Crescent Biopharma reports a Schedule 13G filing showing Balyasny entities and Dmitry Balyasny beneficially own1,510,033 shares of Common Stock. The filing states this represents approximately 5.48% of class A common stock based on 27,556,767 shares outstanding as of February 23, 2026. The disclosed position arises from BAM’s investment‑manager relationships with Atlas Private Holdings (Cayman) Ltd. (670,000 shares) and Atlas Diversified Master Fund, Ltd. (840,033 shares); voting and dispositive power is reported as sole for the 1,510,033 shares.
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Insights
Institutional grouping reports a 5.48% position in Crescent Biopharma.
Balyasny Asset Management and related entities report sole voting and dispositive power over 1,510,033 shares, derived from two client vehicles: 670,000 shares held by Atlas Private Holdings and 840,033 shares held by Atlas Diversified Master Fund. The filing cites February 23, 2026 as the outstanding share basis.
Cash‑flow treatment or planned transactions are not disclosed; subsequent filings would show any changes in holdings or sales activity. Holdings are reported through a standard Schedule 13G disclosure of investment‑manager relationships.
Filing clarifies control lines within the Balyasny ownership structure.
The disclosure explains governance: BAM is the investment manager, BAM GP is general partner of BAM, BAM Holdings is sole member of BAM GP, Dames is general partner of BAM Holdings, and Mr. Balyasny is Managing Member of Dames. This chain supports the reported sole voting and dispositive power over the shares.
Any governance or coordination implications depend on further disclosures; this filing documents public beneficial‑ownership thresholds reached under SEC rules.
Key Figures
Beneficial ownership:1,510,033 sharesPercent of class:5.48%Shares outstanding:27,556,767 shares+2 more
5 metrics
Beneficial ownership1,510,033 sharesreported beneficial ownership by Balyasny entities
Percent of class5.48%of class A common stock based on outstanding shares as of Feb 23, 2026
Shares outstanding27,556,767 sharesclass A common stock outstanding as of <date>February 23, 2026</date>
Atlas Diversified Master Fund position840,033 sharesdirect holder reported (ADMF)
Key Terms
Schedule 13G, beneficially own, sole dispositive power, investment manager
4 terms
Schedule 13Gregulatory
"This statement is being filed by (1) Balyasny Asset Management L.P., ..."
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.
beneficially ownregulatory
"BAM may be deemed to beneficially own such Shares."
Beneficially own means having the economic rights and risks of a security—such as the right to receive dividends, sell the shares, or profit from price changes—whether or not your name appears on the official share register. Think of it like renting a car: you use it and reap the benefits even if the title lists someone else. Investors care because beneficial ownership determines who truly controls value, must be disclosed under securities rules, and can signal potential influence or trading activity that affects a stock’s price.
sole dispositive powerregulatory
"Each of the Reporting Persons has the sole power to dispose or to direct the disposition of 1,510,033 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 managerfinancial
"By virtue of its position as the investment manager of Atlas Private Holdings (Cayman) Ltd."
What stake does Balyasny report in Crescent Biopharma (CBIO)?
The filing states Balyasny entities beneficially own 1,510,033 shares, equal to 5.48% of class A common stock. The percentage is based on 27,556,767 shares outstanding as of February 23, 2026.
Which vehicles hold the reported shares for BAM?
The filing attributes holdings to two client vehicles: Atlas Private Holdings (Cayman) Ltd. with 670,000 shares and Atlas Diversified Master Fund, Ltd. with 840,033 shares.
Who has voting and dispositive power over the disclosed shares?
The filing reports each Reporting Person—BAM, BAM GP, BAM Holdings, Dames, and Dmitry Balyasny—has sole voting and sole dispositive power over the 1,510,033 shares disclosed.
What outstanding share count does the Schedule 13G use to compute the percentage?
The Schedule 13G computes 5.48% using an outstanding base of 27,556,767 Shares of class A common stock reported as of February 23, 2026 in the issuer’s Form 10‑Q.
Does the filing state whether Balyasny will sell or buy more shares?
The Schedule 13G discloses current beneficial ownership and the ownership chain; it does not state any planned purchases or sales or the cash‑flow treatment for future transactions.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
Crescent Biopharma, Inc.
(Name of Issuer)
Common Stock, par value $0.001 per share
(Title of Class of Securities)
38000Q201
(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):
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
1,510,033.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
1,510,033.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,510,033.00
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)
5.48 %
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
1,510,033.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
1,510,033.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,510,033.00
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)
5.48 %
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
1,510,033.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
1,510,033.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,510,033.00
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)
5.48 %
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
1,510,033.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
1,510,033.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,510,033.00
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)
5.48 %
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
1,510,033.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
1,510,033.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,510,033.00
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)
5.48 %
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, par value $0.001 per share
(e)
CUSIP Number(s):
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 840,033 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 5.48% of the Shares, based on 27,556,767 Shares of class A common stock outstanding as of February 23, 2026 as reported in the Issuer's Quarterly Report on Form 10-Q as filed with the Securities Exchange Commision on February 26, 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 1,510,033 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 1,510,033 Shares.
(iv) Shared power to dispose or to direct the disposition of:
0
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.
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, aare both Cayman Islands exempted company that is an investment management client 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.
