Schedule 13D/A: Adage’s GLYC Holding Diluted Below 5% Threshold

Rhea-AI Filing Summary

Schedule 13D/A Amendment No. 1 filed on 20 June 2025 discloses that Adage Capital Management, L.P., its co-founders Robert Atchinson and Phillip Gross (together, the “Reporting Persons”) now beneficially own 50,912 ordinary shares of Crescent Biopharma, Inc. (formerly GlycoMimetics, Inc.) after the issuer’s 1-for-100 reverse stock split and completion of a merger/redomestication on 13-16 June 2025.

The stake represents 0.37 % of the 13,892,562 shares outstanding, pushing the Reporting Persons below the 5 % threshold that triggers Schedule 13D reporting. No share transactions occurred in the past 60 days; the percentage change is entirely attributable to the share-count increase that accompanied the merger. As a result, this filing is designated the final amendment; Adage and its principals are voluntarily exiting the beneficial-ownership reporting system for the issuer.

Voting and dispositive power remain shared among the Reporting Persons, with no sole power disclosed. Adage Capital Partners retains rights to dividends and sale proceeds. The amendment contains no indication of future investment intentions or disposition plans.

Positive

• No share disposal — Adage did not sell any stock, suggesting continued albeit smaller commitment.
• Clear disclosure provides transparency regarding post-merger share structure and reverse split.

Negative

• Ownership drops to 0.37 %, reducing institutional influence and potentially weakening perceived support.
• Final amendment means less future visibility into Adage’s position unless it again exceeds 5 %.

Insights

Securities Analyst

TL;DR — Adage stake diluted to 0.37 %; filing exit appears neutral.

Adage’s absolute holding is unchanged, but post-merger share inflation reduces its ownership percentage below the regulatory threshold. This removes the obligation to file future 13Ds and signals that the hedge fund is now a small shareholder with limited influence. Because no shares were bought or sold, market impact is likely muted; still, investors may view diminished institutional presence as slightly negative for perceived support.

Corporate Governance Expert

TL;DR — Final amendment reflects governance reset after merger.

The merger, Cayman redomestication and 1-for-100 reverse split massively expanded outstanding shares, automatically lowering Adage’s stake. Their exit from 13D reporting shrinks the pool of >5 % holders, potentially concentrating influence among new strategic owners formed via the merger. Governance watchers should monitor any resulting shifts in board composition or activist activity, but this filing alone is informational, not action-oriented.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 1)

GLYCOMIMETICS INC

(Name of Issuer)

Ordinary Shares, par value $0.001 per share

(Title of Class of Securities)

38000Q201

(CUSIP Number)

Robert Atchinson
Adage Capital Partners GP, L.L.C., 200 Clarendon Street, 52nd Floor
Boston, MA, 02116
617-867-2800

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

06/20/2025

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No. 38000Q201

1

Name of reporting person

Adage Capital Management, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 50,912.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 50,912.00

11

Aggregate amount beneficially owned by each reporting person

50,912.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.37 %

14

Type of Reporting Person (See Instructions)

IA, PN

SCHEDULE 13D

CUSIP No. 38000Q201

1

Name of reporting person

Robert Atchinson

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 50,912.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 50,912.00

11

Aggregate amount beneficially owned by each reporting person

50,912.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.37 %

14

Type of Reporting Person (See Instructions)

IN, HC

SCHEDULE 13D

CUSIP No. 38000Q201

1

Name of reporting person

Phillip Gross

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 50,912.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 50,912.00

11

Aggregate amount beneficially owned by each reporting person

50,912.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.37 %

14

Type of Reporting Person (See Instructions)

IN, HC

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Ordinary Shares, par value $0.001 per share
(b)	Name of Issuer: GLYCOMIMETICS INC
(c)	Address of Issuer's Principal Executive Offices: 9708 MEDICAL CENTER DRIVE, ROCKVILLE, MARYLAND , 20850.
Item 1 Comment: Comments (Optional): This Amendment No. 1 ("Amendment No. 1") amends and supplements the statement on Schedule 13D filed with the Securities and Exchange Commission (the "SEC") on November 4, 2024 (the "Schedule 13D"), with respect to the ordinary shares, $0.001 par value per share (the "Ordinary Shares"), of Crescent Biopharma, Inc. (formerly known as GlycoMimetics, Inc.), a Cayman Islands exempted company (the "Issuer"). This Amendment No. 1 amends and restates Item 5 as set forth below and is being filed solely due to changes in the outstanding Ordinary Shares of the Issuer pursuant to the closing of the merger, and related transactions, on June 13, 2025 as contemplated by the Merger Agreement (the "Merger"), as described in the Current Report on Form 8-K filed by the Issuer with the SEC on June 18, 2025, as a result of which the Reporting Persons no longer beneficially own more than 5% of the Ordinary Shares. This Amendment No. 1 is the final amendment to the Schedule 13D, which the Reporting Persons are filing voluntarily to exit the reporting system. Capitalized terms used herein and not otherwise defined in this Amendment No. 1 have the meanings set forth in the Schedule 13D.
Item 5.	Interest in Securities of the Issuer
(a)	See rows (11) and (13) of the cover pages to this Schedule 13D for the aggregate number of Ordinary Shares and percentages of the Ordinary Shares beneficially owned by each of the Reporting Persons. The percentages used in this Schedule 13D are calculated based upon 13,892,562 Ordinary Shares outstanding as of June 13, 2025 after giving effect to a 1-for-100 reverse stock split that was effected on June 13, 2025, the Merger and a redomestication that was effected on June 16, 2025, as disclosed in the Issuer's Current Report on Form 8-K, filed with the SEC on June 18, 2025.
(b)	See rows (7) through (10) of the cover pages to this Schedule 13D for the number of Ordinary Shares as to which each Reporting Person has the sole or shared power to vote or direct the vote and sole or shared power to dispose or to direct the disposition. The number of Ordinary Shares in this Schedule 13D give effect to the reverse stock split of 1-for-100 effected on June 13, 2025.
(c)	The Reporting Persons did not enter into any transactions in the Ordinary Shares during the past sixty days.
(d)	ACP has the right to receive, and the power to direct the receipt of dividends from, and the proceeds from the sale of, the Ordinary Shares.
(e)	June 13, 2025.

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.

Adage Capital Management, L.P.

Signature:	/s/ Robert Atchinson
Name/Title:	By: Adage Capital Partners LLC, its General Partner, By: Robert Atchinson, its Managing Member
Date:	06/20/2025

Robert Atchinson

Signature:	/s/ Robert Atchinson
Name/Title:	Robert Atchinson, Individually
Date:	06/20/2025

Phillip Gross

Signature:	/s/ Phillip Gross
Name/Title:	Phillip Gross, Individually
Date:	06/20/2025

FAQ

How many GLYC shares does Adage Capital now own?

The filing shows 50,912 ordinary shares are beneficially owned by Adage and its principals.

What percentage of Crescent Biopharma’s stock does that represent?

It represents 0.37 % of the 13,892,562 shares outstanding after the reverse split.

Did Adage Capital sell or buy GLYC shares recently?

No. The Reporting Persons executed no transactions in the past 60 days; the percentage change is due to share-count changes.

Why is this Schedule 13D the final amendment?

Because Adage’s ownership fell below the 5 % reporting threshold, they are voluntarily exiting the Schedule 13D reporting regime.

What corporate actions affected the share count?

A 1-for-100 reverse stock split, a merger and a redomestication completed on 13-16 June 2025 increased the outstanding shares.