Crescent Biopharma, Inc.
CBIOHealthcare|Biotechnology|US
$13.54
+0.60 (+4.64%)
DCF Value
$20.78
Tangible Book / Share
$5.35
Cash / Share
$5.62
Financials
Financial Snapshot
Market Cap
$502.9M
Enterprise Value
$332.8M
Revenue (TTM)
$11.9M
Net Income (TTM)
-$163.0M
Cash & Investments
$171.6M
Net Cash
$170.2M
Free Cash Flow (TTM)
-$153.6M
Operating CF (TTM)
-$72.7M
Debt/Equity
0.01
Cash Runway & Burn Rate
Cash on Hand
$171.6M
Quarterly Burn
$18.2M
Monthly Burn
$6.1M
Est. Runway
~9.4 quarters
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $40.0M | $123.9M | $209.9M | $158.2M | $137.0M | $90.3M | $47.9M | $41.8M | $34.8M | $213.2M | $171.6M | |
| Operating Cash Flow | -$29.7M | -$29.8M | -$43.3M | -$52.0M | -$39.2M | -$57.5M | -$46.5M | -$34.9M | -$31.1M | -$71.5M | -$72.7M | |
| Free Cash Flow | -$30.4M | -$30.1M | -$43.5M | -$52.1M | -$39.3M | -$57.5M | -$46.5M | -$34.9M | -$31.1M | -$144.5M | -$153.6M | |
| Capital Expenditure | -$704.2K | -$294.1K | -$125.6K | -$144.9K | -$68.5K | -$14.9K | -$84.2K | -$21.4K | -$10.0K | -$72.9M | -$80.9M | |
| Financing Cash Flow | $23.7M | $113.9M | $129.4M | $412.9K | $18.1M | $10.7M | $4.2M | $28.8M | $5.4K | $323.0M | $170.8M |
R&D Spending
R&D (TTM)
$152.7M
R&D Intensity
1284.8%
R&D Growth vs Prior
+10.6%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $18.5K | $0.00 | $0.00 | $0.00 | $10.2M | $1.2M | $75.0K | $10.0K | $0.00 | $10.8M | $11.9M | |
| R&D Expense | $23.3M | $24.1M | $40.1M | $47.0M | $44.9M | $47.5M | $28.4M | $20.1M | $28.1M | $138.1M | $152.7M | |
| R&D % of Revenue | 125847.7% | — | — | — | 442.1% | 4094.9% | 37854.5% | 200716.6% | — | 1273.4% | 1284.8% | |
| SG&A | $8.7M | $9.8M | $11.4M | $14.4M | $16.7M | $17.1M | $19.1M | $19.2M | $16.3M | $25.4M | $29.5M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $18.5K | $0.00 | $0.00 | $0.00 | $10.2M | $1.2M | $75.0K | $10.0K | $0.00 | $10.8M | $11.9M | |
| Cost of Revenue | $0.00 | $263.5K | $275.1K | $899.3K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Gross Profit | $0.00 | -$263.5K | -$275.1K | -$899.3K | $10.2M | $1.2M | $75.0K | $10.0K | $0.00 | $10.8M | $11.9M | |
| R&D | $23.3M | $24.1M | $40.1M | $47.0M | $44.9M | $47.5M | $28.4M | $20.1M | $28.1M | $138.1M | $152.7M | |
| SG&A | $8.7M | $9.8M | $11.4M | $14.4M | $16.7M | $17.1M | $19.1M | $19.2M | $16.3M | $25.4M | $29.5M | |
| Operating Income | -$31.9M | -$33.9M | -$51.5M | -$61.4M | -$51.5M | -$63.4M | -$47.4M | -$39.3M | -$49.9M | -$152.6M | -$168.5M | |
| Interest Expense | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $852.0K | $2.2M | $0.00 | |
| Pretax Income | -$31.8M | -$33.3M | -$48.3M | -$57.9M | -$51.0M | -$63.4M | -$46.7M | -$36.9M | -$48.5M | -$151.9M | -$163.1M | |
| Net Income | -$31.8M | -$33.3M | -$48.3M | -$54.1M | -$51.0M | -$63.4M | -$46.7M | -$36.9M | -$48.5M | -$153.9M | -$163.0M | |
| EPS (Diluted) | -149.65 | -113.22 | -117.61 | -133.84 | -111.60 | -123.27 | -88.88 | -58.25 | -63.22 | -14.78 | -7.58 | |
| EBITDA | -$31.7M | -$33.7M | -$51.2M | -$57.0M | -$51.2M | -$63.2M | -$47.2M | -$39.1M | -$44.2M | -$149.7M | -$162.9M | |
| Shares Out. (M) | 0.21 | 0.29 | 0.41 | 0.43 | 0.46 | 0.51 | 0.53 | 0.63 | 0.77 | 10.41 | 30.53 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $40.0M | $123.9M | $209.9M | $158.2M | $137.0M | $90.3M | $47.9M | $41.8M | $34.8M | $213.2M | $171.6M | |
