CRESCENT BIOPHARMA, INC.

Previous wording

We are a clinical-stage biotechnology company focused on delivering the next wave of transformative therapies to bring a brighter future for people living with cancer. We have a bold vision to build the next leading biotechnology oncology company. We are executing across two distinct strategies to build our portfolio to achieve this vision. First, we are developing CR-001, which we refer to as a PD-1 x VEGF bispecific antibody because it is designed to bind both the PD-1 immune checkpoint (“PD-1”) and Vascular Endothelial Growth Factor (“VEGF”), which has potential to replace pembrolizumab, marketed by Merck as Keytruda®, as the foundational immuno-oncology backbone; second, we are building a robust portfolio of potentially best-in-class antibody drug conjugates (“ADCs”). Importantly, as we execute on these two strategies, we intend to combine CR-001 and ADC therapies to create what we believe will be best-in-class synergistic combinations to transform care for multiple types of cancer. We initiated a global Phase 1/2 trial of CR-001 (the “ASCEND trial”) in February 2026 and a Phase 1/2 trial of CR-003 as a monotherapy in the first quarter of 2026 in China through our partner, Sichuan Kelun-Biotech Biopharmaceutical Co., Ltd. (“Kelun”). We anticipate initiation of a CR-002 monotherapy clinical trial in 2026 as well as the first ADC combination trial with CR-001 with initial data anticipated in mid-2027 (second or third quarter).

Current wording

We are a clinical-stage biotechnology company focused on delivering the next wave of transformative therapies to bring a brighter future for people living with cancer. We have a bold vision to build the next leading biotechnology oncology company. We are executing across two distinct strategies to build our portfolio to achieve this vision. First, we are developing CR-001 (also known as SKB118), which we refer to as a PD-1 x VEGF bispecific antibody because it is designed to bind both the PD-1 immune checkpoint (“PD-1”) and Vascular Endothelial Growth Factor (“VEGF”), which has potential to replace pembrolizumab, marketed by Merck as Keytruda®, as the foundational immuno-oncology backbone; second, we are building a robust portfolio of potentially best-in-class antibody drug conjugates (“ADCs”). Importantly, as we execute on these two strategies, we intend to combine CR-001 and ADC therapies to create what we believe will be best-in-class synergistic combinations to transform care for multiple types of cancer. In the first quarter of 2026, we initiated a global Phase 1/2 trial of CR-001 (the “ASCEND trial”) and, through our partner Sichuan Kelun-Biotech Biopharmaceutical Co., Ltd. (“Kelun”), a Phase 1/2 trial of CR-003 (also known as SKB105) as a monotherapy in China. Additionally, Kelun recently initiated a Phase 2 clinical study in China of its trophoblast cell-surface antigen 2 (TROP2)-directed ADC sacituzumab tirumotecan (“sac-TMT”) in combination with CR-001 to evaluate the safety, tolerability, and efficacy of patients with non-small cell lung cancer (“NSCLC”), with initial data anticipated in mid-2027 (second or third quarter). We also anticipate initiation of a CR-002 monotherapy clinical trial in the second half of 2026.

Previous wording

We initiated ASCEND, a global Phase 1/2 trial of CR-001 in up to eight solid tumor types in the first quarter of 2026. We believe that, because CR-001 incorporates the functional properties of ivonescimab, early clinical data from ivonescimab can serve as important validation of potential effectiveness and tolerability of both ivonescimab and CR-001, thereby allowing us to move quickly into late-stage development with a level of speed and confidence that would not exist if CR-001 did not incorporate the PD-1 and VEGF binding affinity, potency, and cooperative pharmacology of ivonescimab. In the first quarter of 2027, we anticipate sharing meaningful data on CR-001’s clinical profile, including initial safety, pharmacokinetics (“PK”) and early anti-tumor activity from dose escalation and backfill cohorts in first-line and previously treated patients. A backfill cohort of first-line non-small cell lung cancer patients is planned as part of this readout. In mid-2027 (second or third quarter), we plan to share initial standard of care chemotherapy combination data.

