Crescent Biopharma (CBIO) Q3 2026 earnings summary

Executive summary

• Q3 2026 net loss was $37.7m; nine-month net loss was $85.8m as spending rose with clinical development.

• Cash and cash equivalents were $289.4m at September 30, 2026; cash was expected to fund operations into H2 2028.

• CR-001 completed dose escalation, with more than 125 patients dosed; first CR-001 and CR-003 data are expected in Q1 2027.

Financial highlights

• Q3 license revenue was $3.1m and nine-month revenue was $4.2m, recognized as control of initial CR-001 drug supply transferred to Kelun.

• Q3 R&D expense was $34.3m vs. $20.3m year over year; nine-month R&D was $71.6m vs. $43.1m.

• Q3 G&A expense was $8.7m vs. $5.5m year over year; nine-month G&A was $25.3m vs. $18.1m.

• Q3 operating loss was $39.9m and net loss was $37.7m; nine-month operating loss was $91.0m and net loss was $85.8m.

• Nine-month other income included a $1.8m gain on sale of legacy IP; interest income was $5.2m vs. $1.8m year over year.

Outlook and guidance

• Initial ASCEND monotherapy data are expected in Q1 2027, including preliminary ORR from up to 12 first-line NSCLC patients and safety, tolerability, PK and PD data from more than 125 patients.

• Initial ASCEND chemotherapy-combination data are targeted for Q2/Q3 2027; multiple Phase 3 trials may begin in early 2028, subject to results and regulatory interactions.

• Initial CR-002 APOLLO data are expected in H2 2027; CR-003 China proof-of-concept data are expected in Q1 2027.

• Initial Kelun sac-TMT combination data in NSCLC are expected in Q2/Q3 2027; a CR-001 and CR-003 combination study is expected to start in H1 2027.

• R&D and G&A expenses are expected to increase substantially as trials, manufacturing, pipeline development and public-company costs expand.