| Short-Term Investments | $10.6K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Current Assets | $40.5M | $127.2M | $212.3M | $162.5M | $138.3M | $90.8M | $50.7M | $43.8M | $34.8M | $236.7M | $179.0M | |
| Total Assets | $42.4M | $128.6M | $214.8M | $168.0M | $142.8M | $94.3M | $51.8M | $45.3M | $35.6M | $240.3M | $182.8M | |
| Total Current Liabilities | $6.3M | $8.2M | $8.8M | $11.0M | $12.4M | $11.8M | $8.9M | $6.8M | $9.6M | $36.1M | $18.5M | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $37.5M | $0.00 | $0.00 | |
| Total Liabilities | $7.1M | $8.9M | $9.4M | $13.8M | $14.6M | $12.7M | $8.9M | $6.9M | $51.1M | $37.3M | $19.5M | |
| Stockholders' Equity | $35.3M | $119.7M | $205.5M | $154.2M | $128.2M | $81.6M | $42.9M | $38.4M | -$15.5M | $203.0M | $163.3M | |
| Retained Earnings | -$119.0M | -$152.3M | -$200.6M | -$258.4M | -$309.5M | -$372.9M | -$419.6M | -$456.5M | -$17.9M | -$171.8M | -$219.9M |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$29.7M | -$29.8M | -$43.3M | -$52.0M | -$39.2M | -$57.5M | -$46.5M | -$34.9M | -$31.1M | -$71.5M | -$72.7M | |
| Capital Expenditure | -$704.2K | -$294.1K | -$125.6K | -$144.9K | -$68.5K | -$14.9K | -$84.2K | -$21.4K | -$10.0K | -$72.9M | -$80.9M | |
| Free Cash Flow | -$30.4M | -$30.1M | -$43.5M | -$52.1M | -$39.3M | -$57.5M | -$46.5M | -$34.9M | -$31.1M | -$144.5M | -$153.6M | |
| Investing Cash Flow | -$704.2K | -$294.1K | -$125.6K | -$144.9K | -$68.5K | -$14.9K | -$84.2K | -$21.4K | $20.0K | -$72.9M | -$79.2M | |
| Financing Cash Flow | $23.7M | $113.9M | $129.4M | $412.9K | $18.1M | $10.7M | $4.2M | $28.8M | $5.4K | $323.0M | $170.8M | |
| Issuance of Stock | $23.6M | $113.6M | $128.4M | $412.9K | $17.8M | $10.7M | $4.2M | $28.7M | $0.00 | $321.9M | $177.9M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | -$177.0K | $0.00 | |
| Net Debt Issuance | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $3.0M | $3.8M | $4.6M | $6.2M | $6.9M | $6.1M | $3.9M | $3.6M | $4.8M | $13.3M | $14.8M | |
| Net Change in Cash | -$6.8M | $83.9M | $86.0M | -$51.7M | -$21.2M | -$46.8M | -$42.4M | -$6.1M | -$31.1M | $178.5M | $18.9M |
Dilution Tracker
Shares outstanding grew 2177.6% over 5 years — significant dilution
Shares Outstanding
37M
5-Year Share Growth
+2177.6%
Stock Issuance (TTM)
$177.9M
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 0.21 | 0.29 | 0.41 | 0.43 | 0.46 | 0.51 | 0.53 | 0.63 | 0.77 | 10.41 | 30.53 | |
| Change vs Prior % | — | 38.3% | 39.6% | 5.4% | 5.7% | 12.5% | 2.1% | 20.6% | 21.2% | 1256.7% | 193.2% | |
| Stock Issuance | $23.6M | $113.6M | $128.4M | $412.9K | $17.8M | $10.7M | $4.2M | $28.7M | $0.00 | $321.9M | $177.9M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | -$177.0K | $0.00 | |
| Stock Based Comp. | $3.0M | $3.8M | $4.6M | $6.2M | $6.9M | $6.1M | $3.9M | $3.6M | $4.8M | $13.3M | $14.8M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 0.0% | — | — | — | 100.0% | 100.0% | 100.0% | 100.0% | — | 100.0% | 100.0% | |
| Operating Margin % | -172505.3% | — | — | — | -506.8% | -5470.7% | -63204.4% | -392752.9% | — | -1407.5% | -1417.7% | |
| Net Margin % | -171945.1% | — | — | — | -502.1% | -5469.0% | -62251.7% | -368994.2% | — | -1419.6% | -1371.5% | |
| EBITDA Margin % | -171475.4% | — | — | — | -504.2% | -5447.9% | -62927.6% | -391213.5% | — | -1380.2% | -1371.0% | |
| FCF Margin % | -164516.0% | — | — | — | -386.8% | -4958.3% | -62055.6% | -349013.0% | — | -1332.1% | -1292.8% | |
