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Crescent Biopharma

CBIO on Nasdaq. Crescent Biopharma develops cancer drugs for patients. Market value $518m.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.

We can't read total debt from the filing, so debt is left out.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

What to watch out for

See Health care stocks that passed both tests

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
past 12 months to June 2026
-14.6%low

For every $100 of what the whole company costs, it produced $-14.61 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to June 2026
n/a

The filings do not give us enough to work this out.

Return on capital
five annual reports to December 2025
n/a

The filings do not give us enough to work this out.

Quality score: 25 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.

$13.57 a share, 56% above its 1-year low

Over the past year the price has ranged from $8.72 to $27.41.

Pays no dividend

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

-0.1
-0.0
-0.0
-0.0
-0.1
-0.1
2021202220232024202512 monthsto Jun '26
Revenue
$1m$75,000$10,000n/a$11m
Operating margin
-5470.7%-63204.4%-392752.9%n/a-1407.5%
Debt to equity
n/an/an/an/an/a
Shares outstanding
0.05bn0.06bn0.06bn0.01bn0.04bn

Health checks

  • Free cash flow positive0 of 5 years
  • Accounting checksSkipped: company is not yet profitable
  • DebtUnknown
  • Revenue growth, five yearsSlow, 1.3% a year
  • Buying back its own sharesYes, 29% fewer since 2021

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • A loss of $25 million, compared with a loss of $22 million a year ago.
  • Over the past 12 months it spent $74 million more cash than it brought in, compared with $39 million a year earlier.
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024-$10m
December 2024-$7m
March 2025-$15m
June 2025-$22m
September 2025-$25m
December 2025-$23m
March 2026-$23m
June 2026-$25m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
26 February 2026
Next quarterly (estimated, 10-Q)
29 October 2026

Who owns it

None of the long-term investors we follow own it. 82 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

10 investors own more than 5%.

  • Peter Harwin
    Passive investor
    at least 16.5%−2.0 pts
    (filed with 3 related holders)
    Since 16 July 2026
    What they said

    Item 4 of the Statement is hereby amended and supplemented as follows: Fund II purchased the Ordinary Shares and Pre-funded Warrants referenced in Item 3 for investment purposes. Lock-Up Agreement In connection with the Company's underwritten public offering of Ordinary Shares…

    Read the filing
  • FMR LLC
    Passive investor
    at least 15.0%+4.8 pts
    (filed with 1 related holder)
    Since 31 December 2025
  • 1Globe Capital LLC
    Passive investor
    at least 10.3%+3.9 pts
    (filed with 1 related holder)
    Since 7 October 2025
  • BVF PARTNERS L P/IL
    Passive investor
    at least 10.0%
    (filed with 9 related holders)
    Since 30 June 2025
  • Venrock Healthcare Capital Partners III, L.P.
    Passive investor
    at least 9.5%−0.4 pts
    (filed with 6 related holders)
    Since 31 December 2025
  • ForGrowth III PA B.V.
    Passive investor
    at least 6.1%
    (filed with 2 related holders)
    Since 8 December 2025
  • at least 6.0%+0.6 pts
    (filed with 4 related holders)
    Since 30 June 2026
  • Vestal Point Capital, LP
    Passive investor
    at least 5.4%
    (filed with 1 related holder)
    Since 31 December 2025
  • at least 4.2%−0.8 pts
    (filed with 5 related holders)
    Since 31 March 2026
  • at least 4.1%
    (filed with 4 related holders)
    Since 30 June 2025
  • Adage Capital Management, L.P.
    Passive investor
    Sold down below 5%
    Since 20 June 2025
  • Sold down below 5%
    Since 31 December 2024

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

In the last 12 months, 1 insider bought $31m of shares on the open market. 7 sold $2m, $2m of it under preset trading plans.

  • Brumm Joshua T
    Chief Executive Officer, Director
    Sold
    under a preset trading plan
    Date
    18 September 2026
    Shares
    7,837
    Price
    $16.71
    Value
    $130,956
  • McNeill Jonathan
    President and COO
    Sold
    under a preset trading plan
    Date
    18 September 2026
    Shares
    3,839
    Price
    $16.71
    Value
    $64,150
  • Lynch Ryan
    See Remarks
    Sold
    under a preset trading plan
    Date
    16 September 2026
    Shares
    240
    Price
    $17.90
    Value
    $4,296
  • Pinkas Jan
    Chief Scientific Officer
    Sold
    under a preset trading plan
    Date
    16 September 2026
    Shares
    658
    Price
    $17.90
    Value
    $11,778
  • Im Ellie Eunkyung
    Chief Medical Officer
    Sold
    under a preset trading plan
    Date
    16 September 2026
    Shares
    623
    Price
    $17.90
    Value
    $11,152
  • Scalzo Richard William
    Chief Financial Officer
    Sold
    under a preset trading plan
    Date
    16 September 2026
    Shares
    568
    Price
    $17.90
    Value
    $10,167
  • Bispham Barbara Harlin
    See Remarks
    Sold
    under a preset trading plan
    Date
    16 September 2026
    Shares
    620
    Price
    $17.90
    Value
    $11,098
  • Brumm Joshua T
    Chief Executive Officer, Director
    Sold
    under a preset trading plan
    Date
    16 September 2026
    Shares
    1,610
    Price
    $17.90
    Value
    $28,819
  • McNeill Jonathan
    President and COO
    Sold
    under a preset trading plan
    Date
    16 September 2026
    Shares
    731
    Price
    $17.90
    Value
    $13,085
  • Fairmount Funds Management LLC
    Director
    Bought
    Date
    16 July 2026
    Shares
    853,450
    Price
    $14.50
    Value
    $12m

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the serious warning signs we check for were found. 1 thing worth knowing.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 26 Feb 2026, plus the 10-Q filed 30 Jul 2026 and 5 later 8-Ks.

  • Changed auditor

    Worth knowing

    The company changed its auditor (the firm that checks its books) in the last two years.

    Cover page of the 10-K filed 26 Feb 2026: it names a different audit firm from the one named in the annual report before.

    From the cover page of the 10-K filed 26 February 2026. Open the filing

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

  • Sales have barely grown: 1.3% a year.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.