Crescent Biopharma Inc 2025年季度报告

FORM10-Q________________________________ xQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the quarterly period endedJune30, 2025 OR oTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period from _________ to _________ Commission file number001-36177 Crescent Biopharma, Inc. (Exact name of registrant as specified in its charter)________________________________ 06-1686563 (I.R.S. Employer Identification No.) Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities ExchangeAct of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) hasbeen subject to such filing requirements for the past 90 days. YesxNoo Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant toRule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant wasrequired to submit such files). YesxNoo Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reportingcompany, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reportingcompany,” and "emerging growth company" in Rule 12b-2 of the Exchange Act. If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YesoNo☒ As of July 25, 2025, there were13,892,562of the issuer’s ordinary shares outstanding. Table of Contents PageNo.Part IFinancial Information1Item 1.Financial Statements(Unaudited)1Condensed Consolidated Balance Sheets(Unaudited)1Condensed Consolidated Statements of Operationsand Comprehensive Loss(Unaudited)2Condensed Consolidated Statements of Convertible PreferredSharesandShareholders’ Equity(Deficit)(Unaudited)3Condensed Consolidated Statements of Cash Flows (Unaudited)4Notes to the Condensed Consolidated Financial Statements (Unaudited)5Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations23Item 3.Quantitative and Qualitative Disclosures About Market Risk34Item 4.Controls and Procedures34Part IIOther Information36Item 1.Legal Proceedings36Item 1A.Risk Factors36Item 2.Unregistered Sales of Equity Securities and Use of Proceeds72Item 3.Defaults Upon Senior Securities73Item 4.Mine Safety Disclosures73Item 5.Other Information73Item 6.Exhibits73Signatures75 Part I. Financial Information CRESCENT BIOPHARMA, INC.CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS AND COMPREHENSIVE LOSS(UNAUDITED) (in thousands, except share and per share amounts) CRESCENT BIOPHARMA, INC.CONDENSED CONSOLIDATED STATEMENTS OF CONVERTIBLE PREFERRED SHARES AND SHAREHOLDERS'EQUITY (DEFICIT)(UNAUDITED) (In thousands, except share amounts) CRESCENT BIOPHARMA, INC.NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS(UNAUDITED) 1. Nature of the Business and Basis of Presentation Background and Basis of Presentation CrescentBiopharma,Inc.,together with its subsidiaries(collectively“Crescent”or the“Company”),formerly known asGlycoMimetics, Inc. (“GlycoMimetics”), is a biotechnology company that is the result of the reverse recapitalization discussed below.Prior to the reverse recapitalization, the private company Crescent Biopharma, Inc. (“Pre-Merger Crescent”) was established andincorporated under the laws of the state of Delaware on September 19, 2024. The Company was founded to research and develop cancertherapy candidates licensed from Paragon Therapeutics, Inc. (“Paragon”), an antibody discovery engine founded by Fairmount FundsManagement LLC (“Fairmount”). The Company is based in Waltham, Massachusetts and was formed to develop therapies for thetreatment of solid tumors. These condensed consolidated financial statements reflect, in the opinion of management, all adjustments of a normal and recurringnature that are necessary for a fair statement of the Company’s financial position as of June30, 2025, and its results of operations and cashflows for the three and six months ended June30, 2025. The condensed balance sheet as of December31, 2024, included in the condensedconsolidated balance sheets was derived from the Company’s audited financial statements. The condensed consolidated financialstatements and accompanying notes are prepared in accordance with United States (“U.S.”) generally accepted accounting principles(“GAAP”) for interim financial reporting