Current wording

We initiated ASCEND, a global Phase 1/2 trial of CR-001 in up to eight solid tumor types in the first quarter of 2026. We believe that, because CR-001 incorporates the functional properties of ivonescimab, early clinical data from ivonescimab can serve as important validation of potential effectiveness and tolerability of both ivonescimab and CR-001, thereby allowing us to move quickly into late-stage development with a level of speed and confidence that would not exist if CR-001 did not incorporate the PD-1 and VEGF binding affinity, potency, and cooperative pharmacology of ivonescimab. In the first quarter of 2027, we anticipate sharing meaningful data on CR-001’s clinical profile, including initial safety, pharmacokinetics (“PK”) and early anti-tumor activity from dose escalation and backfill cohorts in first-line and previously treated patients. A backfill cohort of first-line NSCLC patients is planned as part of this readout. In mid-2027 (second or third quarter), we plan to share initial standard of care chemotherapy combination data.

Previous wording

We recently announced a partnership with Kelun, a leading Chinese biotech company with commercially approved ADCs, to acquire exclusive rights to SKB105, an integrin beta-6 (“ITGB6”) directed ADC, outside of mainland China, Hong Kong, Macau, and Taiwan (collectively, “Greater China”). We intend to develop SKB105 as CR-003, a product designation which previously referred to a preclinical ADC asset under the Amended and Restated ADC Discovery and Option Agreement, dated April 28, 2025 (the “ADC Paragon Option Agreement”). ITGB6 is a target with emerging clinical data generated by third party ADCs. We believe that CR-003 has the potential to deliver potent antitumor activity based on its improved potency and half-life in preclinical models. A Phase 1/2 trial of CR-003 was initiated in the first quarter of 2026 in China. We believe that CR-002 and CR-003 have the potential to provide therapeutic benefit both when used as monotherapies and in combination with CR-001.

Current wording

In December 2025, we announced a partnership with Kelun, a leading Chinese biotech company with commercially approved ADCs, to acquire exclusive rights to SKB105, an integrin beta-6 (“ITGB6”) directed ADC, outside of mainland China, Hong Kong, Macau, and Taiwan (collectively, “Greater China”). We intend to develop SKB105 as CR-003, a product designation which previously referred to a preclinical ADC asset under the Amended and Restated ADC Discovery and Option Agreement, dated April 28, 2025 (the “ADC Paragon Option Agreement”). ITGB6 is a target with emerging clinical data generated by third party ADCs. We believe that CR-003 has the potential to deliver potent antitumor activity based on its improved potency and half-life in preclinical models. A Phase 1/2 trial of CR-003 was initiated in the first quarter of 2026 in China. We believe that CR-002 and CR-003 have the potential to provide therapeutic benefit both when used as monotherapies and in combination with CR-001.

Previous wording

Since our inception in September 2024, we have devoted substantially all of our resources to raising capital, organizing and staffing the Company, business and scientific planning, conducting discovery and research activities, establishing arrangements with third parties, and providing general and administrative support for these operations. We do not have any products approved for sale and have not generated any revenue from product sales. To date, we have funded our operations primarily with proceeds from the reverse recapitalization and merger with GlycoMimetics, Inc., our Pre-Closing Financing, and our Private Placement (as defined and further described in “Recent Developments” below).

Current wording

Since our inception in September 2024, we have devoted substantially all of our resources to raising capital, organizing and staffing the Company, business and scientific planning, conducting discovery and research activities, establishing arrangements with third parties, and providing general and administrative support for these operations. We do not have any products approved for sale and have not generated any revenue from product sales. To date, we have funded our operations primarily with proceeds from the reverse recapitalization and merger with GlycoMimetics, Inc., our Pre-Closing Financing, our Private Placement, and our July 2026 Offering (as defined and further described in “Recent Developments” below).

Previous wording

We have incurred operating losses since inception. Our ability to generate product revenue sufficient to achieve profitability will depend heavily on the successful development and eventual commercialization of any programs we may develop. We incurred a net loss of $23.3 million for the three months ended March 31, 2026. As of March 31, 2026, we had an accumulated deficit of $195.1 million. For the three months ended March 31, 2026, we have used net cash of $8.9 million for our operating activities.

