Tang Capital Group Holds 5.04% of Crescent Biopharma (CBIO)

Rhea-AI Filing Summary

Crescent Biopharma, Inc. received a Schedule 13G disclosing that Tang Capital entities and Kevin Tang together hold 700,000 ordinary shares, representing 5.04% of the outstanding class based on 13,892,562 shares. The filing breaks ownership across Tang Capital Management, LLC, Tang Capital Partners, LP (393,681 shares, 2.84%), Tang Capital Partners International, LP (306,319 shares, 2.20%), and Kevin Tang, with shared voting and dispositive power over the full position. The statement affirms the position was not acquired to change or influence control.

Positive

• Clear disclosure of aggregate 700,000 shares (5.04%)
• Filer states passive intent (not acquired to change or influence control)
• Detailed ownership breakdown across entities increases transparency

Negative

• Shared voting/dispositive power across related entities could raise coordination questions for investors
• Position just over 5% may prompt closer market scrutiny or follow-up filings

Insights

Corporate Governance Analyst

Ownership crosses the 5% disclosure threshold but is declared passive.

The filing shows an aggregate 5.04% (5.04%) position in Crescent Biopharma (CBIO) held via related Tang Capital entities and an individual, with shared voting and dispositive power over 700,000 shares. Under SEC rules, crossing the 5% mark requires disclosure even when the holder states passive intent.

Risks include potential investor questions about coordination since multiple related entities share power; monitor any subsequent amendments or Schedule 13D filings within 45 days that would indicate active intent.

Investor Relations Specialist

This is a material shareholder disclosure investors will notice but not necessarily a change in control.

The filing explicitly states the shares were "not acquired and are not held for the purpose of changing or influencing control," which signals passive ownership under Schedule 13G. The exact share counts per reporting person (TCP 393,681, TCPI 306,319) provide clarity on where the position sits within the group.

Market participants should watch for trading activity around near-term reporting windows and any press or SEC filings clarifying intent or board engagement.

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, $0.001 par value per share

(Title of Class of Securities)

G2545C104

(CUSIP Number)

10/02/2025

(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

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 700,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 700,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

700,000.00

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)

5.04 %

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") and Kevin Tang. The percentages used herein are based on 13,892,562 Ordinary Shares outstanding as of July 25, 2025, as set forth in the Quarterly Report filed on Form 10-Q that was filed with the Securities and Exchange Commission on July 31, 2025.

SCHEDULE 13G

CUSIP No. 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 700,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 700,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

700,000.00

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)

5.04 %

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 and TCM.

SCHEDULE 13G

CUSIP No. 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 393,681.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 393,681.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

393,681.00

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)

2.84 %

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 No. 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 306,319.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 306,319.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

306,319.00

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)

2.20 %

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 No. 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 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

CUSIP No. 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 Tang Capital Partners III, Inc. ("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: 700,000
(b)	Percent of class: 5.04 %
(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: 700,000 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: 700,000 shares
Item 5.	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:	10/09/2025

KEVIN TANG

Signature:	/s/ Kevin Tang
Name/Title:	Self
Date:	10/09/2025

TANG CAPITAL PARTNERS, LP

Signature:	/s/ Kevin Tang
Name/Title:	Manager, Tang Capital Management, LLC, General Partner
Date:	10/09/2025

TANG CAPITAL PARTNERS INTERNATIONAL, LP

Signature:	/s/ Kevin Tang
Name/Title:	Manager, Tang Capital Management, LLC, General Partner
Date:	10/09/2025

TANG CAPITAL PARTNERS III, INC

Signature:	/s/ Kevin Tang
Name/Title:	Chief Executive Officer
Date:	10/09/2025

TANG CAPITAL PARTNERS IV, INC

Signature:	/s/ Kevin Tang
Name/Title:	Chief Executive Officer
Date:	10/09/2025

FAQ

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

Tang Capital and affiliated persons report holding 700,000 shares, equal to 5.04% of Crescent Biopharma's outstanding ordinary shares.

Which entities hold the disclosed CBIO shares?

The position is held across Tang Capital Management, LLC, Tang Capital Partners, LP (393,681 shares), Tang Capital Partners International, LP (306,319 shares), and Kevin Tang with shared power.

Does the filing indicate an intent to influence control of CBIO?

No. The certification states the securities "were not acquired and are not held for the purpose of or with the effect of changing or influencing the control" of the issuer.

What percent of the class does 700,000 shares represent and what base was used?

The filing reports 5.04% based on 13,892,562 ordinary shares outstanding as of July 25, 2025.

Could this Schedule 13G change to a Schedule 13D?

Yes. If the holders change intent to influence control or undertake coordinated actions, they would need to file a Schedule 13D instead of 13G.