CRESCENT BIOPHARMA, INC.
For the period ended Sep 30, 2025. Filed Nov 6, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 6, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Cash Flows (Unaudited)
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
| Nine Months EndedSeptember 30, 2025 | Period from September 19, 2024 (Inception) Through September 30, 2024 | |
|---|---|---|
| Cash flows from operating activities: | ||
| Net loss | $(61,545) | $(2,631) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Share-based compensation expense(1) | 8,555 | 69 |
| Depreciation expense | 30 | — |
| Non-cash interest expense(2) | 2,185 | — |
| Non-cash research and development expense related to Paragon option agreement | — | 1,000 |
| Non-cash lease expense | 117 | — |
| Changes in operating assets and liabilities: | ||
| Accounts payable | 1,057 | 1,562 |
| Accrued expenses and other current liabilities | 6,422 | — |
| Related party accounts payable and other current liabilities | (948) | — |
| Operating lease liability | 60 | — |
| Prepaid expenses and other current assets | (850) | — |
| Other assets | 125 | — |
| Net cash used in operating activities | (44,792) | — |
| Cash flows from investing activities: | ||
| Purchases of property and equipment | (726) | — |
| Net cash used in investing activities | (726) | — |
| Cash flows from financing activities: | ||
| Proceeds from the Pre-Closing Financing, net | 143,027 | — |
| Cash acquired in connection with the reverse recapitalization | 1,269 | — |
| Proceeds from early exercise of options | 5 | — |
| Repurchase of equity awards | (177) | — |
| Net cash provided by financing activities | 144,124 | — |
| Net increase in cash, cash equivalents, and restricted cash | 98,606 | — |
| Cash at beginning of period | 34,766 | — |
| Cash, cash equivalents, and restricted cash at end of period | $133,372 | $— |
| Supplemental disclosure of non-cash operating and financing activities: | ||
| Operating lease liability arising from obtaining operating right-of-use asset | $1,681 | $— |
| Assets acquired in connection with the reverse recapitalization | $1,710 | $— |
| Other liabilities assumed in connection with the reverse recapitalization | $(2,454) | $— |
| Purchases of property and equipment included in accounts payable and accrued expenses | $86 | $— |
| Deferred financing costs included in accounts payable and accrued expenses | $19 | $— |
| Convertible note principal and non-cash accrued interest converted to ordinary shares | $40,515 | $— |
| Non-cash exchange of Pre-Merger Crescent Series Seed Preferred Stock for Series A Non-Voting Convertible Preferred Shares | $4,000 | $— |
(1)Includes related party amount of $2,027, which is classified as a liability, for the nine months ended September 30, 2025.
(2)Includes related party amount of $865 for the nine months ended September 30, 2025.
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