Crescent Biopharma Inc. announced its financial results for the second quarter ended June 30, 2025. The company reported a net loss of $21.8 million for the three-month period, which translates to a loss of $4.93 per basic and diluted share. Research and development expenses amounted to $12.1 million, while general and administrative expenses were $8.9 million. Crescent's cash position stood at $152.6 million as of June 30, 2025, expected to fund operations through 2027. Crescent Biopharma also highlighted recent business developments, including the completion of its merger with GlycoMimetics, Inc., and the commencement of trading on the Nasdaq Capital Market under the ticker symbol "CBIO". Additionally, the company closed a previously announced private financing, raising $200 million in gross proceeds. Looking ahead, Crescent is on track to submit an Investigational New Drug $(IND.AU)$ application for its lead program, CR-001, a PD-1 x VEGF bispecific antibody, by the fourth quarter of 2025. The company anticipates dosing the first patients in a global Phase 1 trial in early 2026, with proof-of-concept data expected later that year. Moreover, the first of its two antibody-drug conjugates (ADCs) is expected to enter the clinic in mid-2026. Crescent's leadership team has been bolstered with recent appointments, bringing deep experience in oncology drug development and clinical operations.