CRESCENT BIOPHARMA, INC.
For the period ended Dec 31, 2025. Filed Feb 26, 2026.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 26, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
| Twelve Months EndedDecember 31, 2025 | Period from September 19, 2024 (Inception) Through December 31, 2024 | |
|---|---|---|
| Cash flows from operating activities: | ||
| Net loss | $(153,942) | $(17,867) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Share-based compensation expense(1) | 13,300 | 1,134 |
| Research and development license expense | 80,000 | — |
| Depreciation expense | 84 | — |
| Non-cash interest expense(2) | 2,185 | 2 |
| Non-cash research and development expense related to Paragon option agreement | — | 1,000 |
| Non-cash lease expense | 212 | — |
| Changes in operating assets and liabilities: | ||
| Accounts payable | 2,081 | 107 |
| Accrued expenses and other current liabilities(3) | 5,363 | 2,172 |
| Related party accounts payable and other current liabilities | (7,081) | 7,221 |
| Deferred revenue | 4,156 | — |
| Deposit liability | 5,000 | — |
| Operating lease liability | (37) | — |
| Accounts receivable | (18,000) | — |
| Prepaid expenses and other current assets | (5,015) | (38) |
| Other assets | 162 | — |
| Net cash used in operating activities | (71,532) | (6,269) |
| Cash flows from investing activities: | ||
| Purchase of research and development license | (72,000) | — |
| Purchases of property and equipment | (919) | — |
| Net cash used in investing activities | (72,919) | — |
| Cash flows from financing activities: | ||
| Proceeds from the Pre-Closing Financing, net | 143,007 | — |
| Proceeds from the private placement financing, net | 178,880 | — |
| Cash acquired in connection with the reverse recapitalization | 1,269 | — |
| Proceeds from early exercise of options | 5 | — |
| Proceeds from issuance of common stock | — | 315 |
| Proceeds from issuance of Series Seed convertible preferred stock | — | 4,000 |
| Proceeds from the issuance of notes payable, net of issuance costs(4) | — | 37,480 |
| Payment of deferred offering costs | — | (760) |
| Repurchase of equity awards | (177) | — |
| Net cash provided by financing activities | 322,984 | 41,035 |
| Net increase in cash, cash equivalents, and restricted cash | 178,533 | 34,766 |
| Cash at beginning of period | 34,766 | — |
| Cash, cash equivalents, and restricted cash at end of period | $213,299 | $34,766 |
| 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 | $11 | $— |
| Deferred financing costs included in accounts payable and accrued expenses | $6,945 | $53 |
| 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 amounts of $4,297 for the twelve months ended December 31, 2025 and $61 for the period from September 19, 2024 (inception) through December 31, 2024.
(2)Includes related party amounts of $865 for the twelve months ended December 31, 2025 and $0 for the period from September 19, 2024 (inception) through December 31, 2024.
(3)Includes related party amounts of $0 for the twelve months ended December 31, 2025 and $341 for the period from September 19, 2024 (inception) through December 31, 2024.
(4)Includes related party amounts of $0 for the twelve months ended December 31, 2025 and $14,993 for the period from September 19, 2024 (inception) through December 31, 2024
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.