Crescent Biopharma Announces Closing of Public Offering of Ordinary Shares and Pre-Funded Warrants, Including Full Exercise of Underwriters’ Option to Purchase Additional Shares

Rhea-AI Summary

Crescent Biopharma (Nasdaq: CBIO) closed its previously announced underwritten public offering, issuing 9,387,896 ordinary shares, including 1,293,103 shares from the underwriters’ fully exercised option, and pre-funded warrants to purchase up to 525,897 ordinary shares. Ordinary shares were priced at $14.50 and pre-funded warrants at $14.499 each, reflecting a $0.001 exercise price.

According to Crescent, the offering generated approximately $143.7 million in gross proceeds before underwriting discounts, commissions and expenses. All securities were sold by the company under an effective Form S-3 shelf registration. Jefferies, TD Cowen, Guggenheim Securities and Cantor served as joint book-running managers, with LifeSci Capital as passive book-runner.

Positive

• Underwritten equity raise with gross proceeds of approximately $143.7 million
• Full exercise of underwriters’ option for 1,293,103 additional shares
• Demand included both ordinary shares and 525,897 pre-funded warrant allocations
• All securities sold by Crescent, directly strengthening corporate cash resources

Negative

• Issuance of 9,387,896 new shares plus up to 525,897 warrant-linked shares increases outstanding equity base
• Gross proceeds of $143.7 million are subject to underwriting discounts, commissions and offering expenses

News Explained

The completed raise can reduce existing ownership percentages, while the reported $143.7 million is gross proceeds before offering costs.

Crescent Biopharma has completed a company-issued offering that adds ordinary shares to its capital structure, potentially reducing existing holders’ percentage ownership; the pre-funded-warrant portion can add shares when exercised.

The offering’s disclosed gross proceeds were before underwriting discounts, commissions and other expenses; underwritten-offering fees therefore reduce the net cash received below the gross amount.

The approximately $143.7 million gross proceeds equals 1,447.1 days of the last reported operating cash use at the March 31, 2026 quarter’s rate.

Sources and calculations

• Crescent Biopharma public offering closing release (2026-07-16)
• Dilution definition (undated)
• Pre-funded warrant definition (undated)
• Underwritten offering definition (undated)
• Crescent Biopharma first-quarter fundamentals (2026Q1)

• Offering gross against the last reported quarterly operating outflow, in days at that rate $143,700,000 / ($8,937,000 / 90) = 1447.1 days

Argus Jul 17 session 8 alerts

-2.38% close to close 1.7x rel. volume Open Argus

Details

News Market Reaction – CBIO

+3.1% Peak Tracked

-11.7% Trough Tracked

$432.10M Market Cap

In the Jul 17 session, CBIO declined 2.38%, reflecting a moderate negative market reaction. Argus tracked a peak move of +3.1% during that session. Argus tracked a trough of -11.7% from its starting point during tracking. Our momentum scanner triggered 8 alerts that day, indicating moderate trading interest and price volatility. Trading volume was above average at 1.7x the daily average, suggesting increased trading activity.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This closing sits against an active S-3 shelf registered on July 1, 2026 and prior offering news tha...

Analysis

This closing sits against an active S-3 shelf registered on July 1, 2026 and prior offering news that averaged a 2.38% move. Moderate short positioning and recent insider net selling highlight supply and dilution risk as investors track any additional shelf usage.

Key Figures

Ordinary shares offered: 9,387,896 shares Underwriters’ option shares: 1,293,103 shares Pre-funded warrants: 525,897 warrants +4 more

Ordinary shares offered

9,387,896 shares

Underwritten public offering size including option shares

Underwriters’ option shares

1,293,103 shares

Additional ordinary shares from full option exercise

Pre-funded warrants

525,897 warrants

Pre-funded warrants to purchase ordinary shares

Offering price per share

$14.50 per share

Public offering price of ordinary shares

Price per pre-funded warrant

$14.499 per warrant

Public price of pre-funded warrants

Warrant exercise price

$0.001 per share

Exercise price for each pre-funded warrant share

Gross proceeds

$143.7 million

Gross proceeds from the offering before fees

Previous Offering Reports

2 past events · Latest: Jul 14

Same Type 2 events

1. Jul 14

   Offering pricing

   24h Move

   +2.4%

   Priced underwritten offering of shares and pre-funded warrants with defined gross proceeds.

