Crescent Biopharma Inc. reported a net loss of $92.4 million for the fourth quarter of 2025 and a full‑year net loss of $153.9 million. Revenue for the quarter was $10.8 million, driven by a $20.0 million upfront payment from Kelun‑Biotech for the CR‑001 program, compared with zero revenue in the same period last year. The company posted an earnings per share of $-4.01 for the quarter, missing the consensus estimate of $-2.22.
The $10.8 million in revenue represents a 100% increase from the prior year, but it fell short of the $20.0 million estimate, reflecting the fact that the company has yet to generate recurring sales from its pipeline products. The upfront payment was the sole source of revenue, underscoring the company’s current reliance on partnership cash‑inflows rather than product sales.
The earnings miss was driven largely by a sharp rise in research and development expenses, which climbed to $92.4 million in Q4 2025 from $70.0 million in Q4 2024. The increase reflects intensified investment in the CR‑001 bispecific antibody and the CR‑003 antibody‑drug conjugate, as well as the launch of new clinical trials. Operating expenses also rose, contributing to the widened loss.
Management highlighted the strategic importance of the partnership with Kelun‑Biotech and the progress of its clinical pipeline. CEO Joshua Brumm said, “2025 was a transformational year for Crescent and our efforts to deliver next generation therapies that can improve outcomes for people living with cancer. We expanded our pipeline and accelerated our efforts to deliver best‑in‑class novel combinations through our exciting partnership with Kelun‑Biotech.” He added, “We now have our Phase 1/2 ASCEND clinical trial underway for CR‑001, which is positioned to be an immuno‑oncology backbone in the treatment of solid tumors. Three more trials are on track to initiate this year, including the first Phase 1/2 ADC combination trial with CR‑001. We are rapidly advancing toward multiple clinical data readouts beginning in the first quarter of 2027 and with our recent private placement, we are well funded to deliver on these milestones.”
Cash and cash equivalents stood at $213.2 million as of December 31, 2025, a level that the company expects to support operations through 2028. The private placement of $185 million in December 2025 bolstered the balance sheet and extended the runway, giving management flexibility to pursue the next phases of its clinical program without immediate financing pressure.
While the company’s quarterly and annual losses and the miss on revenue and earnings estimates signal continued heavy investment in R&D, the strengthened cash position and the partnership with Kelun‑Biotech provide a solid foundation for advancing its pipeline. Investors will likely view the results as a confirmation of the company’s long‑term strategy, with the caveat that current financial performance remains loss‑heavy.
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