Crescent Biopharma (CBIO) Q2 2026 earnings summary

Executive summary

• Focused on developing oncology therapeutics, with lead programs CR-001 (PD-1 x VEGF bispecific antibody), CR-002 (PD-L1-directed ADC), and CR-003 (integrin beta-6-directed ADC); enrollment is progressing in multiple global Phase 1/2 trials targeting various solid tumors.

• Initiated global Phase 1/2 trial for CR-001 and a Phase 1/2 trial for CR-003 in China; CR-002 monotherapy trial planned for H2 2026.

• Entered major licensing and collaboration agreements with Kelun for CR-001 and SKB105 (CR-003), and with Paragon for CR-001 and CR-002; strategic collaboration with Kelun-Biotech for development and commercialization in Greater China.

• Key clinical data readouts are anticipated beginning in Q1 2027, with several combination and monotherapy studies underway.

• Completed reverse recapitalization and redomestication to the Cayman Islands in June 2025.

Financial highlights

• Net loss of $24.8 million for Q2 2026 and $48.1 million for the six months ended June 30, 2026, compared to $21.8 million and $36.9 million for the same periods in 2025.

• Revenue of $1.0 million for the six months ended June 30, 2026, from the transfer of initial supply of CR-001 to Kelun.

• Research and development expenses increased to $19.4 million for Q2 2026, up from $12.1 million in Q2 2025, driven by pipeline development and increased headcount.

• Cash and cash equivalents of $171.6 million as of June 30, 2026; pro forma cash was $305.1 million after the July 2026 offering.

• Raised $143.7 million in gross proceeds ($133.5 million net) from a public offering in July 2026.

Outlook and guidance

• Existing cash and July 2026 offering proceeds expected to fund operations into the second half of 2028.

• Anticipates continued increase in R&D and G&A expenses as clinical programs advance and company grows.

• Initial clinical data from CR-001 expected in Q1 2027; combination data with standard chemotherapy expected mid-2027; proof-of-concept data for CR-001, CR-002, and CR-003 anticipated in 2027.