CRESCENT BIOPHARMA, INC.
For the period ended Jun 30, 2026. Filed Jul 30, 2026.
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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.
Jun 30, 2026 · Filed Jul 30, 2026
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Condensed Consolidated Statements of Cash Flows (Unaudited)
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
| Six Months EndedJune 30, 2026 | Six Months Ended June 30, 2025 | |
|---|---|---|
| Cash flows from operating activities: | ||
| Net loss | $(48,120) | $(36,938) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Share-based compensation expense(1) | 8,078 | 6,569 |
| Gain on sale of assets | (1,770) | — |
| Depreciation expense | 130 | 2 |
| Non-cash interest expense(2) | — | 2,185 |
| Non-cash lease expense | 198 | 23 |
| Changes in operating assets and liabilities: | ||
| Accounts payable | (816) | (431) |
| Accrued expenses and other current liabilities | (482) | 4,417 |
| Related party accounts payable and other current liabilities | (140) | (2,038) |
| Deferred revenue | (1,039) | — |
| Operating lease liability | (207) | 14 |
| Accounts receivable | 18,000 | — |
| Prepaid expenses and other current assets | (1,950) | (1,134) |
| Other assets | (282) | 78 |
| Net cash used in operating activities | (28,400) | (27,253) |
| Cash flows from investing activities: | ||
| Purchase of research and development license | (8,000) | — |
| Proceeds received from sale of assets | 1,770 | — |
| Purchases of property and equipment | (160) | (140) |
| Net cash used in investing activities | (6,390) | (140) |
| Cash flows from financing activities: | ||
| Proceeds from the Pre-Closing Financing, net | — | 144,281 |
| Cash acquired in connection with the reverse recapitalization | — | 1,269 |
| Proceeds from early exercise of options | — | 5 |
| Repurchase of equity awards | — | (177) |
| Payment of deferred offering costs | (7,089) | — |
| Proceeds from issuance of shares under employee stock purchase plan | 280 | — |
| Net cash (used in) provided by financing activities | (6,809) | 145,378 |
| Net (decrease) increase in cash, cash equivalents, and restricted cash | (41,599) | 117,985 |
| Cash, cash equivalents, and restricted cash at beginning of period | 213,299 | 34,766 |
| Cash, cash equivalents, and restricted cash at end of period | $171,700 | $152,751 |
| Supplemental disclosure of non-cash operating and financing activities: | ||
| Vesting of early exercised stock options | $5 | $— |
| Deferred financing costs included in accounts payable and accrued expenses and other current liabilities | $282 | $1,274 |
| Operating lease liability arising from obtaining operating right-of-use asset | $— | $1,630 |
| 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 and other current liabilities | $— | $55 |
| 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 $423 and $2,035, for the six months ended June 30, 2026 and June 30, 2025, respectively.
(2)Includes related party amount of $0 and $865 for the six months ended June 30, 2026 and June 30, 2025, respectively.
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