Massachusetts-based Crescent Biopharma, Inc. (Nasdaq: CBIO) announced the pricing of an underwritten public offering of ordinary shares and pre-funded warrants, raising approximately USD 125 million in gross proceeds to fund the clinical advancement of its oncology pipeline, including its lead PD-1 x VEGF bispecific antibody and two ADC programs. The raise extends the company's cash runway, which stood at USD 189 million as of March 31, 2026 and was projected to fund operations into 2028 — a figure that the current offering materially supplements ahead of multiple anticipated data readouts in 2027.
The offering comprises 8,094,793 ordinary shares priced at USD 14.50 per share, with pre-funded warrants to purchase up to 525,897 additional shares offered at USD 14.499 per warrant to certain investors in lieu of ordinary shares. Underwriters were granted a 30-day option to purchase up to an additional 1,293,103 ordinary shares at the offering price, which if exercised in full would increase total gross proceeds beyond the USD 125 million base. The offering was expected to close on July 16, 2026.
Crescent's pipeline is built around three clinical or near-clinical assets, all developed in partnership with China-based Sichuan Kelun-Biotech Biopharmaceutical Co., Ltd. under a bilateral licensing arrangement announced in December 2025 that included an USD 80 million upfront payment by Crescent for ex-China rights to CR-003 and a reciprocal grant to Kelun-Biotech of Greater China rights to CR-001.
The lead asset is CR-001, a tetravalent bispecific antibody simultaneously blocking PD-1 and VEGF, currently being evaluated in the global Phase I/II ASCEND trial across multiple solid tumor types including non-small cell lung cancer and gastrointestinal and gynecological cancers. First patient dosing occurred in February 2026. Management has guided for proof-of-concept data — covering initial safety, pharmacokinetics, pharmacodynamics, and preliminary antitumor activity — in Q1 2027, with combination data alongside standard-of-care chemotherapy expected by mid-2027. The first ADC combination trial pairing CR-001 with a Kelun-Biotech ADC is on track to initiate in H2 2026. CR-001 operates in a competitive space alongside ivonescimab, which demonstrated superiority over pembrolizumab in a large Phase III trial, though cross-trial comparisons remain constrained by differences in design and patient populations.