Crescent Biopharma Inc Financials

cbio

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

This page shows Crescent Biopharma Inc (cbio) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 13 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Piotroski F-Score Weak

1/9

Crescent Biopharma Inc passes 1 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).

Earnings Quality Low Quality

0.82x

For every $1 of reported earnings, Crescent Biopharma Inc generates $0.82 in operating cash flow (-$31.1M OCF vs -$37.9M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Revenue

N/A

EBITDA

-$40.0M

YoY-2.3%

Crescent Biopharma Inc's EBITDA was -$40.0M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 2.3% from the prior year.

Free Cash Flow

-$31.1M

YoY+10.9%

Crescent Biopharma Inc generated -$31.1M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 10.9% from the prior year.

Net Income

-$37.9M

YoY-2.7%

Crescent Biopharma Inc reported -$37.9M in net income in fiscal year 2024. This represents a decrease of 2.7% from the prior year.

EPS (Diluted)

$-0.59

YoY-1.7%

Crescent Biopharma Inc earned $-0.59 per diluted share (EPS) in fiscal year 2024. This represents a decrease of 1.7% from the prior year.

Cash & Debt

$34.8M

YoY-16.8%

5Y CAGR-26.1%

10Y CAGR-4.5%

Crescent Biopharma Inc held $34.8M in cash against $0 in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

65M

YoY+0.2%

5Y CAGR+8.2%

10Y CAGR+13.0%

Crescent Biopharma Inc had 65M shares outstanding in fiscal year 2024. This represents an increase of 0.2% from the prior year.

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

N/A

R&D Spending

$14.3M

YoY-29.0%

5Y CAGR-21.2%

10Y CAGR-3.1%

Crescent Biopharma Inc invested $14.3M in research and development in fiscal year 2024. This represents a decrease of 29.0% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$10K

YoY-53.4%

5Y CAGR-41.5%

10Y CAGR-26.4%

Crescent Biopharma Inc invested $10K in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 53.4% from the prior year.

cbio Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	N/A	$10K-86.7%	$75K-93.5%	$1.2M-88.6%	$10.2M	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$14.3M-29.0%	$20.1M-29.3%	$28.4M-40.2%	$47.5M+5.7%	$44.9M-4.5%	$47.0M
SG&A Expenses	$18.2M-5.0%	$19.2M+0.7%	$19.1M+11.5%	$17.1M+2.2%	$16.7M+16.6%	$14.4M
Operating Income	-$40.0M-1.9%	-$39.3M+17.1%	-$47.4M+25.3%	-$63.4M-23.2%	-$51.5M+16.1%	-$61.4M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	-$37.9M-2.7%	-$36.9M+21.0%	-$46.7M+26.4%	-$63.4M-24.3%	-$51.0M+11.9%	-$57.9M
EPS (Diluted)	$-0.59-1.7%	$-0.58+34.8%	$-0.89+27.6%	$-1.23-9.8%	$-1.12+16.4%	$-1.34

Metric	Q3'25	Q3'25	Q3'25	Q3'24	Q3'24	Q3'24	Q1'24	Q4'23
Revenue	N/A	$15.0M	$0-100.0%	$77K+47.3%	$53K-4.5%	$55K-98.6%	$3.8M	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$20.3M+68.4%	$12.1M+81661.0%	$15K-99.5%	$3.1M+82.0%	$1.7M-72.7%	$6.3M+4.3%	$6.0M	N/A
SG&A Expenses	$5.5M-38.1%	$8.9M+275.4%	$2.4M+189.5%	$824K-79.4%	$4.0M-1.6%	$4.1M-20.0%	$5.1M	N/A
Operating Income	-$25.9M-23.1%	-$21.0M-776.7%	-$2.4M+38.0%	-$3.9M+65.6%	-$11.2M-8.5%	-$10.4M+6.8%	-$11.1M	N/A
Interest Expense	$0-100.0%	$1.1M	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$0	$0	$0	N/A	$0	N/A	N/A	N/A
Net Income	-$24.6M-12.9%	-$21.8M-43.8%	-$15.1M-2.9%	-$14.7M-49.9%	-$9.8M+2.7%	-$10.1M+6.0%	-$10.7M-16.0%	-$9.3M
EPS (Diluted)	$-0.35-189.7%	$0.39	$-0.30+89.3%	$-2.80-1766.7%	$-0.15+6.3%	$-0.16-300.0%	$-0.04	N/A

