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what it is
Crescent Biopharma is a clinical-stage cancer drug developer with almost no current product revenue and a newly reshaped corporate shell.
how it gets paid
Last year Crescent Biopharma made $11M in revenue. license revenue was the main engine at $10.8M, or 98% of sales.
what just happened
The quarter said the quiet part out loud: $0 revenue and EPS of -$0.48 mean Crescent is still a pipeline bet, not a business.
At a glance
B balance sheet — gets the job done, barely
75/100 earnings predictability — reasonably predictable
-$59.00 fy2024 eps est
$0M fy2023 rev est
n/a operating margin
xvary composite: 43/100 — below average
What they do
Crescent Biopharma is a clinical-stage cancer drug developer with almost no current product revenue and a newly reshaped corporate shell.
Right now, the edge is the balance sheet, not a proven drug franchise. Long-term debt is just $1 million, or 0% of capital, and the company has only 4 employees. In biotech, that means you are funding science and dealmaking, not feeding creditors.
How they make money
$11M
annual revenue
license revenue
$10.8M
collaboration revenue
$0.2M
milestone revenue
$0.0M
product revenue
$0.0M
The products that matter
lead clinical candidate
CR-001
Phase 1/2 · data expected in 2026–2027
this is the primary asset. with no commercial product revenue and a $153.9M annual loss, your thesis lives or dies with those 2026–2027 readouts.
thesis driver
strategic r&d partnership
Kelun-Biotech Alliance
announced dec 2025
the alliance matters because external validation is currency for a pre-commercial biotech. right now, $10.8M of license revenue is one of the few hard-dollar proof points on the page.
external validation
pre-commercial pipeline economics
License revenue base
$10.8M in 2025
it's the entire reported revenue story, and it is tiny next to a $153.9M net loss. that gap is why investors focus on clinical progress instead of backward-looking sales.
not recurring
Key numbers
n/a
operating margin
Prior margin KPI failed sanity check — verify in filings. Operating margin → money left after running the business → so what: Crescent lost about $14.08 for every $1 of revenue.
$1M
long-term debt
Long-term debt → borrowings due after a year → so what: just $1 million, or 0% of capital, means lenders are not the immediate problem.
$11M
ttm revenue
Trailing 12-month revenue → sales over the last year → so what: you are paying roughly 28 times revenue for a company with no latest-quarter sales.
4
employees
Headcount → people running the company → so what: this is a very small operating footprint for a $308 million public biotech.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 4 — safer than 20% of stocks
- price stability 5 / 100
- long-term debt $1M (0% of capital)
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for CBIO right now.
source: institutional data · return history unavailable
What just happened
missed estimates
The quarter said the quiet part out loud: $0 revenue and EPS of -$0.48 mean Crescent is still a pipeline bet, not a business.
Latest-quarter revenue was $0, versus trailing 12-month revenue of $11 million. That contrast tells you prior revenue was episodic, likely tied to licensing rather than repeatable product sales.
$0
revenue
$0.48
eps
n/a
n/a
the number that mattered
Revenue of $0 matters most because it strips away the biotech story and leaves you with the hard fact: there is no current sales engine.
source: company earnings report, 2026
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What could go wrong
the #1 risk is clinical trial failure for CR-001, because there is no commercial business here to absorb a bad readout.
med
CR-001 disappoints
This is a lead-asset story. If Phase 1/2 data in 2026–2027 misses the market's hopes, the bull case does not weaken a little. It breaks.
Impact: the company has no approved product revenue and only $10.8M of reported license revenue to fall back on.
med
cash burn stays too high
A $153.9M net loss is manageable only while capital markets stay open and investors keep funding the science.
Impact: even after the $185M funding round, another financing could arrive well before commercial revenue does.
med
the revenue line flatters the business
The 2025 revenue figure came mostly from a one-time license payment. That is not the same thing as recurring demand.
Impact: if partnership revenue does not repeat, reported revenue can fall back toward the modeled $0M base.
med
volatility overwhelms patience
A beta of 1.5 and price stability of 5 / 100 tell you this name can reprice fast on thin information.
Impact: your holding period can get tested long before the science is settled.
A company with $10.8M of reported revenue, a $153.9M net loss, and no recurring product sales does not get many mistakes.
source: institutional data · regulatory filings · risk analysis
Pay attention to
readout window
CR-001 Phase 1/2 data in 2026–2027
This is the event calendar that matters. A pre-commercial biotech can look cheap or expensive overnight once real trial data lands.
cash
Whether the $185M raise really gets them to 2028
Runway is management's bridge between now and data. If spending rises faster than planned, that bridge gets shorter.
revenue quality
Any sign that partnership economics are repeatable
Right now, $10.8M of license revenue is too small and too lumpy to support a standard valuation case on its own.
sentiment
Coverage, sponsorship, and volatility
Institutional ownership data is thin and price stability is 5 / 100. That combination can turn routine updates into outsized stock moves.
Analyst rankings
earnings predictability
75 / 100
in human-speak, analysts think the loss profile is fairly visible even if the upside is not.
beta
1.5
The stock has moved more than the market. If indexes fall 10%, history says CBIO can fall more.
risk rank
4
That puts it safer than only 20% of stocks in the feed. For a clinical-stage biotech, that is the market telling you not to get comfortable.
source: institutional data
Institutional activity
institutional ownership data for CBIO is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$12
current price
n/a
target midpoint · n/a from current
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