Catalyst Biosciences, Inc.(US:CBIO)2025-09-03 22:00Pipeline and Programs - Crescent Biopharma is developing CR-001, a PD-1 x VEGF bispecific antibody with the same mechanism of action (MoA) as ivonescimab, with an IND expected in 4Q25[7, 9] - CR-002 and CR-003 are Antibody-Drug Conjugates (ADCs) with topoisomerase inhibitor payloads, targeting undisclosed solid tumor targets, with CR-002's IND expected in mid-2026[7, 9] - CR-001 is designed to reproduce ivonescimab's established pharmacology and has the potential to move to frontline use in the $50 billion+ PD-(L)1 immunotherapy market[9] Market and Clinical Data - The anti-PD-(L)1 global sales reached $50 billion in 2024, with Keytruda leading with approximately $30 billion in revenue across 20+ oncology indications[9, 25, 26] - Ivonescimab demonstrated superiority in Progression-Free Survival (PFS) over pembrolizumab in a Phase 3 Non-Small Cell Lung Cancer (NSCLC) trial, with a PFS Hazard Ratio (HR) of 0.51[27, 28] - Ivonescimab at 9 months showed 56% progression-free survival compared to pembrolizumab's 40%[28] Financial and Corporate - Crescent Biopharma was launched with assets discovered and developed by Paragon Therapeutics, which was founded by Fairmount Funds in 2021[8] - Prior companies founded using Paragon's antibody technology have collectively raised >$2 billion[8] - Current cash is expected to fund operations through 2027, supporting key milestones such as the CR-001 IND in 4Q25 and initial clinical data in 2H26[3, 97]