CBIO

MKT CAP:$678M

Crescent Biopharma, Inc.

Market Cap

$678M

Healthcare·Biotechnology·🇺🇸 United States·NASDAQ

Healthcare·Biotechnology·🇺🇸·NASDAQ

Stock Price

$26.98+$15.90 (+143.50%)

Apr 22, 2026

Company Details

Crescent Biopharma, Inc., a biotechnology company, researches and develops cancer therapy candidates. Its pipeline includes CR-001, a proprietary anti-PD-1/anti-VEGF bispecific antibody to treat solid tumors; and CR-002, and CR-003. The com...

CEO

Joshua T. Brumm

IPO Date

Jan 10, 2014

Website

crescentbiopharma.com

Key Metrics TTM

Revenue

$31M

+305540.0% YoY

Net Income

-$59M

EPS (Diluted)

-$0.45

Free Cash Flow

-$54M

Revenue / Share

$0.29

Gross Margin

94.6%

Operating Margin

-195.2%

Net Margin

-192.5%

FCF Margin

-178.0%

P/S

22.2x

P/E

—

Earnings Reports

Q4 2025

May 13, 2026

PENDING

FY 2025

Feb 26, 2026

$11MEPS $0.02

Q3 2025

Nov 7, 2025

$31MEPS $0.03

Q2 2025

Aug 11, 2025

$0EPS -$0.28

Q1 2025

May 9, 2025

$0EPS -$0.04

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 21	$142	$142	-$14M
Q3 21	$86.6K	$86.6K	-$17M
Q4 21	$17.6K	$17.6K	-$17M
Q1 22	$0	-$258.1K	-$15M
Q2 22	$75.0K	$75.0K	-$13M
Q3 22	$0	-$256.0K	-$9M
Q4 22	-$75.0K	-$75.0K	-$11M
Q1 23	$0	-$263.0K	-$11M
Q2 23	$0	-$265.9K	-$9M
Q3 23	$0	-$269.9K	-$10M
Q4 23	$10.0K	$10.0K	-$10M
Q1 24	$0	-$14.6K	-$11M
Q2 24	$0	-$12.4K	-$10M
Q1 25	$0	$0	-$2M
Q2 25	$0	-$2.0K	-$21M
Q3 25	$31M	$29M	-$26M

Valuation

Quarter	P/S	P/E
Q2 21	5552.3x	—
Q3 21	9443.1x	—
Q4 21	7129.3x	—
Q1 22	58688.3x	—
Q2 22	18133.5x	—
Q3 22	32592.0x	—
Q4 22	—	—
Q1 23	—	—
Q2 23	—	—
Q3 23	—	—
Q4 23	1869259.8x	—
Q1 24	1960308.9x	—
Q2 24	190937.0x	—
Q1 25	161990.9x	—
Q2 25	—	—
Q3 25	36.5x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 21	-$14M	-$14M
Q3 21	-$17M	-$17M
Q4 21	-$13M	-$13M
Q1 22	-$14M	-$14M
Q2 22	-$16M	-$16M
Q3 22	-$9M	-$9M
Q4 22	-$8M	-$8M
Q1 23	-$12M	-$12M
Q2 23	-$7M	-$7M
Q3 23	-$9M	-$9M
Q4 23	-$8M	-$8M
Q1 24	-$11M	-$11M
Q2 24	-$9M	-$9M
Q1 25	-$5M	-$5M
Q2 25	-$22M	-$22M
Q3 25	-$18M	-$18M