Current wording

We have incurred operating losses since inception. Our ability to generate product revenue sufficient to achieve profitability will depend heavily on the successful development and eventual commercialization of any programs we may develop. We incurred a net loss of $24.8 million and $48.1 million for the three and six months ended June 30, 2026. As of June 30, 2026, we had an accumulated deficit of $219.9 million. For the six months ended June 30, 2026, we have used net cash of $28.4 million for our operating activities.

Previous wording

As of March 31, 2026, we had cash and cash equivalents of $189.2 million. We expect that our existing cash will be sufficient to fund our operating plans for at least twelve months from the date of filing of this Quarterly Report. We expect to continue to incur substantial losses for the foreseeable future, and our transition to profitability will depend upon successful development, approval and commercialization of our product candidates and upon achievement of sufficient revenues to support our cost structure.

Current wording

As of June 30, 2026, we had cash and cash equivalents of $171.6 million. We expect that our existing cash will be sufficient to fund our operating plans for at least twelve months from the date of filing of this Quarterly Report. We expect to continue to incur substantial losses for the foreseeable future, and our transition to profitability will depend upon successful development, approval and commercialization of our product candidates and upon achievement of sufficient revenues to support our cost structure.

Previous wording

Uncertainty in the global economy presents significant risks to our business. We are subject to continuing risks and uncertainties in connection with the current macroeconomic environment, including increases in inflation, fluctuating interest rates, new or increased tariffs and other barriers to trade, changes to fiscal and monetary policy or government budget dynamics (particularly in the pharmaceutical and biotech areas), including as a result of bank failures, geopolitical factors, including the ongoing conflicts in Iran and elsewhere in the Middle East and between Russia and Ukraine and the responses thereto, and supply chain disruptions. While we are closely monitoring the impact of the current macroeconomic and geopolitical conditions on all aspects of our business, including the impacts on participants in any future clinical trials and our employees, suppliers, vendors, and business partners and our future access to capital, the ultimate extent of the impact on our business remains highly uncertain and will depend on future developments and factors that continue to evolve. Most of these developments and factors are outside our control and could exist for an extended period of time. We will continue to evaluate the nature and extent of the potential impacts to our business, results of operations, liquidity and capital resources. For additional information, see Part II, Item 1A, “Risk Factors.”

Current wording

Uncertainty in the global economy presents significant risks to our business. We are subject to continuing risks and uncertainties in connection with the current macroeconomic environment, including increases in inflation, fluctuating interest rates, new or increased tariffs and other barriers to trade, changes to fiscal and monetary policy or government budget dynamics (particularly in the pharmaceutical and biotech areas), including as a result of bank failures, geopolitical factors, including the ongoing conflicts in Iran and elsewhere in the Middle East and between Russia and Ukraine and the responses thereto, and supply chain disruptions. While we are closely monitoring the impact of the current macroeconomic and geopolitical conditions on all aspects of our business, including the impacts on participants in any future clinical trials, our employees, suppliers, vendors, and business partners and our future access to capital, the ultimate extent of the impact on our business remains highly uncertain and will depend on future developments and factors that continue to evolve. Most of these developments and factors are outside our control and could exist for an extended period of time. We will continue to evaluate the nature and extent of the potential impacts to our business, results of operations, liquidity and capital resources. For additional information, see Part II, Item 1A, “Risk Factors.”

Previous wording

We expense research and development costs as incurred. For the three months ended March 31, 2026 and March 31, 2025, we recognized $2.5 million and$8.0 million, respectively, of research and development expenses in connection with services provided by Paragon underthe Antibody Discovery and Option Agreement, dated September 19, 2024 (the “Antibody Paragon Option Agreement”), and the ADC Paragon Option Agreement (together with the Antibody Paragon Option Agreement, the “Paragon Option Agreements”), under the CR-001 License Agreement with Paragon, dated April 28, 2025 and amended on December 2, 2025, and under the CR-002 License Agreement with Paragon, dated November 5, 2025, in our condensed consolidated statement of operations and comprehensive loss.

