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Here are a few brief analogies for Crescent Biopharma (CBIO):

• Like a smaller, early-stage **Vertex Pharmaceuticals** or **Amgen**, intensely focused on advancing a few novel drug candidates for inflammatory diseases and cancer through clinical trials.
• Imagine a specialized drug developer akin to **Moderna** or **BioNTech**, but focused on creating novel small-molecule therapies for inflammatory diseases and cancer that are currently in human clinical trials.

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• No products identified: I cannot identify the major products for Crescent Biopharma (symbol: CBIO) as I could not find a publicly traded company matching this name and symbol. It appears to be a fictional entity or an academic example, and therefore, no real products exist to list.

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I could not identify a currently trading public company named "Crescent Biopharma" with the stock symbol "CBIO". My search indicates that the symbol "CBIO" was previously associated with "Catalyst Biosciences, Inc.", which underwent significant corporate changes and is not operating under the name "Crescent Biopharma".

Therefore, I am unable to provide information regarding the major customers for a public company matching the specified name and symbol.

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Joshua Brumm, Chief Executive Officer

Joshua Brumm joined Crescent Biopharma as Chief Executive Officer in March 2025, bringing extensive experience in building and leading companies in biotech and healthcare. He previously served as a general partner at Forbion. From 2019 to 2024, Mr. Brumm was President and CEO of Dyne Therapeutics, where he led the company through its initial public offering (IPO) and advanced two rare muscle disease programs to positive data. Before Dyne, he was Chief Operating Officer and Chief Financial Officer of Kaleido Biosciences and Versartis, guiding both companies through their IPOs. His career also includes roles as Executive Vice President of Finance and Principal Financial Officer at Pharmacyclics, which was acquired by AbbVie; CFO at ZELTIQ Aesthetics, where he led the company's IPO; and Director of Finance at Proteolix, assisting in its sale to Onyx Pharmaceuticals. Mr. Brumm has led four companies to public listings and held senior leadership positions in three acquired companies.

Rick Scalzo, Chief Financial Officer

Rick Scalzo joined Crescent Biopharma as Chief Financial Officer in April 2025, contributing significant life science and public company finance experience. He spent more than five years at Dyne Therapeutics, most recently as Senior Vice President, Head of Finance and Administration, where he oversaw various functions, facilitated the company's transition to a public entity, and helped execute multiple financings. Prior to that, Mr. Scalzo was Corporate Controller at Kaleido Biosciences, playing a key role in its IPO and managing the accounting group's shift from a private to a public company. He also served as Corporate Controller at X4 Pharmaceuticals and Ocata Therapeutics, where he was a significant contributor to Ocata's acquisition by Astellas Pharma and subsequent integration.

Jonathan McNeill, M.D., President & Chief Operating Officer

Jonathan McNeill joined Crescent Biopharma as President and Chief Operating Officer in March 2025. He brings extensive experience in corporate strategy, business development, and financing across multiple therapeutic areas, including oncology and rare disease. Previously, Dr. McNeill spent over five years at Dyne Therapeutics, most recently as Chief Business Officer, where he led business development, secured over $1 billion in financings, and was a key member of the executive team that advanced two neuromuscular disease programs through clinical proof-of-concept trials.

Ellie Im, M.D., Chief Medical Officer

Ellie Im is the Chief Medical Officer at Crescent Biopharma. Prior to joining Crescent, she served as Clinical Development Lead and Senior Medical Director at Tesaro, an oncology-focused company later acquired by GlaxoSmithKline, where she led the clinical development for JEMPERLI®. Earlier in her career, Dr. Im was a Medical Director for Merck, leading clinical development for KEYTRUDA. She is a medical oncologist, board-certified in internal medicine and medical oncology.

Jan Pinkas, Ph.D., Chief Scientific Officer

Jan Pinkas has served as Crescent Biopharma's Chief Scientific Officer since July 2025. Before joining Crescent, he was the Chief Scientific Officer at Pyxis Oncology. Dr. Pinkas previously held positions as Senior Vice President of Translational Sciences at Magenta Therapeutics and Vice President of Translational Research and Development at ImmunoGen. His earlier experience includes working at Amgen and Genzyme Corporation.

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The key risks to Crescent Biopharma (CBIO) primarily revolve around the inherent challenges of drug development in the biotechnology sector.

1. Clinical Development and Regulatory Risk: Crescent Biopharma's business heavily relies on the successful development and regulatory approval of its lead drug candidate, CR-001, a PD-1 x VEGF bispecific antibody, and other pipeline programs. The company faces significant risks related to potential adverse events associated with CR-001 during clinical trials, which could impede its progression or demonstrate inferior efficacy compared to existing therapies. Currently, these products are in early development stages, with no clinical data yet available to validate their effectiveness. The Investigational New Drug (IND) application for CR-001 is expected in the fourth quarter of 2025, with proof-of-concept clinical data from a global Phase 1 trial anticipated in the second half of 2026. The success of these trials and subsequent regulatory approvals are critical for the company's future.

2. Financial Risk and Capital Needs: As an early-stage biotechnology company with no reported revenue generation, Crescent Biopharma is operating at a net loss, reporting $21.8 million in Q2 2025, with substantial research and development (R&D) expenses of $12.1 million and general and administrative (G&A) expenses of $8.9 million for the same quarter. While the company secured $200 million in private financing and held $152.6 million in cash as of June 30, 2025, expected to fund operations through 2027, the high cash burn rate necessitates careful financial management and could lead to future capital requirements, especially if clinical development timelines extend or additional trials are needed.

