Crescent Biopharma Reports Second Quarter 2025 Financial Results and Recent Business Highlights

Core Viewpoint - Crescent Biopharma, Inc. has completed a merger with GlycoMimetics and secured $200 million in private financing to advance its pipeline of next-generation therapeutics for solid tumors, with a focus on its lead program, CR-001, a PD-1 x VEGF bispecific antibody, expected to submit an IND application by the end of 2025 [1][2][6]. Corporate Developments - The company appointed a new leadership team with extensive experience in oncology drug development and biotechnology, including Joshua Brumm as CEO and Jonathan McNeill, M.D., as President and COO [6]. - Crescent began trading on the Nasdaq under the ticker symbol "CBIO" on June 16, 2025, following the merger [6]. Pipeline Progress - CR-001 is designed to replicate the pharmacology of ivonescimab, which showed superior efficacy compared to pembrolizumab in a Phase 3 trial for non-small cell lung cancer [4][13]. - The company is on track to submit an IND application for CR-001 in Q4 2025, with proof-of-concept clinical data expected in the second half of 2026 [4][2]. - Two additional antibody-drug conjugates (ADCs), CR-002 and CR-003, are being developed, with an IND application for CR-002 expected in mid-2026 [5]. Financial Performance - As of June 30, 2025, Crescent reported cash reserves of $152.6 million, sufficient to fund operations through 2027 [7][12]. - R&D expenses for Q2 2025 were $12.1 million, while general and administrative expenses were $8.9 million, leading to a net loss of $21.8 million for the quarter [7][11]. - The total operating expenses for the first half of 2025 amounted to $35.3 million, with a net loss of $36.9 million [11].