Crescent Biopharma — Third Quarter 2026 Earnings Summary

Financial Performance:

• Cash and cash equivalents totaled $289.4 million as of September 30, 2026, including $133.4 million in net proceeds from a July 2026 public offering.
• Research and development (R&D) expenses were $34.3 million for the three months ended September 30, 2026, compared to $20.3 million in the same period of 2025.
• General and administrative (G&A) expenses were $8.7 million for the three months ended September 30, 2026, compared to $5.5 million in the same period of 2025.
• Net loss was $37.7 million ($0.90 per share) for the three months ended September 30, 2026, compared to $24.6 million ($1.27 per share) in the same period of 2025.
• License agreement revenue was $3.1 million for the three months ended September 30, 2026, compared to $0 in the same period of 2025.
• Total operating expenses were $43.0 million for the three months ended September 30, 2026, compared to $25.9 million in the same period of 2025.
• Cash runway is expected to fund operations into the second half of 2028.
• Shares outstanding were approximately 44.1 million as of September 30, 2026.

Guidance and Future Outlook:

• Crescent expects to report initial monotherapy data from the ASCEND trial in Q1 2027, including antitumor response for a first-line NSCLC cohort.
• Initial data from standard of care chemotherapy combination expansion cohorts are expected in mid-2027 (Q2/Q3).
• The company anticipates initiating the first of multiple Phase 3 trials for CR-001 in early 2028, pending results and regulatory interactions.
• Initial data from the global Phase 1/2 APOLLO trial of CR-002 is expected in the second half of 2027.
• Proof-of-concept data for CR-003 from Kelun-Biotech in China is expected in Q1 2027.
• Crescent anticipates more than 2,000 patients will be dosed across its portfolio by mid-2027.

Business Segments and Product Lines:

• CR-001 (PD-1 x VEGF Bispecific): Completed dose escalation in the global Phase 1/2 ASCEND trial with over 125 patients dosed across the US, Europe, and South Korea. Expansion cohorts evaluating combinations with standard of care chemotherapy are enrolling in first-line NSCLC, colorectal, biliary tract, gastric, and endometrial cancers.
• CR-001/Kelun-Biotech Partnership: Kelun-Biotech is conducting multiple Phase 2 trials in China evaluating CR-001 in combination with sacituzumab tirumotecan (sac-TMT), with initial NSCLC data expected in mid-2027. A Phase 1/2 trial of CR-001 in combination with CR-003 (SKB105) is expected to commence in the first half of 2027.
• CR-002 (PD-L1-targeted ADC): First patient dosed in the global Phase 1/2 APOLLO trial, which aims to enroll approximately 200 participants in dose escalation and tumor-specific backfill cohorts for advanced solid tumors.
• CR-003 (ITGB6-targeted ADC): Kelun-Biotech granted Crescent exclusive rights to CR-003 outside of Greater China. A Phase 1/2 trial conducted by Kelun-Biotech in China is ongoing.
• The company achieved nine IND clearances in 2026.

Market and Competitive Landscape:

• Crescent positions itself as a clinical-stage oncology company developing next-generation immuno-oncology (IO) and antibody-drug conjugate (ADC) combinations.
• The company aims to establish a leading position in developing therapies that may redefine cancer care through multiple modalities.
• Trial design posters for the ASCEND study were presented at ESMO 2026 and SITC 2026.

Risks and Challenges:

• Risks include the potential failure to realize benefits of the strategic partnership with Kelun-Biotech or delays in realization.
• The company faces risks associated with clinical development, regulatory approval, and its limited operating history.
• Future ability to generate revenue is uncertain, and the company relies on raising capital to support business plans.
• Risks include reliance on third parties for development, manufacturing, and clinical trials, as well as intellectual property and data security risks.
• Macroeconomic factors, including geopolitical conflicts, trade barriers, and supply chain disruptions, may impact operations.

Management Commentary and Tone:

• CEO Joshua Brumm described 2026 as a "defining year" for Crescent, highlighting the advancement of three programs into the clinic and the achievement of nine IND clearances.
• Management expressed confidence in the company's position to deliver "the next wave of therapies" and described the upcoming year as "exciting" with multiple meaningful clinical data readouts expected in 2027.
• The tone emphasized strong execution and plans to aggressively pursue combination opportunities to develop CR-001 as a best-in-class IO backbone therapy.

Other Key Points:

• Crescent completed a public offering in July 2026, generating $133.4 million in net proceeds.
• The company has established a collaboration with Kelun-Biotech, granting them exclusive rights to CR-001 in Greater China while retaining independent development rights for combinations.
• Crescent plans to leverage data generated by Kelun-Biotech in China to support the global clinical development of CR-003.
• The company reported a net loss of $85.8 million for the nine months ended September 30, 2026, compared to $61.5 million in the same period of 2025.