Crescent Biopharma (CBIO) Stifel 2026 Targeted Oncology Virtual Forum summary

Strategic focus and portfolio development

• Advancing a matrix portfolio centered on next-generation IO agents and ADCs, with a focus on synergistic combinations, including CR-001 (PD-1/VEGF bispecific), CR-002 (PD-L1 TOPO ADC), and CR-003 (integrin beta-6 TOPO ADC).

• Partnership with Kelun accelerates development, providing access to a broad ADC portfolio and data, supporting both monotherapy and combination strategies.

• The strategy aims for both best-in-class and first-in-class opportunities across multiple indications, leveraging internal development and external collaborations.

• Over the past 12–15 months, the company has focused on building its pipeline and establishing leadership in the field.

Clinical development and data strategy

• The global phase I/II ASCEND trial for CR-001 is designed to generate comprehensive data, inform phase II dosing, and guide registration-enabling studies.

• Initial data from ASCEND is expected in Q1 2027, focusing on first-line non-small cell lung cancer monotherapy, with further expansion cohorts and combination data to follow.

• Three main data buckets will inform future strategy: monotherapy efficacy, combination with standard chemo, and combinations with ADCs from the Kelun portfolio.

• Data-driven indication selection will be balanced with competitive landscape analysis to maximize probability of success and market opportunity.

Industry context and competitive landscape

• The field is rapidly evolving, with frequent data releases from competitors; PD-1/VEGF bispecifics are seen as a potential next-generation IO backbone.

• Upcoming ASCO data, especially from Akeso's HARMONi-6 and Pfizer's integrin beta-6 ADC, are viewed as highly relevant for validating the class and informing strategy.

• A clinically meaningful OS benefit in HARMONi-6 would be seen as a new standard of care and highly validating for the field.

• The company is positioned to benefit from both positive and negative competitor outcomes, with flexibility to pivot as needed.