Crescent Biopharma (CBIO) Morgan Stanley 24th Annual Global Healthcare Conference summary

Strategic vision and portfolio overview

• Focus on synergistic combinations in oncology, with a two-pronged approach: a PD-1/VEGF bispecific (CR-001) and a portfolio of ADCs, including CR-002 and CR-003.

• Partnership with Kelun-Biotech enables global development and data sharing for ADC and PD-1/VEGF combinations.

• By end of the year, three programs will be in the clinic, with major data readouts expected in 2027.

Clinical development and data strategy

• ASCEND global phase I/II trial for CR-001 covers eight tumor types, with dose escalation and backfill cohorts for efficient data generation.

• Initial data set in Q1 2027 will include safety, PK, pharmacodynamics, and efficacy data from a triple-digit patient population.

• Expansion cohorts will combine CR-001 with standard chemotherapies, with further data on ADC combinations expected from mid-2027.

• Data will inform selection of indications for registration studies and potential phase III starts by mid-2027.

Differentiation and competitive landscape

• CR-001 designed to replicate ivonescimab’s cooperative pharmacology, leveraging positive phase III data from similar agents.

• Global data generation addresses concerns about geographic differences in efficacy and safety.

• Competitive intelligence and external data from other PD-1/VEGF and ADC programs guide development strategy.