GlycoMimetics Becomes Crescent Biopharma; Director Moran Reports 20K Options

Rhea-AI Filing Summary

Form 3 overview: Director Susan Moran filed an initial beneficial ownership report following GlycoMimetics, Inc.’s transformative merger with Crescent Biopharma and immediate re-branding to Crescent Biopharma, Inc. ("Issuer"). The filing date of record is 13 Jun 2025.

Equity position disclosed: Moran holds a single derivative security—an option to purchase 20,164 ordinary shares at an exercise price of $6.16, expiring 11 Dec 2034. Of these, 3,360 options are fully vested; the remaining 16,804 vest in equal monthly tranches through 11 Dec 2027, contingent on continued board service.

Corporate actions driving the filing:

• Two-step merger (First Merger & Second Merger) completed 13 Jun 2025: GlycoMimetics created and merged two wholly-owned subsidiaries with Crescent Biopharma, leaving Crescent as a wholly-owned operating subsidiary.
• Post-merger, GlycoMimetics adopted the Crescent Biopharma name.
• Re-domicile: On 16 Jun 2025 the Issuer converted from a Delaware corporation to a Cayman Islands exempted company. All outstanding U.S. equity awards were automatically converted into rights over Cayman ordinary shares on identical terms.

Implications for investors: The Form 3 itself does not alter outstanding share count or economics, but it formalises insider ownership under the new capital structure, confirms option continuity across the merger and re-domicile, and signals that governance reporting has transitioned to the Cayman entity.

Insights

Corporate Governance Analyst

TL;DR: Routine Form 3; confirms option roll-over after Crescent merger and Cayman move—neutral impact.

The filing is procedural, providing the first Section 16 disclosure for director Susan Moran under the Issuer’s new legal identity. No new equity is issued; existing Crescent options are merely mirrored onto Cayman ordinary shares. While the merger and re-domicile are strategically significant, those actions were announced earlier; this document only records ownership post-closing. There is no immediate dilution, cash outflow, or earnings guidance change. Reporting accuracy is positive for governance, but financial impact on shareholders is negligible in the near term.

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

OMB APPROVAL

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1. Name and Address of Reporting Person^*

Moran Susan

(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)	12/11/2034	Ordinary Shares	20,164	$6.16	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. 3,360 of the shares subject to the option are fully vested and the remaining 16,804 will vest in equal monthly installments thereafter through December 11, 2027, 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 Susan Moran	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.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

Why did GLYC file a Form 3 on 23 Jun 2025?

The filing records director Susan Moran’s initial insider ownership after GlycoMimetics merged with Crescent Biopharma and changed its corporate domicile.

How many shares can Susan Moran acquire under her option?

She may purchase 20,164 ordinary shares at $6.16 per share, expiring 11 Dec 2034.

What portion of Moran’s options are already vested?

3,360 options are fully vested; the remaining 16,804 vest monthly through 11 Dec 2027.

Did the merger impact existing Crescent Biopharma option holders?

Yes. Each U.S. option automatically became a Cayman Islands option for an equal number of ordinary shares on identical terms.

What structural changes occurred to GlycoMimetics in June 2025?

It completed a two-step merger with Crescent Biopharma, adopted the Crescent name, and converted from a Delaware corporation to a Cayman exempted company.