CBIO · CRESCENT BIOPHARMA, INC.
Crescent Biopharma, Inc., a biotechnology company, researches and develops cancer therapy candidates in the United States. Its pipeline includes CR-001, which is in Phase 3 clinical trial, a proprietary anti-PD-1/anti-VEGF bispecific antibody to treat solid tumors; and CR-002, and CR-003. The company has a strategic partnership with Sichuan Kelun-Biotech Biopharmaceutical Co., Ltd. for the development and commercialization of oncology therapeutics. The company was formerly known as GlycoMimetics, Inc. The company was founded in 2024 and is headquartered in Waltham, Massachusetts.
Cap structure and valuation
| Cap structure | |
|---|---|
| SP | $15.05 |
| SO | 27.6M |
| Options | 6.3M |
| Warrants | 0.0M |
| FD SO | 33.9M |
| MC | $510.1M |
| Cash | $189.2M |
| Total debt | — |
| EV | $320.9M |
| TTM Multiples | |
|---|---|
| EV / Revenue | — |
| EV / EBITDA | — |
| MC / Net Income | — |
| EV / FCF | — |
| MC / FCF | — |
| Ownership & coverage | |
|---|---|
| Institutional | 75.2% |
| Insiders | 0.4% |
| # Institutions | 79 |
| Analysts | 5 |
| Consensus | Strong Buy |
| Avg target | $31.00 |
| Short % float | 30.4% |
| Days to cover | 10.07 |
MC = SP × FD SO. EV = MC + Debt − Cash. SP = previous yfinance close. Balance-sheet figures as of 2026-04-24. Multiples use TTM (sum of last 4 quarters); shown as "—" when the denominator is zero or negative, or when fewer than four quarters are reported — a partial sum is not a trailing twelve months. Ownership & coverage per Yahoo Finance as of 2026-07-21 — institutional % is 13F-based, so it can lag a quarter and exceed 100% on share-count timing. Short interest per FINRA bi-monthly reporting, as of 2026-06-30; the float denominator can be unreliable on tiny floats.
Financial statements
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Total Revenue | 1.04 | — | — | — |
| SG&A | 7.87 | 7.31 | 5.54 | 8.95 |
| R&D | 17.90 | 95.03 | 20.35 | 12.08 |
| Operating Income | (24.73) | (91.49) | (25.89) | (21.03) |
| Operating Income YoY % | (73.9%) | (1147.7%) | (130.4%) | (103.0%) |
| Operating Margin % | (2380.1%) | — | — | — |
| EBITDA | (24.66) | (91.44) | (25.86) | (21.03) |
| EBITDA Margin % | (2373.9%) | — | — | — |
| Interest Expense | 0.00 | 0.00 | 0.00 | 1.07 |
| Other Income / (Expense) | 1.45 | 70.19 | 1.28 | — |
| Pretax Income | (23.28) | (21.30) | (24.61) | (21.79) |
| Tax Provision | 0.00 | 2.00 | 0.00 | 0.00 |
| Net Income | (23.28) | (23.30) | (24.61) | (21.79) |
| Net Margin % | (2240.9%) | — | — | — |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Total Revenue | 11.88 | 10.84 | — | 0.01 | 0.07 |
| Revenue YoY % | 9.6% | — | — | (86.7%) | — |
| SG&A | 29.66 | 25.39 | 18.25 | 19.21 | 19.09 |
| R&D | 145.36 | 138.09 | 14.26 | 20.07 | 28.39 |
| Operating Income | (163.14) | (152.63) | (40.04) | (39.28) | (47.40) |
| Operating Income YoY % | (6.9%) | (281.2%) | (1.9%) | 17.1% | — |