Current wording

We expense research and development costs as incurred. Research and development expenses recorded in connection with services provided by Paragon under (i)the Antibody Discovery and Option Agreement, dated September 19, 2024 (the “Antibody Paragon Option Agreement”) and the ADC Paragon Option Agreement (together with the Antibody Paragon Option Agreement, the “Paragon Option Agreements”), and (ii) the CR-001 License Agreement with Paragon, dated April 28, 2025, as amended on December 2, 2025, and CR-002 License Agreement with Paragon, dated November 5, 2025, in our condensed consolidated statement of operations and comprehensive loss for the three and six months ended June 30, 2026, was nil and$2.5 million, respectively, and$5.0 million and $13.0 million for the three and six month ended June 30, 2025, respectively.

Previous wording

Other income (expense) includes interest income of $1.4 million and $0.2 million earned for the three months ended March 31, 2026 and March 31, 2025, respectively, relating to our money market account and no interest expense and $1.1 million of interest expense incurred for the three months ended March 31, 2026 and March 31, 2025, respectively, relating to our previously outstanding convertible notes with an initial principal amount of $37.5 million (“Convertible Notes”) issued to various investors in October 2024, which converted to common stock (now, ordinary shares) and pre-funded warrants upon the close of the Merger.

Current wording

Other income (expense) includes interest income of $1.5 million and $3.0 million, and $0.3 million and $0.5 million earned for the three and six months ended June 30, 2026 and June 30, 2025, respectively, relating to our money market account. Other income (expense) includes $1.8 million and $1.8 million, and nil and nil of other income related to the sale of legacy GlycoMimetics intellectual property assets for the three and six months ended June 30, 2026 and June 30, 2025, respectively. Also included in other income (expense) is nil and nil, and $1.1 million and $2.2 million, of interest expense incurred for the three and six months ended June 30, 2026 and June 30, 2025, respectively, relating to our previously outstanding convertible notes with an initial principal amount of $37.5 million (“Convertible Notes”) issued to various investors in October 2024, which converted to common stock (now, ordinary shares) and pre-funded warrants upon the close of the Merger.

Previous wording

No provision for income taxes was recorded for the three months ended March 31, 2026 and March 31, 2025. We recorded a full valuation allowance against our net deferred tax assets as of the balance sheet date, as we believe it is not more likely than not that the benefit will be realized due to our cumulative losses generated to date and expectation of future losses.

Current wording

No provision for income taxes was recorded for the three and six months ended June 30, 2026 and June 30, 2025. We recorded a full valuation allowance against our net deferred tax assets as of the balance sheet date, as we believe it is not more likely than not that the benefit will be realized due to our cumulative losses generated to date and expectation of future losses.

Previous wording

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted in the U.S. The OBBBA includes significant provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework, and the restoration of favorable tax treatment for certain business tax provisions. We have evaluated the OBBBA provisions enacted during the period and estimated their impact on the consolidated financial statements to be immaterial. We will continue to evaluate the full impact of these legislative changes as additional guidance becomes available.

Current wording

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted in the U.S. The OBBBA includes significant provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework, and the restoration of favorable tax treatment for certain business tax provisions. We have evaluated the OBBBA provisions and estimated their impact on the consolidated financial statements to be immaterial. We will continue to evaluate the full impact of these legislative changes as additional guidance becomes available.

Previous wording

(3)Includes related party amount of $0 and $1,062 for the three months ended March 31, 2026 and March 31, 2025, respectively. Former CR-003 activities previously presented under CR-003.

Current wording

(3)Includes related party amount of $0 and $751 for the three months ended June 30, 2026 and June 30, 2025, respectively. Former CR-003 activities previously presented under CR-003.

Previous wording

External research and development expenses, including CROs, CMOs, and other third-party preclinical studies and clinical trials expenses, increased by $2.0 million, from $9.2 million for the three months ended March 31, 2025 to $11.2 million during the three months March 31, 2026. The increase is primarily related to an increase in CMO development and manufacturing expenses and an increase in our CRO expenses related to ongoing clinical trials and toxicology studies, offset by a decrease in research and development expenses incurred by Paragon subsequent to the termination of the ADC Paragon Option Agreement.

Current wording

External research and development expenses, including CROs, CMOs, and other third-party preclinical studies and clinical trials expenses, increased by $4.3 million, from $8.2 million for the three months ended June 30, 2025 to $12.5 million during the three months June 30, 2026. The increase is primarily related to an increase in CMO development and manufacturing expenses and an increase in our CRO expenses related to ongoing clinical trials and toxicology studies, offset by a decrease in research and development expenses incurred by Paragon subsequent to the termination of the ADC Paragon Option Agreement.