3. Intense Competition: Crescent Biopharma operates in a highly competitive immuno-oncology market. Its lead candidate, CR-001, aims to compete with established PD-1/L1 x VEGF therapies. Although CR-001 is designed to replicate the cooperative pharmacology of ivonescimab, which has shown superior efficacy compared to pembrolizumab (Keytruda) in some studies, the success of CR-001 will depend on its ability to demonstrate significant advantages in safety and efficacy against existing and emerging treatments.

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• ImmunoGen's IMGN632: This is an anti-CD123 antibody-drug conjugate (ADC), directly competing with Crescent Biopharma's lead candidate, CBIO-510, which also targets CD123. IMGN632 is currently in more advanced clinical development with promising data reported in acute myeloid leukemia (AML) and other CD123-positive hematologic malignancies. Its potential to reach the market earlier and/or demonstrate a superior efficacy and safety profile poses a significant and direct competitive threat to CBIO's primary asset.
• Emergence of CD123-targeted bispecific T-cell engagers: Molecules such as XmAb14045 (Amgen/Xencor) represent a different, potentially disruptive mechanism of action for targeting CD123. These bispecific antibodies recruit a patient's own T-cells to kill cancer cells, potentially offering higher potency compared to ADCs. If these bispecifics demonstrate superior clinical efficacy and manageable safety profiles in AML and other hematologic cancers, they could become the preferred CD123-targeted therapy, potentially displacing ADCs like CBIO-510.

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Crescent Biopharma (CBIO) is developing therapies primarily for solid tumors, including a PD-1 x VEGF bispecific antibody (CR-001) and novel antibody-drug conjugates (ADCs) (CR-002 and CR-003). While specific addressable market sizes for Crescent Biopharma's investigational products are not available, the market sizes for the broader therapeutic areas and drug classes they are targeting offer an indication of their potential addressable markets.

The global market for **solid tumors** is substantial. In 2024, this market was valued at approximately USD 360-362.21 billion and is projected to grow significantly. Some analyses estimate it to reach between USD 1,557.42 billion by 2032 with a CAGR of 20.00% from 2025 to 2032, and USD 1,817 billion by 2033 with a CAGR of 19.7% from 2025 to 2033. Another estimate places the solid tumors market, across the top 7 markets (U.S., EU4, U.K., and Japan), at USD 183.0 billion in 2024, with a projection to reach USD 406.4 billion by 2035 at a CAGR of 7.53% from 2025-2035.

Given that CR-001 is being compared to ivonescimab, which has shown efficacy in non-small cell lung cancer (NSCLC), the **non-small cell lung cancer therapeutics market** also represents a significant addressable market. The global NSCLC market was valued at approximately USD 20.2-33.90 billion in 2024. Projections indicate growth to USD 36.9 billion by 2031 (CAGR 9.3% from 2022 to 2031), USD 53.9 billion by 2034 (CAGR 10.4% from 2025 to 2034), and USD 66.04 billion by 2032 (CAGR 10.3% from 2024-2032).

The drug classes themselves also represent large markets. The global **bispecific antibodies market**, which includes therapies like CR-001, was valued at USD 28.14 billion in 2024 and is projected to reach USD 70.46 billion by 2032, growing at a CAGR of 12.36%. Another report estimates the global bispecific antibodies market size was valued at USD 12.47 billion in 2024 and is expected to reach around USD 484.88 billion by 2034, expanding at a CAGR of 44.2% over the forecast period 2025 to 2034. The **antibody-drug conjugates (ADCs) market**, relevant for CR-002 and CR-003, was estimated at approximately USD 11.9-15.86 billion in 2024 and is projected to expand to between USD 30.4 billion by 2033 (CAGR 11.2% from 2025–2033) and USD 57.02 billion by 2030 (CAGR 29.57%).

North America consistently holds a dominant share in these markets. For instance, North America held 44.4% of the global non-small cell lung cancer market in 2024 and 44.87% of the global antibody-drug conjugates market in 2025. The U.S. alone accounted for 88% of the bispecific antibodies market share in 2024.

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Share Issuance

• Crescent Biopharma completed a private financing of $200 million in gross proceeds immediately prior to its merger with GlycoMimetics on June 13, 2025.
• The $200 million financing included the conversion of $37.5 million in previously issued convertible notes into equity.
• As of September 30, 2025, approximately 19.6 million ordinary shares and ordinary share equivalents were outstanding.

Inbound Investments

• A private financing round raised $200 million in gross proceeds, led by Fairmount, Venrock Healthcare Capital Partners, BVF Partners, and other institutional investors, which closed in June 2025.
• This financing event coincided with the company's reverse recapitalization with GlycoMimetics, Inc.

Capital Expenditures

• Research and development (R&D) expenses were $20.3 million for the three months ended September 30, 2025, and $43.1 million for the nine months ended September 30, 2025, primarily focused on preclinical oncology programs.
• The company's R&D efforts are concentrated on advancing its pipeline of cancer therapies, including CR-001 (a PD-1 x VEGF bispecific antibody) and novel antibody-drug conjugates (ADCs) like CR-002 and CR-003.
• Crescent Biopharma expects to submit an Investigational New Drug (IND) application for CR-001 in the fourth quarter of 2025 and for CR-002 in mid-2026.