CBIO earnings analysis
What we found in CBIO's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- 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.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- 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.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.7
- Gross margin
- 100%
- Operating margin
- -2380.1%
What they said about what is next.
No explicit guidance provided in the MD&A; outlook remains uncertain.
The filing reads worse than the one before it.
What came before.
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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