Tang Capital entities disclose 1,160,000-share stake in Crescent Biopharma (CBIO)

Rhea-AI Filing Summary

Crescent Biopharma, Inc. (CBIO) disclosure: Tang Capital Management, LLC and related persons report beneficial ownership of 1,160,000 Ordinary Shares, representing 4.21% of the class. The percentage is calculated from 27,571,935 Ordinary Shares outstanding as of April 7, 2026, cited from a DEF 14A filed April 21, 2026.

The filing lists shared voting and dispositive power over these shares among Tang Capital Management, LLC, Tang Capital Partners, LP, Tang Capital Partners International, LP, Tang Capital Partners III, Inc. and Kevin Tang. The statement is signed by Kevin Tang on 05/15/2026.

Insights

Corporate Governance Analyst

Ownership filing shows a coordinated block under Tang-related entities holding 4.21%

The statement reports 1,160,000 shares with shared voting and dispositive power across named Tang entities and Kevin Tang. This clarifies who controls the reported block and the percentage basis: April 7, 2026.

Implications depend on holder intentions; subsequent public filings or proxy disclosures would show whether these holdings influence voting outcomes or board matters.

Securities Compliance Specialist

Amendment updates beneficial ownership attribution and confirms signature dates.

The Schedule 13G/A attributes shared power and cites the outstanding share figure from a DEF 14A filed April 21, 2026. Signatures by Kevin Tang are dated 05/15/2026, documenting the filing's authorization.

For regulatory tracking, watch for any Form 13D, Form 4, or additional amendments that change the reported ownership or voting arrangements.

Key Figures

Beneficial ownership: 1,160,000 shares Percent of class: 4.21% Shares outstanding: 27,571,935 shares +2 more

5 metrics

Beneficial ownership 1,160,000 shares Amount reported on Schedule 13G/A

Percent of class 4.21% Calculated from 27,571,935 shares outstanding as of April 7, 2026

Shares outstanding 27,571,935 shares Outstanding share base cited as of <date>April 7, 2026</date> (per DEF 14A filed April 21, 2026)

CUSIP G2545C104 Security identifier for Ordinary Shares, $0.001 par value

Signature date 05/15/2026 Date signed by Kevin Tang on the filing

Key Terms

Schedule 13G/A, beneficial ownership, shared dispositive power

3 terms

Schedule 13G/A regulatory

"Amendment No. 1 ) Crescent Biopharma, Inc. Ordinary Shares ..."

A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.

beneficial ownership regulatory

"Item 4. | Ownership (a) | Amount beneficially owned: 1,160,000"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

shared dispositive power regulatory

"(iv) Shared power to dispose or to direct the disposition of: 1,160,000 shares"

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

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Accepted by SEC EDGAR 05/15/2026 - 04:15 PM Learn about SEC filing dates

FAQ

What stake does Tang Capital report in Crescent Biopharma (CBIO)?

Tang Capital reports beneficial ownership of 1,160,000 Ordinary Shares, equal to 4.21% of the class. The percentage uses an outstanding share base of 27,571,935 shares as of April 7, 2026, per a DEF 14A filed April 21, 2026.

Who holds voting and dispositive power over the reported CBIO shares?

Shared voting and dispositive power is reported among Tang Capital Management, LLC; Tang Capital Partners, LP; Tang Capital Partners International, LP; Tang Capital Partners III, Inc.; and Kevin Tang. The filing specifies shared — not sole — power over the 1,160,000 shares.

What filing documents these ownership details for CBIO?

The ownership is disclosed in a Schedule 13G/A (Amendment No. 1) filed on behalf of the Tang entities. The record cites a DEF 14A filed April 21, 2026 as the source for the outstanding share count used in the percentage calculation.

When was the Schedule 13G/A signed and by whom?

The statement is signed by Kevin Tang in multiple capacities and is dated 05/15/2026. Signatures on that date authenticate the amendment and the ownership disclosures contained therein.

Does the filing state any sole voting or dispositive power for the filers?

No. The filing shows 0 shares as sole voting power and sole dispositive power; all 1,160,000 shares are reported under shared voting and shared dispositive power for the named parties.