Previous wording

For the three months ended March 31, 2026 compared to the same period in the prior year, office, facilities, and software expense increased by $0.4 million and professional and consulting fees increased by $0.1 million, both as a result of continuing support of our pipeline, as well as the commencement of our leased Waltham office beginning in May 2025.

Current wording

For the three months ended June 30, 2026 compared to the same period in the prior year, office, facilities, and software expense increased by $0.3 million and professional and consulting fees increased by $0.1 million, both as a result of continuing support of our pipeline, as well as the commencement of our leased Waltham office beginning in May 2025.

Previous wording

Interest income increased by $1.3 million during the three months ended March 31, 2026 compared to the same period in the prior year due to increased levels of cash and cash equivalents as of March 31, 2026 as compared to March 31, 2025.

Current wording

Interest income increased by $1.2 million during the three months ended June 30, 2026 compared to the same period in the prior year due to sustained increased levels of cash and cash equivalents during the three months ended June 30, 2026 as compared to the three months ended June 30, 2025.

Previous wording

(1)Includes related party amount of $2,923 and $8,777 for the three months ended March 31, 2026 and March 31, 2025, respectively.

Current wording

(1)Includes related party amount of $2,923 and $15,069 for the six months ended June 30, 2026 and June 30, 2025, respectively.

Previous wording

Revenue of $1.0 million for the three months ended March 31, 2026 consisted of amounts earned for the transfer of a portion of the initial supply of CR-001 to Kelun.

Current wording

Revenue of $1.0 million for the six months ended June 30, 2026 consisted of amounts earned for the transfer of a portion of the initial supply of CR-001 to Kelun.

Previous wording

(1)Includes related party amount of $2,500 and $5,582 for the three months ended March 31, 2026 and March 31, 2025, respectively.

Current wording

(1)Includes related party amount of $2,500 and $6,239 for the six months ended June 30, 2026 and June 30, 2025, respectively.

Previous wording

(4)Includes related party amount of $423 and $763 for the three months ended March 31, 2026 and March 31, 2025, respectively.

Current wording

(4)Includes related party amount of $423 and $2,035 for the six months ended June 30, 2026 and June 30, 2025, respectively.

Previous wording

Personnel-related expenses increased by $4.7 million during the three months ended March 31, 2026 compared to the same period in the prior year as we continue to hire employees to support ongoing and future research and development. Share-based compensation increased by $1.2 million during the three months ended March 31, 2026 compared to the same period in the prior year, primarily as a result of increases in employee awards and partially offset by a decrease in expense related to the Parascent warrants.

Current wording

Personnel-related expenses increased by $7.3 million during the six months ended June 30, 2026 compared to the same period in the prior year as we continue to hire employees to support ongoing and future research and development. Share- based compensation increased by $1.2 million during the six months ended June 30, 2026 compared to the same period in the prior year, primarily as a result of increases in employee awards and partially offset by a decrease in expense related to the Parascent warrants.

Previous wording

Professional and consulting fees increased by $0.3 million during the three months ended March 31, 2026 compared to the same period in the prior year to continue to support the development of our pipeline. Office, facilities, and software increased by $0.9 million, primarily as a result of the commencement of our leased Waltham office beginning in May 2025.

Current wording

For the six months ended June 30, 2026 compared to the same period in the prior year, office, facilities, and software expense increased by $0.7 million and professional and consulting fees increased by $0.3 million, both as a result of continuing support of our pipeline, as well as the commencement of our leased Waltham office beginning in May 2025.

Previous wording

(1)Includes related party amount of $0 and $213 for the three months ended March 31, 2026 and March 31, 2025, respectively.

Current wording

(1)Includes related party amount of $0 and $213 for the six months ended June 30, 2026 and June 30, 2025, respectively.

Previous wording

(2)Includes related party amount of $0 and $150 for the three months ended March 31, 2026 and March 31, 2025, respectively.

Current wording

(2)Includes related party amount of $0 and $150 for the six months ended June 30, 2026 and June 30, 2025, respectively.

