Crescent Biopharma Ends Q1 with $189.2M Cash, $1M Revenue; ADC Combo Trial in H2 2026
Crescent Biopharma ended Q1 with $189.2M cash, $1.0M revenue from a $20M upfront payment and R&D expenses of $17.9M. Its global Phase 1/2 ASCEND trial of CR-001 remains on track, with an ADC combo study launching in H2 2026 and data readouts expected in Q1 2027.
1. Q1 2026 Financial Results
Crescent Biopharma reported cash and cash equivalents of $189.2 million as of March 31, 2026, revenue of $1.0 million driven by a $20.0 million upfront license payment, R&D expenses of $17.9 million and G&A expenses of $7.9 million, providing funding into 2028.
2. CR-001 Phase 1/2 ASCEND Progress
Enrollment is ongoing in the global Phase 1/2 ASCEND trial evaluating CR-001, a PD-1 x VEGF bispecific antibody, in treatment-naïve and previously treated NSCLC, gastrointestinal and gynecological cancers. A Kelun-Biotech Phase 1/2 trial in Greater China is set to start H1 2026, and an ADC combination study with CR-001 is slated for H2 2026.
3. CR-002 and CR-003 ADC Programs
CR-002, a PD-L1-targeted topoisomerase inhibitor ADC, is on track for an IND submission in mid-2026 and a Phase 1/2 trial in H2 2026, with proof-of-concept data expected H2 2027. CR-003, an ITGB6-targeted ADC, is in Phase 1/2 trials in China with data due Q1 2027 and a combination trial with CR-001 planned for H1 2027.