cbio Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$35.6M-21.4%	$45.3M-12.5%	$51.8M-45.1%	$94.3M-33.9%	$142.8M-15.0%	$168.0M
Current Assets	$34.8M-20.5%	$43.8M-13.7%	$50.7M-44.1%	$90.8M-34.3%	$138.3M-14.9%	$162.5M
Cash & Equivalents	$34.8M-16.8%	$41.8M-12.7%	$47.9M-47.0%	$90.3M-34.1%	$137.0M-13.4%	$158.2M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$47.1M+582.3%	$6.9M-22.3%	$8.9M-30.3%	$12.7M-12.8%	$14.6M+6.1%	$13.8M
Current Liabilities	$9.6M+40.7%	$6.8M-23.0%	$8.9M-24.9%	$11.8M-4.9%	$12.4M+13.5%	$11.0M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	-$15.5M-140.3%	$38.4M-10.5%	$42.9M-47.4%	$81.6M-36.4%	$128.2M-16.8%	$154.2M
Retained Earnings	-$17.9M+96.1%	-$456.5M-8.8%	-$419.6M-12.5%	-$372.9M-20.5%	-$309.5M-19.7%	-$258.4M

Metric	Q3'25	Q3'25	Q3'25	Q3'24	Q3'24	Q3'24	Q1'24	Q4'23
Total Assets	$138.3M-12.2%	$157.4M+2527.3%	$6.0M-83.2%	$35.6M+126.9%	$15.7M-35.7%	$24.4M-28.6%	$34.2M-24.5%	$45.3M
Current Assets	$134.6M-12.8%	$154.2M+2473.8%	$6.0M-82.8%	$34.8M+122.4%	$15.6M-34.4%	$23.9M-28.3%	$33.3M-24.0%	$43.8M
Cash & Equivalents	$133.3M-12.8%	$152.8M+2620.8%	$5.6M-83.9%	$34.8M+141.6%	$14.4M-35.7%	$22.4M-28.4%	$31.3M-25.2%	$41.8M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$21.6M+19.0%	$18.2M-49.7%	$36.2M-23.2%	$47.1M+177.0%	$17.0M+290.2%	$4.4M-17.7%	$5.3M-23.3%	$6.9M
Current Liabilities	$20.3M+21.2%	$16.7M+539.9%	$2.6M-72.8%	$9.6M+122.5%	$4.3M-0.8%	$4.4M-17.7%	$5.3M-22.5%	$6.8M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$116.6M-16.2%	$139.3M+561.7%	-$30.2M-94.9%	-$15.5M-1088.9%	-$1.3M-106.5%	$20.1M-30.6%	$28.9M-24.7%	$38.4M
Retained Earnings	-$79.4M-44.9%	-$54.8M+89.0%	-$496.7M-2680.0%	-$17.9M+96.3%	-$487.1M-2.1%	-$477.3M-2.2%	-$467.2M-2.4%	-$456.5M

cbio Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	-$31.1M+10.8%	-$34.9M+24.9%	-$46.5M+19.2%	-$57.5M-46.5%	-$39.2M+24.5%	-$52.0M
Capital Expenditures	$10K-53.4%	$21K-74.6%	$84K+463.4%	$15K-78.2%	$69K-52.7%	$145K
Free Cash Flow	-$31.1M+10.9%	-$34.9M+25.0%	-$46.5M+19.1%	-$57.5M-46.3%	-$39.3M+24.6%	-$52.1M
Investing Cash Flow	$20K+193.6%	-$21K+74.6%	-$84K-463.4%	-$15K+78.2%	-$69K+52.7%	-$145K
Financing Cash Flow	$5K-100.0%	$28.8M+593.3%	$4.2M-61.2%	$10.7M-40.9%	$18.1M+4294.1%	$413K
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q3'25	Q3'25	Q3'24	Q3'24	Q3'24	Q1'24	Q4'23
Operating Cash Flow	-$17.5M+20.8%	-$22.1M-333.7%	-$5.1M-37.9%	-$3.7M+53.7%	-$8.0M+10.1%	-$8.9M+15.4%	-$10.5M-38.0%	-$7.6M
Capital Expenditures	$586K+616.2%	$82K+487.8%	$14K	$0	$0-100.0%	$3K-65.9%	$7K+828.7%	$801
Free Cash Flow	-$18.1M-298.5%	$9.1M+451.1%	-$2.6M+29.8%	-$3.7M+53.7%	-$8.0M+10.1%	-$8.9M+15.4%	-$10.5M-38.1%	-$7.6M
Investing Cash Flow	-$586K	N/A	-$14K-146.4%	$30K	$0+100.0%	-$3K+65.9%	-$7K-828.7%	-$801
Financing Cash Flow	-$1.3M	N/A	$57.3M	$0	$0-100.0%	$500-89.8%	$5K+390.3%	$999
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

