Crescent Biopharma Inc

crescentbiopharma.com

What Do They Do?

Develops potential cancer treatments, including a dual-target antibody and antibody-drug conjugates, for patients with solid tumors.

How Do They Make Money?

It earns money from drug-candidate licenses: partners pay upfront, make additional payments when clinical, regulatory, or sales milestones are met, and pay royalties on product sales. Its customer contract also covers an initial supply.

FY2025 revenue

Who Are Their Customers?

A single customer in China licenses a drug candidate; the agreement also covers an initial supply.

Do Revenues Turn Into Profits?

No. It lost $153.9M in FY2025.

Operating income, FY2025

−1408% of revenue

▲ +281% (Loss) vs FY2024 (−$40M)

Net income, FY2025

−1420% of revenue

▲ +306% (Loss) vs FY2024 (−$37.9M)

Free cash flow, FY2025

−668% of revenue

▲ +133% (Loss) vs FY2024 (−$31.1M)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: vs $0 in Q2 FY2025

Growing. Revenue grew 9.4x in 4 years, from $1.2M in FY2021 to $10.8M in FY2025, about 75% a year.

From carbohydrate drugs to antibody therapies The older report centered on small-molecule drugs designed to block carbohydrate interactions, including an E-selectin candidate. The latest report centers on a dual-target antibody and antibody-drug conjugates for solid tumors.

Who Do They Compete With?

Competes with Merck, Bristol Myers Squibb, Genentech, AstraZeneca, Summit Therapeutics, BioNTech, LaNova Medicines, 3SBio, Pfizer, Compass Therapeutics, Henlius, and Akeso Biopharma

Comments