Vestal Point Capital reveals 5.4% Crescent Biopharma (CBIO) ownership stake

Rhea-AI Filing Summary

Crescent Biopharma, Inc. received a Schedule 13G reporting that Vestal Point Capital, LP and its CIO Ryan Wilder beneficially own 1,500,000 Ordinary Shares, equal to 5.4% of the company’s Ordinary Shares. These shares are held through a fund and a managed account advised by Vestal Point.

The reporting persons have shared voting and dispositive power over all 1,500,000 shares and no sole power. The ownership percentage is based on 27,556,767 Ordinary Shares outstanding, including shares issued in a December 8, 2025 private placement. They certify the position is held in the ordinary course of business and not to change or influence control of Crescent Biopharma.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

CRESCENT BIOPHARMA, INC.

(Name of Issuer)

Ordinary Shares, par value $0.001 per share

(Title of Class of Securities)

G2545C104

(CUSIP Number)

12/31/2025

(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)

SCHEDULE 13G

CUSIP No. G2545C104

1

Names of Reporting Persons

Vestal Point Capital, 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 1,500,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,500,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,500,000.00

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)

5.4 %

12

Type of Reporting Person (See Instructions)

IA, PN

Comment for Type of Reporting Person: The percent of class is based upon 27,556,767 Ordinary Shares outstanding, consisting of (i) 13,892,516 Ordinary Shares outstanding as of November 3, 2025, as reported in the Company's Form 10-Q filed on November 6, 2025, plus (ii) an aggregate of 13,664,251 Ordinary Shares issued on December 8, 2025 pursuant to a private placement by the Issuer.

SCHEDULE 13G

CUSIP No. G2545C104

1

Names of Reporting Persons

Ryan Wilder

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 1,500,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,500,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,500,000.00

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)

5.4 %

12

Type of Reporting Person (See Instructions)

HC, IN

Comment for Type of Reporting Person: The percent of class is based upon 27,556,767 Ordinary Shares outstanding, consisting of (i) 13,892,516 Ordinary Shares outstanding as of November 3, 2025, as reported in the Company's Form 10-Q filed on November 6, 2025, plus (ii) an aggregate of 13,664,251 Ordinary Shares issued on December 8, 2025 pursuant to a private placement by the Issuer.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: CRESCENT BIOPHARMA, INC.
(b)	Address of issuer's principal executive offices: 300 Fifth Avenue, Waltham, Massachusetts 02451
Item 2.
(a)	Name of person filing: This statement is filed by: (i) Vestal Point Capital, LP (the "Investment Manager"), a Delaware limited partnership, and the investment adviser to a certain fund and a managed account (the "Vestal Point Fund and Account"), with respect to the shares of ordinary shares, par value $0.001 per share (the "Ordinary Shares"), of Crescent Biopharma, Inc. (the "Company") directly held by the Vestal Point Fund and Account; and (ii) Mr. Ryan Wilder ("Mr. Wilder"), the Chief Investment Officer and Managing Partner of the Investment Manager and the Managing Member of Vestal Point Capital, LLC, the general partner of the Investment Manager, with respect to the shares of Common Stock directly held by the Vestal Point Fund and Account. The foregoing persons are hereinafter sometimes collectively referred to as the "Reporting Persons." The filing of this statement should not be construed as an admission that any of the foregoing persons or any Reporting Person is, for the purposes of Section 13 of the Securities Exchange Act of 1934, the beneficial owner of the securities reported herein.
(b)	Address or principal business office or, if none, residence: The address of the business office of each of the Reporting Persons is 632 Broadway, Suite 602, New York, NY 10012.
(c)	Citizenship: The Investment Manager is a Delaware limited partnership. Mr. Wilder is a citizen of the United States.
(d)	Title of class of securities: Ordinary Shares, par value $0.001 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: The information required by Item 4(a) is set forth in Row 9 of the cover page for each of the Reporting Persons and is incorporated herein by reference. The percentage set forth in this Schedule 13G is calculated based upon an aggregate of 27,556,767 Ordinary Shares outstanding, consisting of (i) 13,892,516 Ordinary Shares outstanding as of November 3, 2025, as reported in the Company's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2025, filed with the Securities and Exchange Commission (the "SEC") on November 6, 2025, plus (ii) an aggregate of 13,664,251 Ordinary Shares, giving effect to the issuance pursuant to the private placement which closed on December 8, 2025, as reported in the Company's Prospectus on Form 424B3 as filed with the SEC on January 15, 2026.
(b)	Percent of class: 5.4%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: The information required by Item 4(c)(i) is set forth in Row 5 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
	(ii) Shared power to vote or to direct the vote: The information required by Item 4(c)(ii) is set forth in Row 6 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
	(iii) Sole power to dispose or to direct the disposition of: The information required by Item 4(c)(iii) is set forth in Row 7 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
	(iv) Shared power to dispose or to direct the disposition of: The information required by Item 4(c)(iv) is set forth in Row 8 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
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. See Item 2(a). The Vestal Point Fund and Account have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the shares of Common Stock reported herein.
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.

Vestal Point Capital, LP

Signature:	/s/ Ryan Wilder
Name/Title:	By: Vestal Point Capital, LLC, General Partner, By: Ryan Wilder, Chief Investment Officer and Managing Partner
Date:	02/17/2026

Ryan Wilder

Signature:	/s/ Ryan Wilder
Name/Title:	Ryan Wilder, Individually
Date:	02/17/2026

Exhibit Information

Exhibit 99.1: Joint Filing Agreement

FAQ

What stake in Crescent Biopharma (CBIO) does Vestal Point Capital report on this Schedule 13G?

Vestal Point Capital reports beneficial ownership of 1,500,000 Crescent Biopharma Ordinary Shares, representing 5.4% of the company’s outstanding Ordinary Shares. The position is held through a fund and a managed account that Vestal Point advises.

How is Vestal Point Capital’s 5.4% Crescent Biopharma (CBIO) ownership percentage calculated?

The 5.4% is based on 27,556,767 Crescent Biopharma Ordinary Shares outstanding. This total includes 13,892,516 shares outstanding as of November 3, 2025 plus 13,664,251 shares issued on December 8, 2025 in a private placement.

Who are the reporting persons on the Crescent Biopharma (CBIO) Schedule 13G?

The reporting persons are Vestal Point Capital, LP, an investment manager, and Ryan Wilder, its Chief Investment Officer and Managing Partner. They report beneficial ownership of the same 1,500,000 Crescent Biopharma Ordinary Shares.

What voting and dispositive powers over Crescent Biopharma (CBIO) shares does Vestal Point Capital report?

The filing reports no sole voting or dispositive power and shared voting and shared dispositive power over all 1,500,000 Crescent Biopharma Ordinary Shares. This means decisions on voting and selling are shared rather than controlled individually.

Is Vestal Point Capital’s Crescent Biopharma (CBIO) stake intended to influence control of the company?

The filing certifies the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of Crescent Biopharma, consistent with a passive investment reported on Schedule 13G.

In whose name are the Crescent Biopharma (CBIO) shares actually held for Vestal Point?

The 1,500,000 Crescent Biopharma Ordinary Shares are directly held by a Vestal Point fund and a managed account. Vestal Point Capital, LP and Ryan Wilder report beneficial ownership through their advisory and control roles over these investment vehicles.