| ROE % | -90.1% | -27.8% | -23.5% | -35.1% | -39.8% | -77.7% | -108.8% | -96.1% | 313.5% | -75.8% | -97.8% | |
| ROA % | -75.0% | -25.9% | -22.5% | -32.2% | -35.7% | -67.2% | -90.1% | -81.4% | -136.2% | -64.1% | -89.2% | |
| ROIC % | -88.5% | -28.2% | -25.0% | -36.4% | -39.2% | -76.0% | -108.1% | -100.1% | -191.9% | -74.6% | -102.3% | |
| R&D / Revenue % | 125847.7% | — | — | — | 442.1% | 4094.9% | 37854.5% | 200716.6% | — | 1273.4% | 1284.8% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | -99.9% | -100.0% | 0.0% | 0.0% | 0.0% | -88.6% | -93.5% | -86.7% | -100.0% | 0.0% | |
| Gross Profit | -100.0% | 0.0% | -4.4% | -226.9% | 1230.1% | -88.6% | -93.5% | -86.7% | -100.0% | 0.0% | |
| Operating Income | -149.6% | -6.3% | -51.8% | -19.2% | 16.1% | -23.2% | 25.3% | 17.1% | -27.0% | -205.9% | |
| Net Income | -149.1% | -4.6% | -45.0% | -12.1% | 5.7% | -24.3% | 26.4% | 21.0% | -31.5% | -217.3% | |
| EPS (Diluted) | -122.8% | 24.3% | -3.9% | -13.8% | 16.6% | -10.5% | 27.9% | 34.5% | -8.5% | 76.6% | |
| Operating Cash Flow | -260.7% | -0.1% | -45.6% | -20.0% | 24.5% | -46.5% | 19.2% | 24.9% | 10.8% | -130.0% | |
| Free Cash Flow | -257.6% | 1.2% | -44.6% | -20.0% | 24.6% | -46.3% | 19.1% | 25.0% | 10.9% | -364.4% | |
| R&D Expense | -7.1% | 3.5% | 66.4% | 17.3% | -4.5% | 5.7% | -40.2% | -29.3% | 39.8% | 392.1% | |
| SG&A Expense | 10.8% | 13.7% | 16.1% | 25.8% | 16.6% | 2.2% | 11.5% | 0.7% | -15.0% | 55.5% | |
| Total Assets | -12.5% | 203.3% | 67.1% | -21.8% | -15.0% | -33.9% | -45.1% | -12.5% | -21.4% | 574.7% | |
| Book Value / Share | -22.0% | 145.2% | 22.9% | -28.8% | -21.3% | -43.4% | -48.5% | -25.8% | -133.3% | 196.7% | |
| Debt | 0.0% | 0.0% | 0.0% | 0.0% | -22.2% | -31.9% | -52.2% | -12.0% | 4536.6% | -95.6% | |
| Diluted Shares | 11.8% | 38.3% | 39.6% | 5.4% | 5.7% | 12.5% | 2.1% | 20.6% | 21.2% | 1256.7% |
Valuation
P/E (TTM)At Loss
P/S42.32
10Y Low / Med / High11.39 / 2122.26 / 14948.81
P/B2.53
10Y Low / Med / High0.61 / 1.89 / 4.12
EV/EBITDAAt Loss
EV/Revenue28.00
10Y Low / Med / High3.71 / 4844.40 / 10850.36
P/FCFAt Loss
Intrinsic Value Models (per share)
DCF Value
$20.78
Tangible Book / Share
$5.35
Net Current Assets / Share
$4.29
Graham Net-Net
$4.98
Cash / Share
$5.62
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -4.08 | -14.83 | -8.05 | -3.95 | -3.37 | -1.17 | -3.41 | -4.05 | -0.39 | -0.80 | -1.79 | |
| P/S Ratio | 7008.83 | 0.00 | 0.00 | 0.00 | 16.92 | 63.89 | 2122.26 | 14948.81 | 0.00 | 11.39 | 42.32 | |
| P/B Ratio | 3.67 | 4.12 | 1.89 | 1.48 | 1.34 | 0.91 | 3.71 | 3.89 | -1.23 | 0.61 | 2.53 | |
| EV/EBITDA | -2.83 | -10.98 | -3.49 | -1.30 | -0.74 | 0.23 | -2.38 | -2.77 | -0.49 | 0.59 | -2.04 | |
| EV/Revenue | 4844.40 | 0.00 | 0.00 | 0.00 | 3.71 | -12.28 | 1496.23 | 10850.36 | 0.00 | -8.12 | 28.00 |
Analyst Estimates & Quality
Altman Z-Score
11.96
Safe
Piotroski F-Score
3
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $1.9M | $4.8M | $8.2M |
| Net Income | -$32.0M | -$30.3M | -$31.8M |
| EPS | $-3.08 | $-2.91 | $-3.06 |
| # Analysts (EPS) | 4 | 3 | 5 |
Dividends
Frequency
Quarterly
Recent Payments
| Ex-Date | Pay Date | Amount | Frequency |
|---|---|---|---|
| Jan 13, 2023 | $0.24 | Quarterly | |
| Sep 21, 2022 | $1.43 | Annual |
Revenue Segments
By Product
| Segment | 2024 | 2025 |
|---|---|---|
| Product | $105.8M | — |
| Reportable Segment | — | $10.8M |