Previous wording

General and administrative expenses increased by $4.3 million during the three months ended March 31, 2026 compared to the same period in the prior year. Personnel-related expenses increased by $2.8 million during the three months ended March 31, 2026 compared to the same period in the prior year. Increases in personnel-related expenses were primarily the result of our continued hiring of executives and administrative employees, resulting in increases to both share-based compensation and other compensation costs during three months ended March 31, 2026 compared to the same period in the prior year by $1.7 million and $1.1 million, respectively.

Current wording

General and administrative expenses increased by $4.1 million during the six months ended June 30, 2026 compared to the same period in the prior year. Personnel-related expenses increased by $2.1 million during the six months ended June 30, 2026 compared to the same period in the prior year. Increases in personnel-related expenses were primarily the result of our continued hiring of executives and administrative employees, resulting in increases to both share-based compensation and other compensation costs during six months ended June 30, 2026 compared to the same period in the prior year by $0.3 million and $1.8 million, respectively.

Previous wording

Since our inception, we have incurred significant operating losses. We expect to incur significant expenses and operating losses for the foreseeable future as we continue the preclinical development of our programs and commence clinical development of CR-001, CR-002, and CR-003. We have not yet commercialized any products and we do not expect to generate revenue from sales of products for several years, if at all. To date, we have funded our operations primarily with proceeds from the issuance of Series Seed convertible preferred stock, common stock, and pre-funded warrants, and the sale of our Convertible Notes. In September 2024, we issued and sold 20,000,000 shares of Series Seed Preferred Stock to Fairmount, through an affiliate fund, at a purchase price of $0.20 per share, for total gross proceeds of $4.0 million, which qualified as a related party transaction. In October 2024, we received $37.5 million in net proceeds from the issuance of our Convertible Notes to several investors, of which Fairmount, through an affiliate fund, held a convertible note with an initial principal amount of $15.0 million, which qualified as a related party transaction. In June 2025, we raised approximately $142.3 million in net proceeds from the Pre-Closing Financing, excluding the previously received proceeds from the Convertible Notes, and received $1.3 million in cash from GlycoMimetics upon consummation of the Merger. In December 2025, we raised approximately $171.9 million in net proceeds from the Private Placement. As of March 31, 2026, we had cash and cash equivalents of $189.2 million.

Current wording

Since our inception, we have incurred significant operating losses. We expect to incur significant expenses and operating losses for the foreseeable future as we continue the preclinical development of our programs and commence clinical development of CR-001, CR-002, and CR-003. We have not yet commercialized any products and we do not expect to generate revenue from sales of products for several years, if at all. To date, we have funded our operations primarily with proceeds from the issuance of Series Seed convertible preferred shares, ordinary shares, and pre-funded warrants, and the sale of our Convertible Notes. In September 2024, we issued and sold 20,000,000 shares of Series Seed Preferred Stock to Fairmount, through an affiliate fund, at a purchase price of $0.20 per share, for total gross proceeds of $4.0 million, which qualified as a related party transaction. In October 2024, we received $37.5 million in net proceeds from the issuance of our Convertible Notes to several investors, of which Fairmount, through an affiliate fund, held a convertible note with an initial principal amount of $15.0 million, which qualified as a related party transaction. In June 2025, we raised approximately $142.3 million in net proceeds from the Pre-Closing Financing, excluding the previously received proceeds from the Convertible Notes, and received $1.3 million in cash from GlycoMimetics upon consummation of the Merger. In December 2025, we raised approximately $171.9 million in net proceeds from the Private Placement. As of June 30, 2026, we had cash and cash equivalents of $171.6 million. Additionally, we raised approximately $133.5 million in net proceeds from the July 2026 Offering.

Previous wording

Our primary use of cash is to fund the development of our product candidates and advance our pipeline. This includes both the research and development costs and the general and administrative expenses required to support those operations. Because we are a clinical-stage biotechnology company, we have incurred significant operating losses since our inception and we anticipate such losses to increase as we continue to pursue clinical development of our product candidates, prepare for the potential commercialization of our product candidates, and expand our development efforts in our pipeline of nonclinical candidates. We expect that our existing cash will be sufficient to fund our operating plans for at least twelve months from this Quarterly Report. We will need to secure additional financing in the future to fund additional research and development and before a commercial drug can be produced, marketed, and sold. If we are unable to obtain additional financing or generate license or product revenue, the lack of liquidity could have a material adverse effect on our company and our operations.

