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Earnings analysis · 10-Q

CBIO earnings analysis

Filed June 22, 2026 · Our reading of the company's report

The latest report

Crescent Biopharma, Inc. reported a significant decrease in both revenue and EPS in Q1 2026, with revenue plummeting to $1 million compared to $29 million in Q2 2025, and an EPS of -0.70, down from positive earnings in…

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Crescent Biopharma, Inc. reported a significant decrease in both revenue and EPS in Q1 2026, with revenue plummeting to $1 million compared to $29 million in Q2 2025, and an EPS of -0.70, down from positive earnings in the prior year. The company faces substantial financial and operational challenges with a stark operating margin loss and consistent negative cash flows.

Read the original on SEC.gov

From revenue to operating profit

Where each $100 of revenue went in this report.

Of every $100 of revenue Cost of sales $0 Operating expenses $2480 Left as operating profit $-2380

Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.

How we read each report

Our analysis across the last few reports.

Read as bullish Read as bearish Aug 2023 Jun 2026

Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.

Reported figures

Earnings per share
$-0.7

What stood out

  • Revenue Decline

    Q1 2026 revenue fell to $1 million, down from $29 million in Q2 2025, indicating substantial operational issues.

  • Massive Operating Margin Loss

    Operating margin was reported at -2380.1% in Q1 2026, a stark contrast to prior positive figures.

  • Continued Negative EPS

    Diluted EPS was -0.70 in Q1 2026, a significant drop compared to $0.02 in Q2 2025.

  • Rising R&D and operating expenses

    The company continues to incur high R&D costs amidst stagnating revenue.

  • Free Cash Flow Deterioration

    Free cash flow turned negative with -$9 million in the last reported quarter.

  • Previous Revenue Levels Dropping

    Revenue fell sharply from $32 million in Q3 2023 to $1 million, highlighting declining operational viability.

What to watch

  • Significant Net Loss

    The company's net loss continues to widen, with reported losses of -$9 million in Q1 2026.

  • High Cash Burn Rate

    The free cash flow for Q1 2026 was -$9 million, indicating unsustainable cash burn.

  • Dependence on Clinical Trials

    Continued dependence on the success of ongoing and future clinical trials presents a substantial operational risk.

Management's outlook

No explicit guidance provided in the MD&A; outlook remains uncertain.

Earlier filings 4

10-Q · April 29, 2026

Crescent Biopharma, Inc. reported revenue of $1.0 million for Q1 2026, marking an increase from $0 in Q1 2025, while facing a significant net loss of $23.3 million. Research and development expenses rose sharply to…

10-K · February 26, 2026

Crescent Biopharma (CBIO) is a clinical‑stage oncology company focused on a PD‑1 x VEGF bispecific (CR‑001) and a portfolio of ADCs (CR‑002, CR‑003). The 10‑K emphasizes strategy to use CR‑001 as a backbone and to…

10-Q · May 14, 2025

GlycoMimetics reported a materially smaller loss in Q1 2025: net loss of $2,343,736 (‑$0.04 per share) versus $10,736,667 (‑$0.17) in Q1 2024, driven by sharp cuts to R&D and G&A. Cash declined to $5,614,186 at March…

10-Q · November 13, 2024

GlycoMimetics reported a net loss of $9.8M (‑$0.15/share) for Q3 2024 and a nine‑month net loss of $30.66M (‑$0.48/share). Cash declined to $14.39M at September 30, 2024 from $41.79M at December 31, 2023, and management…

This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.