Crescent Biopharma (ex-GLYC) Director Files Initial Option Holdings

Rhea-AI Filing Summary

Form 3 Overview: David Charles Lubner filed an initial statement of beneficial ownership following the closing of GlycoMimetics Inc.’s reverse-merger with Crescent Biopharma on 13 June 2025 and the company’s subsequent redomiciliation to the Cayman Islands on 16 June 2025. At the effective time, GlycoMimetics adopted the new corporate name “Crescent Biopharma, Inc.”.

Reporting person & role: Lubner is disclosed as a director; no other insider roles were indicated.

Securities reported:

• 20,164 stock options to purchase ordinary shares at an exercise price of $9.56 per share.
• 1,120 options already vested; the remaining 19,044 vest monthly through 14 April 2028, contingent on continued service.

Corporate actions referenced:

• Two-step merger whereby Crescent became a wholly owned subsidiary and GlycoMimetics simultaneously renamed itself Crescent Biopharma, Inc.
• Conversion of the Delaware corporation into a Cayman Islands exempted company; all existing options automatically converted into equivalent Cayman ordinary-share options.

This filing is administrative in nature, providing baseline ownership for a newly appointed director after the merger and redomiciliation. No open-market purchases, sales, or new compensatory grants were disclosed beyond the option rollover.

Insights

Securities Analyst

TL;DR: Routine Form 3; establishes new director’s option rollover after merger—no immediate valuation impact.

The disclosure is largely procedural. Lubner’s 20,164 options stem from legacy Crescent Biopharma equity and simply convert into Crescent Biopharma (ex-GlycoMimetics) ordinary-share options at $9.56. Vesting extends to 2028, indicating long-term alignment but no fresh equity grants or cash transactions. While the filing reiterates the closing of the GlycoMimetics/Crescent merger and Cayman redomiciliation, those events were previously announced; this Form 3 does not introduce incremental financial data or guidance. Consequently, market impact should be negligible.

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

Lubner David Charles

(Last) (First) (Middle)

C/O CRESCENT BIOPHARMA, INC.

300 FIFTH AVENUE

(Street)

WALTHAM MA 02451

(City) (State) (Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
06/13/2025

3. Issuer Name and Ticker or Trading Symbol
GLYCOMIMETICS INC [ CBIO ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option (Right to Buy)	(1)(2)(3)	04/14/2035	Ordinary Shares	20,164	$9.56	D

Explanation of Responses:

1. Effective as of June 13, 2025 (the "Effective Time"), (i) a wholly-owned subsidiary of GlycoMimetics, Inc. ("GlycoMimetics") merged with and into Crescent Biopharma, Inc. ("Pre-Merger Crescent") with Pre-Merger Crescent continuing as a wholly owned subsidiary of GlycoMimetics and the surviving corporation of the merger (the "First Merger"), (ii) immediately thereafter, Pre-Merger Crescent merged with and into a second wholly-owned subsidiary of GlycoMimetics ("Second Merger Sub"), with Second Merger Sub being the surviving entity of the merger under the name Crescent Biopharma Operating Company, LLC (the "Second Merger" and, together with the First Merger, the "Merger"). At the Effective Time, GlycoMimetics changed its name to "Crescent Biopharma, Inc." (hereinafter, the "Issuer").

2. This Form gives effect to the Issuer's completion of a conversion from a corporation organized under the laws of the State of Delaware (the "Delaware Corporation") to an exempted company incorporated under the laws of the Cayman Islands (the "Cayman Company"), effective as of June 16, 2025. In connection therewith, each outstanding option or right to acquire shares of common stock of the Delaware Corporation continued in existence in the form of and automatically became an option or right to acquire an equal number of ordinary shares of the Cayman Company under the same terms and conditions.

3. Represents options to purchase the Issuer's ordinary shares received by the Reporting Person in the Merger in exchange for options of Pre-Merger Crescent held by the Reporting Person prior to the Merger. 1,120 of the shares subject to the option are fully vested, and the remaining 19,044 will vest in equal monthly installments through April 14, 2028, subject to the Reporting Person's continued service to the Issuer on each such vesting date.

Remarks:

Exhibit 24 - Power of Attorney

	/s/ Barbara Bispham, as attorney-in-fact for David Charles Lubner	06/23/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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FAQ

Why did GlycoMimetics (GLYC) change its name to Crescent Biopharma, Inc.?

The name change occurred at the 13 June 2025 merger closing when GlycoMimetics merged with Crescent Biopharma and adopted the Crescent brand.

What securities does director David C. Lubner own after the merger?

He beneficially owns 20,164 stock options with a $9.56 strike price, 1,120 of which are fully vested.

How will the remaining options vest?

19,044 options vest in equal monthly installments through 14 April 2028, subject to continued service.

Did the Form 3 disclose any open-market stock purchases?

No. The filing only reports option holdings carried over from Pre-Merger Crescent; no share purchases or sales were listed.

What legal jurisdiction now governs Crescent Biopharma’s corporate structure?

Effective 16 June 2025, the company converted from a Delaware corporation to a Cayman Islands exempted company.