2. Jul 14

   Offering launch

   24h Move

   +2.4%

   Commenced underwritten public offering of ordinary shares and pre-funded warrants under S-3 shelf.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

pre-funded warrants, underwritten public offering, shelf registration statement, form s-3, +1 more

5 terms

pre-funded warrants financial

"in lieu of ordinary shares to certain investors, pre-funded warrants to purchase up to 525,897 ordinary shares"

Pre-funded warrants are financial instruments that give investors the right to purchase a company's stock at a set price, but with most or all of the purchase price paid upfront. They function like a coupon or gift card for stock, allowing investors to buy shares later at a fixed price, which can be beneficial if they want to avoid future price increases. This makes them important for investors seeking flexibility and certainty in their investment plans.

underwritten public offering financial

"closed its previously announced underwritten public offering of 9,387,896 ordinary shares"

An underwritten public offering is when a company sells new shares of its stock to the public with the help of a financial firm, called an underwriter. The underwriter agrees to buy all the shares upfront, reducing the company's risk, and then sells them to investors. This process helps companies raise money quickly and confidently from a wide range of buyers.

shelf registration statement regulatory

"offered by Crescent pursuant to a shelf registration statement on Form S-3"

A shelf registration statement is a document a company files with regulators that allows it to sell shares or bonds quickly when it’s a good time to raise money. It’s like having a pre-approved plan ready so the company can act fast without going through lengthy paperwork each time they want to sell, making fundraising more flexible.

form s-3 regulatory

"shelf registration statement on Form S-3, including a base prospectus"

Form S-3 is a legal document companies use to register their stock sales with the government, making it easier and faster for them to raise money by selling shares to investors. It’s like having a pre-approved shopping list that lets a company quickly sell new shares when they need funds, without going through a lengthy approval process each time.

prospectus supplement regulatory

"A final prospectus supplement and accompanying prospectus relating to this offering has been filed"

A prospectus supplement is an additional document provided alongside a company's main offering details, offering updated or extra information about a specific financial product being sold. It helps investors understand the latest terms, risks, and details of the investment, similar to how an update or revision clarifies or expands on original instructions, ensuring they have current and complete information before making a decision.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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WALTHAM, Mass., July 16, 2026 (GLOBE NEWSWIRE) -- Crescent Biopharma, Inc. (“Crescent” or the “Company”) (Nasdaq: CBIO), a clinical-stage biotechnology company dedicated to rapidly advancing the next wave of therapies for cancer patients, today announced that it has closed its previously announced underwritten public offering of 9,387,896 ordinary shares, including 1,293,103 ordinary shares sold pursuant to the underwriters’ full exercise of their option to purchase additional shares, and in lieu of ordinary shares to certain investors, pre-funded warrants to purchase up to 525,897 ordinary shares. The ordinary shares were sold to the public at a price of $14.50 per share and the pre-funded warrants were sold at a price to the public of $14.499 per pre-funded warrant, which represents the per ordinary share price less the $0.001 per share exercise price for each such pre-funded warrant. The gross proceeds to Crescent from the offering, before deducting the underwriting discounts and commissions and other offering expenses payable by Crescent, were approximately $143.7 million. All of the ordinary shares and the pre-funded warrants sold in the public offering were sold by Crescent.

Jefferies, TD Cowen, Guggenheim Securities and Cantor acted as joint book-running managers for the offering. LifeSci Capital acted as passive book-running manager for the offering.