| Operating Margin % | (1372.9%) | (1407.5%) | — | (392752.9%) | (63204.4%) |
| EBITDA | (162.99) | (152.55) | (40.00) | (39.12) | (47.20) |
| EBITDA Margin % | (1371.6%) | (1406.8%) | — | (391219.9%) | (62928.2%) |
| Interest Expense | 1.07 | 2.19 | — | — | — |
| Other Income / (Expense) | 73.23 | 156.97 | 2.16 | 2.38 | 0.71 |
| Pretax Income | (90.98) | 2.15 | (37.88) | (36.90) | (46.69) |
| Tax Provision | 2.00 | 2.00 | — | — | — |
| Net Income | (92.98) | 0.15 | (37.88) | (36.90) | (46.69) |
| Net Income to Common | (92.98) | 0.15 | 0.04 | 0.04 | (46.69) |
| Net Margin % | (782.5%) | 1.4% | — | (368994.2%) | (62251.7%) |
| Diluted EPS | — | — | -$0.59 | -$0.58 | -$0.89 |
| Basic EPS | — | — | -$0.59 | -$0.58 | -$0.89 |
| Diluted Avg Shares | — | — | 64.5 | 63.3 | 52.5 |
| Basic Avg Shares | — | — | 64.5 | 63.3 | 52.5 |
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Cash & Equivalents | 189.16 | 213.19 | 133.26 | 152.75 |
| Receivables | 0.00 | 18.00 | — | — |
| Other Current Assets | 6.40 | 5.46 | 1.30 | 1.48 |
| Total Current Assets | 195.56 | 236.66 | 134.56 | 154.23 |
| Net PPE | 0.93 | 0.85 | 0.78 | 0.19 |
| Operating Lease ROU | 1.37 | 1.47 | 1.56 | 1.61 |
| Other Assets | 1.27 | 1.32 | 1.36 | 1.41 |
| Total Assets | 199.13 | 240.29 | 138.27 | 157.43 |
| Current Lease Liabilities | 0.45 | 0.43 | 0.42 | 0.21 |
| Other Current Liabilities | 13.74 | 35.64 | 19.89 | 16.54 |
| Total Current Liabilities | 14.19 | 36.07 | 20.30 | 16.75 |
| Long-term Lease Liabilities | 1.09 | 1.21 | 1.32 | 1.43 |
| Total Liabilities | 15.28 | 37.28 | 21.63 | 18.18 |
| Retained Earnings | (195.09) | (171.81) | (79.41) | (54.80) |
| Total Equity | 183.85 | 203.01 | 116.64 | 139.25 |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Cash & Equivalents | 189.16 | 213.19 | 34.77 | 41.79 | 47.87 |
| Receivables | 0.00 | 18.00 | 0.00 | — | — |
| Other Current Assets | 6.40 | 5.46 | — | 2.00 | 2.84 |
| Total Current Assets | 195.56 | 236.66 | 34.80 | 43.79 | 50.71 |
| Net PPE | 0.93 | 0.85 | 0.00 | — | 0.24 |
| Operating Lease ROU | 1.37 | 1.47 | 0.00 | 0.77 | 0.75 |
| Other Assets | 1.27 | 1.32 | 0.81 | 0.76 | — |
| Total Assets | 199.13 | 240.29 | 35.62 | 45.32 | 51.81 |
| Accounts Payable | — | — | 0.33 | 0.87 | 0.97 |
| Current Lease Liabilities | 0.45 | 0.43 | 0.00 | 0.74 | 0.92 |
| Other Current Liabilities | 13.74 | 35.64 | 9.28 | 5.23 | 6.99 |
| Total Current Liabilities | 14.19 | 36.07 | 9.61 | 6.84 | 8.88 |
| Long-term Lease Liabilities | 1.09 | 1.21 | 0.00 | 0.07 | — |
| Other Liabilities | — | — | 37.48 | — | — |
| Total Liabilities | 15.28 | 37.28 | 47.10 | 6.90 | 8.88 |
| Retained Earnings | (195.09) | (171.81) | (17.87) | (456.49) | (419.59) |
| Total Equity | 183.85 | 203.01 | (11.48) | 38.41 | 42.93 |
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Net Income | (23.28) | (23.30) | (24.61) | (21.79) |
