Crescent Biopharma Secures $185M, Launches CR-001 Phase 1/2 Trial with Kelun-Biotech Partnership
Crescent Biopharma closed Q4 2025 with $10.8 million in revenue and $213.2 million in cash following a $185 million private placement, funding operations into 2028. The company launched a global Phase 1/2 trial for CR-001 and secured a Kelun-Biotech partnership to commercialize bispecific and ADC candidates, with three more trials planned for 2026.
1. Financial Results
Crescent reported $10.8 million in revenue for Q4 2025 compared to no revenue in 2024, ending the year with $213.2 million in cash and equivalents. The company completed a $185 million private placement in December 2025, securing funding for operations into 2028.
2. Kelun-Biotech Partnership
In December 2025, Crescent granted Sichuan Kelun-Biotech exclusive rights to develop and commercialize CR-001 in Greater China, while Crescent obtained rights to CR-003 outside that region. The collaboration covers monotherapy and combination strategies, including evaluation of CR-001 with CR-003 and other ADCs.
3. CR-001 Phase 1/2 Global Trial
Following FDA clearance of its IND application in January 2026, Crescent dosed the first patient in the ASCEND Phase 1/2 trial for CR-001 across multiple solid tumors, including non-small cell lung, gastrointestinal and gynecological cancers. The company expects initial safety, pharmacokinetic and antitumor activity data by Q1 2027.
4. Pipeline and Upcoming Trials
Crescent plans to submit an IND for CR-002 by mid-2026 to initiate a Phase 1/2 trial in H2 2026, with proof-of-concept data due in H2 2027. A first Phase 1/2 ADC combination trial of CR-001 and CR-003 is slated for H2 2026, with initial results anticipated by year-end 2027, and CR-003 monotherapy trials in China beginning Q1 2026.