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Crescent Biopharma

CBIO Lead: Phase 2 8 Biotech Distilled articles ↓ 30 filings & releases ↓ Cash $172M (Jun 30, 2026) ↓ 8 verdicts ↓ 4 timing quotes ↓
Oncology Protein

Market cap $503M 37.1M shares (10-Q, Jul 27, 2026) × $13.54 close Nov 6, 2026

Most recent annual filing: 2026-02-26

Catalyst timeline

6 trackedQuarter catalyst calendar →
  1. CR-001 + ADC combination trial2H 2026CR-001 + ADC combination trial, 2H 2026, notable
  2. CR-002 Ph1 start2H 2026CR-002 Ph1 start, 2H 2026, routine
  3. CR-001 Ph1 topline1Q 2027CR-001 Ph1 topline, 1Q 2027, thesis-defining
  4. CR-003 / SKB105 Ph1 readout1Q 2027CR-003 / SKB105 Ph1 readout, 1Q 2027, material
  5. CR-001 + Kelun-Biotech ADCs combinationmid-2027CR-001 + Kelun-Biotech ADCs combination, mid-2027, material
  6. CR-002 2 proof-of-concept Ph1 interim2H 2027CR-002 2 proof-of-concept Ph1 interim, 2H 2027, material

Bar width shows how precise the guidance is — a pin is a stated date, a wide band a six-month window. Deeper blue means more of the thesis rides on the event; it is not a view on the stock.

Pipeline (10 active programs)

CR-001

SKB118
Protein Target: PD-1, VEGF

CR-003

SKB105
Protein Target: ITGB6
  • Undisclosed indication Phase 1 Sichuan Kelun-Biotech Biopharmaceutical

Capital (as filed)

Cash
$172M cash and cash equivalents · Jun 30, 2026 (10-Q)
Operating cash flow
−$19.5M quarter Mar 31, 2026 → Jun 30, 2026, year-to-date difference (10-Q)
As stated in coverage
$305M cash, runway 2H 2028 per the update of Oct 15, 2026 — the company's own words as read there, not the filed figure

Offering documents (4)

Cash, investments and operating cash flow are the company's own XBRL facts as filed with the SEC, each shown with its period end and tag. As-stated figures come from the company's own words as read in Biotech Distilled coverage, dated, and routinely count securities and planned financing that a balance sheet does not. Offering rows are the SEC cover pages as filed. Not investment advice. Figures as of Nov 7, 2026.

Biotech Distilled coverage (8)

Articles open on Substack. Some are subscriber-only; those marked ★ Distilled Pro are for Distilled Pro members.

Verdict history (8 calls)

Every verdict Biotech Distilled has published on Crescent Biopharma, oldest first — the full history, never a selection. How calls are scored: the track record.

  1. 2026-05-11 Buy core Crescent Bio (CBIO) - Scientific Deep Dive for CR-001, CR-003, and Pipeline Products High-conviction play on a validated PD-1/VEGF bispecific architecture with a pristine balance sheet bridging to the Q1 2027 ASCEND catalyst, positioned as a premier M&A target for Big Pharma facing patent cliffs.
  2. 2026-07-01 Buy core UPDATE: Crescent Biopharma (CBIO) - The Shelf Goes Up Six Months Early Scientific thesis and Fairmount anchor position remain intact, but the ATM filing introduces a dilution tap that caps upside asymmetry on the pre-catalyst run-up leg.
  3. 2026-07-14 Watch UPDATE: Crescent Biopharma (CBIO) - The Dilution Tap Opens Management's aggressive marketed follow-on at a discounted price six months before catalyst breaks the pre-catalyst compounding trade; wait for the pricing print and sponsor-participation tea leaves before re-entering.
  4. 2026-07-15 Buy core UPDATE: Crescent Biopharma (CBIO) - The Pricing Print Clears The dilution overhang has priced at $14.50 with the market absorbing the deal without imploding, creating a cleaner technical setup with a 30-day underwriter defense window and a better cost basis for the same Q1 2027 catalyst.
  5. 2026-07-20 Buy core UPDATE: Crescent Biopharma (CBIO) - The Architect Wrote a Check Fairmount's $20M participation in the follow-on via the pre-funded warrant tranche provides an ambiguously positive sponsor signal, maintaining the post-pricing BUY thesis with the Q1 2027 catalyst intact.
  6. 2026-07-30 Buy core UPDATE: Crescent Biopharma (CBIO) - The Combination Trial Is Live Greenshoe fully exercised confirming healthy demand, pro forma cash of $305M into 2H 2028, and the CR-001 + sac-TMT combination trial now enrolling expand the thesis from a single binary to a four-readout 2027 catalyst stack.
  7. 2026-10-06 Buy core UPDATE: Crescent Biopharma (CBIO) - The Third Program Clears the Gate FDA IND clearance for CR-002 APOLLO trial lands on schedule, closing a key watch-list item and adding a third cleared program to the multi-catalyst 2027 calendar on a fully funded balance sheet.
  8. 2026-10-16 Buy core UPDATE: Crescent Biopharma (CBIO) - The Big One Gets Smaller Execution remains on track with dose escalation complete and 125+ patients dosed, but the Q1 2027 ASCEND efficacy readout is now a small-n snapshot of up to 12 first-line NSCLC patients rather than the definitive signal originally framed, making mid-2027 combination data the more durable thesis test.

Every verdict Biotech Distilled has published on this company, in order, with the post it came from — the full history, never a selection. Position figures are the same ones shown on /track-record, computed by the same method. Editorial opinion, not investment advice.

Timing, in the company's words (4 quotes from 2 filings)

Sentences quoted verbatim from the company's SEC filings, newest filing first. Each sits under the filing it appeared in; the "matched to" tag names the calendar row it was read for.

Timing sentences quoted from the company's own SEC filings, each under the filing it appeared in. The 'matched to' tag is the calendar row the sentence was read for; the filing is the source. Not investment advice.

Filings & releases (30)

SEC filings from EDGAR and press releases captured from the company's investor-relations site, newest first. Releases captured from May 21, 2026; filings from March 2026. Summaries come from the BD update that read the document; "BD extracted" counts point at the pipeline table above. All companies →

10 more filings (13G holder notices, S-8, proxy material, SEC correspondence …)