Crescent Biopharma raises $143.7 million, extends cash runway into H2 2028

Crescent Biopharma reported second-quarter 2026 financial results alongside pipeline updates, saying a $143.7 million July public offering has extended its expected cash runway into the second half of 2028. The company said enrollment is progressing in ASCEND, a global Phase 1/2 study of CR-001, a PD-1 x VEGF bispecific antibody (engineered antibody targeting two pathways), across multiple solid tumors including non-small cell lung cancer and gastrointestinal and gynecological cancers in both first-line and previously treated patients. The company is also advancing antibody-drug conjugate, or ADC (antibody linked to a cancer-killing drug), programs. A Phase 1/2 trial of CR-003, an ITGB6-targeted ADC, is ongoing in China, while Crescent said CR-002, a PD-L1-targeted ADC, remains on track for a global Phase 1/2 trial in the second half of 2026. Multiple key clinical readouts are expected beginning in the first quarter of 2027, including proof-of-concept data for CR-001 and CR-003 and later-year updates on combination studies. Under Crescent’s collaboration with Sichuan Kelun-Biotech Biopharmaceutical Co., Ltd., Kelun-Biotech holds exclusive rights to CR-001 in Greater China and has launched studies there, including a Phase 2 trial combining CR-001 with sacituzumab tirumotecan, a TROP2-directed ADC, in approximately 206 patients with locally advanced or metastatic NSCLC. Crescent said this is the first ADC combination study in its Kelun-Biotech collaboration. For the quarter ended June 30, 2026, Crescent posted a net loss of $24.8 million, compared with $21.8 million a year earlier. Research and development expenses rose to $19.4 million from $12.1 million, while general and administrative expenses edged down to $8.7 million from $8.9 million. Cash and cash equivalents stood at $171.6 million at June 30, with pro forma cash of $305.1 million reflecting $133.5 million in net proceeds from the July financing.