cbio Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	-392752.9%-329548.5pp	-63204.4%-57733.7pp	-5470.7%-4963.9pp	-506.8%	N/A
Net Margin	N/A	-368994.2%-306742.5pp	-62251.7%-56782.8pp	-5469.0%-4966.9pp	-502.1%	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-106.3%-24.9pp	-81.4%+8.7pp	-90.1%-22.9pp	-67.2%-31.5pp	-35.7%-1.3pp	-34.5%
Current Ratio	3.62-2.8	6.41+0.7	5.71-2.0	7.68-3.4	11.13-3.7	14.84
Debt-to-Equity	-3.04-3.2	0.18-0.0	0.21+0.1	0.16+0.0	0.11+0.0	0.09
FCF Margin	N/A	-349013.0%-286957.4pp	-62055.6%-57097.3pp	-4958.3%-4571.5pp	-386.8%	N/A

Metric	Q3'25	Q3'25	Q3'25	Q3'24	Q3'24	Q3'24	Q1'24	Q4'23
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	53.7%	N/A	-4995.7%+2044.1pp	-7039.8%-690.2pp	-6349.6%-6361.6pp	12.0%	N/A
Net Margin	N/A	53.2%	N/A	-4995.7%+2044.1pp	-7039.8%-690.0pp	-6349.8%-6361.8pp	12.1%	N/A
Return on Equity	N/A	12.5%	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-17.8%-4.0pp	-13.8%+239.0pp	-252.8%-244.0pp	-8.8%+53.8pp	-62.6%-21.2pp	-41.3%-9.9pp	-31.4%-24.2pp	-7.2%
Current Ratio	6.63-2.6	9.21+6.9	2.29-1.3	3.620.0	3.62-1.9	5.48-0.8	6.28-0.1	6.41
Debt-to-Equity	0.19+0.1	0.13+1.3	-1.20+1.8	-3.04+10.0	-13.06-13.3	0.22+0.0	0.180.0	0.18
FCF Margin	N/A	60.8%	N/A	-7205.6%-683.9pp	-6521.6%-1562.4pp	-4959.3%-4857.3pp	-102.0%	N/A

Note: Shareholder equity is negative (-$15.5M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.

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Frequently Asked Questions

Is Crescent Biopharma Inc profitable?

No, Crescent Biopharma Inc (cbio) reported a net income of -$37.9M in fiscal year 2024.

What is Crescent Biopharma Inc's earnings per share (EPS)?

Crescent Biopharma Inc (cbio) reported diluted earnings per share of $-0.59 for fiscal year 2024. This represents a -1.7% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Crescent Biopharma Inc's EBITDA?

Crescent Biopharma Inc (cbio) had EBITDA of -$40.0M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

What is Crescent Biopharma Inc's free cash flow?

Crescent Biopharma Inc (cbio) generated -$31.1M in free cash flow during fiscal year 2024. This represents a 10.9% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Crescent Biopharma Inc's operating cash flow?

Crescent Biopharma Inc (cbio) generated -$31.1M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Crescent Biopharma Inc's total assets?

Crescent Biopharma Inc (cbio) had $35.6M in total assets as of fiscal year 2024, including both current and long-term assets.

What are Crescent Biopharma Inc's capital expenditures?

Crescent Biopharma Inc (cbio) invested $10K in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

How much does Crescent Biopharma Inc spend on research and development?

Crescent Biopharma Inc (cbio) invested $14.3M in research and development during fiscal year 2024.

How many shares does Crescent Biopharma Inc have outstanding?

Crescent Biopharma Inc (cbio) had 65M shares outstanding as of fiscal year 2024.

What is Crescent Biopharma Inc's current ratio?

Crescent Biopharma Inc (cbio) had a current ratio of 3.62 as of fiscal year 2024, which is generally considered healthy.

What is Crescent Biopharma Inc's debt-to-equity ratio?

Crescent Biopharma Inc (cbio) had a debt-to-equity ratio of -3.04 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Crescent Biopharma Inc's return on assets (ROA)?

Crescent Biopharma Inc (cbio) had a return on assets of -106.3% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Crescent Biopharma Inc's cash runway?

Based on fiscal year 2024 data, Crescent Biopharma Inc (cbio) had $34.8M in cash against an annual operating cash burn of $31.1M. This gives an estimated cash runway of approximately 13 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

Why is Crescent Biopharma Inc's debt-to-equity ratio negative or unusual?

Crescent Biopharma Inc (cbio) has negative shareholder equity of -$15.5M as of fiscal year 2024, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.

What is Crescent Biopharma Inc's Piotroski F-Score?

Crescent Biopharma Inc (cbio) has a Piotroski F-Score of 1 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Crescent Biopharma Inc's earnings high quality?

Crescent Biopharma Inc (cbio) has an earnings quality ratio of 0.82x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.