Crescent Biopharma (CBIO) FY2025 results: revenue $11 million
Crescent Biopharma, Inc. (CBIO) reported revenue of $11 million for fiscal 2025, the year ended 31 December 2025. Net income was -$154 million. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2026.
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
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.
- CR-001 Greater China rights licensed out: Crescent granted Kelun-Biotech exclusive rights to CR-001 (also known as SKB118) in Greater China, covering mainland China, Hong Kong, Macau and Taiwan.
- CR-003 rights outside Greater China: Kelun-Biotech granted Crescent exclusive rights to CR-003 (also known as SKB105) in the United States, Europe and all markets outside Greater China.
The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025
Income statement (profit and loss)
| $ million | FY2025 | Last 8 years |
|---|---|---|
| Revenue | 10.8 | |
| Research and development | 138 | |
| Operating income | -153 | |
| Operating margin | -1407.5% | |
| Interest expense | 2.2 | |
| Pre-tax income | -152 | |
| Income tax | 2.0 | |
| Net income | -154 | |
| Net margin | -1419.6% |
$ million except per share.
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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 | FY2025 | Last 8 years |
|---|---|---|
| Operating cash flow | -71.5 | |
| Capital expenditure | 0.9 | |
| Free cash flow | -72.5 | |
| Free cash flow margin | -668.1% | |
| Cash from investing | -72.9 | |
| Cash from financing | 323 | |
| Depreciation | 0.1 | |
| Share-based compensation | 13.3 | |
| Shares outstanding at period end | 28m |
Balance sheet
| $ million | FY2025 | Last 8 years |
|---|---|---|
| Shareholders' equity | 203 | |
| Debt | 0.0 | |
| Operating lease liabilities | 1.2 | |
| Other liabilities | 36.1 | |
| Total liabilities and equity | 240 | |
| Fixed assets | 0.8 | |
| Cash and equivalents | 213 | |
| Receivables | 18.0 | |
| Other assets | 8.3 | |
| Total assets | 240 |
10-K for the year ended 31 December 2025, filed 26 February 2026: the filing.