 2025, the combined company had approximately 19.5 million shares of common stock and common stock equivalents outstanding.
Inbound Investments
- GlycoMimetics received an upfront cash payment of $9 million from Apollomics for an exclusive collaboration and license agreement for uproleselan and GMI-1687 in Greater China. This agreement, signed in January 2020, also made GlycoMimetics eligible for potential milestone payments totaling approximately $180 million, though the agreement was terminated in February 2025.
- Immediately prior to its merger with GlycoMimetics in June 2025, Crescent Biopharma completed a private financing of $200 million in gross proceeds from a syndicate of healthcare-focused investors. This financing included the conversion of $37.5 million in previously issued convertible notes.
Outbound Investments
- In September 2024, GlycoMimetics sold its rivipansel program to Biossil Inc. for approximately $1 million in cash.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Crescent Biopharma Stock On Fire: Up 86% With 7-Day Winning Streak | 04/03/2026 | |
| Crescent Biopharma Stock Rockets 85% With 6-Day Winning Streak | 04/02/2026 |
| Title | |
|---|---|
| ARTICLES |
Trade Ideas
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| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 03312026 | PGNY | Progyny | Dip Buy | DB | FCF Yield | Low D/EDip Buy with High Free Cash Flow YieldBuying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap | 0.0% | 0.0% | 0.0% |
| 03272026 | CNC | Centene | Dip Buy | DB | FCF Yield | Low D/EDip Buy with High Free Cash Flow YieldBuying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap | 2.3% | 2.3% | -0.6% |
| 03272026 | OSCR | Oscar Health | Dip Buy | DB | FCF Yield | Low D/EDip Buy with High Free Cash Flow YieldBuying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap | 3.0% | 3.0% | -2.6% |
| 03202026 | WAT | Waters | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | -0.4% | -0.4% | -3.3% |
| 03202026 | GILD | Gilead Sciences | Quality | Q | Momentum | UpsideQuality Stocks with Momentum and UpsideBuying quality stocks with strong momentum but still having room to run | 1.6% | 1.6% | -2.2% |
Research & Analysis
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Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 73.53 |
| Mkt Cap | 116.0 |
| Rev LTM | 21,892 |
| Op Inc LTM | 7,700 |
| FCF LTM | 9,075 |
| FCF 3Y Avg | 7,901 |
| CFO LTM | 10,019 |
| CFO 3Y Avg | 9,618 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 1.2% |
| Rev Chg 3Y Avg | 2.9% |
| Rev Chg Q | 3.6% |
| QoQ Delta Rev Chg LTM | 0.9% |
| Op Mgn LTM | 27.8% |
| Op Mgn 3Y Avg | 26.2% |
| QoQ Delta Op Mgn LTM | 0.0% |
| CFO/Rev LTM | 29.7% |
| CFO/Rev 3Y Avg | 30.2% |
| FCF/Rev LTM | 22.6% |
| FCF/Rev 3Y Avg | 23.6% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 116.0 |
| P/S | 5.4 |
| P/EBIT | 14.0 |
| P/E | 16.8 |
| P/CFO | 15.6 |
| Total Yield | 6.7% |
| Dividend Yield | 1.4% |
| FCF Yield 3Y Avg | 5.1% |
| D/E | 0.1 |