| D&A | 0.06 | 0.05 | 0.03 | 0.00 |
| Stock-Based Comp | 4.11 | 4.75 | 1.99 | 5.34 |
| Δ Working Cap & Other | 10.17 | (8.24) | 5.05 | 0.05 |
| Operating Cash Flow | (8.94) | (26.74) | (17.54) | (16.40) |
| CapEx | (0.15) | (0.19) | (0.59) | (0.14) |
| Other Investing | (8.00) | (72.00) | — | — |
| Investing Cash Flow | (8.15) | (72.19) | (0.59) | (0.14) |
| Other Financing | (6.95) | 178.86 | (1.25) | 146.86 |
| Financing Cash Flow | (6.95) | 178.86 | (1.25) | 146.86 |
| Free Cash Flow | (9.08) | (26.93) | (18.12) | (16.54) |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Net Income | (92.98) | 0.15 | (37.88) | (36.90) | (46.69) |
| D&A | 0.15 | 0.08 | 0.04 | 0.15 | 0.21 |
| Stock-Based Comp | 16.18 | 13.30 | 4.70 | 3.52 | 3.86 |
| Δ Working Cap & Other | 7.03 | (85.07) | 2.05 | (1.66) | (3.83) |
| Operating Cash Flow | (69.62) | (71.53) | (31.10) | (34.88) | (46.46) |
| CapEx | (1.07) | (0.92) | (0.01) | (0.02) | (0.08) |
| Other Investing | (80.00) | (72.00) | — | — | — |
| Investing Cash Flow | (81.07) | (72.92) | 0.02 | (0.02) | (0.08) |
| Stock Issuance | — | 0.00 | — | 28.71 | 4.16 |
| Other Financing | 317.52 | 322.98 | — | — | — |
| Financing Cash Flow | 317.52 | 322.98 | 0.01 | 28.82 | 4.16 |
| Free Cash Flow | (70.68) | (72.45) | (31.11) | (34.90) | (46.54) |
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Current Ratio | 13.78 | 6.56 | 6.63 | 9.21 |
| Quick Ratio | — | — | — | — |
| Debt / Equity | 0.08 | 0.18 | 0.19 | 0.13 |
| EBITDA Margin % | (2373.9%) | — | — | — |
| Working Capital | 181.37 | 200.58 | 114.26 | 137.48 |
| Net Debt | — | — | — | — |
| ROE % | (12.7%) | (11.5%) | (21.1%) | (15.6%) |
| ROA % | (11.7%) | (9.7%) | (17.8%) | (13.8%) |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Current Ratio | 13.78 | 6.56 | 3.62 | 6.41 | 5.71 |
| Quick Ratio | — | — | — | — | — |
| Debt / Equity | 0.08 | 0.18 | -4.10 | 0.18 | 0.21 |
| EBITDA Margin % | (1371.6%) | (1406.8%) | — | (391219.9%) | (62928.2%) |
| Working Capital | 181.37 | 200.58 | 25.19 | 36.96 | 41.83 |
| Net Debt | — | — | — | — | — |
| ROE % | (50.6%) | 0.1% | 330.0% | (96.1%) | (108.8%) |
| ROA % | (46.7%) | 0.1% | (106.4%) | (81.4%) | (90.1%) |
Insider activity (last 2 years)
| Date Filed | Reporter | Relationship | Trans. Date | Code | Shares | Price | Total Value |
|---|---|---|---|---|---|---|---|
| 2026-07-20 | Fairmount Funds Management LLC | Director, 10% Owner | 2026-07-16 | P | 853,450 | $14.50 | $12,375,025 |
| 2026-07-20 | Fairmount Funds Management LLC | Director, 10% Owner | 2026-07-16 | P | 525,897 | $14.50 | $7,624,981 |
| 2026-06-23 | Lynch Ryan | Officer (See Remarks) | 2026-06-22 | S | (465) | $17.99 | -$8,365 |
| 2026-06-23 | Pinkas Jan | Officer (Chief Scientific Officer) | 2026-06-22 | S | (1,288) | $17.99 | -$23,171 |
| 2026-06-23 | Scalzo Richard William | Officer (Chief Financial Officer) | 2026-06-22 | S | (1,112) | $17.99 | -$20,005 |