Current wording

Our primary use of cash is to fund the development of our product candidates and advance our pipeline. This includes both the research and development costs and the general and administrative expenses required to support those operations. Because we are a clinical-stage biotechnology company, we have incurred significant operating losses since our inception and we anticipate such losses to increase as we continue to pursue clinical development of our product candidates, prepare for the potential commercialization of our product candidates, and expand our development efforts in our pipeline of nonclinical candidates. We expect that our existing cash will be sufficient to fund our operating plans for at least twelve months from the date of this Quarterly Report. We will need to secure additional financing in the future to fund additional research and development and before a commercial drug can be produced, marketed, and sold. If we are unable to obtain additional financing or generate license or product revenue, the lack of liquidity could have a material adverse effect on our company and our operations.

Previous wording

For the three months ended March 31, 2026, net cash used in operating activities was $8.9 million, which was primarily attributable to a net loss of $23.3 million, partially offset by non-cash charges of $4.3 million and net cash provided by changes in operating activities of $10.1 million. The changes in operating activities were primarily due to the receipt of proceeds from the CR-001 License Agreement with Kelun in addition to an increase in our business activity and timing of vendor invoicing and payments. Non-cash charges primarily consisted of $4.1 million in share-based compensation expense.

Current wording

For the six months ended June 30, 2026, net cash used in operating activities was $28.4 million, which was primarily attributable to a net loss of $48.1 million, partially offset by non-cash charges of $6.6 million and net cash provided by changes in operating activities of $13.1 million. The changes in operating activities were primarily due to the receipt of proceeds from the CR-001 License Agreement with Kelun, as well as an increase in our business activity and timing of vendor invoicing and payments. Non-cash charges primarily consisted of $8.1 million in share-based compensation expense and the $1.8 million gain on sale of legacy GlycoMimetics intellectual property assets,

Previous wording

For the three months ended March 31, 2025, net cash used in operating activities was $10.9 million, which was primarily attributable to a net loss of $15.1 million, partially offset by non-cash charges of $1.2 million, and net cash provided by changes in operating activities of $3.1 million. The changes in operating activities were primarily due to an increase in our business activity as well as the timing of vendor invoicing and payments. Non-cash charges primarily consisted of $1.2 million in share-based compensation expense.

Current wording

For the six months ended June 30, 2025, net cash used in operating activities was $27.3 million, which was primarily attributable to a net loss of $36.9 million, partially offset by non-cash charges of $8.8 million, and net cash provided by changes in operating activities of $0.9 million. The changes in operating activities were primarily due to an increase in our business activity as well as the timing of vendor invoicing and payments. Non-cash charges primarily consisted of $6.6 million in share-based compensation expense and of $2.2 million non-cash interest expense.

Previous wording

For the three months ended March 31, 2026, net cash used in investing activities was attributable to the remittance to tax authorities on Kelun’s behalf of $8.0 million in withholding taxes related to the SKB105 License Agreement, as well as $0.1 million of purchases of property and equipment associated with the build-out of the sublease of office space located in Waltham, Massachusetts.

Current wording

For the six months ended June 30, 2026, net cash used in investing activities was attributable to the remittance to tax authorities on Kelun’s behalf of $8.0 million in withholding taxes related to the SKB105 License Agreement, proceeds received from the sale of legacy GlycoMimetics intellectual property assets of $1.8 million, and $0.2 million of purchases of property and equipment associated with the build-out of the sublease of office space located in Waltham, Massachusetts.

Previous wording

For the three months ended March 31, 2026, net cash used in financing activities was $6.9 million, consisting of $6.9 million of payments for deferred offering costs related to the Private Placement.

Current wording

For the six months ended June 30, 2026, net cash used in financing activities was $6.8 million, consisting of $7.1 million of payments for deferred offering costs related to the Private Placement and the July 2026 Offering and proceeds of $0.3 million from the issuance of ESPP shares.