Balyasny Asset Management (CBIO) discloses 6.03% Crescent Biopharma ownership

Rhea-AI Filing Summary

Balyasny Asset Management L.P. and affiliated entities report beneficial ownership of Crescent Biopharma, Inc. common stock. Through Atlas Private Holdings (Cayman) Ltd., which directly holds 670,000 Shares, and Atlas Diversified Master Fund, Ltd., which directly holds 992,917 Shares, the group may be deemed to beneficially own a total of 1,662,917 Shares of Class A common stock.

These Shares represent approximately 6.03% of Crescent Biopharma’s Class A common stock, based on 27,571,935 Shares outstanding as of April 24, 2026. Each reporting person—Balyasny Asset Management L.P., BAM GP LLC, Balyasny Asset Management Holdings LP, Dames GP LLC, and Dmitry Balyasny—is listed with sole voting and dispositive power over 1,662,917 Shares and no shared power. ADMF and APHC have the right to receive dividends and sale proceeds from these securities.

Key Figures

Beneficial ownership: 1,662,917 Shares Ownership percentage: 6.03% Shares outstanding: 27,571,935 Shares +3 more

6 metrics

Beneficial ownership 1,662,917 Shares Total Crescent Biopharma Class A common stock beneficially owned by reporting persons

Ownership percentage 6.03% Portion of Crescent Biopharma Class A common stock beneficially owned

Shares outstanding 27,571,935 Shares Crescent Biopharma Class A common stock outstanding as of April 24, 2026

APHC direct holdings 670,000 Shares Shares of Crescent Biopharma Class A common stock held by Atlas Private Holdings (Cayman) Ltd.

ADMF direct holdings 992,917 Shares Shares of Crescent Biopharma Class A common stock held by Atlas Diversified Master Fund, Ltd.

Signatures date 08/14/2026 Date the reporting persons executed the ownership statement

Key Terms

beneficial owner, sole voting power, sole dispositive power, investment manager, +1 more

5 terms

beneficial owner financial

"Each of the Reporting Persons may be deemed to be the beneficial owner of approximately 6.03%"

A beneficial owner is the person who ultimately owns or controls a financial asset or property, even if their name isn't directly on official documents. Think of it like someone who secretly holds the keys to a safe deposit box—others may appear to have access, but the true owner is the one who benefits from what's inside. Identifying beneficial owners helps ensure transparency and prevent illegal activities like money laundering or fraud.

sole voting power financial

"Each of the Reporting Persons has the sole power to vote or to direct the vote of 1662917 shares"

Sole voting power is the exclusive right to cast votes attached to a shareholder’s stock without needing approval from anyone else. Like holding the only remote control for a TV, it lets that holder decide corporate matters such as board members, mergers, and policy changes, making it important to investors because it concentrates control and can strongly influence a company’s strategy and the value of its shares.

sole dispositive power financial

"Each of the Reporting Persons has the sole power to dispose or to direct the disposition of 1662917 shares"

Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.

investment manager financial

"By virtue of its position as the investment manager of Atlas Private Holdings (Cayman) Ltd."

Schedule 13G regulatory

"based on 27,571,935 7 Shares of class A common stock outstanding as of April 24, 2026"

A Schedule 13G is a formal document that investors file with the government when they acquire a large ownership stake in a company, usually for investment purposes rather than control. It helps keep the public informed about who owns significant parts of a company's shares, which can influence how the company is managed and how investors make decisions. Filing this schedule is important for transparency and understanding the ownership landscape of publicly traded companies.

FAQ

How much of Crescent Biopharma (CBIO) does Balyasny Asset Management beneficially own?

Balyasny Asset Management and affiliates may be deemed to beneficially own 1,662,917 Shares of Crescent Biopharma Class A common stock, representing approximately 6.03% of the class, based on 27,571,935 Shares outstanding as of April 24, 2026.

Which entities directly hold Crescent Biopharma (CBIO) shares for Balyasny Asset Management?

The reported Crescent Biopharma Shares are directly held by Atlas Private Holdings (Cayman) Ltd. with 670,000 Shares and Atlas Diversified Master Fund, Ltd. with 992,917 Shares, both investment management clients of Balyasny Asset Management L.P.

What voting power does Balyasny Asset Management report over Crescent Biopharma (CBIO) shares?

Each reporting person is listed with sole power to vote or direct the vote over 1,662,917 Shares of Crescent Biopharma Class A common stock and no shared voting power, reflecting centralized control of voting decisions for these holdings.

What dispositive power does Balyasny Asset Management have over its Crescent Biopharma (CBIO) position?

Each reporting person is described as having sole power to dispose or direct the disposition of 1,662,917 Shares and no shared dispositive power, indicating individual authority within the reporting group over sales or other dispositions of these securities.

Who receives dividends and sale proceeds from Balyasny’s Crescent Biopharma (CBIO) shares?

Atlas Diversified Master Fund, Ltd. (ADMF) and Atlas Private Holdings (Cayman) Ltd. (APHC) have the right to receive dividends and sale proceeds from the reported Crescent Biopharma securities, as investment management clients of Balyasny Asset Management L.P.

