Crescent Biopharma (CBIO) Q4 FY2025 earnings: revenue $11 million

Crescent Biopharma, Inc. (CBIO) reported revenue of $11 million for Q4 FY2025, the quarter ended 31 December 2025. Net income was -$23 million. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2026.

Revenue

$11 million

Q4 FY2024Q4 FY2025

Operating margin

-843.7%

Q4 FY2024Q4 FY2025

Net income

-$23 million

Q4 FY2024Q4 FY2025

Diluted EPS

n/a

Q4 FY2024Q4 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 1 raised, 8 new, 1 kept.

Q4 net loss reached $92.4 million: The company reported a net loss of $92.4 million, or $4.01 per basic and diluted share, for the three months ended December 31, 2025, against $15.2 million, or $19.74 per share, a year earlier.
R&D spend rose on CR-003 license payment: R&D expense was $95.0 million in Q4 against $11.6 million a year earlier, and $138.1 million for 2025 against $14.0 million for the 2024 period.
ASCEND trial spans several solid tumors: The global Phase 1/2 ASCEND trial evaluates CR-001 in NSCLC and various gastrointestinal and gynecological cancers, in treatment-naive and previously treated patients.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Revenue	10.8	0.0	0.0
Research and development	95.0	20.3	14.0	+367.1%	+577.1%
Operating income	-91.5	-25.9	-17.2
Operating margin	-843.7%	n/a	n/a
Interest expense	0.0	0.0	0.9
Pre-tax income	n/a	n/a	-17.9
Income tax	2.0	0.0	0.0
Net income	-23.3	-24.6	-17.9
Net margin	-214.9%	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Operating cash flow	-26.7	-17.5	-6.3
Capital expenditure	0.2	0.6	0.0	-67.1%
Free cash flow	-26.9	-18.1	-6.3
Free cash flow margin	-248.4%	n/a	n/a
Cash from investing	-72.2	-0.6	0.0
Cash from financing	179	-1.3	41.0		+335.9%
Depreciation	0.1	0.0	0.0	+92.9%
Share-based compensation	4.7	2.0	1.1	+139.1%	+318.5%
Shares outstanding at period end	28m	14m	1m	+98.4%	+2,605.3%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Shareholders' equity	203	117	-15.5	+74.0%
Debt	0.0	0.0	37.5
Operating lease liabilities	1.2	1.3	0.0	-8.7%
Other liabilities	36.1	20.3	13.6	+77.7%	+165.0%
Total liabilities and equity	240	138	35.6	+73.8%	+574.7%
Fixed assets	0.8	0.8	0.0	+8.2%
Cash and equivalents	213	133	34.8	+60.0%	+513.2%
Receivables	18.0	n/a	0.0
Other assets	8.3	4.2	0.9	+95.5%	+870.0%
Total assets	240	138	35.6	+73.8%	+574.7%

Questions

What was Crescent Biopharma's revenue in Q4 FY2025?

Crescent Biopharma (CBIO) reported revenue of $11 million for Q4 FY2025, the quarter ended 31 December 2025.

How much did Crescent Biopharma earn in Q4 FY2025?

Net loss for Q4 FY2025 was $23 million.

When did Crescent Biopharma report Q4 FY2025 results?

Crescent Biopharma filed its 10-K for the year that ended with the quarter on 26 February 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 8 quarters

	Q4 FY2024	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	0.0	0.0	0.0	0.0	10.8	1.0	0.0	3.1
R&D	14.0	10.6	12.1	20.3	95.0	17.9	19.4	34.3
Operating income	-17.2	-14.2	-21.0	-25.9	-91.5	-24.7	-26.4	-39.9
Operating margin	n/a	n/a	n/a	n/a	-844%	-2380%	n/a	-1280%
Interest expense	0.9	1.1	1.1	0.0	0.0	0.0	0.0	0.0
Pre-tax income	-17.9	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Net income	-17.9	-15.1	-21.8	-24.6	-23.3	-23.3	-24.8	-37.7
Net margin	n/a	n/a	n/a	n/a	-215%	-2241%	n/a	-1210%
Operating cash flow	-6.3	-10.9	-16.4	-17.5	-26.7	-8.9	-19.5	-26.9
Capital expenditure	0.0	0.0	0.1	0.6	0.2	0.1	0.0	0.0
Free cash flow	-6.3	-10.9	-16.5	-18.1	-26.9	-9.1	-19.5	-26.9
Shares outstanding	1m	28m	14m	14m	28m	28m	28m	38m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2025, filed 26 February 2026: the filing.