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Crescent Biopharma Reports Second Quarter 2026 Financial Results and Recent Business Highlights

CBIO
  • Crescent Biopharma announced Q2 2026 financial results & business highlights as of July 30, 2026.
  • Enrollment is progressing in the global ASCEND Phase 1/2 trial for CR-001, a PD-1 x VEGF bispecific antibody, across multiple solid tumor types.
  • A Phase 2 trial combining CR-001 with sacituzumab tirumotecan (sac-TMT) in NSCLC is underway in China under the Kelun-Biotech collaboration.
  • The Phase 1/2 trial for CR-003, an ITGB6-targeted ADC, is ongoing in China with proof-of-concept data expected in Q1 2027.
  • A global Phase 1/2 trial for CR-002, a PD-L1-targeted ADC, is on track to initiate in the second half of 2026.
  • Multiple key clinical data readouts across the portfolio are anticipated beginning in Q1 2027.
  • The company completed a $143.7 million public offering in July 2026, extending its cash runway into the second half of 2028.
  • Cash \& cash equivalents were $171.6 million as of June 30, 2026, with pro forma cash of $305.1 million including the new offering proceeds.
  • Research \& development expenses increased to $19.4 million in Q2 2026 from $12.1 million in Q2 2025 due to clinical activity \& manufacturing costs.
  • General \& administrative expenses decreased to $8.7 million in Q2 2026 from $8.9 million in Q2 2025, driven by lower personnel costs.
  • The company reported a net loss of $24.8 million ($0.74 per share) for the three months ended June 30, 2026.
  • Kelun-Biotech received IND approval in China for CR-001 (SKB118) in May 2026 \& initiated a monotherapy Phase 1/2 trial.
  • Crescent plans to report proof-of-concept data from the ASCEND trial in Q1 2027 \& data on CR-001 combinations with chemotherapy by mid-2027.
  • Crescent holds exclusive rights in the U.S., Europe, \& outside Greater China for CR-003, while Kelun-Biotech holds rights for Greater China.