Crescent Biopharma reported a net loss of $24.6 million for the third quarter of 2025, a figure that aligns with the company’s ongoing investment in research and development and its status as a pre‑revenue biopharmaceutical. The loss is supported by a cash balance of $133.3 million on September 30, 2025, and 19.6 million shares outstanding, underscoring the company’s liquidity position.
Research and development expenses rose to $20.3 million, while general and administrative costs were $5.5 million. The high R&D spend reflects the company’s focus on advancing its lead bispecific antibody, CR‑001, and its antibody‑drug conjugate, CR‑002. Management noted that the IND for CR‑001 is slated for the fourth quarter of 2025, with a global Phase 1 trial scheduled for the first quarter of 2026, and that an IND for CR‑002 is expected in mid‑2026.
The $133.3 million cash balance is projected to fund operations through 2027, based on a quarterly burn rate of roughly $20 million that includes R&D, G&A, and other operating expenses. This runway provides the company with the financial flexibility to pursue its clinical milestones without immediate funding pressure.
CR‑001 is a PD‑1 × VEGF bispecific antibody designed to replicate the mechanism of ivonescimab, which has shown superior efficacy to pembrolizumab in phase 3 trials for non‑small‑cell lung cancer. The planned IND and Phase 1 trial represent a critical step toward demonstrating clinical benefit and positioning CR‑001 as a potential competitor in the immuno‑oncology space.
Analyst consensus for the quarter projected earnings per share of –$1.352 and revenue of $0.000, reflecting the company’s pre‑revenue status. Crescent’s reported loss is consistent with these expectations, and no earnings beat or miss is evident.
CEO Joshua Brumm emphasized the company’s progress, stating, “We have made exciting progress during 2025 advancing our pipeline of next‑generation therapeutics for solid tumors toward the clinic. We remain focused on executing across the business with the goal of delivering the next wave of transformative therapies for people living with cancer.”
Overall, Crescent Biopharma’s Q3 2025 results confirm its continued focus on R&D, a robust cash position that supports a clear pipeline trajectory, and a strategic emphasis on advancing CR‑001 and CR‑002 toward clinical milestones.
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