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)

Ordinary Shares, $0.001 par value per share

(Title of Class of Securities)

G2545C104

(CUSIP Number)

03/31/2026

(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): G2545C104

1

Names of Reporting Persons

TANG CAPITAL MANAGEMENT, 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 0.00
6	Shared Voting Power 1,160,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,160,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,160,000.00

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)

4.21 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: Tang Capital Management, LLC ("TCM") shares voting and dispositive power over such shares with Tang Capital Partners, LP ("TCP"), Tang Capital Partners International, LP ("TCPI"), Tang Capital Partners III, Inc. ("TCP III") and Kevin Tang. The percentages used herein are based on 27,571,935 Ordinary Shares outstanding as of April 7, 2026, as set forth in the Other Definitive Proxy Statements filed on Form DEF 14A that was filed with the Securities and Exchange Commission on April 21, 2026.

SCHEDULE 13G

CUSIP Number(s): G2545C104

1

Names of Reporting Persons

KEVIN TANG

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 0.00
6	Shared Voting Power 1,160,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,160,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,160,000.00

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)

4.21 %

12

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person: Kevin Tang shares voting and dispositive power over such shares with TCP, TCPI, TCP III and TCM.

SCHEDULE 13G

CUSIP Number(s): G2545C104

1

Names of Reporting Persons

TANG CAPITAL PARTNERS, 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 0.00
6	Shared Voting Power 616,477.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 616,477.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

616,477.00

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)

2.24 %

12

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person: TCP shares voting and dispositive power over such shares with TCM and Kevin Tang.

SCHEDULE 13G

CUSIP Number(s): G2545C104

1

Names of Reporting Persons

TANG CAPITAL PARTNERS INTERNATIONAL, 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 0.00
6	Shared Voting Power 451,619.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 451,619.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

451,619.00

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)

1.64 %

12

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person: TCPI shares voting and dispositive power over such shares with TCM and Kevin Tang.

SCHEDULE 13G

CUSIP Number(s): G2545C104

1

Names of Reporting Persons

TANG CAPITAL PARTNERS III, INC

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

NEVADA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 91,904.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 91,904.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

91,904.00

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)

0.33 %

12

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person: TCP III shares voting and dispositive power over such shares with TCM and Kevin Tang.

SCHEDULE 13G

CUSIP Number(s): G2545C104

1

Names of Reporting Persons

TANG CAPITAL PARTNERS IV, INC

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

NEVADA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

0.00

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)

0.0 %

12

Type of Reporting Person (See Instructions)

CO

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 on Schedule 13G (this "Statement") is filed by TCM, the general partner of TCP and TCPI; Kevin Tang, the manager of TCM and Chief Executive Officer of TCP III and Tang Capital Partners IV, Inc. ("TCP IV"); TCP; TCPI; TCP III; and TCP IV.
(b)	Address or principal business office or, if none, residence: The address of TCM, Kevin Tang, TCP and TCPI is 4747 Executive Drive, Suite 210, San Diego, CA 92121. The address of TCP III and TCP IV is 400 S. 4th Street, 3rd Floor, Las Vegas, NV 89101.
(c)	Citizenship: TCM is a Delaware limited liability company. Mr. Tang is a United States citizen. TCP and TCPI are Delaware limited partnerships. TCP III and TCP IV are Nevada corporations that are indirectly wholly owned by TCP.
(d)	Title of class of securities: Ordinary Shares, $0.001 par value per share
(e)	CUSIP No.: G2545C104
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: 1,160,000
(b)	Percent of class: 4.21 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0 shares
	(ii) Shared power to vote or to direct the vote: 1,160,000 shares
	(iii) Sole power to dispose or to direct the disposition of: 0 shares
	(iv) Shared power to dispose or to direct the disposition of: 1,160,000 shares
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
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 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.

TANG CAPITAL MANAGEMENT, LLC

Signature:	/s/ Kevin Tang
Name/Title:	Manager
Date:	05/15/2026

KEVIN TANG

Signature:	/s/ Kevin Tang
Name/Title:	Self
Date:	05/15/2026

TANG CAPITAL PARTNERS, LP

Signature:	/s/ Kevin Tang
Name/Title:	Manager, Tang Capital Management, LLC, General Partner
Date:	05/15/2026

TANG CAPITAL PARTNERS INTERNATIONAL, LP

Signature:	/s/ Kevin Tang
Name/Title:	Manager, Tang Capital Management, LLC, General Partner
Date:	05/15/2026

TANG CAPITAL PARTNERS III, INC

Signature:	/s/ Kevin Tang
Name/Title:	Chief Executive Officer
Date:	05/15/2026

TANG CAPITAL PARTNERS IV, INC

Signature:	/s/ Kevin Tang
Name/Title:	Chief Executive Officer
Date:	05/15/2026