Capital Expenditures

Quarter	CapEx
Q2 21	$5.1K
Q3 21	$4.3K
Q4 21	$2.4K
Q1 22	$40.5K
Q2 22	$41.2K
Q3 22	$2.5K
Q4 22	$0
Q1 23	$2.2K
Q2 23	$10.5K
Q3 23	$7.9K
Q4 23	$803
Q1 24	$7.4K
Q2 24	$2.5K
Q1 25	$0
Q2 25	$140.0K
Q3 25	$586.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 21	—	+2.1%
Q3 21	-91.3%	+18.3%
Q4 21	-89.2%	+10.9%
Q1 22	-100.0%	-4.4%
Q2 22	+52716.9%	-6.8%
Q3 22	-100.0%	-49.7%
Q4 22	-525.5%	-39.5%
Q1 23	—	-25.4%
Q2 23	-100.0%	-33.5%
Q3 23	—	+11.9%
Q4 23	+113.3%	-9.0%
Q1 24	—	+1.6%
Q2 24	—	+16.0%
Q1 25	—	-75.6%
Q2 25	-100.0%	+119.0%
Q3 25	—	+407.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 21	$2M	1100113.4%
Q3 21	$0	0.0%
Q4 21	$1M	7489.8%
Q1 22	$1M	—
Q2 22	$963.8K	1285.0%
Q3 22	$914.0K	—
Q4 22	$899.2K	—
Q1 23	$870.2K	—
Q2 23	$0	—
Q3 23	$0	—
Q4 23	$0	0.0%
Q1 24	$1M	—
Q2 24	$1M	—
Q1 25	$405.4K	—
Q2 25	$0	—
Q3 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A
Q2 21	$10M	$4M
Q3 21	$13M	$4M
Q4 21	$13M	$5M
Q1 22	$10M	$5M
Q2 22	$8M	$5M
Q3 22	$5M	$4M
Q4 22	$6M	$5M
Q1 23	$5M	$6M
Q2 23	$4M	$5M
Q3 23	$5M	$5M
Q4 23	$5M	$4M
Q1 24	$6M	$5M
Q2 24	$6M	$4M
Q1 25	$14.8K	$2M
Q2 25	$12M	$9M
Q3 25	$20M	$6M

Revenue Segments

Quarter	Reportable Segment	Product
Q2 25	$3M	—
Q3 25	—	$31M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$77M	$0	$77M
Q2 22	$60M	$0	$60M
Q3 22	$52M	$0	$52M
Q4 22	$48M	$0	$48M
Q1 23	$65M	$0	$65M
Q2 23	$58M	$0	$58M
Q3 23	$49M	$0	$49M
Q4 23	$42M	$0	$42M
Q1 24	$31M	$0	$31M
Q2 24	$22M	$0	$22M
Q3 24	$14M	$0	$14M
Q4 24	$11M	$0	$11M
Q1 25	$6M	$0	$6M
Q2 25	$153M	$0	$153M
Q3 25	$133M	$0	$133M
Q4 25	$213M	$0	$213M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 21	52M	+1.7%	+17.7%
Q3 21	52M	+0.0%	+8.5%
Q4 21	52M	+0.9%	+8.4%
Q1 22	52M	+0.6%	+3.2%
Q2 22	52M	+0.1%	+1.7%
Q3 22	52M	+0.0%	+1.7%
Q4 22	53M	+1.0%	+1.8%
Q1 23	60M	+13.9%	+15.3%
Q2 23	64M	+6.5%	+22.6%
Q3 23	64M	+0.1%	+22.7%
Q4 23	64M	+0.1%	+21.6%
Q1 24	64M	+0.1%	+6.8%
Q2 24	64M	+0.0%	+0.3%
Q1 25	65M	+0.1%	+0.3%
Q2 25	77M	+19.6%	+19.8%
Q3 25	104M	+34.8%	+61.3%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 21	$3	54
Q3 21	$1.6K	54
Q4 21	$339	52
Q1 22	$0	52
Q2 22	$1.4K	52
Q3 22	$0	52
Q4 22	-$1.9K	39
Q1 23	$0	39
Q2 23	$0	39
Q3 23	$0	39
Q4 23	$286	35
Q1 24	$0	35
Q2 24	$0	35
Q1 25	$0	4
Q2 25	$0	4
Q3 25	$8M	4

Revenue / Employee