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

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Available on EDGAR 08/14/2026 - 06:08 AM Accepted by SEC EDGAR 08/14/2026 - 06:01 AM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

Crescent Biopharma, Inc.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

38000Q201

(CUSIP Number)

06/30/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 38000Q201

1

Names of Reporting Persons

BALYASNY ASSET MANAGEMENT L.P.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 1,662,917.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 1,662,917.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,662,917.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

6.03 %

12

Type of Reporting Person (See Instructions)

IA, PN

SCHEDULE 13G

CUSIP Number(s): 38000Q201

1

Names of Reporting Persons

BAM GP LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 1,662,917.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 1,662,917.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,662,917.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

6.03 %

12

Type of Reporting Person (See Instructions)

HC, OO

SCHEDULE 13G

CUSIP Number(s): 38000Q201

1

Names of Reporting Persons

Balyasny Asset Management Holdings LP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 1,662,917.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 1,662,917.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,662,917.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

6.03 %

12

Type of Reporting Person (See Instructions)

HC, PN

SCHEDULE 13G

CUSIP Number(s): 38000Q201

1

Names of Reporting Persons

Dames GP LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 1,662,917.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 1,662,917.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,662,917.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

6.03 %

12

Type of Reporting Person (See Instructions)

HC, OO

SCHEDULE 13G

CUSIP Number(s): 38000Q201

1

Names of Reporting Persons

Dmitry Balyasny

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 1,662,917.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 1,662,917.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,662,917.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

6.03 %

12

Type of Reporting Person (See Instructions)

HC, IN

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Crescent Biopharma, Inc.
(b)	Address of issuer's principal executive offices: 300 Fifth Avenue, Waltham, MA, 02451
Item 2.
(a)	Name of person filing: This statement is being filed by (1) Balyasny Asset Management L.P., a Delaware limited partnership ("BAM"), (2) BAM GP LLC, a Delaware limited liability company ("BAM GP"), (3) Balyasny Asset Management Holdings LP, a Delaware limited partnership ("BAM Holdings"), (4) Dames GP LLC, a Delaware limited liability company ("Dames"), and (5) Dmitry Balyasny, a United States citizen (collectively, the "Reporting Persons"). BAM GP is the General Partner of BAM. BAM Holdings is the Sole Member of BAM GP. Dames is the General Partner of BAM Holdings. Dmitry Balyasny is the Managing Member of Dames.
(b)	Address or principal business office or, if none, residence: The principal business address of each of BAM, BAM GP, BAM Holdings, Dames, and Mr. Balyasny is located at 444 West Lake Street, 50th Floor, Chicago, IL 60606.
(c)	Citizenship: (1) BAM is a Delaware limited partnership, (2) BAM GP is a Delaware limited liability company, (3) BAM Holdings is a Delaware limited partnership, (4) Dames is a Delaware limited liability company, and (5) Mr. Balyasny is a United States citizen.
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 38000Q201
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: By virtue of its position as the investment manager of Atlas Private Holdings (Cayman) Ltd. ("APHC"), the direct holder of 670,000 shares of common stock, reported herein, and by virtue of its position as the investment manager of Atlas Diversified Master Fund, Ltd. ("ADMF"), the direct holder of the 992,917 shares of common stock, par value $0.001 per share ("Shares"), reported herein, BAM may be deemed to exercise voting and investment power over such Shares held by APHC and ADMF and thus may be deemed to beneficially own such Shares. By virtue of its position as the General Partner of BAM, BAM GP may be deemed to exercise voting and investment power over the Shares held directly by ADMF and APHC and thus may be deemed to beneficially own such Shares. By virtue of its position as the Sole Member of BAM GP, BAM Holdings may be deemed to exercise voting and investment power over the Shares held directly by ADMF and APHC thus may be deemed to beneficially own such Shares. By virtue of its position as the General Partner of BAM Holdings, Dames may be deemed to exercise voting and investment power over the Shares held directly by ADMF and APHC thus may be deemed to beneficially own such Shares. By virtue of his position as the Managing Member of Dames, Mr. Balyasny may be deemed to exercise voting and investment power over the Shares held directly by ADMF and APHC thus may be deemed to beneficially own such Shares.
(b)	Percent of class: Each of the Reporting Persons may be deemed to be the beneficial owner of approximately 6.03% of the Shares, based on 27,571,935 7 Shares of class A common stock outstanding as of April 24, 2026 as reported in the Issuer's Quarterly Report on Form 10-Q/A as filed with the Securities Exchange Commision on June 22, 2026.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: Each of the Reporting Persons has the sole power to vote or to direct the vote of 1662917 shares.
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: Each of the Reporting Persons has the sole power to dispose or to direct the disposition of 1662917 shares.
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. ADMF and APHC, are both Cayman Islands exempted companies that are investment management clients of BAM, have the right to receive dividends from, or the proceeds from the sale of, the reported securities.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

BALYASNY ASSET MANAGEMENT L.P.

Signature:	/s/ Scott Schroeder
Name/Title:	Scott Schroeder / Authorized Signatory
Date:	08/14/2026

BAM GP LLC

Signature:	/s/ Scott Schroeder
Name/Title:	Scott Schroeder / Authorized Signatory
Date:	08/14/2026

Balyasny Asset Management Holdings LP

Signature:	/s/ Scott Schroeder
Name/Title:	Scott Schroeder / Authorized Signatory
Date:	08/14/2026

Dames GP LLC

Signature:	/s/ Scott Schroeder
Name/Title:	Scott Schroeder / Authorized Signatory
Date:	08/14/2026

Dmitry Balyasny

Signature:	/s/ Dmitry Balyasny
Name/Title:	Dmitry Balyasny / Self
Date:	08/14/2026