| Net D/E | 0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 3.3% |
| 3M Rtn | 13.8% |
| 6M Rtn | 26.1% |
| 12M Rtn | 32.2% |
| 3Y Rtn | 18.8% |
| 1M Excs Rtn | -1.8% |
| 3M Excs Rtn | 13.1% |
| 6M Excs Rtn | 21.4% |
| 12M Excs Rtn | 4.6% |
| 3Y Excs Rtn | -49.4% |
Price Behavior
| Market Price | $19.52 | |
| Market Cap ($ Bil) | 0.6 | |
| First Trading Date | 01/10/2014 | |
| Distance from 52W High | 0.0% | |
| 50 Days | 200 Days | |
| DMA Price | $17.66 | $17.66 |
| DMA Trend | up | up |
| Distance from DMA | 10.5% | 10.5% |
| 3M | 1YR | |
| Volatility | 96.1% | 79.9% |
| Downside Capture | -1.42 | -0.11 |
| Upside Capture | 2.64 | 17.43 |
| Correlation (SPY) | -2.7% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.21 | 0.74 | -0.26 | 0.26 | -0.50 | -0.37 |
| Up Beta | 7.79 | 2.29 | 3.38 | 1.59 | -0.94 | -0.40 |
| Down Beta | -3.83 | -0.85 | -1.12 | 0.13 | 0.39 | 0.53 |
| Up Capture | 162% | 235% | -37% | 16% | 8% | 1% |
| Bmk +ve Days | 7 | 16 | 27 | 65 | 139 | 424 |
| Stock +ve Days | 12 | 19 | 27 | 59 | 88 | 88 |
| Down Capture | -38% | -36% | -97% | -9% | 44% | 27% |
| Bmk -ve Days | 12 | 23 | 33 | 58 | 110 | 323 |
| Stock -ve Days | 10 | 21 | 34 | 64 | 104 | 104 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CBIO | |
|---|---|---|---|---|
| CBIO | 25.8% | 80.1% | 0.69 | - |
| Sector ETF (XLV) | 11.9% | 16.0% | 0.52 | 18.5% |
| Equity (SPY) | 24.2% | 12.9% | 1.49 | 8.4% |
| Gold (GLD) | 53.4% | 27.6% | 1.55 | 5.4% |
| Commodities (DBC) | 26.8% | 16.2% | 1.47 | -7.7% |
| Real Estate (VNQ) | 18.7% | 13.8% | 1.00 | 6.4% |
| Bitcoin (BTCUSD) | -6.8% | 42.9% | -0.05 | 5.5% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CBIO | |
|---|---|---|---|---|
| CBIO | 4.7% | 80.1% | 0.69 | - |
| Sector ETF (XLV) | 6.6% | 14.6% | 0.27 | 18.5% |
| Equity (SPY) | 11.1% | 17.0% | 0.50 | 8.4% |
| Gold (GLD) | 22.5% | 17.8% | 1.03 | 5.4% |
| Commodities (DBC) | 11.7% | 18.8% | 0.51 | -7.7% |
| Real Estate (VNQ) | 3.9% | 18.8% | 0.11 | 6.4% |
| Bitcoin (BTCUSD) | 5.8% | 56.5% | 0.32 | 5.5% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CBIO | |
|---|---|---|---|---|
| CBIO | 2.3% | 80.1% | 0.69 | - |
| Sector ETF (XLV) | 9.9% | 16.5% | 0.49 | 18.5% |
| Equity (SPY) | 14.0% | 17.9% | 0.67 | 8.4% |
| Gold (GLD) | 14.3% | 15.9% | 0.75 | 5.4% |
| Commodities (DBC) | 8.8% | 17.6% | 0.42 | -7.7% |
| Real Estate (VNQ) | 5.4% | 20.7% | 0.23 | 6.4% |
| Bitcoin (BTCUSD) | 67.7% | 66.9% | 1.07 | 5.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/6/2025 | 5.4% | 5.0% | 6.0% |
| 6/18/2025 | 2.6% | 15.6% | -10.8% |
| SUMMARY STATS | |||
| # Positive | 2 | 2 | 1 |
| # Negative | 0 | 0 | 1 |
| Median Positive | 4.0% | 10.3% | 6.0% |
| Median Negative | -10.8% | ||
| Max Positive | 5.4% | 15.6% | 6.0% |
| Max Negative | -10.8% | ||
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Fairmount, Funds Management Llc | Fairmount Healthcare Fund II L.P. | Buy | 12082025 | 13.41 | 1,360,000 | 18,237,600 | 36,848,883 | Form |
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