The securities described above were offered by Crescent pursuant to a shelf registration statement on Form S-3, including a base prospectus, that was previously filed with the Securities and Exchange Commission (“SEC”) and was declared effective on July 10, 2026. A final prospectus supplement and accompanying prospectus relating to this offering has been filed with the SEC. Copies of the final prospectus supplement and accompanying prospectus are accessible through the SEC’s website at www.sec.gov. The offering was made only by means of a prospectus supplement and accompanying prospectus. Copies of the final prospectus supplement and accompanying prospectus relating to the offering may be obtained by contacting Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, New York, NY 10022, by telephone at (877) 821-7388, or by email at Prospectus_Department@Jefferies.com; TD Securities (USA) LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by email at TDManualrequest@broadridge.com; Guggenheim Securities, LLC, Attention: Equity Syndicate Department, 330 Madison Avenue, 8th Floor, New York, NY 10017, by telephone at (212) 518-9544, or by email at GSEquityProspectusDelivery@guggenheimpartners.com; Cantor Fitzgerald & Co., Attention: Capital Markets, 110 East 59th Street, 6th Floor, New York, NY 10022, or by email at prospectus@cantor.com; and LifeSci Capital LLC, Attention: LifeSci Capital LLC, 1700 Broadway, 40th Floor, New York, NY 10019, or by email at legalnotices@lifescicapital.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.

About Crescent Biopharma

Crescent Biopharma’s vision is to build a world leading oncology company bringing the next wave of therapies for cancer patients. The Company’s clinical-stage pipeline includes its lead program, a PD-1 x VEGF bispecific antibody, as well as novel antibody-drug conjugates (ADCs). By leveraging multiple modalities and established targets, Crescent aims to rapidly advance potentially transformative therapies as single agents and as part of combination regimens to treat a range of solid tumors.

Contacts

Investors

Amy Reilly
Chief Communications Officer
amy.reilly@crescentbiopharma.com
617-465-0586

Media

Jenna Poist
Director, Corporate Communications
jenna.poist@crescentbiopharma.com
781-671-5019

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did Crescent Biopharma (CBIO) announce about its July 2026 public offering?

Crescent Biopharma announced the closing of an underwritten public offering of ordinary shares and pre-funded warrants, including full exercise of the underwriters’ option. According to Crescent, all securities were sold by the company, and the transaction was conducted under an effective Form S-3 shelf registration statement.

How much capital did Crescent Biopharma (CBIO) raise in its July 16, 2026 offering?

Crescent Biopharma raised approximately $143.7 million in gross proceeds from the offering. According to Crescent, this figure is before deducting underwriting discounts, commissions and other offering expenses that the company is required to pay in connection with the underwritten equity financing.

How many Crescent Biopharma (CBIO) shares and warrants were sold in the July 2026 deal?

Crescent Biopharma sold 9,387,896 ordinary shares and pre-funded warrants for up to 525,897 ordinary shares. According to Crescent, this includes 1,293,103 shares issued through the underwriters’ fully exercised option to purchase additional ordinary shares in the offering.

What was the offering price for Crescent Biopharma (CBIO) shares and pre-funded warrants?

The ordinary shares were priced at $14.50 per share and the pre-funded warrants at $14.499 each. According to Crescent, the warrant price reflects the share price minus a $0.001 per share exercise price embedded in each pre-funded warrant issued to certain investors.

Did underwriters exercise their option in Crescent Biopharma’s (CBIO) July 2026 offering?

Yes, underwriters fully exercised their option to purchase 1,293,103 additional ordinary shares. According to Crescent, these option shares were included within the 9,387,896 ordinary shares sold in the underwritten public offering that closed on July 16, 2026.

Who managed Crescent Biopharma’s (CBIO) July 2026 public offering of shares and warrants?

Jefferies, TD Cowen, Guggenheim Securities and Cantor acted as joint book-running managers, with LifeSci Capital as passive book-runner. According to Crescent, these firms handled the underwriting and distribution functions associated with the public sale of its ordinary shares and pre-funded warrants.