| 2026-06-23 | Bispham Barbara Harlin | Officer (See Remarks) | 2026-06-22 | S | (1,218) | $17.99 | -$21,912 |
| 2026-06-23 | Im Ellie Eunkyung | Officer (Chief Medical Officer) | 2026-06-22 | S | (1,219) | $17.99 | -$21,930 |
| 2026-06-23 | McNeill Jonathan | Officer (President and COO) | 2026-06-22 | S | (20,549) | $17.99 | -$369,677 |
| 2026-06-23 | Brumm Joshua T | Director, Officer (Chief Executive Officer) | 2026-06-22 | S | (42,305) | $17.99 | -$761,067 |
| 2026-06-03 | Violin Jonathan | Director | 2026-06-02 | A | 11,050 | — | $0 |
| 2026-06-03 | Lubner David Charles | Director | 2026-06-02 | A | 11,050 | — | $0 |
| 2026-06-03 | Balcom Alexandra | Director | 2026-06-02 | A | 11,050 | — | $0 |
| 2026-06-03 | Moran Susan | Director | 2026-06-02 | A | 11,050 | — | $0 |
| 2026-06-03 | Fairmount Funds Management LLC | Director, 10% Owner | 2026-06-02 | A | 11,050 | — | $0 |
| 2025-12-17 | Pinkas Jan | Officer (Chief Scientific Officer) | 2025-12-15 | A | 17,507 | — | $0 |
| 2025-12-17 | Pinkas Jan | Officer (Chief Scientific Officer) | 2025-12-15 | A | 5,000 | — | $0 |
| 2025-12-17 | Pinkas Jan | Officer (Chief Scientific Officer) | 2025-12-15 | A | 70,025 | — | $0 |
| 2025-12-17 | Doughty Christopher Grant | Officer (Chief Business Officer) | 2025-12-15 | A | 14,714 | — | $0 |
| 2025-12-17 | Doughty Christopher Grant | Officer (Chief Business Officer) | 2025-12-15 | A | 8,000 | — | $0 |
| 2025-12-17 | Doughty Christopher Grant | Officer (Chief Business Officer) | 2025-12-15 | A | 58,855 | — | $0 |
| 2025-12-17 | Brumm Joshua T | Director, Officer (Chief Executive Officer) | 2025-12-15 | A | 45,117 | — | $0 |
| 2025-12-17 | Brumm Joshua T | Director, Officer (Chief Executive Officer) | 2025-12-15 | A | 10,000 | — | $0 |
| 2025-12-17 | Brumm Joshua T | Director, Officer (Chief Executive Officer) | 2025-12-15 | A | 180,467 | — | $0 |
| 2025-12-17 | Scalzo Richard William | Officer (Chief Financial Officer) | 2025-12-15 | A | 14,422 | — | $0 |
| 2025-12-17 | Scalzo Richard William | Officer (Chief Financial Officer) | 2025-12-15 | A | 5,000 | — | $0 |
| 2025-12-17 | Scalzo Richard William | Officer (Chief Financial Officer) | 2025-12-15 | A | 57,688 | — | $0 |
| 2025-12-17 | McNeill Jonathan | Officer (President and COO) | 2025-12-15 | A | 19,507 | — | $0 |
| 2025-12-17 | McNeill Jonathan | Officer (President and COO) | 2025-12-15 | A | 6,000 | — | $0 |
| 2025-12-17 | McNeill Jonathan | Officer (President and COO) | 2025-12-15 | A | 78,029 | — | $0 |
| 2025-12-17 | Im Ellie Eunkyung | Officer (Chief Medical Officer) | 2025-12-15 | A | 16,298 | — | $0 |
| 2025-12-17 | Im Ellie Eunkyung | Officer (Chief Medical Officer) | 2025-12-15 | A | 5,000 | — | $0 |
| 2025-12-17 | Im Ellie Eunkyung | Officer (Chief Medical Officer) | 2025-12-15 | A | 65,190 | — | $0 |
| 2025-12-17 | Lynch Ryan | Officer (See Remarks) | 2025-12-15 | A | 8,378 | — | $0 |
