Crescent Biopharma (CBIO) Q1 2026 earnings summary

Executive summary

• Advanced oncology pipeline with lead programs CR-001 (PD-1 x VEGF bispecific antibody), CR-002 (PD-L1-directed ADC), and CR-003 (integrin beta-6 ADC), including global Phase 1/2 ASCEND trial for CR-001 and strategic licensing agreements with Kelun.

• First patient dosed in CR-001 ASCEND trial in February 2026; global trial ongoing in multiple solid tumors.

• Strategic licensing agreements with Kelun for CR-001 in Greater China and SKB105 (CR-003) outside Greater China; $20M upfront payment received.

• Multiple key clinical data readouts anticipated starting Q1 2027, including proof-of-concept data for CR-001 and CR-003.

• Closed $185M private placement in December 2025; cash and cash equivalents of $189.2M as of March 31, 2026.

Financial highlights

• Q1 2026 revenue of $1.0M, driven by initial supply transfer of CR-001 to Kelun and a $20M upfront payment.

• Net loss of $23.3M ($0.70 per share) for Q1 2026, compared to $15.1M in Q1 2025.

• R&D expenses increased to $17.9M (up $7.3M year-over-year), driven by pipeline advancement and hiring.

• G&A expenses rose to $7.9M (up $4.3M year-over-year), reflecting increased headcount and public company costs.

• Cash and cash equivalents totaled $189.2M as of March 31, 2026, with liabilities reduced to $15.3M.

Outlook and guidance

• Existing cash expected to fund operations for at least 12 months from March 31, 2026, with some projections extending runway into 2028.

• Proof-of-concept data from ASCEND trial for CR-001 expected in Q1 2027; initial combination data with chemotherapy and ADCs anticipated mid-2027.

• IND submission for CR-002 planned for mid-2026, with clinical entry in H2 2026 and data in H2 2027.

• Phase 1/2 combination trial of CR-003 and CR-001 to start in H1 2027, with initial data by year-end 2027.

• Anticipates continued substantial losses as clinical programs advance and headcount grows.