CRESCENT BIOPHARMA, INC.
For the period ended Dec 31, 2025. Filed Feb 26, 2026.
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FY2025 · Filed Feb 26, 2026
CBIO$13.65+0.8%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Balance Sheets
(in thousands, except share and per share amounts)
| December 31, | December 31, | |
|---|---|---|
| 2025 | 2024 | |
| Assets | ||
| Current assets: | ||
| Cash and cash equivalents | $213,192 | $34,766 |
| Accounts receivable, net | 18,000 | — |
| Prepaid expenses and other current assets | 5,463 | 38 |
| Total current assets | 236,655 | 34,804 |
| Property and equipment, net | 846 | — |
| Operating lease right-of-use assets | 1,469 | — |
| Restricted cash | 107 | — |
| Other assets | 1,216 | 813 |
| Total assets | $240,293 | $35,617 |
| Liabilities, Convertible Preferred Shares, and Shareholders’ Equity (Deficit) | ||
| Current liabilities | ||
| Accounts payable | $9,997 | $107 |
| Accrued expenses and other current liabilities(1) | 16,344 | 2,225 |
| Related party accounts payable and other current liabilities | 140 | 7,221 |
| Deposit liability | 5,000 | — |
| Deferred revenue | 4,156 | — |
| Operating lease liability, current | 435 | — |
| Warrant liability, related party | — | 61 |
| Total current liabilities | 36,072 | 9,614 |
| Long term liabilities | ||
| Operating lease liability, noncurrent | 1,209 | — |
| Notes payable, noncurrent(2) | — | 37,482 |
| Total liabilities | 37,281 | 47,096 |
| Commitments and contingencies (Note 14) | ||
| Convertible preferred shares: | ||
| Series Seed convertible preferred shares, $0.0001 par value; no shares and 20,000,000 shares authorized as of December 31, 2025 and December 31, 2024, respectively; no shares and 20,000,000 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively; liquidation preference of $0 and $4,000 as of December 31, 2025 and December 31, 2024, respectively | — | 4,000 |
| Shareholders’ equity (deficit): | ||
| Non-voting convertible preferred shares, $0.001 par value; 5,000,000 shares and no shares authorized as of December 31, 2025 and December 31, 2024, respectively; 2,890 Series A designated shares and no shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively | 4,000 | — |
| Ordinary shares, $0.001 par value; 175,000,000 and 40,000,000 shares authorized as of December 31, 2025 and December 31, 2024, respectively, 27,556,767 and 1,018,604 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively | 28 | 1 |
| Additional paid-in capital | 370,793 | 2,387 |
| Accumulated deficit | (171,809) | (17,867) |
| Total shareholders' equity (deficit) | 203,012 | (15,479) |
| Total liabilities, convertible preferred shares, and shareholders’ equity (deficit) | $240,293 | $35,617 |
(1)Includes related party amount of $0 and $341 as of December 31, 2025 and December 31, 2024, respectively.
(2)Includes related party amount of $0 and $14,993 as of December 31, 2025 and December 31, 2024, respectively.
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