| 2025-12-17 | Lynch Ryan | Officer (See Remarks) | 2025-12-15 | A | 4,000 | — | $0 |
| 2025-12-17 | Lynch Ryan | Officer (See Remarks) | 2025-12-15 | A | 33,512 | — | $0 |
| 2025-12-17 | Bispham Barbara Harlin | Officer (See Remarks) | 2025-12-15 | A | 12,422 | — | $0 |
| 2025-12-17 | Bispham Barbara Harlin | Officer (See Remarks) | 2025-12-15 | A | 6,000 | — | $0 |
| 2025-12-17 | Bispham Barbara Harlin | Officer (See Remarks) | 2025-12-15 | A | 72,185 | — | $0 |
| 2025-12-10 | McNeill Jonathan | Officer (President and COO) | 2025-12-08 | A | 172,836 | — | $0 |
| 2025-12-10 | Brumm Joshua T | Director, Officer (Chief Executive Officer) | 2025-12-08 | A | 345,672 | — | $0 |
| 2025-12-08 | Fairmount Funds Management LLC | Director, 10% Owner | 2025-12-04 | P | 1,360,000 | $13.41 | $18,237,600 |
| 2025-12-08 | Fairmount Funds Management LLC | Director, 10% Owner | 2025-12-04 | P | 131,434 | $13.41 | $1,762,399 |
| 2025-07-16 | Pinkas Jan | Officer (Chief Scientific Officer) | 2025-07-16 | A | 142,474 | — | $0 |
| 2025-06-23 | Moran Susan | Director | 2025-06-23 | A | 9,023 | — | $0 |
| 2025-06-23 | Fairmount Funds Management LLC | Director, 10% Owner | 2025-06-23 | A | 9,023 | — | $0 |
| 2025-06-23 | Violin Jonathan | Director | 2025-06-23 | A | 9,023 | — | $0 |
| 2025-06-23 | Balcom Alexandra | Director | 2025-06-23 | A | 9,023 | — | $0 |
| 2025-06-23 | Lubner David Charles | Director | 2025-06-23 | A | 9,023 | — | $0 |
| 2025-06-17 | BVF PARTNERS L P/IL | 10% Owner | 2025-06-13 | J | 657,308 | — | $0 |
| 2025-06-17 | BVF PARTNERS L P/IL | 10% Owner | 2025-06-13 | J | 556,617 | — | $0 |
| 2025-06-17 | BVF PARTNERS L P/IL | 10% Owner | 2025-06-13 | J | 56,079 | — | $0 |
| 2025-06-17 | BVF PARTNERS L P/IL | 10% Owner | 2025-06-13 | J | 304,098 | — | $0 |
| 2025-06-17 | BVF PARTNERS L P/IL | 10% Owner | 2025-06-13 | J | 257,515 | — | $0 |
| 2025-06-17 | BVF PARTNERS L P/IL | 10% Owner | 2025-06-13 | J | 25,944 | — | $0 |
| 2024-08-09 | Invus Public Equities, L.P. | 10% Owner | 2024-08-08 | S | (260,873) | $0.19 | -$50,009 |
| 2024-08-09 | Invus Public Equities, L.P. | 10% Owner | 2024-08-07 | S | (61,488) | $0.18 | -$11,197 |
| 2024-08-07 | Invus Public Equities, L.P. | 10% Owner | 2024-08-06 | S | (55,732) | $0.18 | -$10,188 |
| 2024-08-07 | Invus Public Equities, L.P. | 10% Owner | 2024-08-05 | S | (164,523) | $0.19 | -$30,996 |
| 2024-08-05 | Invus Public Equities, L.P. | 10% Owner | 2024-08-02 | S | (286,200) | $0.20 | -$57,354 |
| 2024-08-05 | Invus Public Equities, L.P. | 10% Owner | 2024-08-01 | S | (63,564) | $0.22 | -$13,743 |
| 2024-07-30 | Invus Public Equities, L.P. | 10% Owner | 2024-07-30 | S | (756,835) | $0.22 | -$167,185 |
| 2024-07-30 | Invus Public Equities, L.P. | 10% Owner | 2024-07-29 | S | (363,949) | $0.24 | -$85,637 |
| 2024-07-30 | Invus Public Equities, L.P. | 10% Owner | 2024-07-26 | S | (258,335) | $0.24 | -$62,440 |